The Telegraph Media Group reports flat pre-tax profits of £57m for 2013
The Telegraph Media Group made pre-tax profits of £57m last year, it has reported, down slightly from 2012.
The newspaper publishing company behind the Telegraph and the Sunday Telegraph, saw pre-tax profits fall by £0.2m on the previous year, with an operating profit of £57.8m for its year ended 29 December 2013.
Turnover declined by 0.7 per cent to £325.2m as the year-on-year decline in advertising revenues continued to impact, buoyed slightly by an increase in circulation revenue.
Print revenue was also mitigated by growth in digital revenue, the company added, having introduced a metered pay wall in March last year.
“The pleasing financial performance, in what remains a challenging market place, demonstrates the resilience of the business and the success of our strategy to expand the range of digital publications and services to readers, viewers and advertisers,” read a statement by the directors of the group.
The company is understood to be planning to launch further digital products across smartphone, tablet and web to take advantage of the continued growth of its digital audience.