Former chancellor George Osborne’s Evening Standard makes £10m in losses
Freely circulated newspaper, The Evening Standard has racked up £10m in losses for the financial year ending September 2017, parent company ESI Media has reported.
The Evening Standard takes a £9.98m loss
Since September 2017, the title rebranded to appeal beyond London and has more recently also embroiled in a cash for positive coverage scandal with top brands (which it has denied).
The title made a £9.98m loss, one year after recording profit of £2.2m,showing how quickly the tide has turned against the company.
It has been hit primarily by a downturn in print advertising revenue that is also represented across many top UK titles. It also does not carry a cover price.& bsp,The weakness of the pound was also cited as a reason for increased costs across the board.
The title boasts a former chancellor of the exchequer in George Osborne as editor, he came into the role halfway through the reported financial window, minimizing his role in the deficit. After the 2008 financial downturn, he was responsible for balancing the nation’s books.
It is not all bad news for ESI Media. The Independent, now fully digital, doubled its profits to £3.26m in its first year without print – supporting the decision from a financial perspective.
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