Evening Standard newspaper owned by Evgeny Lebedev incurs £ 15.4 million losses

The British newspaper Evening Standard, owned by the owner of Lebedev Holdings Yevgeny Lebedev, suffered losses before taxes in the amount of £ 15.4 million during the pandemic. which is distributed free of charge in the London Underground, fell sharply due to the fact that during the pandemic, people worked remotely and did not use transport. Advertising revenue accounts for 90% of the company’s revenue. The publisher began to deliver the newspaper to readers at home, which entailed additional costs.

From March to April last year, the daily circulation of the publication was halved, to 423 thousand copies. As a result, turnover in the second half of the reporting year decreased by 60% compared to 2019, and the annual income was £ 44 million, which is 31% less than a year earlier. The staff of the publication by the end of the reporting period ended September 30, decreased from 413 to 346 people. At the end of the year, the company’s debts amounted to £ 25.5 million. The company is attracting additional funding from its main shareholders, including Evgeny Lebedev (owns a 63% stake in the publication), and is also working on the development of an online publication.

Alena Miklashevskaya

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