OUR ANNUAL REPORTS
At Indigo Publications, we are proud of our political and economic independence.
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Political and economic independence is the bedrock of our free, rigorous, and high-standard journalism. In light of this, we believe we have a duty of transparency. Consequently, we make our shareholding structure and our annual accounts publicly available on our website.
2025 annual reports
Bolstered by its strong performance in 2025, Indigo Publications confirmed its capacity to scale up its activity. The group's turnover reached €11.3m, while its client base of international subscribers grew to 44,000.
11% growth: driven by all Indigo publications
The record performance of subscriptions in 2025 (€10.6m) can be attributed to the dynamism of each of the group's publications. This progression underlines Indigo Publications' ability to simultaneously develop both its long-standing publications and its recent additions.
Africa Intelligence continued in pole position (€5m, +7%), while La Lettre (€2.9m, +12%) and Intelligence Online (€2.5m, +8%) consistently showed strong growth. As for Glitz, its excellent results (+30%) attest to its successful establishment as the go-to publication on the luxury industry.
2025 was notable for a number of innovations:
- After three years and bolstered by the success of its investigations, in 2025, Glitz began publishing biweekly editions. In addition to its established columns dedicated to the luxury sector's key families, its houses and portraits of industry figures, Glitz launched two new recurring formats: Golden Miles and Counterfeiters.
- Indigo Publications' brand identity underwent a transformation: more than just a new logo, we adopted a visual identity more closely aligned with our activities as a global benchmark for investigative journalism.
- The newly created Communication & Marketing department launched its marketing tool "O'Malley" to boost performance and reach its goal of +20% new clients. Grace O'Malley was a 16th-century Irish pirate who defied the Queen of England and became of symbol of Irish independence. The choice of this figure resonates with two other in-house tools named after famous explorers: our content managing system (Magellan) and our editorial workflow (Elcano).
Re-establishing equilibrium following a period of investment
A significant aspect of the 2025 fiscal year was Indigo Publications' return to net profits (+€51,000) following 2024’s accumulated deficit (€-708K). This short-lived fiscal gap was the result of a period of heavy investment for the company: the acquisition of its new offices, its takeover of the Revue21 and a proactive recruitment strategy within both its editorial and operations teams.
In 2025, Indigo Publications received the French Culture Minister's pluralism grant, which is awarded to accredited online media outlets that specialise in "Political and General Information". These funds—allotted based on the size of the editorial team—help us pursue our journalistic goals, thus making the circulation of independent, pluralistic information possible.
The €319,416 allotted in this grant was recorded in our operating income.
A team of 100 employees
These results were made possible by our team: 100 employees, 70% of whom are journalists. To support the company's growth, our HR department launched a program designed to accompany each employee in shaping their career path (progression, mobility, etc.) starting on day one.
Indigo Publications continues to strive for gender equality in the workplace; women now account for 41% of its workforce, while—thanks to the appointment of three female department heads in the last year—its executive board is composed of five women and six men.
An ever-growing number of readers
In 2025, our readership surpassed 44,000—a tenfold increase from the 4,400 readers logged in 2015. This rapid growth was particularly notable in the last two years, with a progression of nearly +36% in 2025 alone.
2026: A return to profitability
Indigo Publications' projected annual turnover in 2026 is set at +10%.
This growth is driven by a strong sales performance at the beginning of this year and the implementation of a number of strategic initiatives:
- An overhaul of Africa Intelligence, with the goal of reinforcing its international standing as an authoritative voice on the African continent
- The creation of a video department, whose aim is to share our strategic content across a variety of platforms
A workgroup established in 2025 to address the use of artificial intelligence recently implemented a Charter for Responsible Use of AI. This document ensures an ethical and efficient engagement with these tools, while providing structure and support to innovative projects linked with its usage.
Indigo Publications will celebrate its 45 anniversary this year. With this milestone comes the opportunity to (re)discover what it is that has motivated us since 1981.
Political and economic independence is the bedrock of our free, rigorous, and high-standard journalism. In light of this, we believe we have a duty of transparency. Consequently, we make our shareholding structure and our annual accounts publicly available on our website.
2024 annual reports
Revenue and readership growth, team expansion, the acquisition and build-out of new offices, internal reforms, and the takeover of Revue 21: 2024 was a busy year for Indigo Publications.
Revenue Growth
Continuing several years of steady growth, Indigo Publications surpassed the €10 million revenue milestone in 2024, reaching €10.2 million.
Our operating revenue grew by 10%, fueled by a 15% expansion of our client base. We also saw our total readership surge by 48%, reaching a new high of 34,000. Our footprint is increasingly global: over half of our clients (53%) are now international—spanning Africa, North America, the UK, Europe, and the Middle East—while 47% are based in France.
Our financial position was further strengthened by a €348k pluralism grant from the French Ministry of Culture, a fund dedicated to supporting media diversity.
Significant increase in operating expenses
2024 saw a 19% increase in operating costs.
This increase reflects two primary developments:
- Staffing costs, our largest expenditure, rose by 13%, reflecting both recruitment efforts and pay rises.
- The acquisition of 1,500 m² of office space in Paris’s 11th arrondissement involved significant renovation and relocation costs. Located near République, this investment provides a top-tier workspace capable of accommodating our expanding team in optimal conditions.
Reflecting this heavy investment phase, the company posted an operating loss of €504k—the first in over two decades. After accounting for substantial financial expenses, the net result stood at -€708k.
Structural reforms
In 2024, Indigo Publications' permanent headcount reached 100 employees, with two-thirds dedicated to the newsroom. Our editorial teams also draw on a network of nearly 200 freelance contributors.
