Leah McBride Mensching:
In the year ending March 28, GNM's revenue fell by £32.6 million. However, as long as revenues stabilise, the group stated that continuing cost reductions will reduce operating losses for the current financial year, 2010-2011.
"The recession has driven steep declines in advertising revenues across the media industry, and has been a real test for all our businesses. These unprecedented and very challenging market conditions have gone hand-in-hand with continued structural change, in particular the ongoing transition of readers and advertisers from print to online media. This made 2009/10 a tough year for GMG and many of its businesses," CEO Carolyn McCall stated in her "CEO's review of operations."