Thursday, 10 June 2010
Guardian Media Group losses up to £171 million
The Guardian Media Group today reported an increased pre-tax loss of £171 million for the 12 months to the end of March - compared to a pre-tax loss of £96.7m in the same period last year.
GMG says the increase was primarily due to write downs of £96.5m in GMG's investments in Emap and £63.9m in GMG Radio.
Turnover at GMG's wholly owned businesses fell from £310.9m in 2008/9 to £280m in 2009/10, while turnover including joint ventures Trader Media Group and Emap fell from £543.4m to £476.2m.
The operating loss before exceptional items of the wholly-owned businesses, which include Guardian News & Media, publisher of the Guardian, the Observer and guardian.co.uk, fell from £65.2m to £53.9m.
GNM's costs were cut by £26.2m following restructuring and the cutting of 203 posts, with voluntary redundancies in editorial and further job losses and outsourcing of operations in commercial. GNM's revenues fell by £32.6m. Its operating loss was £34.4m compared with £33.7m the previous year.
The GMG chair, Amelia Fawcett, said: "Guardian Media Group remains well positioned in terms of overall resources and general financial health, and has delivered a satisfactory performance in the most challenging of years."