To keep pace with this expansion, the company implemented two major structural changes in 2024:
- The launch of a dedicated Communications & Marketing department to drive brand awareness and accelerate reader acquisition
- Decentralizing our Editing and Translation teams by embedding them within our editorial units, a move designed to enhance technical proficiency and streamline workflows;
Return to Break-Even in 2025
The company expects a financial turnaround in 2025, with results nearing break-even. We are forecasting 10% revenue growth, consistent with our 2024 performance, while capping expenditure growth at 6%.
Political and economic independence is the bedrock of our free, rigorous, and high-standard journalism. In light of this, we believe we have a duty of transparency. Consequently, we make our shareholding structure and our annual accounts publicly available on our website.
2023 annual reports
This year, Indigo Publications recorded its 21st consecutive year of growth and positive net income.
Driven by a significant increase in readership, revenue growth continued in 2023, reaching €8.8M, a 16% increase (following 17% in 2022).
This year, the company’s operating profit reached €367k (compared to €990k in 2021).
Operating expenses rose by 23% (compared to 34% in 2021), driven by an active recruitment strategy.
On March 31, 2023, the permanent headcount at Indigo Publications reached 95, with 64 editorial staff and 31 across support services (commercial, marketing, IT, and leadership).
The newsroom also relies on a growing network of over 150 freelancers and correspondents worldwide.
In 2023, Indigo Publications also benefited from a pluralism grant awarded by the French Ministry of Culture to digital-only news outlets holding 'Political and General Information' (IPG) status. This aid, which is scaled to the size of the editorial team, is intended to 'encourage the development of editorial activities,' 'provide access to high-quality journalism,' and foster the 'pluralism of ideas.
This subsidy, totaling €378,000, was recognized in the accounts as operating income.
Since 2009, Indigo Publications has shared its profits with employees through a profit-sharing plan. A total of €63,000 was paid out for the 2023 financial year. This scheme is supplemented by an employee stock ownership program.
The first quarter of 2024 showed strong growth momentum in subscriptions.
Indigo Publications anticipates revenue growth of 10% to 15% for 2024.
Political and economic independence is the bedrock of our free, rigorous, and high-standard journalism. In light of this, we believe we have a duty of transparency. Consequently, we make our shareholding structure and our annual accounts publicly available on our website.
2022 annual reports
In 2022, Indigo Publications recorded its 20th consecutive year of growth and positive net income.
Thanks to strong growth in its reader base, the company's turnover continued to rise in 2022 to reach €7.6M, representing +17% (compared to +16% in 2021).
Operating costs increased by 34% (up from 20% in 2021), fueled by a proactive hiring strategy.
As of March 31, 2023, Indigo Publications' permanent staff totals 83 employees, with 58 in the editorial department and 25 in other departments (sales, marketing, IT, and management). 16 new positions were created over the past year, following the addition of 20 roles in 2021. The newsroom also relies on an expanding network of over 120 freelancers and correspondents worldwide.
Operating profit reached €990k in 2022 (compared to €1.23M in 2021).
Furthermore, in 2022, Indigo Publications benefited from a pluralism grant awarded for the first time by the French Ministry of Culture to purely online media outlets holding the 'Political and General Information' (IPG) certification. This aid, the amount of which is based on the size of the editorial team, is intended to encourage the development of editorial activities and to provide access to high-quality journalism and to foster the pluralism of ideas.
This €1.2M subsidy, granted for the 2021 and 2022 periods, was split equally between operating income and non-operating revenue.
Since 2009, Indigo Publications has shared its profits with employees through a profit-sharing plan. A total of €328,000 was paid out for the 2022 financial year. This scheme is supplemented by an employee stock ownership program.
The first quarter of 2023 showed strong growth momentum in subscriptions.
Indigo Publications anticipates revenue growth of 15% to 20% in 2023.
Political and economic independence is the bedrock of our free, rigorous, and high-standard journalism. In light of this, we believe we have a duty of transparency. Consequently, we make our shareholding structure and our annual accounts publicly available on our website.
2021 annual reports
Celebrating 40 years in business, Indigo Publications achieved its 19th straight year of growth and positive results in 2021. This strong momentum has been driven by active hiring across all teams, including editorial, commercial, and IT services.
Revenue reached €6.64M in 2021, representing a 16% growth rate (also 16% in 2020), while operating expenses increased by 20% (compared to 13% in 2020).
The expense-to-revenue ratio was therefore 82%.
Operating profit reached €1.23M (compared to €1.18M in 2020).
As of March 31, 2022, Indigo Publications' permanent staff stood at 67 employees, including 45 in the editorial department and 22 in other departments (sales, marketing, IT, and management). The company achieved a gender equality index score of 82 out of 100, with 20 new positions created within a single year.
The company also relies on a growing network of over 100 freelance journalists worldwide.
These extensive recruitment efforts enable us to produce higher-quality publications that are richer in information, while also allowing us to expand our editorial coverage.
Since 2009, Indigo Publications has operated a profit-sharing scheme for the benefit of its staff. For the year 2021, the sum of €258,000 was distributed. This mechanism is further enhanced by an employee share-ownership plan.
The company maintained a strong upward trajectory throughout the first quarter of 2022.
Indigo Publications anticipates revenue growth of 15% to 20% for 2022.
Total independence
The company Indigo Publications is a SAS specialized in press, managed by Quentin Botbol. It was founded in 1981 by a professional journalist, Maurice Botbol. The company's share capital (€40,000) is held by Quentin Botbol (85%) and Maurice Botbol (15%).
Furthermore, in 2009, Indigo Publications was one of the founding members of the Syndicat de la presse indépendante d'information en ligne (Spiil), which advocates for its members to publish their annual financial statements.
