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Guardian announces financial results

The Guardian Media Group (GMG) has announced its financial results for the 12 months to 3 April 2022.

Guardian announces financial results
Keith Underwood: “Quality journalism, commercial innovation, and outstanding operational management across the business has given rise to a standout set of financial results.”

The Guardian reports that they have seen double-digit revenue growth, and strong operational management, resulting in a positive operating cash flow of £6.7m, up £22.3m year on year.

The Guardian reports the following results:

  • Total revenues increased by £30.3 million (13%) to £255.8 million (2021: £225.5 million), the highest level since 2007/8
  • Having passed the milestone of more than one million recurring digital supporters in the year, digital reader revenues increased over 10% to £76.1 million (2021: £68.7 million) and have now surpassed print reader revenues (£71.5m) for the first time. In total, digital revenues now account for two-thirds of total revenues
  • International revenues grew by more than 15% to £79.9 million; this represents more than 30% of total revenues and more than 50% of digital revenues
  • Adjusted operating profit was £11.7m (2021: £3.1 million)
  • Adjusted net operating cash inflow of £6.7 million (2021: £15.6 million outflow)
  • The total value of the Scott Trust endowment fund and other cash holdings increased to £1,284.0 million (2021: 1,148.5 million)

At the end of March 2022, the Guardian had over 1 million recurring digital supporters and 112,000 print subscriptions. In addition, Guardian readers made 499,000 one-off financial contributions globally during the year.

In response to sustained shifts in the market, the business continues to deliver against a strategic plan which prioritises investment in high-quality journalism, digital products, data management and other capabilities that drive reach, engagement, and revenue on a global basis.

Guardian Media Group interim chief executive Keith Underwood said: “Quality journalism, commercial innovation, and outstanding operational management across the business has given rise to a standout set of financial results.

“Strong revenue growth and our best cash performance in decades have firmly established a sustainable platform from which we can make strategic investments to grow the Guardian’s global reach, impact and revenue.

”Economic and market conditions will be challenging in the year ahead. However, with outstanding journalism, a trusted brand, and the financial resources to invest, we are well placed to continue our growth strategy.”

Guardian Media Group chair Charles Gurassa said: “This very positive set of results represents the culmination of several years’ hard work and is thanks to the efforts and innovation of all my colleagues at the Guardian and the Observer.

“In recent years the Guardian has managed to combine remarkable journalism with an innovative and successful new business model thanks to the growing support of a global network of now over one million paying supporters and subscribers. Their support means the organisation can continue to invest in quality journalism, enabling broader and deeper coverage of the events that matter around the world and providing highly-trusted independent news to our global audiences.”

The full financial results can be seen here.