Revenues at the Telegraph Group fell by almost 5% in 2002 as worsening advertising conditions and falling circulation continued to impact on turnover.
Full year results show that the group, which publishes the Daily Telegraph, Sunday Telegraph and the Spectator, earned £41.1 million before interest, taxes, depreciation, and amortisation. This represents an increase of 24.7% year on year. Operating income was up by 70.2% from £19.1 million to £32.6 million in 2002.
Nevertheless, overall revenues fell by 4.9% to £320.9 million, largely as a result of a 7.7% decrease in advertising income. There has been a general decline in display advertising and recruitment has been particularly hard hit.
Circulation revenues at the Telegraph Group were down by 0.9% to £93.6 million with a 4% decline in sales partly offset by a 5p increase in the cover price of the Daily Telegraph that came into effect in September.
The group recently launched a high profile ad campaign to encourage new readers to pick up the broadsheet which has seen sales fall below the one million mark in the last six months.
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