Telegraph Media Group recorded an 11 per cent year-on-year increase in pre-tax profit in 2010 as ad markets recovered and it continued a cost-reduction programme.
The publisher, which owns both the Daily and Sunday Telegraph newspapers, said it filed accounts at Companies House yesterday that showed pre-tax profits of £58.9m last year.
Publishing selected results ahead of full release, the company said this was a £5.8m increase on the £53.1million pre-tax profit it made in 2009, which included an exceptional profit of £13.2m.
Therefore profit from trading before tax and excluding exceptional items in 2010 increased by £19m, a 48 per cent year on year rise, the company said.
Revenue was £323.8m last year, the company said, an increase of 2.1 per cent on 2009, which was a 53-week year compared to 52 in 2010. Therefore, on a like-for-like basis revenue was up 3.5 per cent, TMG said.
‘This improved revenue performance along with continued focus on tight cost control, operational efficiencies and lower newsprint prices, enabled the group to achieve its substantial profit increase,’TMG said in a statement.
TMG said that after a weak ad return in 2009, it benefited from a return to ad revenue growth last year.
Circulation, digital and other consumer revenue categories all achieved year on year growth, TMG said. However, it did not specify the level of growth or the revenue generated in each category.
Operating profit for the 52 weeks to 2 January was £60.1m, a 45 per cent increase on the £41.4m made in 2009.