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Press Association falls into red

The Press Association yesterday said turnover for 2008 was up 8 per cent – but that it fell to a pre-tax loss of £8m. Privately-owned parent firm PA Group said profit before exceptionals was up 11 per cent, but that it had been forced to write down £8.8m of assets at its sport business. PA Group chairman Tim Bowdler said: “Although 2009 will be another difficult year, we are trading ahead of the same period last year.”