Profits slump for MEN Media

The latest accounts for MEN Media Ltd, the publisher of the Manchester Evening News, have revealed a slump of more than 50% in the group's profits.

The business, which confirmed recently that it has conducted exploratory talks regarding its possible sale, saw a decline in advertising "driving down profits" in the year to March 29 2009.

Sales fell from £86.1m to £71.6m, with a more marked downturn in profits from 2008's £13.1m down to £6.1m.

The directors acknowledged in their report that "in common with the rest of the regional media sector" the performance of the company had been "disappointing."

MEN Media said that the results had prompted a "reshaping" of the business cost base, which has since resulted in around 150 redundancies and the closure of the firm's regional satellite offices.

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