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September 24, 2018

Scotland’s Herald and Times group posts £7m pre-tax loss amid falling turnover

By Freddy Mayhew

Scotland’s Herald and Times group has reported a £7m pre-tax loss for last year, with turnover also down by nearly £2m to £42.9m at the publisher, which is part of Newsquest.

The figures come within weeks of major changes at the group that resulted in the closure of the Sunday Herald and the launch of its replacement the Herald on Sunday as well as the Sunday National, sister title to the National.

Staff costs were down by more than £1m to £12.8m for last year, according to the figures published at Companies House. Staff numbers fell from 392 to 364, but actually rose by three to 123 for editorial staff alone.

The Sunday Herald published its last edition after 19 years earlier this month. According to the latest ABC data,  the paper’s circulation had fallen 18 per cent year-on-year to 16,345.

The National has a circulation of 9,746, according to ABC figures for 2017, down from 15,029 in 2015. It first launched in November 2014.

The Glasgow Evening Times has a circulation of 15,029.

The full-year financial figures are the last from Newsquest (Herald and Times) as it currently exists – it was closed at the end of last year and all its assets moved over to Newsquest Media Group.

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Newsquest is owned by US publisher Gannet.

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