The Guardian and Manchester Evening News, publishers of The Guardian and the Observer, have announced a fall in pre-tax profits to £11.5m in the six months to October 2nd, from £14.7m.
The company attributes the fall to the acquisition of the Observer but are forecasting better performance for the second half of the year as improvements in costs and revenue, as a result of re-organisation, begin to show.
From 19 November the Guardian and Manchester Evening News Plc has changed name to the Guardian Media Group plc.
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