Rupert Murdoch's Times newspapers report pre-tax profit of £10.9m, up from 2014 loss

 
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Times Newspapers, part of Rupert Murdoch's News UK, has reported a return to pre-tax profit.

Elsewhere, News Group Newspapers - the News UK arm that publishes The Sun - reported a £253m pre-tax loss because of legal costs.

The figures

The Times and Sunday Times titles reported a pre-tax profit of £10.9m for 2015, up from a loss of £935,000 the year before.

Times Newspapers reported a turnover of £345m for the year to 28 June 2015, down from £347m in 2014.

Read more: Guardian publisher to cut 250 jobs as it bids to break eve

Meanwhile, News Group Newspapers – which is also part of News UK and publishes The Sun – reported a pre-tax loss of £253m, down from a loss of £67m.

This loss is attributed to one-off charges, including for legal costs in relation to phone hacking at its now-closed sister title, the News of the World.

The Sun reported revenues of £459m, down from £490m.

Why it's interesting

The accounts have been released in the same week The Independent newspaper is due to close.

Meanwhile, The Guardian announced plans last week to cut 250 jobs as it seeks to break even.

The Times attributed its improved finances to "quality journalism and cost management".

Read more: Independent paper staff facing pay cuts if they switch online

What Times Newspapers said

Times editor John Witherow:

At The Times our relentless focus on quality journalism and cost management has helped us build a sustainable model for the newspaper. We have revamped sections, reinvested in Scotland and continually put our readers first. Our digital revenues are now significant, which shows that subscription is working.

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