Losses again at Guardian and Observer - profits down at GMG regional titles

The Guardian and Observer titles and associated websites lost £15.9m in the year to April – a slight improvement on last year’s operating loss before exceptional items of £15.9 million.

In what the company described as a ‘a fiercely competitive and fast-changing marketplace”, Guardian News and Media turnover increased from £237.4 million in 2006 to £245.7 million.

Overall turnover at Guardian Media Group increased from £700.3m to £716.1m and profit before tax was up to £97.7m from £66.4m.

Guardian Regional Media – the local newspapers division which includes the Manchester Evening News – faced ‘extremely challenging advertising market conditions seen across the regional press and the issue of digital disruption to its revenue base.’Operating profit fell to £19.4 million (£21.6 million) on turnover also down to £122.2 (£126.8 million).

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