Telegraph Media Group saw profits plunge over the last year, after a significant drop in circulation and advertising revenue took its toll.

Pre-tax profits fell 50 percent from £27.1 million in 2016 to £13.7 million last year. Total revenues fell from £303 million to £285.7 million, weakened by a 9 percent fall in print and circulation revenue.

The group, who publish the Telegraph and the Sunday Telegraph, did make progress with its online offering, seeing digital subscription revenue rise by 30 percent year on year in 2017.

“We anticipate revenue to stabilise in 2018-19 with profit to follow,” the company said.

“We will continue towards our goal of 10 million registered customers and sustainable growth.”

The company have moved to emphasise ‘quality journalism’, launching several internship schemes and launching a £10 million investment programme instituted by new chief executive, Nick Hugh.