logo
Share SHARE
FONT-SIZE Plus   Neg

Daily Mail & General H1 Revenues Down, Expects Lower Profit; Shares Down

Shares of Daily Mail & General Trust Plc (DMGT.L) declined around 4 percent on London Stock Exchange after the British multimedia and information company said its revenues for the first half declined 2 percent and that it projects lower profits. Daily Mail maintained its outlook for the full year.

Meanwhile, its B2B media unit Euromoney Institutional Investor Plc (ERM.L) generated higher revenues, with expectations for increased profit for the first reflecting continued good performance, particularly from its subscription revenues.

Daily Mail's first-half revenue performance was hurt by a 45 percent drop in dmg events, and lower revenues at consumer media, Associated Newspapers and Northcliffe Media units along with flat revenues in BRB operations. These were partly offset by good results in RMS, dmg information and Euromoney units.

On an underlying basis, total revenues grew 2 percent.

According to the company, Associated's revenue performance was resilient with circulation and digital revenue growth largely offsetting print advertising weakness.

In a separate statement, Euromoney said its revenues for the first half are expected to increase 13 percent to 189 million pounds. Underlying revenues, increased about 5 percent.

Regarding its profit forecast, Daily Mail said its adjusted operating profits and profit before tax would be lower than last year. This reflects the expected reduced profitability from dmg events and lower profits from Associated due in part to lower advertising revenues and higher newsprint costs, among others, the company said.

Meanwhile, Euromoney expects adjusted profit before tax of not less than 47 million pounds for the period, higher than last year's 41.6 million pounds. The adjusted operating margin is expected to be unchanged at 30 percent.

On the LSE, Daily Mail shares are currently loosing 18.30 pence or 4.12 percent, and trading at 426.30 pence, while Euromoney shares are gaining 9.10 pence or 1.21 percent and trading at 759.10 pence.

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

More Breaking News

0 Articles
Editors Pick
A group of consumers in New York and California have filed a lawsuit against Quaker Oats' owner PepsiCo Inc. alleging that the company has falsely advertised the oatmeal brand as "100 percent natural" despite having traces of glyphosate found in it. Lawsuit claims that glyphosate, a herbicide declared... Wal-Mart Stores Inc. (WMT) is bringing back its door-greeter program by mid-summer and station staffs at store entrances and exits as the retail giant looks to curb shoplifting. Previously, the retailer had reassigned employees serving as greeters to guide customers to checkouts and help them find... KFC has brought its "Finger Lickin' Good" tag line to life by creating KFC-flavored nail polishes. KFC Hong Kong has partnered with advertising agency Ogilvy & Mather to make "Original" and "Hot & Spicy" edible nail polishes. The flavors contain natural ingredients and are based on KFC's two popular...
comments powered by Disqus
Follow RTT