New accounts for Dundee-based media group DC Thomson show a jump in profits.
The family firm’s newspapers include The Courier, The Press and Journal and The Sunday Post.
Its magazine portfolio includes The People’s Friend, My Weekly, The Scots Magazine, Puzzler, Stylist, bunkered and Beano comic.
In the financial year ending March 31 2024, total revenues were £153.9 million, down from £161.4m in 2023.
However, pre-tax profits increased to £93.8m, after a recovery in unrealised investment values.
This compares to a £161.5m pre-tax loss in the 2023 financial year when the firm’s investments were down in value.
DC Thomson transformation programme
The firm said its transformation programme “remains on track”. The company is focused on protecting profits and diversifying revenues, supported by substantial financial reserves.
It said the small decline in like-for-like trading revenues shows the resilience of the company’s core operations.
The company said highlights were an increase in digital subscriptions across its brands and a strong performance by its B2B ventures.
It employed around 1,300 staff during the financial year.
DC Thomson also operates genealogy website Find My Past, radio station Original 106 and cloud computing business Brightsolid.
‘Resilience and adaptability’
DC Thomson chairman Christopher Thomson said: “Guided by an exceptional leadership team and our community-driven strategy, we are steadfast in our purpose: to champion, entertain and bring together our communities.
“We continue to invest in technology and talent, building brands that thrive in the digital and data-driven age and strengthening direct-to-customer relationships through the expansion of subscription and membership offerings.
“While challenging conditions persist around economic growth in the UK, these results highlight the resilience and adaptability of our company and colleagues, supported by our strong reserve position.
“This is truly one of the most exciting periods in our history as we continue to navigate our journey to long-term sustainable growth.”
DC Thomson history
DC Thomson has its origins in shipping entrepreneur William Thomson in the early 19th century.
During the mid-19th century, the Thomson family invested in publishing, taking an interest in the Dundee Courier and buying it in 1886.
At that stage there were two major publishing houses in Dundee. The other was run by Sir John Leng.
In 1905, the Thomson and Leng firms merged under the leadership of William Thomson’s son David Couper (DC) Thomson.
Throughout the 20th century, DC Thomson established itself as one of the UK’s leading publishers.
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