Telegraph revenue and profits flat as sale drags on

Core Insights - The Telegraph's digital subscription revenue rose by 18% year-on-year to over £81 million, while overall subscriptions increased by 5% to 1,086,000 [1][5] - The company's underlying operating profits remained stable at £54.6 million despite uncertainties regarding ownership [1] - Statutory pre-tax profit for Press Acquisitions Limited fell to £15 million from £201 million in the previous year, largely due to a reversal of a £196 million impairment [3] Financial Performance - Turnover for 2024 increased by 1.2% to £279.4 million, a slowdown from the 5.4% revenue growth in 2023 [2][3] - The Telegraph incurred exceptional costs of £12.8 million in 2024 related to ownership disputes, adding to £18.3 million from 2023, with total costs exceeding £30 million [6] - The company is projected to pay an additional £6 million in 2025 due to ongoing ownership issues [7] Ownership and Strategic Challenges - The Telegraph is currently under ministerial restrictions that prevent RedBird Capital Partners and Sheikh Mansour from gaining influence, following a failed takeover bid [4][5] - The ownership saga has been ongoing for two and a half years, initiated by the financial troubles of the Barclay family [8] - RedBird and IMI are making a second attempt to acquire The Telegraph with a restructured £500 million bid, which would grant RedBird majority ownership [10]