Guardian News and Media have revealed plans to cut annual costs by £53.6M.

To keep recent losses in check, Guardian News and Media (GNM) have announced plans to cut annual costs.

GNM aims to cut costs by £53.6M. It is not yet known exactly how these costs will be cut.

A GNM spokesperson said: "All budget holders have been asked to review their cost base and achieve savings in the most sustainable way, including editorial. We do not, however, wish to damage our journalistic integrity and the quality of our editorial products and offering as they are key to our future growth and development."

Recently, GNM costs have increased thanks to the rapid expansion in America and Australia.

At the end of the 2014 financial year, GMN reported £838.3M in investment funds. This figure has now dropped to £735M, according to The Guardian.

If this rate of decline continues at GNM, the company will run out of funds within eight years.

 

 

GNM has also recently announced a new three year business plan, with the aim to break even by 2018 / 2019, something which they have not achieved in the last ten years.