Underlying Losses for Guardian News and Media have reduced from £19.4M to £19.1M in the 2014/15 financial year.

Guardian News and Media's (GNM) half year results have revealed that the publishing company has reduced its underlying losses.

GNM are publishers of The Guardian, Observer, and TheGuardian.com.

Digital revenue growth was also recorded by GMN. This rose from £68.3M to £82.1M between 2013/14 and 2014/15/.

Overall group revenue for Guardian Media Group (GMG) was up to £214.6M from £209M.

GMG recorded an operating loss of £45.3M, which was up from the loss recorded the previous year on £40.8M.

These results have been published as GMN appointed Katherine Viner to replace Alan Rusbridger as editor in chief.

These results reveal that Katherine Viner will be walking into a salary of £340, 000.

Chair of GMG, Neil Berkett, said: “These full-year financial results show that the Group is on the right track by increasing revenues and narrowing our underlying operating loss. This is a very creditable performance following the transformation of our balance sheet, which was strengthened significantly by the disposal in 2014 of our stake in Trader Media Group.

"GMG will continue to innovate and expand internationally in the year ahead. This will include growth in our membership scheme and digital presence. Our ambitious programme will coincide with continuous cost discipline throughout the current financial year.”