According to a report in the Daily Express' arch rival, the Daily Mail, accounts filed at Companies House show that Express Newspapers saw operating profit drop from £3.3m in 2001 to a loss of £6.1m in 2002, with revenues falling 1% to £247.4m.
It was in 2002 that the media and advertising industries experienced a serious downturn, from which many companies began to recover in 2003. The advertising recession was sparked by the dotcom bust as well as uncertainty in the market following the 9/11 attacks on the US.
According to the report in the Daily Mail the company made £11m in pension contributions for Richard Desmond in 2002, and in 2001 he was paid a salary of £4.6m and £3m in pension payments.
Desmond is in the process of bidding for the Daily Telegraph and is thought to have offered more than £600m. He will be battling against other media owners, including the Daily Mail & General Trust, to buy the newspaper.
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