Exceptional restructuring and office move costs pushed the Telegraph Group £12 million into the red in 2005.
The first accounts filed since the Barclay brothers bought the Telegraph titles in 2004 for £625 million show that they have taken a £45.8 million hit from "exceptional costs". This breaks down as £13.6 million for the re-organisation of operations and £32.2 million provision for the move to new offices in Victoria, completed last month.
The creation of a new multi-media newsroom in Victoria has evidently been a huge investment for the company. Other one off costs would be attributable to redundancies last year – which included 90 journalists.
Operating profit – exceptional items aside – rose two per cent to £33.7 million on turnover up 0.4 per cent to £322.8 million.