Guardian's £76m loss hits boss in the pocket

Guardian Media Group (GMG) chief executive Andrew Miller is taking a 10 per cent pay cut and will waive a £174,000 bonus after the company reported a dive into the red for last year.

GMG yesterday unveiled a £75.6m loss for the year to 31 March as its Guardian and Observer newspapers continued to lose money and it took a £54.2m write-off on the value of its GMG Radio business, which it has since sold to Global Radio.

The loss compared with a £9m profit the year before when newspaper losses were offset by income from the group's investment funds, its stake in Trader Media Group and the conferences and trade magazines business.

Overall revenue from continuing businesses was £254.4m, virtually level with the £255.1m of sales recorded in the previous year.

Mr Miller received a £642,000 remuneration package for the year, representing a 12 per cent rise on the year before, as a result of his promotion from finance director to chief executive.

Like Guardian and Observer editor-in-chief Alan Rusbridger, Mr Miller will take a 10 per cent cut in his base salary this year.

GMG's result incorporates the £44.2m loss posted by its Guardian News & Media subsidiary last month. Mr Rusbridger was paid a total of £457,000 in the year to the end of March.