TMG said turnover for the 53 weeks ended 3 January, reflecting the severity of the economic downturn and the impact on advertising revenues, was £317m, down 7.7%.

“Circulation revenues proved resilient, underpinned by an extremely strong and loyal subscriber base,” the company said.

TMG had an operating profit before exceptional items of £41.4m for the 53 weeks, compared with a profit of £32m for the 52 weeks in 2008.

“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.

TMG said in a press release that financial statements for the 53 weeks ended 3 January, were filed at Companies House yesterday. They are not yet available on the Companies House website. The additional week contributed turnover of £4.3m and operating profit of £2.1m.

TMG’s pre-tax loss of £15.7m in 2008 included a £32.9m charge from terminating printing joint ventures including its West Ferry print plant co-owned with Richard Desmond’s Northern & Shell, exceptional restructuring costs of £47.1m and net interest payable of £0.6m.

In 2007 TMG recorded a £9.9m profit.