By Stephen Brook: Telegraph Media Group, publisher of the Daily Telegraph and Sunday Telegraph, returned to the black last year, recording a pre-tax profit of £53.1m.
The pre-tax profit, up from a £15.7m loss the previous year, included an exceptional profit of £13.2m and net interest payable of £1.5m, TMG said in a press release.
TMG said turnover for the 53 weeks ended 3 January, reflecting the severity of the economic downturn and the impact on advertising revenues, was £317m, down 7.7%.
“Circulation revenues proved resilient, underpinned by an extremely strong and loyal subscriber base,” the company said.
TMG had an operating profit before exceptional items of £41.4m for the 53 weeks, compared with a profit of £32m for the 52 weeks in 2008.
“Despite the recessionary pressures on revenues
This article originally appeared in Â© Guardian News & Media Ltd..