30th May 2024 14:26
(Alliance News) - National World PLC on Thursday reported double-digit revenue growth amid the acceleration of its automation programme.
The Leeds, England-based multimedia news organisation said in the 21 weeks ended May 25, revenue increased 18% to GBP39.5 million from GBP33.6 million the year before.
A final dividend of 0.55 pence per share will be maintained.
Double-digit revenue growth was reported across Digital, Circulation, Print Advertising, and Events.
The largest proportion of revenue was generated by Print advertising which increased 22% to generate GBP14.0 million, followed by Circulation which rose 12% to GBP13.5 million.
Digital revenue increased 11% to GBP8.2 million, meanwhile Events revenue more than doubled to GBP2.0 million.
Chair David Montgomery said: "National World continues to make strong progress on three fronts - growing revenue in the face of a general sector decline, driving organic development with innovative product and platform launches and finally through a targeted acquisitions strategy."
In 2023, the company completed seven acquisitions, which included the business-to-business media company Insider Media Ltd and newspaper The Rotherham Advertiser.
"Our transition towards full automation of content production processes has accelerated in the first half. There is greater focus on pivoting the workforce towards highly monetisable specialist content across all platforms, particularly higher yielding video, business information and events," Montgomery added.
National World maintained a cash balance of GBP10.0 million at the end of May, down from GBP24.4 million the same time last year.
Looking ahead, management said the company is performing in line expectations, with 2024 guidance anticipating GBP100 million revenue.
National World shares were up 9.6% to 15.35 pence each in London on Thursday afternoon.
By Elijah Dale, Alliance News reporter
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