Thursday, May 7, 2009

Times Newspapers losing a million pounds a week

The Times and Sunday Times are making a combined loss of almost £1m a week, newly filed accounts at Companies House have revealed.

In the year to the end of June 2008 – the most up-to-date accounts available – Times Newspapers reported a loss of £51.3m, compared with £44m in the previous financial year.

Group revenues were down slightly from £447.2m to £444.9m over the same period.

In the notes accompanying the accounts, parent company News International said advertising revenues in the 2008 financial year were marginally down, but circulation revenue improved as a result of a cover price rise at The Times.

Editorial headcount fell slightly, according to the Companies House fiing, down from 675 in 2007 to 647 last year.

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