GMG's annual financial results have revealed that there has been a 26 per cent profits drop at GMG Regional Media.

GMG Regional Media controls the flagship Manchester Evening News publication and a host of associated weekly titles.

This result led the firm to state that the division was “the most seriously affected by the difficult advertising market conditions and the migration of revenues - particularly in classified advertising - from print to online".

Classified advertising fell by 8 per cent over the year, while display crept up 1 per cent.

GMG’s radio portfolio, which includes a host of regional stations such as current RAJAR star Smooth, appeared to perform well, with revenues up 36 per cent to £48.8m.

However, the group only broke even – as compared to last year’s £3.5m profit – although this was said to due to the addition of new stations to the portfolio.

Speaking about the entire group entity, chairman Paul Myners surmised that it was in a strong position, but warned that the uncertainty in the UK economy was expected “to have an impact on a number of the group's revenue streams in the coming year."

In terms of the Regional Media operation it will be next year before the fruits of its ongoing ‘mines’ online initiative have an impact on the financial results.

GMG's sole shareholder is The Scott Trust, the body set up in 1936 to secure The Guardian’s financial and editorial independence.

www.gmgplc.co.uk

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