The Independent has reduced its print and digital trading loss to £4.6 million for the financial year 2013/14 – down from £9.1 million reported the previous year and a dramatic improvement on the £22.6 million loss recorded in 2010/11.
On the basis of the first three quarters of the current financial year, parent company ESI Media forecasts a further “significant reduction” in trading loss for 2014/15, with group CEO, Steve Auckland, saying he can see reasons for “real optimism” for the loss-making title.
According to the company, the strong performance is a result of rising revenues from sister paper ‘i’, an increase in digital revenues from “record-breaking” growth in UK and global online traffic, and significant cost reductions focused on production, printing and back-office operations.
The Indy currently has a circulation of 60,400, while the Independent on Sunday sells 101,200 copies each week.
In May, the Independent online attracted an average audience of 2.64 million following a 13.1% boost in unique daily browsers over the month.
“Last year I came into a business which had clearly shown great resilience and tenacity for several years. After 9 months in the job I can see reasons for real optimism,” said Auckland.
“We have cut costs without damaging our core brands and products, we’ve added new revenue streams, and restructured our commercial team which I think will ultimately boost performance.”
The results are one of three reported by ESI Media this week, with London Evening Standard recording its third consecutive year of profit (£1.4 million), while London Live made a £12 million loss for the same period.
