GMG sees its revenues slide in tough market

GUARDIAN Media Group (GMG) has endured another “challenging” year, seeing revenues fall nine per cent to £255m, while flagship newspaper editor Alan Rusbridger took home £455,000.

GMG chief executive Andrew Miller earned £572,000, while axed managing director Tim Brooks received a £510,000 final settlement.

The firm reported an operating loss of £54.5m, up slightly on last year despite swingeing cost cuts. Its pre-tax profit crept into the black at £9m, compared to last year’s £171m loss.

Its Guardian News & Media (GNM) newspaper business also saw its revenues drop, from £221m to £198m, hit by a steep decline in recruitment ads. Its operating loss also grew slightly to £38.3m. The company said digital revenues were “robust” but were not enough to offset the decline.

Its Trader Media Group business saw an operating profit of £120.1m.