The Telegraph Media Group has reported a sharp rise in profits after revealing subscriber numbers reached a record high.

The number of new subscribers grew 23.4% this year to 522,000.

“2019 represented another successful year for TMG as we continued our transformation to a subscription-first business. Our substantial and consistent subscription growth has continued into 2020, with the important milestone of 500,000 subscribers surpassed in May 2020,” said Nick Hugh, chief executive of Telegraph Media Group.

“With average revenue per subscriber also continuing to increase in line with our plan, we remain on track to deliver a sustainable and profitable business model. This underpins our continued investment in quality journalism – something that has become ever more important in these uncertain times,” he added.

“With average revenue per subscriber also continuing to increase in line with our plan, we remain on track to deliver a sustainable and profitable business model.”

In April, the group warned of cashflow difficulties and dozens of employees were put on furlough. However, the group has since repaid all the government support and added that it did not need to access the loan.

Operating profit before exceptional items hit £14.3m last year, which is up from £8.3m in 2018.

The company is on track to reach 10m registered readers and 1m subscribers by the year 2023.