According to The Independent: For financial year 2013/14 The Independent print and digital portfolio recorded a trading loss of £4.6million, a remarkable reduction from a trading loss of £22.6m in 2010/11.
On the basis of the first three quarters of the current financial year, the company forecasts a further significant reduction in trading loss for the financial year 2014/15.
This exceptional performance is owed to a variety of factors, including:
* Sharp rise in revenues from the i-paper, following two successful price rises and supported with advertising campaigns that have helped maintain a circulation higher than The Guardian’s
* Increased digital revenues from record-breaking growth in UK and global online traffic
* Significant cost reductions focused on production, printing and back-office operations rather than editorial staff
In the past year The Independent has launched i100.co.uk, an online home for its sister newspaper i. A digital office in New York has been opened and The Independent had its most successful night in over a decade at the British Press Awards.
Editor of The Independent Amol Rajan said: “I believe the past two years have been a resounding success, both editorially and financially. I wanted to take the paper back to the future, and revive some of the spirit of our founders in 1986. Our redesign won several awards, we have broken countless exclusives; our foreign reporting has been peerless; our features, arts, business and sports coverage keep getting better; and our political journalism during the election was second to none. Our titles, including i and The Independent on Sunday, are a natural home for mischief and great writing once again – as the judges of this year’s British Press Awards recognised. Under Christian Broughton's outstanding leadership, our digital platforms are surging and The Independent is a true global force.”
ESI Media Group CEO Steve Auckland said: “Last year I came into a business which had clearly shown great resilience and tenacity for several years. After 9 months in the job I can see reasons for real optimism.
“We have cut costs without damaging our core brands and products, we’ve added new revenue streams, and restructured our commercial team which I think will ultimately boost performance.
“The Independent titles and website represent strong, proud and internationally respected brands which appeal to advertisers.
“Full credit should go to the teams and our collective thanks to the Lebedevs for their continued support.”
