Guardian and Observer tot up losses of £31m
Wednesday 17 July 2013
The Guardian and Observer newspapers slumped to an operating loss of £31m in the year to March but that was an improvement on a year ago when the papers lost £44m.
Turnover was steady at £196m, with digital sales rising 28 per cent to £56m, which offset falls in print.
Parent company Guardian Media Group swung back into the black with a pre-tax profit of £22.7m but paid just £100,000 corporation tax as it claimed back losses from previous years. GMG owns stakes in Auto Trader publisher Trader Media Group and events group Top Right Group, which helped it return to profit.
Chief executive Andrew Miller earned a £769,000 package, including £100,000 bonus, and editor Alan Rusbridger got £491,000.
Both men volunteered to give up 10 per cent of their base salary as they vowed to cut operating costs at the loss-making papers by £25m over five years.
But Stuart Taylor, the departing radio boss, earned £1.3m, including a £710,000 bonus for selling the business.
Critics argue that The Guardian and Observer are still living beyond their means and have not been ruthless enough on costs.
Mr Miller insisted “we are meeting or exceeding all our targets” on cost-cutting, with revenues at the newspaper division up 6 per cent since the start of the new financial year in April.
He said the papers were “reaping the benefits” of a decision to adopt a “digital-first” strategy two years ago.
Simon Calder looks at communities fighting back against the poachers
Arsenal 1 Everton 1: Substitute equalises with six minutes to go
booksGeese, gorillas, grandads... and growing up
- 1 Hundreds arrested as Canadian police smash worldwide paedophile ring
- 2 Sherlock series 3: Benedict Cumberbatch and Martin Freeman provide teasers for the biggest comeback in British television
- 3 The man who made Femen: New film outs Victor Svyatski as the mastermind behind the protest group and its breast-baring stunts
- 4 Mass murder in the Middle East is funded by our friends the Saudis
- 5 Japan cracks down on leaks after scandal of Fukushima nuclear power plant
- < Previous
- Next >
iJobs Money & Business
£25000 - £50000 per annum + Benefits + Bonus: Harrington Starr: C++ Server Dev...
£300 - £350 per day: Harrington Starr: Leading Electronic Trading Software Ven...
£80000 - £100000 per annum + benefits + bonus: Harrington Starr: Project Manag...
£50000 - £60000 per annum + benefits + bonus: Harrington Starr: Business Analy...