Media group DC Thomson, publisher of north-east Scotland newspapers and The Beano and Dandy comics, has returned to profitability after seeing strong growth in the value of its investments.

The Dundee-based group booked a pre-tax profit of £93.8 million for the 12 months to the end of March 2024, having recorded a £161.5m loss in the previous 12 months.

There was a net gain of more than £92m on mainly stock market investments, representing a sharp recovery from the previous year’s net loss of almost £150m.

Revenue dropped by almost 5% to £153.9m, with newsstand sales down 3% to £51.1m, subscriptions up by 2% to £40.6m and advertising down 1% to £17m.

DC Thomson publishes The P&J, and The Courier and Sunday Post and its magazine division includes Puzzler and The People’s Friend. Its non-media interests include genealogy, cloud computing, radio and marketing.

DC Thomson said the Bunkered Golf Breaks travel business, Pure Radio and several magazine titles “which were approaching the end of their commercial life” were closed down. Headcount fell to 1,314, compared with 1,603 in the previous year.

The company paid a total dividend of £25.7m for 2024, up from £24.9m in the previous 12 months.

Five directors shared in £551,000 of dividends, up from £516,000, while the single highest-paid executive received £409,000, down from £459,000 in the previous year.

A statement from the board read: “Demand was adversely affected by pressure on UK consumers’ real disposable income and consumer confidence.

“As a result, we have continued the theme of efficiency in trading operations through staff changes and training programme”

“This involves the use of technical solutions and the use of artificial intelligence tools as they develop.

“This, however, is done with a look to the culture of our business, which will always prioritise quality journalism and content creation.”

Christopher Thomson, the chairman, said: “We continue to invest in technology and talent, building brands that thrive in the digital and data-driven age and strengthening direct-to-customer relationships through the expansion of subscription and membership offerings.

“While challenging conditions persist around economic growth in the UK, these results highlight the resilience and adaptability of our company and colleagues, supported by our strong reserve position.

“This is truly one of the most exciting periods in our history as we continue to navigate our journey to long-term sustainable growth.”