Chronicle owner cut jobs as income fell
OLDHAM Evening Chronicle publisher Hirst Kidd & Rennie has endured another tough year in which it was forced to lay off 18 staff.
Recently-filed accounts show the business saw sales contract by 13% to £3.6m in the year to March 31.
Pre-tax losses were reined in to £718,413 from £1.3m in 2009-08, when the firm took a £660,000 exceptional hit on the sale of its 50% stake in The Revolution radio station to Steve Penk.
During the year advertising revenue fell by 14% to £1.9m and income from newspaper sales dropped 5.7% to £1.5m after a cover price increase.
The commercial printing arm was closed in September 2009 and the newspaper promotions and photographic sales parts of the business saw an 8% decline.
The loss of 18 staff left Hirst Kidd & Rennie with 82 employees. The job cuts cost £114,000 but are expected to save it £460,000.
In the boardroom Christopher Hirst retired and his father, Harry, resigned as a non-executive director. Harry Hirst, a former Chronicle sports editor and chief sub editor, died in June aged 86. He was the great grandson son of Jonathan Hirst, the paper’s owner and editor in the 1850s.
The remaining directors agreed to cut their salaries by 7% from october 2010. The highest paid director earned £90,800.
