Telegraph Announces Profits Down 24.5%

The Telegraph has today announced interim results for the nine months ending September, with pre-tax profits at £25.6m, a decrease of 24.5% on the same period last year. This year’s profits also include the profit from the sale of the group’s investment in Carlton Communications plc.

Newspaper advertising revenue rose by 7% over the same period last year. Classified advertising has remained strong, showing an 18% increase year on year, although financial and display advertising “continue to perform disappointingly” and were largely unchanged year on year.

The Telegraph warned that further cost-savings will not fully absorb the impact of further newsprint price increases expected in 1996; profit will be affected by prices, even though they are predicting steady circulation and advertising growth.

The Telegraph’s shares were up 16p on the news this morning to 425p.