According to accounts for the year to 30 June 2008, NI Free Newspapers posted a £12.96m loss. However, this is down sharply from the £16.48m loss posted during the previous 12 months. NI Free Newspapers started operations on 1 July 2006 and launched thelondonpaper on 4 September that year.
The company also posted a massive rise (75%) in turnover, up from £8.04m to £14.08m for the year to 30 June 2008.
Ian Clark, managing director of thelondonpaper, said: "Since the end of the financial period, the paper has outperformed all other London and national newspapers in terms of its advertising volumes."
In its second year of operation, NI Free Newspapers also scaled back its advertising and promotion expenses, to £1.17m, from £3.12m the previous year. General and admin expenses were also pared back, to £1.91m, from £2.41m the previous year.
The average number of monthly employees at the company totalled 78 during the year to 30 June 2008, up from 52 the previous year. This was reflected in higher wage and salary costs, which totalled £3.61m in the period, up from £2.43m the previous year.
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