Times Newspapers, publisher of The Times and The Sunday Times, almost halved its losses to £45m last year despite ad revenue returns remaining low.
The publisher, which forms part of News International, News Corporation’s UK newspaper business, reported a pre-tax loss of £45m for the twelve months to the end of June last year.
Pre-tax losses for the Times and Sunday Times in the year to June 2009 stood at £87.7m. The previous year losses were £50.2m.
On Friday, the FT reported on the accounts filed with Companies House by Times Newspapers. Circulation revenues rose at both newspapers thanks to price rises for Monday to Friday editions of The Times, and The Sunday Times.
In May last year, James Harding, editor of The Times, told staff Times Newspapers was losing a “significant amount of money” and that his paper intended to cut 50 members of staff and reduce its editorial budget by around ten per cent to stem “unsustainable losses”.
The ten per cent editorial cut at The Times was mirrored across its sister paper, the Sunday Times.