Results

The Group’s revenues grew by 9% compared with the prior year at actual exchange rates and by 2% at constant currency

Operating profit was £42.2m, lower than last year as expected—reflecting our planned investments in technology, editorial and digital capabilities, and including restructuring costs, all designed to position the Group for future growth

Subscriber numbers at The Economist were 1,182,000, in line with last year

Digital subscriptions for The Economist grew by 13%, making up 75% of new starts for the year

Economist Impact revenues grew by 10% despite market headwinds

Economist Impact’s 200+ in-person, virtual and hybrid events delivered record revenues 

Economist Intelligence’s revenue grew by 14%, driven by improved sales of new subscriptions and a 95% EIU subscriber retention rate 

In its second year, Economist Education expanded its executive-education course offerings and doubled its student enrollment

The Group’s annual greenhouse-gas emissions have reduced 20% since base year 2020

Half-year revenues for the Group were £179.3m

Revenues grew £19.7m or 13% compared with the prior year, and by 5% at constant currency

The Group’s half-year operating profit of £20.1m was, as expected, lower than last year, reflecting our planned investment in technology, editorial and digital capabilities

The Economist subscriber volumes have remained flat however retention remains strong, with churn down substantially and now at historically low levels

More and more customers are choosing digital - 52% of subscriptions were digital-only, compared with 45% last year

Economist Impact has performed strongly across both Partnerships and Events with revenues of £53.2m, an increase of 33%. The Events business delivered its flagship ‘International’ event in person

Economist Intelligence revenues increased by 15% to £25.2m driven by its core subscription business and Clearstate, our healthcare offer

Economist Education, though still small, continues to grow and launched a new website in September