DC Thomson, the renowned publisher behind iconic titles such as The Beano, The Sunday Post, and The Press & Journal, has staged a remarkable financial turnaround, reporting a pre-tax profit of £93.8 million for the year ending March 31, 2024. This impressive recovery comes after the company suffered a substantial £161.5 million loss in the previous financial year.
Despite the positive profit figures, the Dundee-headquartered media group experienced a slight dip in revenue, which fell from £161.4 million to £153.8 million over the same 12-month period.
The company attributed this decrease to the closure of several operations, including Bunkered Golf Breaks, Pure Radio, and “several magazine titles that were approaching the end of their commercial life.”
A key factor in DC Thomson’s recovery has been its focus on digital growth and subscriptions. The company reported a “strong increase in news digital subscriber volumes,” with subscriptions being the only revenue type to grow, up 2% to £40.6 million. This success aligns with the company’s previously set target of reaching 75,000 digital subscriptions by 2025.
The media landscape continues to present challenges, with DC Thomson acknowledging the impact of economic pressures on consumer spending. Christopher Thomson, chairman of DC Thomson, stated:
“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.”
To address these challenges, the company has implemented efficiency measures, including the use of artificial intelligence tools, and the reduction of its workforce from 1,603 to 1,314 employees.
Looking Ahead
Despite the positive financial results, DC Thomson remains cautious about the future. The company’s transformation journey is ongoing, with Christopher Thomson noting: “This is truly one of the most exciting periods in our history as we continue to navigate our journey to long-term sustainable growth.”
As DC Thomson moves forward, it aims to balance its traditional print offerings with digital innovation. The company’s strategy focuses on offering value to customers while growing its portfolio of digital products and subscriptions, maintaining what it describes as a “resilient print income.”
