GUARDIAN Media Group, owner of the Guardian, Manchester Evening News and Manchester's TV digital television station Channel M, saw its annual profits boosted dramatically by the sale of a 49.9 per cent stake in the owner of Auto Trader.

In its annual report GMG, owned by the independent Scott Trust, said profits jumped from £97.7m to £306.4m in the year to the end of March.

The results were boosted by a profit of £334.8m on the Auto Trader deal last summer.

The proceeds from the Trader Media sale will be used to invest for the long-term future of GMG, which took a further £60m exceptional non-cash charge last year after writing down the value of some of its printing presses.

Turnover excluding contributions from Trader Media Group rose 8.7 per cent to £438.8m.

At Guardian News & Media (GNM), which publishes the Guardian, and the Observer, turnover increased to £261.9m from £245.7m.

But restructuring and costs associated with a new headquarters in Kings Place, north London, increased operating losses before exceptional items and financial charges from £15.9m to £24.9m.

GMG Regional Media suffered as operating profits dropped to £14.3m from £19.4m the previous year on turnover of £120.5m, down from £122.2m.

Chief executive Carolyn McCall said: "Our businesses operate in an intensely competitive, fast-changing media environment. In this context, we are very pleased with our performance and the progress we have made."

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