The Daily Telegraph and Sunday Telegraph were bought by the Barclay brothers in June 2004 and have been undergoing a long and painful process of cost cutting and reshaping as a multimedia publisher.
Restructuring and redundancy costs in 2005 were 拢13.6m, according to accounts filed with Companies House. The company's staff numbered 1,158 in 2004, but was cut to 1,071 in 2005.
Those costs were outweighed by a 拢32.2m charge for moving offices from Canary Wharf to new premises in London's Victoria, complete with a multimedia newsroom with plans for journalists producing video and audio as well as written reports.
Excluding the one-off costs, the company made an operating profit of 拢33.7m, up 1.8%.
It made a pre-tax profit of 拢5.7m with the one-off costs taken into account, thanks mostly to a 拢17.5m gain on the sale of The Spectator to another Barclay-owned company, the May Corporation.
Turnover was up 0.4% to 拢322.8m. Although ad revenues were down 4%, circulation revenues increased 2% and other revenues such as new media and enterprise activities increased 9%.
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