Friday, 31 July 2009

GMG regionals making 'monthly trading loss'

Paul Linford on HoldtheFrontPage today gives a gloomy run down of Guardian Media Group's regional press operations' financial performance, reporting they have been making a loss for the past six months.
Linford says the admission, contained in GMG's full-yearly results published today, comes despite nearly 300 redundancies across the group earlier this year.
He adds: "The report revealed that GMG Regional Media's operating profit declined from £14m in 2008 to £0.5m last year, on turnover of £94.5m, before going on to say that conditions have since got even worse."
The report says: "Since the end of the 2008/09 financial year, conditions within the regional press have, if anything, worsened. GMG Regional Media has now been making a monthly trading loss for more than six months."

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