Once again, thanks Jacques for this amazing story. The Financial Times Group reported a 13% rise in profits for the year 2008. The key driver of profits was an increase in subscription revenue. This was more than able to compensate for the decline in ad revenues.
You can argue that FT's content is particularly relevant in these times and that a subscription is worth more now that financial news becomes a lifeline rather than a nice to have. Fact is they achieved an increase in OP of 11% on an 8% increase on sales proving you don't have to burn the farm to save it. There is value in farming loyalty.
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