Times Newspapers' Losses Deepen in UK

15 February 2007

LONDON: Times Newspapers, part of the News Corporation empire, has recorded pre-tax losses of £80.7 million ($157.7m; €120.6m) for its last financial year, but advertising and circulation levels have risen across the group.

The company, which publishes quality titles The Times and Sunday Times, saw losses increase by 72% in the year ending June 2006. Turnover improved by nearly £20m to £436m.

The loss reflects a £31.3m charge to cover the cost of planned redundancies at the group's UK printing operation, which is to slash staffing levels by two-thirds as part of a £600m upgrade of presses.

Sister company News Group, publisher of the UK's leading tabloids, The Sun and the News of the World, recorded profits of £249m.

Data sourced from MediaGuardian.co.uk; additional content by WARC staff