Guardian Still Losing Half-a-Million a Week

Guardian News and Media made an annual loss of £30.4 million last year, as hard as they try to spin it that still means they are haemorrhaging half a million quid a week. Guardian Media Group made an operating loss of £54.8 million last year, reporting profits before tax of £22.7 million. Presumably meaning their profits after tax were £22.7 million. For three years Guido has been asking GMG where their 50.1% stake in TMG (Autotrader) is held. Guido has asked the GMG CEO Andrew Miller and Alan Rusbridger, who to be fair – despite sitting on the GMG board – admitted he had no idea. Also fortuitously Guido was sat at a lunch next to Dame Liz Forgan chair of the Scott Trust, asked her about GMG’s offshore secrets and she said Guido was the last person she would tell. So much for that famed commitment to openness and transparency.  Still no answer, we’re working on the theory that they have created an aggressive tax avoidance structure – solely to avoid UK tax – maintaining for 7 years an offshore Cayman’s holding corporation.*

Some good news though: the Guardian annual report says their hedge fund investments and investments exploiting third world emerging markets are performing well. Alan Rusbridger meanwhile took home total remuneration of £491,000, with chief executive Andrew Miller pocketing £769,000, including a £100,000 bonus fat-cat bonus putting him on some 72 times the earnings of the Guardian’s lowest paid staff. Austerity is only for the staff…

*If any bean counters have any ideas as to why Trader Media Group’s financing costs are so high when it is so profitable, please share in the comments, could it be that they loaded the onshore part of the group up with debt that is serviced by paying the interest, presumably tax-free, offshore to the GMG Caymans holding company? They then can use the tax free profits to support the loss making journalism? Does that theory make sense? How exactly does the money flow from TMG to GMG?

See also Guardian’s Offshore Secrets




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

Quote of the Day

Jeremy Corbyn on Big Ben Bong Ban

“… if we have to miss Big Ben in reality for a while so that work can be done, well, that’s something we have to go through. It’s not a national disaster or catastrophe.”

Sponsors

Guidogram: Sign up

Subscribe to the most succinct 7 days a week daily email read by thousands of Westminster insiders.
Fears For Chapman Fears For Chapman
Why Transition Must Be Short Why Transition Must Be Short
PICTURES: Seumas’ Temper Tantrum PICTURES: Seumas’ Temper Tantrum
Don’t Believe ‘Victory For Hammond’ Spin Don’t Believe ‘Victory For Hammond’ Spin
Friday Caption Contest: Commando Chappers Edition Friday Caption Contest: Commando Chappers Edition
Angry Adonis Wanted ‘Office for Students’ Job Angry Adonis Wanted ‘Office for Students’ Job
Listen: Rees-Mogg vs Chapman Listen: Rees-Mogg vs Chapman
City Envoy Slams “Bewildering” Brussels City Envoy Slams “Bewildering” Brussels
Labour Pledged to Sell-Off Public Land Labour Pledged to Sell-Off Public Land
Corbyn’s ‘Local GPs’ Visit Staged by Labour Spin Doctor Corbyn’s ‘Local GPs’ Visit Staged by Labour Spin Doctor
Joly-Gone: Maugham Deletes Centre Party Plan Joly-Gone: Maugham Deletes Centre Party Plan
Milne: North Korea ‘Rational’ to Have Nukes Milne: North Korea ‘Rational’ to Have Nukes
LibDem Chief Exec Out LibDem Chief Exec Out
Jones Ditches Momentum For Radio Show Jones Ditches Momentum For Radio Show
Chlorine Chicken? EU Mired in Food Safety Scandals Chlorine Chicken? EU Mired in Food Safety Scandals
Juncker’s Junkets: Commissioners’ €500,000 Expenses Juncker’s Junkets: Commissioners’ €500,000 Expenses
Owen Jones in for Nawaz on LBC Owen Jones in for Nawaz on LBC
Watch: Maduro’s Thugs Executing Opponents Watch: Maduro’s Thugs Executing Opponents
Inside Baroness Scotland’s Home – But No Pictures Allowed Inside Baroness Scotland’s Home – But No Pictures Allowed