Guardian News and Media has reported losses flat year on year at £30.6m on turnover up by just under £14m to £210.2m
Digital revenue at GNM was said to be up 24 per cent to £69.5m for the year to March 30 2014.
On underlying basis (without one-off costs), Guardian News and Media was said to have made a loss of £19.4m, compared with £26.6m in 2012/2013 (last year's figure has been re-stated by GMG to exclude Kable, which was sold late in 2012).
Investment in the launch of Guardian Australia a year ago and in a new “membership” project both had an impact on the bottom line.
The overall balance sheet of Guardian Media Group has been swelled by nearly £600m compared with last year, mainly as a result of the sale of a 50.1 per cent stake in Trader Media Group.
This means GMG now has £842.7m in the bank compared with £253.7m this time last year.
If GMG reaches its target of making 5 per cent interest a year on that money, it means the group can afford to lose up to £40m a year. GMG reported an overall operating loss for 2013/2014 broadly in line with this target, at £40.8m (down from £46m a year ago).
Guardian Media Group chief executive Andrew Miller received some £1.4m from the Trader Media Group sale as a former financial director of that company. This brought his total remuneration for the year to £2.16m.
Guardian editor Alan Rusbridger’s total remuneration was flat year on year at £491,000.
Miller said: “We successfully completed the divestment of Trader Media in a transaction that will sustain our finances for generations to come. This significant deal has coincided with an encouraging increase in underlying revenues, particularly from digital activities.
“In the current year, we must focus relentlessly on reducing underlying operating losses at Guardian News and Media, which continues to be impacted by the volatile trading conditions and structural changes sweeping the newspaper industry.”
Read the GMG results announcement
Read the full annual report and financial statements
Guardian News and Media's losses since 2007
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2007/2008: £26.4m on turnover of £261.9m
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2008/2009: £36.8m on turnover of £253.6m
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2009/2010: £37.8m on turnover of £221m
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2010/2011: £38.3m on turnover of £198.2m
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2011/2012: £44.2m on turnover of £196.2m
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2012/2013: £30.9m on turnover of £196.3m
- 2013/2014: £30.6m on turnover of £210.2m
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