The Guardian confirmed a record £173 million annual loss amid 'turbulent trading conditions'

The GuardianThe Guardian/Nick Sutton/TwitterThe Guardian’s front page on Wednesday.

The Guardian’s owner Guardian Media Group (GMG) has reported an £8 million fall in revenue amid “turbulent trading conditions.”

The publishing group’s revenue stood at £209.5 million ($275 million) in the 12 months to 3 April 2016, a near-4% drop on the £217.5 million ($285 million) recorded over the same period last year. Print advertising revenues were down 15% year-on-year.

As predicted, GMG posted a record pre-tax loss of £173 million ($228 million) in the period.

This was an 880% increase in losses on last year and included an £80 million ($105 million) write-down in the value of its stake in magazine and events company Ascential (formally Top Right Group).

GMG said the earnings were being reported “amid turbulent trading conditions and advertising volatility across the market.”

Chairman Neil Berkett added: “These full-year financial results show the challenging market conditions in which all news organisations are now operating.”

GMG is on track to cut costs by 20% over the next three years, according to chief executive David Pemsel. This includes 270 staff agreeing voluntary redundancy as part of a job cuts round.

GMG is owned by The Scott Trust, which was created 80 years ago to safeguard the financial and editorial independence of the The Guardian. Pemsel said this ownership model will continue to allow GMG to “invest in the world-class journalism.”

Other highlights from GMG’s annual report included:

  • Some 50,000 people have paid to become members of The Guardian, which entitles them to access to events and GMG believes will help make the business more resilient.
  • The Guardian’s website racked up a record 1 billion page views in June on the back of its EU referendum coverage.
  • The Guardian’s US website delivered record online traffic in 2016, with a 33% growth in monthly unique users to 42 million.

NOW WATCH: You can print your photos as pancakes now

Business Insider Emails & Alerts

Site highlights each day to your inbox.

Follow Business Insider Australia on Facebook, Twitter, LinkedIn, and Instagram.