Telegraph Media Group has reported increased profits and revenue for 2007 and declared itself well placed to operate in an economic downturn.
The Daily Telegraph and Sunday Telegraph publisher made £34.3m operating profit, before exceptional items, a £1.6m improvement on 2006, on turnover up £13.8 million to £354.9m.
According to figures filed today at Companies’ House, the company cleared £9.7 million in profit overall in 2007, compared to £15m in 2006, due in part to the cost of restructuring the Telegraph newsroom and the £24.2m cost of terminating its joint printing venture with Express Newspapers at Westferry in London’s Docklands. TMG’s newspapers are now printed by News International.
A directors’ report said: ‘The media market is developing rapidly as digital technology, and the spread of broadband internet access, fundamentally change the manner in which consumers access news and information. This is impacting on the business environment in which the industry operates in a number of ways.”
The directors said that print advertising was being ‘supplemented’by online revenue ‘as advertisers demand multimedia solutions to creative briefs. They also said there was ‘continuing pressure across the industry on print circulation volumes, as readers seek their news from an increasing variety of sources”.