Times losses fall as staff costs are cut

The Times and the Sunday Times more than halved their operating losses, cutting them to just £5.9 million in the year to June because of lower newsprint and editorial staff costs.

The pre-tax loss was £24.4 million against £28.7 million a year earlier as Times Newspapers ran up £15.9 million in redundancy costs.

Three directors, including Times editor James Harding and Tom Mockridge, chief executive of the parent company, left during the year. Compensation for loss of office totalled £14.1 million.

The accounts said that both The Times and the Sunday Times increased their share of the print newspaper market, although revenues slipped 3.5 per cent to £348 million.

Earlier, News Group Newspapers, owner of the Sun, reported a £75.1 million pre-tax loss — largely because of the ongoing cost of the fallout from phone-hacking scandal.

NGN saw turnover rise to £514 million from £493 million thanks to the launch of the Sun on Sunday after the 2011 closure of the News of the World.