Profits rise at Telegraph Media Group as market share grows Average monthly digital readership enjoyed a 32pc increase to more than 56.6m in the 12 months to the end of December, according to accounts filed at Companies House, and investment in digital infrastucture will be a priority for the coming year. The directors reported a "pleasing financial performance, in what remains a challenging market place." They said it demonstrated the resilience of the business and the success of a strategy to combine the best content across publishing platforms. The company is in an extremely strong position to meet this opportunity as a result of its successful integration, and its growth as a digital publisher. The company's pre-tax proft increased from £54.5m in 2011, an increase of £2.7m. The operating profit of £58.4m compares with £55.7m in 2011, an increase of 4.8pc. Margins improved from 16.8pc to 17.8pc. Turnover for 2012 was £327.5m, compared with £331m the previous year, a fall of 1pc, but growth in digital and consumer revenues significantly mitigated the decline in print advertising. A marginal decline in circulation revenues was offset by reduced costs. The directors said the trading environment this year would be difficult, but "the company is well positioned to maximise value when market conditions improve." The priority for the coming year will continue to be focused on achieving operational efficiencies on the traditional business in order to fund investment in digital infrastructure and products to meet customer needs and accelerate growth in both audience and revenues. They pointed to the "commitment, innovation and drive" of staff as a key attribute, which would bring futher success to the business. Among recent awards, telegraph.co.uk was named Newspaper Website of the Year at the European Digital Media Awards for its coverage of the London Olympics. Digital investments included the launch of Wonder Women, a new website channel targeting a female audience, and upgraded apps for smartphones and tablets. Last November, a metered subscription model for international website visitors was introduced, which has been extended to the UK this year.