£57m loss for GNM

#Guardian News and Media (GNM) has reported a £57m pre-tax loss last year, with staff severance costs and restructuring fees causing it to take an £11m loss.

Shareholder funds fell to £469,000 from £16.5m in 2008, while assets shrank to £72m. GNM also wrote down the value of ContentNext, which it acquired for £20m in 2008, by £4m due to what it claims are due to difficult trading conditions. GNM has cut more than 100 jobs over the past year to stem lossses running at around £100k per day.

GNM has also announced a massive cost-cutting programme, which includes a reduction in the number of magazine titles and a more slimline Observer!

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