Financial highlights
revenue (2023: £376.8m)
operating profit (2023: £42.2m)
net cash before lease liabilities (2023: £17.6m)
basic earnings per share (2023: 157.0p)
dividend (2023: 120p)
indicative share value (2023: £30.00)
From the chair
More citizens will cast their votes in 2024 than in any other year in history. The Economist calculates that as many as 76 countries are due to hold nationwide elections of some form, accounting for 4.2bn people—more than half the world's population.
As we publish this annual report, we are all digesting the outcome of the largest single election of all time, with India's epic poll involving nearly one billion voters. And in America this November we will witness one of the more momentous ballots of the year, billed by both main contenders, in very different ways, as a test of democracy itself.
These electoral contests—and sadly several non-contests—take place in a turbulent and uncertain world. Technological upheaval, record temperatures, tense diplomacy and war all shape the landscape around us, one that disinformation often attempts to hide from our view. Both individuals and organisations need actionable insights that help them navigate that landscape.
Providing insight and analysis has always been at the heart of The Economist's journalism—and it is the “red thread” that runs through everything we do as The Economist Group. Across all four of our businesses, we innovate and experiment to meet the demand for reliable, trustworthy information that helps inform people's actions—moving with the times, but staying true to our values as champions of progress. It is an approach that, despite the headwinds affecting parts of our industry, has delivered another year of profitable, sustainable growth.
“Across all four of our businesses, we innovate and experiment to meet the demand for reliable, trustworthy information that helps inform people's actions—moving with the times, but staying true to our values as champions of progress.”
Lord Paul Deighton
Chair
From the chief executive
When does volatility stop being the “new normal”—and become just “normal”?
A year that saw war in the Middle East, grinding conflict in Europe and Africa, stubborn interest rates that defied all forecasts, and the hottest temperatures recorded by land or sea has given way to one in which all these challenges form the backdrop to humanity's largest-ever experiment in democracy.
The Economist Group's purpose is to champion progress by helping people understand and navigate this volatility. All four of our businesses exist to provide rigorous analysis, insight and expertise—trusted information services that help individuals and organisations think, decide and act.
Our performance this year shows that demand for these actionable insights has never been stronger. It reinforces our commitment to a strategy designed to make sure we can extend our 180-year record of producing excellent, values-based journalism and information services far into the future, by maintaining sustainable growth.
“We can now say with confidence that we are a digital business, focused on innovating our digital products and processes so we can bring audiences more analysis and insights, through more channels, more often.”
Lara Boro
Group chief executive
From the editor-in-chief
Depending on where you look, this year’s news agenda has been alarming, thrilling or simply confusing. Most geopolitical news fell squarely into the first category. Brutal conflicts in Ukraine and Gaza dominated the headlines. They played out against a backdrop of strategic rivalry between China and America, deepening links between aggressive authoritarians, especially Iran and Russia, and the rising clout of non-aligned powers such as India and Saudi Arabia. The post-war order led by America is morphing into something more fragmented, transactional and dangerous.
Economic news was in the confusing category. Like geopolitics, the global economy is changing fast. The old “globalised” world of free trade and multilateral rules is being replaced by a new orthodoxy that favours industrial policy and the weaponisation of economic tools. Sanctions, subsidies and tariffs are in vogue; openness is out. The macroeconomy is also transforming in puzzling ways: inflation at first proved responsive to higher interest rates, but now seems stubborn. In most big economies, the fiscal outlook is dire. Yet financial markets have been on a tear.
That could be thanks to the third—thrilling—development of the past year: the advances in artificial intelligence. Generative AIs are becoming rapidly more powerful and their world-changing potential more evident. No industry will remain untouched.
Our job is to help readers make sense of these shocks: to distinguish what matters from the noise, to draw connections between disparate developments and thus to offer an authoritative perspective on where the world is headed. The Economist’s journalism is as much about insight as information. In a digital world these insights need to be delivered in whatever form subscribers choose. And all this must be done by an editorial staff of about 300, far smaller than that of our competitors.
“It is increasingly lonely to be a champion of a liberal, open world order, but ever more important.”
Zanny Minton Beddoes
Editor-in-chief
Business review: The Economist
The Economist makes sense of fast-moving global stories, no matter how volatile the times—and its insights and analysis have never been more needed. This year our digital-first approach has delivered clear-eyed journalism to more subscribers, through more channels, than ever before.
