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| Telegraph parent company writes down value of newspapers by £150m Telegraph parent company writes down value of newspapers by £150m | |
| (2 months later) | |
| The parent company of the Telegraph newspapers took a £150m writedown on the value of the titles last year as its owners, Sir David and Frederick Barclay, received a similar amount as a dividend. | The parent company of the Telegraph newspapers took a £150m writedown on the value of the titles last year as its owners, Sir David and Frederick Barclay, received a similar amount as a dividend. |
| The non-cash charge, reported in the annual accounts for the Barclays’ Press Acquisitions Ltd, means that that the papers’ immediate parent Telegraph Media Group made an overall loss of £131m in the year to 3 January. | The non-cash charge, reported in the annual accounts for the Barclays’ Press Acquisitions Ltd, means that that the papers’ immediate parent Telegraph Media Group made an overall loss of £131m in the year to 3 January. |
| Telegraph Media Group has previously reported that, stripping out exceptional items, profits at an operating level were £51.9m last year. | Telegraph Media Group has previously reported that, stripping out exceptional items, profits at an operating level were £51.9m last year. |
| “In common with other UK publishers, the group has found it necessary to take an impairment charge against its publishing titles and the loss for the year of £131.3m is stated after a charge of £149.4m,” Press Acquisitions said in a Companies House filing made public on Friday. | “In common with other UK publishers, the group has found it necessary to take an impairment charge against its publishing titles and the loss for the year of £131.3m is stated after a charge of £149.4m,” Press Acquisitions said in a Companies House filing made public on Friday. |
| According to the financial filing Press Acquisitions says that the “net book value” of the titles stood at about £300m as at 3 January. | According to the financial filing Press Acquisitions says that the “net book value” of the titles stood at about £300m as at 3 January. |
| The accounts also show that Press Acquisitions paid a dividend of £150m to its parent May Corporation Ltd, incorporated in Jersey, which is ultimately controlled by Sir David and Frederick Barclay’s family settlements. | The accounts also show that Press Acquisitions paid a dividend of £150m to its parent May Corporation Ltd, incorporated in Jersey, which is ultimately controlled by Sir David and Frederick Barclay’s family settlements. |
| “The interim dividend was declared, effected and settled as payment in specie by way of distribution to May Corporation Ltd,” the company said. | “The interim dividend was declared, effected and settled as payment in specie by way of distribution to May Corporation Ltd,” the company said. |
| Total revenues at the newspapers rose slightly year on year from £323.4m to £327.5m as the publisher benefited from an extra week of trading last year. | Total revenues at the newspapers rose slightly year on year from £323.4m to £327.5m as the publisher benefited from an extra week of trading last year. |
| The company employed 1,186 people last year, 664 of those in editorial, running up a wage bill of £81.9m. | The company employed 1,186 people last year, 664 of those in editorial, running up a wage bill of £81.9m. |