Profits surge at Economist as digital gives turnover a boost
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.
- 1 Man and woman arrested on suspicion of conspiracy to murder victim of Woolwich machete attack, named as Drummer Lee Rigby
- 2 'Sickening, deluded and unforgivable': Horrific attack brings terror to London’s streets
- 3 Grace Dent: I’m not sure how these people can avoid being called ‘bigots’. And the more ‘civilised’, the worse they are
- 4 Woolwich murder: They killed, then they performed - these men should be starved of our attention
- 5 Woolwich attack: The EDL will seek to exploit this evil crime for their own evil ends
BMF is the UK’s biggest and best loved outdoor fitness classes
Find out what The Independent's resident travel expert has to say about one of the most beautiful small cities in the world
Nook is donating eReaders to volunteers at high-need schools and participating in exclusive events throughout the campaign.
Get the latest on The Evening Standard's campaign to get London's children reading.
Win anything from gadgets to five-star holidays on our competitions and offers page.