TMG reports a £53.1m pre-tax profit for 2009

Telegraph Media Group recorded a pre-tax profit of £53.1 million last year after implementing a tight control on costs.

The Daily Telegraph publisher’s profit, which was up from a £15.7 million loss in 2008, included an exceptional profit of £13.2 million and net interest payable of £1.5 million.

In a statement, the company said: “Circulation revenues proved resilient, underpinned by an extremely strong and loyal subscriber base.

“Despite the recessionary pressures on revenues – and a steep increase in newsprint prices at the start of 2009 – a tight control on costs, alongside the benefits flowing from the successful integration of the print and online businesses begun in 2007, enabled the group to achieve this 29% profit increase.”

TMG said the £317 million turnover for the 53 weeks ending on January 3, which was down 7.7%, reflected the severity of the economic downturn and the impact of declining ad revenues.

The publishing group had an operating profit before exceptional items of £41.4 million for the 53 week period, compared with a profit of £32 million for the 52 weeks in 2008.

In 2008, TMG’s pre-tax loss of £15.7 million included a £32.9 million charge from terminating printing ventures including its West Ferry print plant, which was co-owned with Northern & Shell, exceptional restructuring costs of £47.1 million and net interest payable of £0.6 million.