Telegraph Victoria moves costs £32m

Exceptional restructuring and office move costs pushed the Telegraph Group £12 million into the red in 2005. The first accounts filed since the Barclay brothers bought the Telegraph titles in 2004 for £625 million show that they have taken a £45.8 million hit from "exceptional costs". This breaks down as £13.6 million for the reorganisation of operations and £32.2 million for the move to new offices in Victoria, completed last month.

The creation of a new multimedia newsroom in Victoria has evidently been a huge investment for the company. Other one-off costs are attributable to redundancies last year, which included 90 journalists. Operating profit — exceptional items aside — rose two per cent to £33.7 million on turnover up 0.4 per cent to £322.8 million.

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