Telegraph Media Group recorded a £53.1m profit after last year's £15.7m loss. The pre-tax profit included an exceptional profit of £13.2m and net interest payable of £1.5m, according to a TMG press release.
"Circulation revenues proved resilient, underpinned by an extremely strong and loyal subscriber base," the company said.
TMG attributed its turnaround to a "tight control on costs."
"Despite the recessionary pressures on revenues - and a steep increase in newsprint prices at the start of 2009 - a tight control on costs, alongside the benefits flowing from the successful integration of the print and online businesses begun in 2007, enabled the group to achieve this 29% profit increase," the company said.
A TMG press release said the financial states were filed at the Companies House yesterday, but are not yet available online.
