Results

Half-year revenue for the Group was £166.0m

With Economist Impact’s signature EuroFinance International Event running after the end of this half-year reporting period, and this half being a week shorter than last year’s, revenue was 7% lower than the prior year at actual exchange rates and 5% lower at constant currency

The Group’s half-year operating profit of £15.4m was 35% below the prior year.

Underlying revenue and operating profit, adjusting for these factors, were in line with last year 

The Economist subscriber volumes were 1.187m, a 3% increase year on year.

More people chose digital than ever before, with 66% of The Economist subscriptions digital-only compared with 61% in the prior period and 89% of new subscribers being digital-only

Economist Impact’s revenue fell this half-year, reflecting long-term advertising trends and current client spending constraints. The Economist Impact Events business delivered 53 events and continued its strategic focus on in-person events

Economist Intelligence Unit (EIU) recorded strong subscriptions growth

The Group’s revenue of £367.0m was down 3% compared with the prior year at actual exchange rates and was flat at constant currency

Operating profit was £47.4m, 12% higher than the prior year and 14% higher at constant currency. Operating expenses declined and a more stable US dollar exchange rate reduced the charge from foreign exchange

Subscriber numbers at The Economist were 1,220,000, a 3% increase over last year

Digital subscriptions for The Economist grew by 13%, accounting for 86% of new starts for the year

Economist Impact revenues decreased by 16% due to challenging market conditions which affected advertising and research sales

Economist Impact's 136 in-person, virtual and hybrid events attracted 35,000 attendees and 571 client sponsorships, delivering margin growth for a third consecutive year

Economist Intelligence’s revenue decreased by 3% at actual exchange rates but increased by 1% at constant currency. EIU subscription revenues increased strongly and were partially offset by a reduction in consulting revenue from Clearstate

In its third year, Economist Education further expanded its executive-education course offerings and saw enrollment increase to over 2000 students from more than 100 countries

The Group’s annual greenhouse-gas emissions have decreased 30% since base year 2020