Telegraph owner reports losses of 16m for 2008

THE TELEGRAPH Media Group (TMG) yesterday reported a pre-tax loss of &pound;15.7m for the year ending 28 December 2008, hit by a &pound;32.9m charge following its exit last October from a printing deal.<br /><br />Records at Companies House show that TMG, the publisher of the Daily Telegraph, reported a turnover of &pound;343.4m for the year, down by three per cent from the previous year.<br /><br />Operating profit before the exceptional items was &pound;32m, a 6.7 per cent year-on-year drop from the &pound;34.3m reported in 2007.<br /><br />The pre-tax loss compared to a profit of nearly &pound;10m in 2007.<br /><br />Costs attributable to exceptional items totalled &pound;47.1m, with &pound;32.9m of this amount made up of restructuring costs relating to the group&rsquo;s termination of its printing joint venture with Richard Desmond&rsquo;s Northern &amp; Shell. <br /><br />TMG said in April 2007 that it planned to end the Westferry printing joint venture, opting instead to publish its titles on News of the World owner News International&rsquo;s presses.<br /><br />TMG said it expected advertising conditions to &ldquo;remain extremely tough&rdquo;, although it added that it expects better resilience from its circulation revenues.