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ANNUAL REPORT 2024 21The financial year ended 31 December 2024 was one of notable growth for Guardian Media Limited. Although we recorded a net loss of $3.4 million, our overall financial and operational performance improved, as strongly evidenced by a 60% reduction in the previous year%u2019s deficit of $8.6 million.With strategic investments in digital content, Guardian Media continued its digital transformation utilizing our trusted online channels for the distribution of premium and credible content. This has spurred consistent audience growth and increased advertising spend across our multi-media platforms, where segment revenue rose 6% to $57.8 million, inspired by growth across both our established and emerging channels, namely Television, Radio, Billboards and Digital. A robust profit before tax was delivered by the Multimedia Segment, in comparison to the loss before tax in the prior year.Throughout the year, we focused on executing a turnaround strategy centred on content innovation, digital expansion, and monetisation. Key initiatives included:Digital Transformation: Continued growth in digital subscriptions, audio, video and text engagement helped diversify revenue streams and reduce reliance on traditional media formats.Audience Growth: We achieved doubledigit growth in our online and social media audience, fuelled by strategic partnerships and targeted content campaigns.Content Excellence: Award-winning editorial content and original programming reinforced our reputation and strengthened audience loyalty.Our strategies for expense management and control, talent density and customer satisfaction were key to our fiscal success in 2024. Looking ahead, our focus remains on sustainable growth and long-term value creation. We are committed to accelerating digital innovation, deepening audience engagement, and exploring new monetisation models, including branded content, licensing, and events. We are also actively reviewing cost structures and organisational processes to enhance agility and scalability in a fast-changing media landscape.Our improved results would not have been possible without the guidance of our Board and the efforts of the leadership team, our intrepid employees, loyal customers, consumers, readers and viewers. We appreciate the unconditional support of our investors and acknowledge our responsibility to continuously review our portfolio with a clear view to maximizing returns for shareholders and enhancing long-term growth.While challenges remain in an evolving market, the progress made this year is encouraging. I am confident that the strategic foundation we have laid will position us for continued improvement.Thank you all for your ongoing support and belief in our vision. Together, we are building a stronger, more resilient multimedia business.Gerhard PettierManaging Director