Owner Richard Desmond, Express Newspapers’ highest paid director, received £4.55m in emoluments and £3m in company contributions to money-purchase schemes. However, Desmond’s package for last year is expected to be as high as £8.8m when his earnings from Express News-papers’ parent company, Northern & Shell (N&S), are taken into account.
A spokeswoman for N&S said: “It sounds like a lot of money but this is a man who put £30m of his own money into the business, so he’s entitled to pay himself a decent salary.”
For the year Express Newspapers’ turnover dropped 1% to £249.9m, but pre-tax profit was up 15% to £12.6m. Profits were boosted by a 21% fall in administrative expenses to £76.3m.
Earlier this year the joint owners of West Ferry were forced to call a ceasefire after 15 months of legal wrangling that was estimated to have cost £1m (PrintWeek, 22 March).
The Court of Appeal effectively ruled that the suspension of Express Newspapers’ representatives from the West Ferry board had been unfair. Desmond was then able to take his place on the West Ferry board along with N&S joint managing directors Martin Ellice and Stan Myerson.
* Express Newspapers has grown its European operations with daily editions now contract printed in Athens, Majorca and Madrid. Production director Ray Cole said the network of contract printers would be expanded to include Brussels.
Story by John Davies
