NUJ launches attack on Newsquest
The NUJ has launched an attack on Newsquest, condemning the media business for cutting jobs and freezing pay while profits have risen 15%.
2010 annual accounts for the newspaper group’s parent company, Gannett UK, revealed the £10.8million increase in operating profits.
The NUJ said in a statement: “The strong results came as the company suffered a relatively modest 7.2 per cent fall in turnover to £339.3 million - but the extra profits were largely paid for by a massive attack on the overall wages bill. Salary costs plunged by ten per cent or nearly £15 million in the year as jobs were slashed.”
The union added that closing the final salary pension scheme led to a ‘£7.6 million accounting benefit’.
Michelle Stanistreet, NUJ General Secretary,said: "The Newsquest cuts and editorial job losses announcement at Worcester division adds to the endless attacks and squeeze on workers living standards. It is the price paid by media workers who produce Newsquest and Gannett profits.
“This multi-national company lacks the vision to seize opportunities for growth and fails to recognise hard-working staff are the business' best assets. Our members at Newsquest have shown courage and determination in challenging the cuts-for-profits media ownership model over the last financial year."