Times Newspapers reports first profit in 13 years

Times Newspapers in the UK, home of The Times and

Sunday Times, has reported a profit of £1.7 million in its last financial year, its first in 13 years, reports Campaign UK. Operating profit for the year to 30 June 2014 follows The

Times and Sunday Times famously moving behind an online paywall in July 2010. Prior to the paywalls, Times Newspapers posted annual losses of £70 million for 2009. Last year it recorded a loss of £6 million. Members are now paying £6 a week for seven-day print or digital membership packages. At launch, digital members paid just £2 per week. The latest figures for October show total paid sales for The

Times up year-on-year at 545,000 and The Sunday

Times at 958,000. Membership accounted for 291,000 (54 per cent) and 338,000 (35 per cent) of total paid sales respectively. Across both titles there has been a 10 per cent growth in membership to 390,000, as at end October, comprising 170,000 members taking the digital only product, up 12 per cent year-on-year, and 220,000 members taking a combined print and digital product, up 9 per cent yearon-year.

Mike Darcey, chief executive of News UK, said: “Our strategy of charging for our world-class journalism is working. Our approach has allowed us to invest in our titles and our people with confidence, creating an unbeatable experience for our readers and they have responded positively.”

Growth in total paid sales has also left both titles less dependent on advertising and consequently made revenues less volatile. For the 2014 financial year total paid sales represented 51 per cent of revenue compared with 44 per cent from advertising.