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The publisher of the Economist increased pre-tax profits by almost 9% year on year to more than £64m in the 12 months to 31 March, despite a 17% fall in print advertising revenue at the UK edition of the title.
The Economist Group, which is 50% owned by Financial Times publisher Pearson, reported pre-tax profits up a healthy 8.7% to £64.6m, which in turn fuelled a record pay day for chief executive Andrew Rashbass.
Total revenues for the Economist Group were up 4% year on year to £361.8m for the year to the end of March, and raised its total dividend 8% to 156p per share.
In the UK, print circulation was steady at 210,384 copies and UK subscribers to digital editions "grew significantly" to more than 10,000.
Nigel Ludlow, the managing director of UK operations, said that in the UK revenue from print readers was up 8% year- on- year and revenue from digital-only readers more than tripled – although no financial figures were released.
The Economist reached its highest circulation of 1,624,000 in March, with print at 1,501,000 and digital subscription at 123,000.
Rashbass's total remuneration package topped £1m for the first time, fuelled by a £470,000 bonus, the most he has been paid since taking over the role in mid-2008 when he replaced Helen Alexander.
His total remuneration of £1.05m was up 8.3% year on year. Rashbass is paid a base salary of £393,000 and also received £171,000 in long-term plan payments for awards made in 2008.
John Micklethwait, the editor-in-chief at the Economist, was the second-highest paid among the Economist Group's board of directors.
He received a total remuneration package of £631,000, down slightly on 2010's £644,000.
Micklethwait's basic salary is £294,000 and he also received a £209,000 bonus and £112,000 in long-term payments for 2008 awards.
Ludlow said that market conditions had been tough and the Economist in the UK saw print advertising revenues decline by 17% year- on- year.
In the UK, print circulation was steady at 210,384 copies and UK subscribers to digital editions "grew significantly" to more than 10,000.
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