DC Thomson, the group behind iconic publications such as Stylist, Press & Journal, and The Beano, has rallied to a pre-tax profit of £93.8m for the year to 31 March 2024, bouncing back from a previous £161m loss.
The firm’s latest accounts lodged with Companies House reveal that despite revenue dipping from £161.4m to £153.8m over the 12 months, the Dundee-based company, established in 1905, marks a significant turnaround, as reported by City AM.
The group also publishes classics like The Sunday Post and The Dandy and has reported a staff reduction from 1,603 to 1,314 within the year. A board-signed statement noted: “Demand was adversely affected by pressure on UK consumers’ real disposable income and consumer confidence.”
“As a result, we have continued the theme of efficiency in trading operations through staff changes and training programs.”
“This involves the use of technical solutions and the use of artificial intelligence tools as they develop.”
“This however is done with a look to the culture of our business, which will always prioritise quality journalism and content creation.”
“Our transformation journey is showing momentum, and it is understood that it will take time and investment.”
DC Thomson has ‘resilient print income’DC Thomson acknowledged a ‘resilient print income’ despite recording a drop in revenue attributed to the shutdown of ventures including Bunkered Golf Breaks, Pure Radio, and some magazine brands nearing the end of their viable lifespan.
DC Thomson’s current array of news outlets includes notable names such as The Courier and the Evening Telegraph, both centred in Dundee, alongside Energy Voice. On the publishing side, their offerings extend to popular titles like Puzzler, The People’s Friend, The Scots Magazine, My Weekly and This England.
Further expanding its media footprint, DC Thomson operates Kingdom and Original radio stations. Financially, the company witnessed a 3% dip in revenue from newsstand sales to £51.6m, whereas subscription figures edged up by 2% to £40.6m.
Advertising saw a modest decrease of 1% bringing it down to £17m. The firm underscored its unwavering strategy focused on customer value, stating: “Our strategy is unchanged as we focus on offering value to our customers.”
“Our portfolio of digital products continues to grow alongside digital subscriptions.”
However, acknowledging the challenges in print media, the company added, “In print, the sectoral decline continues but we maintain a resilient print income, balancing customer value with price increases supported by a strong home delivery service in our local community.”
Lastly, they embraced their rich heritage, stating, “We have long years of history and tradition as being valued by the communities we operate in.”
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