Telegraaf group to slash 425 jobs

The Telegraaf Media Group is to scrap 425 jobs in an effort to push up its profitability, reports ANP news service on Friday.

The publisher, whose titles include the Telegraaf newspaper and gossip magazine Privé, wants to make cost savings of between €40m and €50m.
Jobs will go across the whole organisation and will include compulsory redundancies the company is reported as saying. TMG employs 3,500 staff. The company also wants to sell off unprofitable activities.
TMG booked a net loss of €175.5m in the first half of this year compared with profit of €39.7m in the same 2007 period. Turnover fell marginally to €360m from €365m last year.
Advertising revenues fell to €182m from €180m but TMG expects pressure on the advertising market to grow in the second half of the year while costs increase.
Earlier this month the company revised its profit margin forecast for the full year to 8% from 15%.

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