Guardian Profits Fall

The Guardian Media Group today announced that pre-tax profits have fallen in the year ended 31 March, from £27m in 1995 to £20m this year. Turnover however rose, from £228m to £301m.

The company blamed redundancy costs of £4.7m and a rise in newsprint costs of £10.3m for the profit loss. It also said that while ad volume is not buoyant at the moment, it is expected to see growth before the end of the year.

These results are roughly in line with most of the other major newspaper groups, with profits dropping as a result of increased paper prices while revenue increases year-on-year.

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