Telegraph Media Group has revealed its annual pre-tax profits for 2017 came in at a disappointing £13.7m – just half the £27.1m it brought home in 2016.
Profits have been heading south on the back of a dip in the publisher's advertising and circulation base, with the paper posting a further 9% fall over the period to bring revenues down £17.5m to £285.7m.
In common with other media owners it has seen increasing numbers of readers desert its print products for online alternatives, resulting in a painful contraction of circulation figures for The Daily Telegraph which fell further to just 376,000 copies in May.
Mindful of these tectonic shifts, the firm appointed former Yahoo vice president Nick Hugh as Telegraph chief executive in June 2017 with the goal of attracting 3 million registered users by the end of the year, a target the group is now within sight of after surpassing 2.5 million members.
Once signed up The Telegraph can obtain personal details from its audience as well as charge for access to content once an article allowance is exhausted.
Hugh commented: “Our digital revenues will continue to get stronger and stronger and as we continue to invest in and focus on quality journalism, we anticipate this momentum continuing.”
The Telegraph has recently embarked on a process of broadening its audience demographic by attracting younger readers through investment in its tech coverage.