SCMP Group reports rising revenue, eyes future growth from digitisation strategy
Revenue tops HK$1b for third straight year as decline in print advertising is offset by strong growth in digital sales and online platforms
SCMP Group, publisher of the South China Morning Post, reported annual revenues in excess of HK$1 billion for the third consecutive year that displayed a solid basis for future growth, the company said in financial results for 2014 posted yesterday.
Top line revenue grew 8 per cent to HK$1.24 billion while adjusted operating profit gained a more modest 4 per cent to HK$167.7 million, the company said in a filing to the Hong Kong stock exchange.
"We believe we have built the beginning of a healthy broad-based foundation capable of yielding multiple revenue streams into the future," the company said in a statement alongside the financial results that outlined a digitisation strategy for "futureproofing" the group.
It said a push into international markets in recent years was paying off and had helped the group's share of international revenues grow.
"Integral to this approach will be building on the brand positioning of our flagship South China Morning Post as the independent insider on China," the statement said.
Revenues from the newspaper publishing division - the group's core business - rose 3 per cent to HK$841.5 million and delivered a 23 per cent increase in net profit to HK$59.7 million.