Desmond’s Northern & Shell Moves In To Loss

Northern & Shell made a pre-tax loss of £3.2 million last year after its owner Richard Desmond paid himself a total of £46.2 million, according to accounts filed at Companies House.

Reports suggest that Desmond paid himself a salary of £15.1 million last year, a significant increase compared to the £629,000 he was paid in 2002. The majority of the pay-out was made in pension contributions which accounted for £31.1 million.

It is understood that Desmond’s media empire, which includes the Daily Express, Sunday Express and the Daily Star, saw pre-tax profits in 2003 reach £45.8 million before pay-outs. However, when these were deducted, profits fell in to the red by £3.2 million.

Later this week Desmond is expected to unveil further details of his plans to launch a London newspaper to rival the Evening Standard. The media mogul has registered the name London i as the title for his planned free-sheet, which has been in development since last year (see Desmond Eyes New Name For Planned London Free-Sheet).

Northern & Shell: 020 7308 5090

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