Belfast Telegraph

Guardian in cutbacks pledge after £31m loss

By Gideon Spannier

The Guardian and Observer newspapers slumped to an operating loss of £31m in the year to March but that was an improvement on a year ago when the papers lost £44m.

Turnover was steady at £196m, with digital sales rising 28% to £56m, which offset falls in print.

Parent company Guardian Media Group swung back into the black with a pre-tax profit of £22.7m but paid just £100,000 corporation tax as it claimed back losses from previous years.

GMG owns stakes in Auto Trader publisher Trader Media Group and events group Top Right Group, which helped it return to profit.

Chief executive Andrew Miller earned a £769,000 package, including £100,000 bonus, and editor Alan Rusbridger got £491,000.

Both men volunteered to give up 10% of their base salary as they vowed to cut operating costs at the loss-making papers by £25m over five years.

Critics argue that The Guardian and Observer are still living beyond their means and have not been ruthless enough on costs.

Belfast Telegraph