While the outlook for most U.K. newspapers and magazines has been pretty gloomy, with many publications having reported losses or declining sales over the past year, the Economist Group is bucking the trend with record operating profits for 2011, says the Guardian's Roy Greenslade.
According to results for the year ending March 31, 2011, the publisher of The Economist reported that operating profits were up 10 percent to nearly $102 million, and that revenue had increased 9 percent to $561 million.
Meanwhile, The Economist’s print circulation was up 4 percent to 1,473,939—U.K. sales alone were reported at 210,204, an increase of 11 percent—and advertising grew 15 percent. Revenue for the group’s Asian and North American businesses, as well as its Economist Intelligence Unit, also rose over the past year.
On the digital side, business is also thriving. The Economist’s iPhone and iPad apps have been downloaded about 2 million times since their launch in November, and online traffic to The Economist’s site had increased 39 percent from the previous year.