Telegraph Media Group has announced operating profit and turnover slightly down year on year on a “like for like” basis.

But it remains by far the most profitable newspaper publisher at the broadsheet end of the market in the UK.

The Daily and Sunday Telegraph publisher reported operating profit before exception items of £48.3m for the 52 weeks to 28 December 2015, compared with £54.9m in the same period a year earlier.

Turnover for the year was £320.1m, compared with £318.1m in 2014.

The results were released in a press release and have yet to appear in full on the Companies House website.

TMG said: “The group delivered a good trading performance set against a challenging print advertising trading environment and the ongoing investment in the transformation of the business.

There was said to be double digit growth in digital revenue and “marginal” growth in circulation revenue. There was said to be a single digital percentage decline in print advertising.

The company said: “Cost savings primarily from newsprint and production were reinvested in digital operations.

“So far in 2016 the advertising market has continued to be challenging across the industry. The group has been undertaking an operational review to ensure it is best placed to meet the demands of the continuing deep structural change within the industry.”

The results contrast favourably with other publishers in the Telegraph’s market.

Guardian Media Group reported a trading loss of £68.7m for the year to the end of March 2016, with digital revenue down year on year.

The Times and Sunday Times reported a pre-tax profit of £10.9m for the year to the end of June 2016.