Guardian News and Media, publisher of the Guardian and Observer, experienced the toughest trading conditions seen for many years, resulting in an increase in operating loss to £36.8m on turnover of £253.6m, according to the Guardian Media Group's annual report published today.
The report says: "Given the ongoing structural issues affecting the sector, compounded by the severe advertising downturn, GNM is in the process of reducing its cost base significantly, while continuing to invest in journalism and web development."
The report notes that during the year guardian.co.uk achieved a record audience of nearly 30m unique users and is now "not only the UK’s largest newspaper site but also one of the biggest in the world."
GNM said its aim is to emerge from the economic downturn a leaner and stronger organisation: leaner due to a bottom-up reappraisal of the cost base to ensure it is affordable; stronger because it will continue to invest in its journalism and in maintaining its market-leading positions. "
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