Digital profits were boosted by the group’s stake in Trader Media Group (TMG), whose digital turnover increased 30 per cent year-on-year according to GMG’s full year results for 2007/8.
Digital display advertising across the group’s properties, which include regional newspaper and radio websites, also grew by 49 per cent.
"GMG now has a much broader range of asset classes and revenue streams, and has reduced its exposure to the risks associated with print media, classified advertising and the UK economy," said Paul Myners, GMG chairman, in a press statement.
"The media industry will continue to confront disruption to its traditional sources of revenue. We expect the uncertainty within the UK economy to have an impact on a number of the group’s revenue streams in the coming year."
The group’s overall revenu for the year up to March 30 was £502.1 million compared with £716.1 million in 2006/7.
The sale of 49.9 per cent of TMG to Apax in March last year accounts for this drop, the report said.
Turnover for the group’s continuing businesses, excluding TMG, was £428.8 million – up 8.7 per cent from £403.6 million during the previous financial year.
Senior Desk Editor - International News Desk
