Telegraph Media Group posts £53m profit

Telegraph Media Group (TMG) recorded a pre-tax profit in 2009 of £53.1 million, up from a £15.7 million loss the previous year, which also included an exceptional profit of £13.2 million and net interest payable of £1.5 million

TMG, the publisher of the Daily Telegraph and Sunday Telegraph, announced turnover for the 53 weeks ending 3 January was £317 million, a 7.7% decline, due to the economic downturn and the its effect on advertising revenues.

In a press release the company said: "Circulation revenues proved resilient, underpinned by an extremely strong and loyal subscriber base."
TMG had an operating profit before exceptional items of £41.4 million for the 53 weeks, compared with a profit of £32 million for the 52 weeks in 2008.

It also said: "Despite the recessionary pressures on revenues – and a steep increase in newsprint prices at the start of 2009 – a tight control on costs, alongside the benefits flowing from the successful integration of the print and online businesses begun in 2007, enabled the group to achieve this 29% profit increase."

In 2008 TMG's pre-tax loss of £15.7 million, while in the previous year the publisher recorded a £9.9 million profit.

Source: Guardian

Published on: 19/03/2010 14:37:00