According to accounts filed at companies house, there was a £31.3 million charge to cover the cost of planned redundancies at News International’s printing operation.
News Group, sister company of Times Newspapers and home of the Sun and the News Of The World, took a £30.2 million share of the estimated redundancy costs.
News International’s new presses should be operational by 2008-2009 and the company hopes that the redundancy programme will save nearly £40 million a year once that occurs.
Since the Times went fully tabloid, turnover at the paper for the first full accounting year was up £19.6 million, or 5%, to £436.1 million.
Earlier in the month News Corporation announced that its profit for the last three months of 2006 dropped to $822 million (£417 million) (see News Corp Profits Down).
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