The Guardian Media Group (GMG) has endured its worst ever financial results, announcing a pre-tax loss of £173m, with the £80m write-down in the value its events company Ascential largely contributing.
Boasting an overall revenue of £209.5m for the year ending 3 April 2016, down from £217.5m in the previous period, the company’s losses dropped precipitously from £14.7m in 2015 to £68.7m.
To return to profit, it has embarked upon a three-year business plan, launched by David Pemsel, chief of GMG and Katharine Viner, editor-in-chief, making the decision to cut 250 staff including 70 journalists to help balance the books.
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Source: The Drum
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