This article is from the source 'guardian' and was first published or seen on . It last changed over 40 days ago and won't be checked again for changes.

You can find the current article at its original source at http://www.guardian.co.uk/media/2012/mar/26/telegraph-media-group-profits

The article has changed 2 times. There is an RSS feed of changes available.

Version 0 Version 1
Telegraph Media Group profits fall 7.5% Telegraph Media Group profits fall 7.5%
(about 6 hours later)
Profits at Telegraph Media Group fell 7.5% year on year to £54.5m in 2011, as investment in digital development and the soaring price of newsprint hit the bottom line.Profits at Telegraph Media Group fell 7.5% year on year to £54.5m in 2011, as investment in digital development and the soaring price of newsprint hit the bottom line.
The publisher of the Daily Telegraph, Sunday Telegraph and Telegraph.co.uk said pre-tax profits fell by £4.4m compared to 2010, when it made £58.9m.The publisher of the Daily Telegraph, Sunday Telegraph and Telegraph.co.uk said pre-tax profits fell by £4.4m compared to 2010, when it made £58.9m.
The results were revealed in a statement published ahead of full financial details of the group's 2011 performance, which will be made public on the Companies House website this week.The results were revealed in a statement published ahead of full financial details of the group's 2011 performance, which will be made public on the Companies House website this week.
TMG said operating profit declined by £4.4m, or 7.3% year on year from £60.1m to £55.7m.TMG said operating profit declined by £4.4m, or 7.3% year on year from £60.1m to £55.7m.
However, total revenue rose 2% to £331m as advertising, digital and other consumer revenue all achieved year-on-year growth, although the publisher did not break out more specific category figures.However, total revenue rose 2% to £331m as advertising, digital and other consumer revenue all achieved year-on-year growth, although the publisher did not break out more specific category figures.
Circulation revenues remained "on par" with 2010, thanks to cover price increases.Circulation revenues remained "on par" with 2010, thanks to cover price increases.
In November the price of the weekday Daily Telegraph was increased by 20%, or 20p, to £1.20. The Saturday edition of the paper was increased by 10p to £2.In November the price of the weekday Daily Telegraph was increased by 20%, or 20p, to £1.20. The Saturday edition of the paper was increased by 10p to £2.
"The group delivered a solid performance despite the challenging economic climate, particularly in the second half of the year," the company said. "[The] improved revenue performance was offset by increased costs, especially substantially higher newsprint prices.""The group delivered a solid performance despite the challenging economic climate, particularly in the second half of the year," the company said. "[The] improved revenue performance was offset by increased costs, especially substantially higher newsprint prices."
Earlier this month Trinity Mirror, owner of the Daily Mirror, Sunday Mirror and the People, revealed a 40% fall in pre-tax profits to £74m for 2011.Earlier this month Trinity Mirror, owner of the Daily Mirror, Sunday Mirror and the People, revealed a 40% fall in pre-tax profits to £74m for 2011.
The Trinity Mirror chief executive, Sly Bailey, said the publisher, which also owns more than 100 regional newspapers, had to cope with a £22m increase in newsprint prices in 2011.The Trinity Mirror chief executive, Sly Bailey, said the publisher, which also owns more than 100 regional newspapers, had to cope with a £22m increase in newsprint prices in 2011.
TMG said "continuing investment in digital development" also contributed to a decline in profits at an operating level.TMG said "continuing investment in digital development" also contributed to a decline in profits at an operating level.
Last year the company looked at launching a New York Times-style metered digital subscription paywall, although this plan has never developed into a firm strategy. Last week the US publisher halved the number of free articles web users can view per month before paying by 50% to 10.Last year the company looked at launching a New York Times-style metered digital subscription paywall, although this plan has never developed into a firm strategy. Last week the US publisher halved the number of free articles web users can view per month before paying by 50% to 10.
The most recent officially audited web traffic for February shows Telegraph.co.uk saw monthly unique browser numbers fell 4.43% compared to January to 46,151,900.The most recent officially audited web traffic for February shows Telegraph.co.uk saw monthly unique browser numbers fell 4.43% compared to January to 46,151,900.
The average number of daily online browsers climbed 2.14% month on month to 2,511,429.The average number of daily online browsers climbed 2.14% month on month to 2,511,429.
The average number of editorial and production staff employed by TMG rose year on year from 619 to 627. Selling, distribution and administration staff also rose from 385 to 428.
Wages and salaries crept up by £2.2m, to £65.2m, with total staff costs including pension and social security climbing to £77.8m.
The highest-paid director at Telegraph Media Group received £800,000, including a £100,000 pension contribution.
According to the Companies House filing for Press Acquisitions Limited, the parent company of TMG, total loans at the newspaper publisher crept up from £210m to £215m year on year.
Interest payments also climbed marginally to £7.9m in 2011. TMG paid off a £25m loan due to May Corporation, Press Corporation's parent company, which is incorporated in Jersey and is ultimately controlled by Sir David and Sir Frederick Barclay.
When the various loan and interest payments are taken into account TMG reported an 8.6% decline in pre tax profits from £52.4m to £47.9m.
• To contact the MediaGuardian news desk email editor@mediaguardian.co.uk or phone 020 3353 3857. For all other inquiries please call the main Guardian switchboard on 020 3353 2000. If you are writing a comment for publication, please mark clearly "for publication".• To contact the MediaGuardian news desk email editor@mediaguardian.co.uk or phone 020 3353 3857. For all other inquiries please call the main Guardian switchboard on 020 3353 2000. If you are writing a comment for publication, please mark clearly "for publication".
• To get the latest media news to your desktop or mobile, follow MediaGuardian on Twitter and Facebook.• To get the latest media news to your desktop or mobile, follow MediaGuardian on Twitter and Facebook.