The Guardian and Observer narrowed losses to just over pounds 30m in the year to the end of March, as income from print operations remained resilient and digital revenues grew by almost a quarter.
The loss before interest, tax and amortisation of pounds 30.6m followed a restated loss last time of pounds 33.8m.
Miller spent a decade as finance chief at
Print revenues remained flat year on year at a little over pounds 140m, a strong performance in a market that is typically seeing declines.
But digital revenues continued to show strong growth, up 24% to pounds 69.5m, with the recently relaunched mobile apps attracting 840,000 users, and those opting for the paid-for premium version 150% ahead of planned subscriber numbers.
GMG said if certain charges were stripped out, most notably a non-cash accounting charge relating to Guardian Australia, the truer picture of operating losses at GNM was pounds 19.4m. Guardian
The pounds 2.16m in remuneration for Miller included a base salary of pounds 696,000 plus pension contributions of pounds 53,000. A separate bonus of pounds 226,000 has been deferred for a year. The company said Miller had waived pounds 457,000 in bonus payments over the past four years.
Overall, the company employed 1,539 staff and paid pounds 119.5m in wages.
The sale of
The company has no plan to use the funds for a major acquisition; instead, most of it will be invested with an aim of a real return of 5% to support an annual loss level of about pounds 40m. However, the plan is to reduce GNM's losses well below this level.
Miller said it was an "important milestone" that, following the fillip for the investment fund, losses fall within this level, but much more needed to be done.
"In the current year, we must focus relentlessly on reducing underlying operating losses at
Miller dismissed reports that suggest the Guardian's internet-only US operation is struggling, pointing out that traffic had grown 12% to 20 million monthly unique users and that, in the first quarter of GNM's new financial year, the operation was ahead of budget.
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