The statements show, says the Telegraph, that the Group recorded an operating profit before exceptional items of £61.2 million for the 52 weeks to 29th December 2013, compared with an operating profit before exceptional items of £58.5 million in 2012. Operating profit after exceptional items was £57.8m (2012; £58.4m).
The Group delivered a good trading performance given the challenging trading environment at a time when the economy was still in recovery. Turnover for the year fell to £325.2 million, down -0.7% on 2012. The continuing challenges facing print media led to a year on year decline in print advertising revenues, mitigated in part by a marginal increase in circulation revenues. The decline in print revenues was further mitigated by continuing growth in digital revenues.
The marginal fall in overall revenues was more than offset by lower operating costs. Notable savings on newsprint and distribution were reinvested in digital publications and products. As a result of this, there was an increase in operating profit before exceptional items of £2.7 million (+4.6%) to £61.2m.
Profit before tax was £57.0 million compared with a profit before tax of £57.2 million in 2012.
