Profits surge at Economist as digital gives turnover a boost
Tuesday 19 June 2012
The Economist Group yesterday showed there is still money in quality journalism as pre-tax profits surged by 8.7 per cent to £64.7m in the year to March, against £59.5m in the previous 12 months.
Digital helped to boost turnover 4 per cent to £360.8m, with 123,000 paying subscribers, along with a record 1.624 million in print around the world.
"There is a huge opportunity for us and other media companies in smarting up, not dumbing down," said the chief executive, Andrew Rashbass, who added that tablets and smartphones were boosting readership.
"We're finding that people are really reading on these devices as opposed to the snacking, browsing and sharing we see on the web."
Mr Rassbass' package leapt 8 per cent to £1.05m.
John Micklethwait, pictured, The Economist's editor-in-chief, earned £631,000. The Financial Times owner Pearson has a 50 per cent stake in The Economist.
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- 1 Nelson Mandela memorial: ‘Bogus’ sign language interpreter made mockery of Barack Obama’s tribute in Soweto
- 2 French café starts charging extra to rude customers
- 3 Australia: Gay marriage law reversed by high court less than a week after first weddings
- 4 Not all right on the night
- 5 Australia incest case: Severely deformed children found in remote farming community after generations of inbreeding
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