News International’s free London evening title, thelondonpaper, narrowed its losses and reported a 75 per cent revenue boost last year, according to newly filed accounts.
The paper made a £12.96m loss in the 12 months to the end of June 2008, the most recent figures available, down 21.3 per cent from £16.47m in the previous year.
News International said higher advertising volumes would be reflected in next year’s accounts and the company was working to address its loss-making position.
The title, which launched in a blaze of publicity in September 2006, slashed its advertising and promotional spend last year from £3.1m to £1.2m.
Turnover in the year to June 2008 was up 75.2 per cent on the previous year, from £8m to £14.1m.
But an accurate year-on-year comparison is not possible because thelondonpaper did not launch until September 2006 – two months into the 2006/07 accounting period.
Headcount grew last year from 52 to 78 – including an increase in editorial staff from 33 to 44 – and the wage bill climbed from £2.4m to £3.6m as a result.