The Guardian Media Group made a pre-tax profit of £31m for 2018/19, up from a pre-tax loss of £25m the year before, it has reported.

But Guardian News and Media, the group’s publishing arm which produces the Guardian and Observer newspapers, made a £7m loss (EBITDA) for the 12 months to the end of March 2019.

This rises to £0.8m before exceptional items and it is on this basis that the publisher has claimed to have broken even after a three-year strategy to turn its finances around.