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PA reports pre-tax loss despite increased turnover

The Press Association today reported an 8pc increase in turnover for 2008 despite a pre-tax loss of £8m.

On the day DMGT reported a 91pc fall in profits for its UK regional titles, the PA Group said its profits from “continuing activities” had risen by 11pc.

However, it was obliged to write-off £8.8m of assets associated with its sports business, resulting in a pre-tax loss overall.

The group reported an increase in turnover from £79.1m in 2007 to £85.6m last year.

Commenting on the results, PA Group chairman Tim Bowdler said: “Encouraging progress was made across the group in 2008.

“In a difficult market environment our focus on developing products and services suitable for the current requirements of the marketplace and containing costs has resulted in a resilient underlying performance.

“Although 2009 will be another difficult year, we are trading ahead of the same period last year. I believe we are in good shape to meet the challenges which face us and have confidence that we can emerge as a stronger organisation.”

The group’s chief executive Paul Potts has confirmed his intention to stand down next year, and a process to appoint his successor is now under way.