Publisher, Northern & Shell, has made a pre-tax loss of £3.2 million last year, compared to a profit of £16.6 million in 2002, as owner Richard Desmond paid himself £46.2 million, according to accounts filed at Companies House.
In 2003, Desmond paid himself a salary of £15.1 million, a significant increase compared to the £629,000 he was paid in 2002, but the majority of the pay-out was made in pension contributions which accounted for £31.1 million.
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 payouts, however, when these were deducted, profits fell in to the red by £3.2 million.
This week Desmond is expected to unveil further details of his plans to launch a London newspaper to rival Associated Newspapers, Evening Standard.
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