It is clear that the challenges of recession and accelerated structural change will have an impact on the Group’s revenues in the coming year and beyond.

In addition to remodelling our businesses and reducing costs we will continue to engage with government and regulators to help shape the industries in which we operate. We will also review the structure of our portfolio on an ongoing basis.

We have the huge benefit of ownership by the Scott Trust and the consistency of its objectives. While this cannot shield us from the immediate financial effects of the downturn, it does allow us to look to the future with a degree of confidence, and to continue to invest in the long-term growth of our businesses. We expect to emerge from recession with our key market-leading positions not only intact but also strengthened.

Our investment in two successful, large-scale joint ventures (TMG and Emap), and in a long-term fund, gives further assurance. The fund spreads our investment globally and across different sectors and assets, thereby reducing risk. We also have the benefit at present of a cash cushion, in contrast to the many media companies with net debt.

We have a broad portfolio and a clear strategy both for the Group and each of its operating businesses. Industry challenges notwithstanding, we will continue to meet our central obligation to the Scott Trust and the Guardian.

The Guardian has always been a very forward-looking organisation. It was swift to recognise the opportunities of the web, and has enjoyed a decade of market leadership online as a result. As new forms of journalism and new ways of doing business emerge, the Guardian will remain at the forefront of media innovation in these challenging but exciting times for our industry.

Carolyn McCall OBE

Chief executive, Guardian Media Group