The Guardian Media Group (GMG) is projected to announce a record operating loss of £68.7m in the year ending March 2016 with hopes its efforts to lighten its workforce by over 250 staff will help balance the books in the 2016/2017 financial year.

The Guardian / Guardian

GMG, which also owns the Observer, will make the announcement on Wednesday reports the Financial Times.

A full-year operating loss of close to £69m will mark a record for the company. It has however cut 250 staff including 70 journalists who accepted voluntary redundancies to offset further loses in the coming year.

It hopes to rebalance the damages with the launch of dedicated US and Australian digital editions – which contributed a 167m monthly page views in June.

The loses will be poorly received after being predicted to sit as low as £58.6m.