Guardian breaks even with 0.8-mln-pound operating profit

Guardian News & Media (GNM) reported on Wednesday a 0.8-million-pound (about 1-million-U.S. dollar) operating profit for the 2018-19 financial year, achieving the goal to break even.

GNM’s annual financial report showed that the revenues were 223 million pounds in 2018-19 financial year, a third successive year rise, hitting the highest level for a decade.

Digital business played a crucial role in its growth, with 55 percent of GNM revenues being digital business, such as digital advertising, digital subscriptions.

Meanwhile, data showed that its international revenues doubled since 2015-16 financial year, with continuous growth at double-digit levels per year.

Figures showed that the Guardian currently held over 655,000 monthly paying supporters, including subscribers, recurring contributors and members.

Katharine Viner, editor-in-chief for Guardian News and Media, said: “In times of extraordinary political and economic upheaval, the need for quality, independent reporting and commentary has never been greater.”

“Thanks to the support of our readers and the incredible hard work and talent of Guardian staff, we have reached an important financial milestone,” Viner added.

“We are now in a sustainable position, and better able to deliver on our purpose by producing outstanding journalism that understands and illuminates our times,” Viner noted.

David Pemsel, chief executive of Guardian Media Group said: “Achieving these results is testament to the absolute commitment and ingenuity of everyone within the organisation.”

“GMG (Guardian Media Group) is now a more reader-funded, more digital, more international business,” said Pemsel, adding that “although the significant turbulence in the global media sector shows no sign of abating any time soon, we have developed a set of core strengths which will help to ensure the Guardian’s ongoing independence and financial sustainability for the long term.” (1 pound equals to 1.31 U.S. dollars)