Telegraph Media Group Holdings report as follows:
On 29 September 2024, Telegraph Media Group Limited (“TMG”) undertook a ‘hive down’ process to reorganise the group to become Telegraph Media Group Holdings Limited (“TMGH”) in September 2024. This means that the results for both TMG and TMGH represent a nine month and three month period respectively.
The results below represent the consolidated trading statement for the parent company of both TMG and TMGH, Press Acquisitions Limited, to give a full year performance which can be compared year-on-year.
Digital subscriptions drive telegraph earnings
- TMGH’s operating profit margin remains robust, at 20%.
- Digital revenue growth is significantly outpacing the decline in print.
- There was sustained growth in digital subscriptions revenue in 2024, with an increase of 18% to £81.1 million.
- Digital subscriptions revenue has risen by approximately 40% since 2022.
- Digital subscriptions reached 842,000 in December 2024 and revenue from digital advertising increased by 19% to £20 million.
- Total subscriptions increased by 5% to 1,086,000.
- Turnover increased by £3.3 million to £279.4 million.
- Operating profit is significantly down due to the reversal of a previous impairment of £196.2 million. When this impairment and tax effect are removed, the 2024 profit of £7.6 million shows an increase of £11.8 million given the adjusted loss of £4.2 million for 2023.
The table below represents the audited financial performance for Press Acquisitions Limited, the parent company of TMG and TMGH for the year ended 29 December 2024.
Anna Jones, chief executive of Telegraph Media Group Holdings said: “Despite the ongoing uncertainty around the future ownership of our business, we continue to prosper. Our quality and authoritative journalism underpins the success of the business, which is reflected in the consistent growth of our digital subscriptions revenue again in 2024.
"This momentum in digital growth has continued into 2025 and the business is on track for 19% growth in its digital subscribers year-on-year by the end of December.
“I am immensely proud of the fortitude and resilience of our teams who have delivered outstanding results and won a number of accolades and awards from across the industry. Our focus has remained on delivering for our readers with the customer at the heart of everything we do.”
To read the trading update in full please click here.
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