British broadsheets The Independent and Independent on Sunday saw losses widen significantly in 2001 according to full-year accounts, despite a round of cost-cutting.
The titles, owned by Independent News & Media (the international newspaper empire of Sir Anthony O’Reilly), reported an operating loss of £15.7 million (€24.5m; $24.5m) last year – 67% up on the £9.4m deficit in 2000.
Turnover slipped by £4m to £70.5m in 2001, while costs increased £2.2m to £86.2m despite numerous layoffs and other expenditure-reducing tactics. The titles were not helped by the continued ad slump and the rising price of newsprint.
With little room for further cost cuts, executives hope that recent price rises will move the titles towards break-even – something O’Reilly predicted for 2001 when he took over the papers in 1998.
However, September circulation figures show the Independent and its Sunday sister both down 11% year-on-year, to 187,042 and 186,188 respectively.
Data sourced from: MediaGuardian.co.uk; additional content by WARC staff