The Spectator’s financial accounts are released today. We normally don’t make a fuss about them but these are unusual times, with plenty of interest in us as a company – since we are now, of course, up for sale. So for those interested, I’ll say a bit about our story so far.
When I became editor in 2009, the industry was just starting a descent that would see magazine sales fall by more than two thirds over the decade. But subscriptions to The Spectator doubled – and so has our income. We surpassed £20 million in revenue last year, with UK profits of £4.8 million (up from £4.4 million the year before) on revenue of £18.4 million. We’ve been investing in our US expansion recently with its revenue up 35 per cent to £727,000.