The owner of The Guardian and The Observer has reduced its annual operating loss after cutting print, marketing and staff costs.
Guardian Media Group suffered a £10.1 million operating loss in the 12 months to March 28, after a £17.5 million loss in the same period the previous year. Digital revenues, including subscriptions and financial contributions, rose by 61 per cent to £68.7 million, which offset a decline in advertising revenues and newsstand sales. Total revenues rose by 0.9 per cent to £225.5 million.
Neil Berkett, GMG chairman, said: “Despite both structural challenges and the significant effects of the pandemic, the group’s long-term attention to growing sustainable digital reader revenues, reshaping our organisation and maintaining financial discipline mean we have delivered a positive set of
