Telegraph Media Group delivers operating profit of £32.2m
TELEGRAPH Media Group (TMG), the publisher of The Daily Telegraph, The Sunday Telegraph and Telegraph. co.uk, has reported an operating profit before exceptional items of £32.2m for 2016.
The results reflect reinvestment in a number of priority initiatives as part of a strategy to significantly diversify revenue.
Accounts filed at Companies House show that turnover at TMG for the year stood at £295.5m and that profit before tax was £26.8m, demonstrating the company’s resilience against a backdrop of challenging market conditions and ongoing investment in the transformation of the business.
The last financial year saw TMG’S brands take additional significant steps forward in the digital and mobile world, reinforcing its position as a global leader in high-quality journalism. Growth in digital audience continues, with monthly average global unique user browsers for 2016 reaching 91.4 million.
The company said that its diversification strategy is progressing well against its four key strategic ambitions, which are to succeed as the leading quality publisher across all platforms, grow subscriptions and an engaged digital audience, provide a platform for advertisers and increase portfolio focus in commerce and events
On a like-for-like basis, circulation revenues declined 2.9pc, advertising revenues declined 12pc, digital subscriptions grew 24pc and commerce revenues grew 19pc.
Nick Hugh, who took over as chief executive of Telegraph Media Group from Murdoch Maclennan earlier this month, said: “Despite the challenging market conditions we have delivered a performance in line with expectations for 2016. The investment we are making in a more diversified business, with quality journalism at its heart, is making good progress in positioning The Telegraph for the future.”
In a separate filing at Companies House, Telegraph Events Limited, organiser of premium UK B2C exhibitions, B2B conferences and bespoke events for the group, show turnover of £7.8m and an operating profit of £0.3m for 2016.
In the 2015 financial year, when adjusted to a 52-week basis, TMG generated sales of £314.6m and an operating profit before exceptional items of £48.3m.