Guardian Media reports $2.9m loss for 2024

Guardian Media Ltd has reported a loss before tax of $2.9 million for the twelve months ending December 31, 2024.

In its audited financial results, Guardian Media said the loss was 77 per cent lower than the previous year's loss of $10.6 million.

Revenue for 2024 was $97.9 million or one per cent lower than 2023.

In its breakdown of financial results, the company reported a loss before tax of $5.5 million in its print segment, which includes newspaper circulation and printing services.

Its multi-media segment reported a profit before tax of $2.6 million for 2024.

In the chairman’s report, Peter Clarke said, "The challenges we faced in 2023 with shrinking advertising budgets and digital market disruptions continued in 2024.

"Management worked diligently during the year to navigate the changing local market environment. We have revised our multimedia revenue models, streamlined business operations and functions, managed controllable costs and reduced workplace inefficiencies to achieve the delivery of enhanced shareholder value.

For the quarter ended December 31, 2024, Guardian Media recorded a profit before tax of $7.5 million.

"During the year, our newsroom launched a special Guardians of the People segment which was well received by our consumers.

"We continued to deliver our staple productions such as Spellbound and Make Your Point which provided both education and entertainment for our audiences."