BERLIN: Axel Springer, the German publishing company, posted a consolidated net income of €571.1 million ($729.9m; £529.4m) last year, with ad revenues rising by 4.6% to €1.2bn, despite the "significant setbacks" suffered by its print titles.

German adspend is forecast to see largely static growth this year after a fall of 1% in 2008, but Axel Springer seems managed to buck this trend.

The company reports that its consolidated revenues rose by 5.8% to a total of €2.6bn, and profits also reached a record level over the course of the year.

Circulation revenues across its portfolio rose by 2.1% to €1.2bn, largely due to increased prices.

National newspaper adspend, by contrast, fell by 6.5% to €623.4m, compared with €667.0m the previous year, and total revenues also declined to €1.2bn as a result of rising operating costs.

Total magazine revenues also fell by 4% to €564.1m, with circulation revenues declining by 2.1% and adspend decreasing by 8.4%.

By contrast, its international operations saw a slight increase in revenues to €409.8m, thanks both to digital and advertising growth and the introduction of new titles in Russia and Switzerland. 

Online and mobile operations also registered an uplift in revenues of 81.7% to €378.2m, based on what Axel Springer termed a "significant increase in advertising revenues and other revenues."

Dr. Mathias Döpfner, the company's ceo, argued the advertising market will be "extremely difficult" in 2009, and thus declined to make a full year forecast.

Data sourced from Axel Springer; additional content by WARC staff