Guardian Media Group has posted a decline in digital revenue and a pre-tax loss.
GMG experienced a pre-tax loss of £173M in the last financial year.
The publishing group behind The Guardian and the Observer had previously budgeted for more than £100M for this period.
In fact, digital income declined from £83.8M in the year to March 2015, to £81.9M.
Overall revenue declined from £217.5M in 2015 to £209.5M.
Print revenue for The Guardian and the Observer also fell from £132.6M in 2015 to £126.3M.
Guardian News and Media experienced an operating loss of £19.1M in the year to March 2015, but figures are not available for this year.