Guardian Media Group, owner of the Guardian newspaper and the Manchester Evening News, unveiled rising annual profits, but warned that economic uncertainty would affect 'a number of its revenue streams' in the coming year.
GMG, owned by the Scott Trust, said pre-tax profits increased to £306.4 million in the year to the end of March, compared with £97.7 million the year before, the Guardian reported.
A profit of £334.8 million pounds on the disposal in late March to private equity group Apax Partners of a 49.9 per cent stake in Trader Media Group, which owns Auto Trader, boosted the results.
In the group's annual report, chairman Paul Myners said the company is in a strong position, but warned: "We expect the uncertainty within the UK economy to have an impact on a number of the group's revenue streams in the coming year."
Operating profits dropped to £5.1 million from £110.4 million the previous year, the Guardian said.