Murdoch bill for scandal is £120 million and rising

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As more than 50 public figures, including footballer Peter Crouch and singer James Blunt, prepare fresh legal claims, News Corp executives also conceded that they have abandoned trying to estimate the total size of the financial hit.

Deputy chairman and chief operating officer Chase Carey said: "The cost of the UK investigation is substantially higher than the amounts reflected in guidance at the end of the first quarter. Due to the fluid nature of ongoing investigations, inquiries and judicial proceedings, we are unable to reliably forecast these costs for the full year."

Profits from News Corp's TV networks and films more than offset the impact of the hacking scandal. Overall group profits for the second quarter of the financial year rose to $1.06 billion (£888 million) from $624 million (£395 million).

The company disclosed that it has put aside $104 million (£66 million) for hacking settlement and legal costs so far this year on top of the $91 million (£57 million) paid out between July and September last year.

The figures came after Mr Murdoch's British subsidiary News Group Newspapers, owner of the now defunct News of the World, reached settlements at the High Court with another 21 victims. It has settled with 54 people so far.

Executives said that about 85 per cent of the costs were legal and consultancy fees with the rest going on settlements.

The group also disclosed that operating income from its publishing division, which includes UK newspapers, fell 43 per cent in the three months to December. It said the £102 million drop to £138 million was largely down to the closure of Britain's biggest selling newspaper.