One of the UK's biggest regional publishers expects to deliver revenues of £100million in 2024 with the launch of a new local social media platform.
National World - which publishes the Scotsman and a number of North-east weeklies, including the Buchan Observer, Fraserburgh Herald and Ellon Times - has reported strong digital revenue growth this morning.
In a market update, the firm said its revenues hit £88.4million in 2023, up 5% year-on-year, generating a profit of just over £9million.
The acquisition of Insider Media and other titles during the year added over £10million of turnover, helping the business reach 139million page views per month across all of its titles.
It has also seen subscribers grow, with the Scotsman reporting a 7% year-on-year uplift in paid digital subscriptions.
Commenting on the results, Chairman David Montgomery, said: "National World has continued to live up to its objectives in its third year of operation. Amidst further consolidation plus cost efficiency and productivity enhancements the pace of the operating model change has accelerated with initiatives embedded in both the heritage portfolio and newly acquired assets.
"The future model is based on original and expert content in specific sectors and genres to better serve both consumers and advertisers. Examples are business information, including events and the transformation of premium brands to populate all platforms reaching a wider, increasingly global audience.
"Several market leading initiatives, particularly in video and the launch of our local social media platform "Your World," will further add value in 2024. At the same time, we have demonstrated the beneficial impact of extending our infrastructure to bolt-on a range of content businesses. We will continue to examine acquisition opportunities."
FTSE 100
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