Guardian Lost £26.4 Million Last Year

Guardian News & Media (GNM), publishers of the Guardian and the Observer increased operating losses to £26.4m. The parent owners GMG would also have reported operating losses of £24.8 million were it not for the £334.8m sale of a 49.9% stake in Auto Trader, to Ronnie Cohen’s evil capitalist private equity vultures, Apax Partners. The online arm’s separate Guardian Unlimited identity has been dropped (it was more unkindly known by some as “Guardian Unlimited Losses”).

Incidentally the annual report reveals they paid £15.3 million in taxes last year despite claiming a group profit before taxation of £306.4 million after the sale of Auto Trader. GMG have always been adept at using the Scott Trust and other dodges to minimise tax charges. Guido congratulates them on achieving an effective tax rate 4.99%. Remember that the next time Polly Toynbee calls for higher taxes and everyone to pay a fair share.

Controversial Smith Institute trustee and Chairman of the Guardian Media Group Paul Myners warned: “We expect the uncertainty within the UK economy to have an impact on a number of the group’s revenue streams in the coming year.” Translation : we will lose more money next year.

Incidentally, Guardian editor Alan Rusbridger got by on a total compensation package of a mere £544000 up from £473,000 last year. A 15% increase as a reward for losing £26.4 million – no belt tightening for him.

Handy having your friends, rather than shareholders, decide your pay isn’t it?




Tip offs: 0709 284 0531
team@Order-order.com

Quote of the Day

John McDonnell does a funny:

“I’m told there are a group of KGB colonels who are suing The Sun for associating themselves with us.”

Sponsors

Guidogram: Sign up

Subscribe to the most succinct 7 days a week daily email read by thousands of Westminster insiders.
Mr Toynbee’s Fine Dining Brass Neck Mr Toynbee’s Fine Dining Brass Neck
Labour and Communists Hold “Co-Operation” Meeting Labour and Communists Hold “Co-Operation” Meeting
Camilla Tominey on Labour’s Smears Hypocrisy Camilla Tominey on Labour’s Smears Hypocrisy
Dugher vs Skwawkbox Dugher vs Skwawkbox
Remembering the STB Remembering the STB
Even Remainers Think BBC Is Anti-Brexit Even Remainers Think BBC Is Anti-Brexit
Millions of Students Affected by Lecturers Strike Millions of Students Affected by Lecturers Strike
Corbyn Considering Backing Customs Union Corbyn Considering Backing Customs Union
CIA Files Reveal US Spies Kept Tabs on Corbyn CIA Files Reveal US Spies Kept Tabs on Corbyn
Cabinet Sub-Committee Committed to Divergence and Taking Back Control of Laws Cabinet Sub-Committee Committed to Divergence and Taking Back Control of Laws
Stasi Files: Corbyn’s Peace Group Infiltrated by Spies Stasi Files: Corbyn’s Peace Group Infiltrated by Spies
Boris on Corbyn’s “B*llocks” Boris on Corbyn’s “B*llocks”
Read: Stasi File on Labour Party Read: Stasi File on Labour Party
LISTEN: Labour MPs Knowingly Meet Foreign Spies Every Day LISTEN: Labour MPs Knowingly Meet Foreign Spies Every Day
BBC Website Finally Reports Corbyn Spy Story… And Attacks “Press Barons” BBC Website Finally Reports Corbyn Spy Story… And Attacks “Press Barons”
Tory ERG MPs Remind May of Her Commitment to Take Back Control of Laws and Trade Tory ERG MPs Remind May of Her Commitment to Take Back Control of Laws and Trade
Aaronovitch Talking S*it Aaronovitch Talking S*it
Live In Truth: Corbyn vs Havel Live In Truth: Corbyn vs Havel
Watson Now Opposes Airing Lurid Historic Claims Against MPs Watson Now Opposes Airing Lurid Historic Claims Against MPs
Green: I Wasn’t Inappropriate to Kate Maltby Green: I Wasn’t Inappropriate to Kate Maltby