Telegraph Media Group reports 3% turnover drop

Telegraph Media Group Limited (TMG) has posted a 3% drop in turnover in its full-year results filed at Companies House.

Telegraph

The group, publisher of the Daily Telegraph and Sunday telegraph and owned by Sir David and Sir Frederick Barclay, achieved a turnover of £343.4m for the 12 months to December 28 last year.

Operating profit, taking in pre-exceptional costs, was £32m compared with £34.3m in the previous year. On a like for like basis, operating profit was £1m ahead of 2007 due to a one-off credit recognized in 2007.

Like rival traditional newspaper publishers, Telegraph Group has seen declining print copy circulation and has been wrestling with how to develop more digital revenues from its brands. The group’s website visitor numbers have been steadily rising.

However, last month the Telegraph newspapers saw a large jump in ABC average net circulation thank to the scoops about MPs expenses.

The full year results do not give any indication of revenues for 2009, when the economic downturn tipped more sharply into recession, hitting display and classified advertising revenues.

Exceptional costs of £47.1 million were incurred during the year and these included £11.8m for restructuring costs and £32.9m relating to charges expected as a result of the termination of joint venture printing arrangements. The group has since finished the negotiations with its joint venture partner for the sale of West Ferry Printers Limited have now been concluded.

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