View all newsletters
Sign up for our free email newsletters

Fighting for quality news media in the digital age.

  1. Media Business
July 8, 2014

Guardian losses flat year on year at £30.6m but Trader sale swells bank balance to £842.7m

By Dominic Ponsford

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).

Content from our partners
Cannes Lions: The world's best creativity all in one place
L'Equipe signs content syndication deal with The Content Exchange
Journalism can be relentless: But overworking could be fatal

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

GMG Annual Review

Guardian News and Media's losses since 2007

  • 2007/2008: £26.4m on turnover of £261.9m
     
  • 2008/2009: £36.8m on turnover of £253.6m
     
  • 2009/2010: £37.8m on turnover of £221m
     
  • 2010/2011: £38.3m on turnover of £198.2m
     
  • 2011/2012: £44.2m on turnover of £196.2m

     

  • 2012/2013: £30.9m on turnover of £196.3m 
     
  • 2013/2014: £30.6m on turnover of £210.2m

Topics in this article :

Email pged@pressgazette.co.uk to point out mistakes, provide story tips or send in a letter for publication on our "Letters Page" blog

Select and enter your email address Weekly insight into the big strategic issues affecting the future of the news industry. Essential reading for media leaders every Thursday. Your morning brew of news about the world of news from Press Gazette and elsewhere in the media. Sent at around 10am UK time. Our weekly does of strategic insight about the future of news media aimed at US readers. A fortnightly update from the front-line of news and advertising. Aimed at marketers and those involved in the advertising industry.
  • Business owner/co-owner
  • CEO
  • COO
  • CFO
  • CTO
  • Chairperson
  • Non-Exec Director
  • Other C-Suite
  • Managing Director
  • President/Partner
  • Senior Executive/SVP or Corporate VP or equivalent
  • Director or equivalent
  • Group or Senior Manager
  • Head of Department/Function
  • Manager
  • Non-manager
  • Retired
  • Other
Visit our privacy Policy for more information about our services, how Progressive Media Investments may use, process and share your personal data, including information on your rights in respect of your personal data and how you can unsubscribe from future marketing communications.
Thank you

Thanks for subscribing.

Websites in our network