Telegraph Media Group reported a pre-tax loss of £15.7m last year after paying £32.9m to end its West Ferry printing plan joint venture with Richard Desmond.
The Guardian reports that operating profit before exceptional items for the year to the end of 2008 was £32m, down 6.7 per cent year-on-year from £34.3m.
Total costs attributed to exceptional items, including the West Ferry hit, ran to £47.1m.
The company accounts state that TMG editorial and prodiction staff increased from 547 to 594 in 2008. Revenue was down 3.2 per cent from £354.9m to £343.4m.
It is a creditable performance from TMG in a tough year – the downturn really started to bite in the media from the middle of last year.
Whereas the Telegraph titles are making an operating profit – both The Times titles and the Guardian and Observer were loss-making in 2008.