Telegraph Media Group has reported a dip in profit for 2014 which it said was mainly because of an £8m investment in digital operations.
The privately-owned group has released figures for 2014 which show operating profit (before exceptional items) for 2014 of £54.9m (down from £61.2m).
The Telegraph titles remain the most profitable newspapers in the UK quality/broadsheet market.
Operating profit after exception items was £46.4m (down from £57.8m in 2013).
TMG said in a statement: “Steady growth in digital revenues partially mitigated the single digit declines in print advertising revenues and circulation revenues.
“Costs have been controlled, with cost savings primarily from newsprint and distribution being reinvested in digital operations.”
The full documents are not yet available on the Companies House website, so this story was based on a press release from TMG.