At a 180-year-old newspaper, change comes slowly and steadily—and then all at once. That’s how it felt last year, as our teams marked substantial progress in two important areas of strategic focus: shifting the business to a digital footing, and building engagement and loyalty among subscribers. These twin obsessions, which have driven us for several years and are closely intertwined, are key to unlocking further growth.
subscribers
revenue
of new subscribers digital-only
Business review: Economist Impact
Economist Impact brings together two business formats: Partnerships and Events. We offer a unique model for clients who want to lead on the issues that matter most, drawing on an unmatched portfolio of capabilities including policy research and insights, multimedia content, global events and advertising.
Economist Impact works with organisations around the world to further their missions and catalyse progress through an integrated partnership approach that draws from a combination of independent policy research, multimedia content, high-profile events and advertising to engage the Group's influential audience.
Because we're client-facing, we are the part of the Group that's most exposed when organisations tighten budgets and alter plans in response to challenging business cycles. Revenues were challenged due to the tough trading conditions of 2024—but we adapted rapidly by reinforcing advertising products and capabilities and by creating new Impact Initiatives products to provide solutions for clients. Early feedback is showing that this more agile approach is resonating with customers, and we believe it will enable us to return to growth.
revenue
share of sales from integrated business
clients
Economist Impact Events: Creating the space for insights to become actionable
A third consecutive year of margin growth in Economist Impact Events shows that demand for authoritative, world-class insights remains strong, even when client budgets come under pressure in the business cycle.
The key to successful events is quality. Attendees need to know that they'll come away with true and valuable insights, because they've experienced outstanding, well-curated content, heard the best speakers, and tapped into channels and platforms that help them catalyse what they've learnt and put it to use.
events
sponsorships
attendees at our events
Business review: Economist Intelligence
Helping clients navigate volatility through insights and analysis.
Economist Intelligence is made up of three separate products—EIU, Corporate Network and Clearstate—which help clients understand their operating environment, navigate risks and opportunities, and move their organisations forward.
revenues
retention rate in EIU subscriptions
increase in core EIU subscriber base
Business review: Economist Education
Reaching a global audience with skills that equip professionals for success.
Economist Education is building a strong presence in executive education by creating exceptional learning experiences for individuals and enterprise clients, drawing on The Economist Group’s rich editorial capabilities, brand and market reach.
course presentations
students, up from 934 in the previous year
countries
Sustainability at The Economist Group
Our purpose is to champion progress in everything we do. Through independent, evidence-based journalism and information services, we help audiences address the systemic environmental and social challenges facing the world. At the same time, we must also lead when it comes to addressing our own impacts, by pursuing progress for our colleagues and communities, and the environment.
reduction in annual GHG emissions since base year 2020, while growing our business
Estimated average CO₂e emissions per digital issue
of colleagues are women
“Producing insightful, independent editorial and information services will always be the main way we champion progress. But we must also act responsibly in the stewardship of our own environmental and social impacts, including our approach to human rights, nature and the climate.”
Oscar Grut
Chief legal officer, Group company secretary, head of ESG
From the chief financial officer
Resilient revenue and a strong bottom-line performance.
Revenue of £367.0m was down 3% on the prior year. The weaker US dollar to sterling exchange rate compared with the prior year reduced revenue by £8.6m and so, on a constant-currency basis, revenue was in line with last year. Revenue for The Economist increased by 5% at actual exchange rates, and by 7% at constant currency, reflecting the annual price rise, careful management of discounting and an additional reporting week this year. Economist Intelligence revenue decreased by 3% at actual exchange rates but increased by 1% at constant currency. EIU subscription revenues increased strongly and were partially offset by a reduction in consulting revenue for Clearstate. At Economist Impact, revenue was down 16% due to challenging market conditions which affected advertising and research sales.
“The strong performance of The Economist, now truly a digital-first business, helped drive increased profitability for the Group despite headwinds in Economist Impact.”
Marcus Roy
Group chief financial officer
Governance
Providing clear, transparent insight is at the heart of what we do as a business—and it should always be our goal in how we conduct our corporate governance, and how we report to shareholders and other stakeholders. Our duty as a Board is to support The Economist Group through robust governance that reflects our values and furthers our purpose: the pursuit of progress.
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