Operating profit at Telegraph Media Group fell 7.3 per cent to £55.7m in 2011, the company’s latest financial figures show.
TMG said it ‘delivered a solid performance despite the challenging economic climate’in the year ending 1 January 2012.
Turnover in 2011 stood at £331m – an increase of 2 per cent on 2010. The company also said advertising, digital and other consumer revenue categories all achieving year-on-year growth, while circulation revenues benefited from cover price increases and remained on par with the previous year.
‘This improved revenue performance was offset by increased costs, especially substantially higher newsprint prices,’said TMG.
‘As a result of this, as well as continuing investment in digital development, there was a decrease in operating profit of £4.4 million (-7 per cent).’
Profit before tax was £54.5m compared with a profit before tax of £58.9m in 2010, a decrease of £4.4m or 7 per cent.
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