Local newspaper publisher says it faced tough market in 2013, but has made no closures or redundancies during the downturnSir Ray Tindle's newspaper group made a profit of £1.4m in the year to the end of March 2013, as the publisher reported that it has not closed any titles or forced any redundancies during the downturn.Tindle Newspapers, which owns titles including the Farnham Herald and South London Press, saw pre-tax profits fall by a third year-on-year from £2.06m to £1.39m in the year to 31 March. Total revenues fell by just under 5% from £35.7m to £34m, and group operating profit dropped 28% from £1.78m to £1.28m."During the year the group has faced continued stress on revenue from [pressure on the ad market]," the publisher said in its latest financial filing at Companies House made public on Friday. "The board, however, has been able to offset much of this fall in national revenue by the launch of 20 very local titles in the London area and elsewhere."Staff costs dropped from £15m to £14.6m as headcount was lowered from 761 to 725.Of these staff, 282 are listed as editorial and production, a 7% fall from the 303 employed at the end of the previous financial year.Despite the cut in staff numbers, the publisher said it had steadfastly backed its newspaper portfolio and that there had been no compulsory job losses since the downturn in 2009."The directors ... are proud that no titles have been lost throughout the recession, no journalists have been made compulsorily... Continue reading at 'The Guardian'
[ The Guardian | 2014-01-03 00:00:00 UTC ]