The owner of The Guardian newspaper is expected to post a £173million loss despite axing 270 jobs.
Figures due to be published tomorrow are set to reveal the company has struggled in an advertising downturn for newspapers while failing to increase earnings online.
The core business is to reveal an operating loss of £68.7million in the year to March, according to a message sent to senior executives seen by The Financial Times.
This is £10.1million worse than initially hoped. Guardian Media Group will also write down the value of its stake in magazine and events firm Ascential by £80million.
It owns 22.4 per cent of the FTSE 250 firm, which organises business leadership summits and runs a ‘trend authority’ for the fashion and creative sectors.