GNM reports £57m loss

Guardian News & Media has reported a £57 million pre-tax loss in the year to March 2009, according to accounts filed at companies house.

The company was hit by an £11.4 million impairment charge and £11 million restructuring costs. However, this was an improvement on the previous year’s loss of £82.5 million.

Despite the losses, Guardian and Observer “continued to perform well” during the twelve month period.

The accounts also reveal that GNM paid £4 million for paidContent.org, a news website covering digital industries. Some reports at the time said GNM paid almost three times that amount.

Last July, parent company Guardian Media Group reported a pre-tax loss of £89.8 million for the year to the end of March, with turnover down by £96.7 million to £405.4 million.