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July 31, 2009 4:40 pm
Guardian Media Group, the publisher of the Guardian and the Observer, on Friday revealed a sharp decline in profits amid a slump in advertising and digital media revenues.
The group recorded a full-year loss of £90m compared with a profit of £306m last time. The loss included £78m of exceptional charges relating to impairment costs. Revenues fell from £502.1m to £405.4m.
Amelia Fawcett, chair of GMG, said: “We will need to re-examine and reshape many of our existing business models if we are to continue to be successful.”
Guardian News and Media, the group’s core newspaper business, saw operating losses widen to £36.8m (loss of £26.4m) on turnover of £253.6m (£261.9m).
The GMG radio business recorded an operating loss of £6.6m (profit of £0.1m), with revenue down slightly at £46.6m (£48.8m).
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