Guardian News & Media posts £57m loss

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The Independent Online

Guardian News and Media reported a £57m pre-tax loss last year, with staff severance costs and restructuring fees causing it to take an £11m hit.

Shareholder funds fell to £469,000 from £16.5m in 2008, while company assets shrank from £109m to £72m. GNM also wrote down the value of ContentNext, which it acquired for £20m in July 2008, by £4m due to "difficult trading conditions".

The group has cut more than 100 jobs over the past year in an attempt to stem lossses running at £100,000 a day. It also announced a large-scale cost-cutting plan, including a reduction in the number of magazine titles it publishes and a more slimline Observer.