From: Andrew Miller
Date: Fri, Aug 10, 2012 at 10:22 AM
To: Guardian Staff

Today GMG is publishing its annual report for 2011/12. This provides details of the financial performance of the group, its wholly owned businesses (including GNM) and its investments during the year ended 1April 2012.

The past year has been remarkable for GNM – we embarked on a radical new digital-first strategy, our coverage of the phone-hacking scandal, UK riots, Arab Spring and more helped our journalism reach record audiences, and we opened our doors to our readers for our first ever Open Weekend.

Yet despite this fantastic year of great journalistic success we can not overlook the financial challenges we face at GNM. As I said in July’s staff briefing, our aim is to reduce GNM’s losses to a sustainable level within five years and it is to be expected that as we invest in the future of the Guardian, we will see some increase in GNM’s losses. This is indeed the case for 2011/12.

GMG’s portfolio of assets have performed well over the past year and the view of the Board is that the ongoing value of our assets is more than sufficient to see us through this period of change.

You can download the full annual report here.

You can read the press release here.

If you have any questions, please post them in the comment thread underneath the story on Spike. Alternatively, please email me direct or via transformation@guardian.co.uk.

Andrew

Guido’s emphasis…