Record operating profit driven by increasing revenue and improved operating margins
Strong growth trends across the business
Well-positioned for future growth despite an uncertain economic environment
Helen Alexander, chief executive of The Economist Group, said:
"I am extremely proud to report another record-breaking year for The Economist Group, which highlights how our strategy of developing intelligent media brands across the world for the high-end audience continues to deliver excellent results.
We have beaten the ambitious targets set at the beginning of the year with a 23% increase in operating profit, largely built on taking share in our core markets. We want to get bigger in Asia and have established a presence in India. We have continued to build a strong platform for our internet businesses. In particular our figures for The Economist, with advertising revenues and circulation growing strongly, are bucking the wider trend.
Our global reach, diverse revenue streams and focus on hiring and keeping the best people mean that we are well placed to continue to thrive, even in difficult markets. It has been a huge privilege to lead The Economist Group for the last eleven years and I leave knowing that our new chief executive Andrew Rashbass will drive the business forward.
(June 19th 2008)