The Week: City news - Economist profit hits £56m

The Economist Group has reported a year-on-year rise in operating profit of 26 per cent to £56 million, for the year ended 31 March 2009. In its annual report, the publisher of The Economist revealed its revenue grew by 17 per cent and said the results were due in part to a cost-cutting programme that has seen around 130 redundancies.