The loss was significantly larger than the £700,000 deficit recorded in its 2008 results. The company said that the increased loss was attributable to the write-off of £7.3m worth of intercompany loans no longer considered recoverable following group restructuring.

Excluding this exceptional item, the underlying pre-tax loss was £1.3m. Harmsworth's turnover also declined 17.5% from £223m to £184m.

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