Results

The Group’s revenue of £368.5m was up 2% compared with the prior year at actual exchange rates and was up 4% at constant currency

Operating profit was £48.1m, 2% higher than the prior year and 11% higher at constant currency. Operating expenses increased due to ongoing investments in technology and editorial

Subscriber numbers at The Economist were 1,250,000, a 3% increase over last year

Digital subscriptions for The Economist grew by 8%, accounting for 85% of new starts for the year

Economist Impact revenues were in line with last year at constant currency and delivered strong performance in the second half after challenging market conditions in the first half of the year

Economist Impact's 129 in-person, virtual and hybrid events attracted 22,000 attendees and 600 client sponsorships, delivering further margin growth

Economist Intelligence’s revenue increased by 5% at constant currency due to volume and price improvements in the EIU subscription base

Economist Education further expanded its executive-education course offerings and saw enrollment increase to over 2,000 students from more than 100 countries

The Group’s annual greenhouse-gas emissions have decreased 34% since base year 2020

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