Telegraph titles record £32m profit for 2008

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.

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