Advertising revenues at the Telegraph Group continued their downward spiral during the second quarter of 2002 as the ailing recruitment market showed no signs of recovery.
The Hollinger International Group, which publishes the Daily Telegraph and Sunday Telegraph, announced that advertising income between April and June had fallen 3.8% to £52.7 million, compared with £54.7 million for the same period last year. In the meantime, total revenues were down 4% to £78.3 million.
The Telegraph newspapers have been particularly affected by the continuing decline in recruitment advertising. Revenues plummeted by 28.2% year on year, as the job market in London and the South East entered a period of consolidation.
Hollinger revealed that circulation turnover in the UK was down 9% to £21.4 million due to the increasing popularity of bargain subscription schemes. However, core earnings mushroomed to £8.3 million as newsprint costs and staff wages fell.
Earlier this week it was announced that the Telegraph Group and Mirror Group Newspapers had abandoned plans to establish a joint advertising sales operation.
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