Guardian Media Group on acquisitions trail

Guardian Media Group said today it was on the hunt for acquisitions as it unveiled a “solid performance” for the past financial year.

The group, which owns the Guardian and Observer newspapers and radio stations including Century FM, admitted it was looking at parts of Emap’s business following the publisher’s announcement that it may consider a break-up.

Guardian Media Group (GMG) confirmed its interest as part of a plan to “reshape” the business and expand into new areas after posting pre-tax profits of £97.7m (€145m), up from £66.4m (€98m) in the previous year.

But GMG narrowed losses in its Guardian News and Media division – including the Guardian and Observer newspapers and Guardian Unlimited website – from £19.3m (€28m) last year to £15.9m (€24m), which helped boost overall results.

Chairman Paul Myners said the performance was in line with expectations against a “difficult operating environment”.

A spokesman for GMG said the firm was looking to bolster areas in which it is not already strong and was particularly interested in Emap’s business-to-business and radio divisions, although the group’s consumer titles are not thought to be on the list.