Telegraph Media Group June Update
Following the unprecedented circumstances of the past few months, the short-term precautions TMG took to protect its business including putting all non editorial staff on a 4 day week have ceased. Due to prudent measures TMG took alongside a stabilisation in trading conditions and very strong subscription performance, all staff have now returned to a full salary and 5 day week.
All staff that worked in May with a reduced salary & working hours in May will be recompensed for lost earnings.
In addition, TMG has announced that from May 31st it stopped participating in the Government’s job retention scheme. TMG will be paying back the money to HMRC that the business claimed from April.
Nick Hugh, CEO, Telegraph Media Group, said: “Following the short term prudent measures we made, all staff have now returned to a 5 day week and we will also reimburse HMRC the full amount given to the company as part of the furlough scheme. Whilst, like many other businesses, revenues and profits have been hit significantly, the business has remained profitable and cash generative throughout the period. Our subscription strategy goes from strength to strength which is testament to our outstanding journalism.”
For more information, please contact:
Telegraph Media Group