Times and Sunday Times halve operating losses to £5.9m - Press Gazette

Times and Sunday Times halve operating losses to £5.9m

The Times and Sunday Times more than halved their operating losses to £5.9m for the year to the end of June 2013, accounts filed at Companies House reveal.

This compared with an operating loss of £13.4m for the year to June 2012 and was despite the fact that turnover dropped last year to £348m (compared with £360.6m in the previous year).

The accounts state that compensation to former directors for loss of office totalled £14.1m over the course of the financial year. Those leaving the company in the course of the year included former chief executive of News International Tom Mockridge and Times editor James Harding who both resigned from their board level positions at the end of last year.

The Times titles had a combined editorial headcount of 473 as of June this year,compared with 513 a year earlier.

The accounts revealed redundancy costs relating to restructuring of £15.9m last year (compared with £12.7m in 2011/2012).

Accounts filed for News UK’s other newspaper title, The Sun, this week revealed that its parent company News Group Newspapers made an operating loss of £65.4m on turnover of £514.3m. The cost of hacking-scandal related matters (include the Operation Elveden bribes probe) was put at £88m.

Together the two sets of accounts suggest News UK's newspaper businesses had turnover for the year to the end of June this year of £862.3m and a combined operating loss of £71.3m.



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Author: Dominic Ponsford

Dominic Ponsford is the editor of Press Gazette