Results

Half-year revenues for the Group were £178.7m

Revenues were in line with the prior year at actual exchange rates and grew by 1% at constant currency

The Group’s half-year operating profit of £23.5m was an increase of 17% on the first half of the year. This is in line with the prior year on an underlying basis

The Economist subscriber volumes remained steady at 1.158m 

More people choose digital than ever before, with 61% of Economist subscriptions digital-only compared with 56% in the prior period 

Economist Impact’s revenue fell this half-year, reflecting last year’s decline in sales of new business. This was partially offset by the fact that the Economist Impact Events business has performed well

Economist Impact’s EuroFinance International Event in Barcelona generated record revenues with over 2,200 attendees and 100 sponsors and exhibitors

Economist Intelligence has seen revenues fall slightly, reflecting a dip in sales for its Clearstate medtech business

Economist Education continued to grow its offer with its new Data storytelling and visualisation course

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