The media group's revenues in the year up to March 2023 totalled £264.4m, with international revenue accounting for £93.2m, a growth of 17% on 2022.
Overall print reader revenue fell from £71.5m to £68.7m in 2023, with advertising falling from £73.7m to £71.3m.
The group’s revenues have increasingly become dependent on its digital reader revenue strategy, whereby readers contribute money voluntarily, which now account for 31% of the group’s overall revenue.
The group’s advertising and print revenue streams, however, “face sustained structural challenges” in the UK, the group said in its annual report, with the group’s UK turnover falling from £175.9m to £171.2m.
The disparity is at least partially attributable to the UK’s difficult economic circumstances, according to Charles Gurassa, GMG chair.
He said: “Thanks to exceptional work from everyone in the organisation, The Guardian has continued to grow, strengthening its position as a leading global news publisher.
“It is thanks to the support of our readers that we can reach the broadest possible audiences to have access to independent, high quality journalism that is open to all.
“While the economic outlook in the UK remains challenging, we will continue to prioritise investments in journalism and our organisational capabilities to offer readers ever richer and deeper coverage, and enable more people to experience and enjoy The Guardian.”
Despite the growth in group revenues, GMG reported a £21m adjusted net operating cash outflow, compared to 2022’s £6.7m cash inflow.
Attributed to planned investments in editorial teams, newsletters, podcasts, and digital infrastructure, the spend is intended to drive further global growth for the brand.
The business is supported by its ultimate parent, the Scott Trust.
In a three-year strategy, started in 2023, the media group is looking for growth abroad, digitally, and in the number of its paying readers.
Earlier in July, The Guardian revealed it would launch a new digital European edition in the autumn of 2023, creating 11 new editorial roles.
It has likewise announced it will hire a number of staff across its current outlets to cover race issues and underrepresented communities.
Anna Bateson, GMG chief executive, said: “The Guardian is becoming a truly global news organisation with more than one million paying digital supporters in addition to our print subscribers and one-off contributions.
“In a difficult economic climate we have continued to invest in quality journalism and in our digital business capabilities to advance this strategy which has brought revenue growth and a continued rise in digital reader revenues from across the globe.
“Despite challenges across the global media industry we will continue to invest and build a platform for long term success.”
