Herald and Evening Times owners report £7m pre-tax loss
One of Scotland’s main news publishers, which controls the Herald and Evening Times in Glasgow, has reported a £7m pre-tax loss for last year.
That contrasts with a £4.8m pre-tax profit the year before.
Revenue at Newsquest (Herald and Times) Ltd fell 4% to £42.9m, reflecting poor sales in print advertising.
The Glasgow-based company has been a subsidiary of Newsquest group, which itself is owned by the Gannett group of publishers based in the USA.
However, the accounts just published at Companies House will be the last ones, as the company has been wound up and its assets transferred to the UK company, Newsquest Media Group. In common with other commercial news publishers and printers, Newsquest (Herald and Times) last year saw “cost cutting and restructured processes”.
The wage bill was down from £13.9m to £12.8m, while staff numbers were down from a monthly average of 392 in 2016 to 364 last year.
Earlier this month, the publisher shut down its Sunday Herald title, after 19 years. It replaced the one Sunday paper with two – the Herald on Sunday and the Sunday National, a seventh day of operation for the Scottish independence-supporting title.
During last year, the Audit Bureau of Circulation reported that the average daily sale of The Herald was down 10% to 25,900, while the figure for the Sunday Herald was 18,400, down 13%.
The National, by the end of last year, had fallen to daily sales of only 7800, down 9%.