Daily Mail & General Trust plc (DMGT.L) reported Tuesday a 9% year-over-year decline in revenues for the eleven-month period ended 31st August 2009, yet said it is confident at least to meet market expectations for full-year adjusted profits.
The UK-based newspaper publishing group, for the latest eleven-month period, generated 2% higher revenues from its business to business operations, while on an underlying basis, revenues fell 7% from the corresponding period last year.
Underlying revenue is defined by the company as revenue on a like for like basis, adjusted for acquisitions and disposals made in the current and prior year and at constant exchange rates.
Within the B2B segment, Risk Management Solutions underlying revenues for the period rose by 8%, demonstrating continued resilience in its core modelling business. DMGI's underlying revenues fell by 6% mainly due to impact of significant cyclical declines in property transaction volumes. DMG World Media's underlying revenues decreased by 9% as it continued to experience softer bookings for many of its shows.
Revenues from the Group's consumer media operations for the period were down 15% year-over-year, with an underlying fall of 13%. In this segment, Associated Newspapers' total underlying advertising revenues for the period fell by 16%, with underlying circulation revenues 2% lower. For Northcliffe Media, UK advertising revenues plunged 31%, with a 7% dip in circulation revenues. A&N Media's Central European division's underlying revenues slumped 10% in the period. DMG Radio Australia's underlying revenues shrunk by 2%, reflecting a weakening radio advertising market in Australia.
Circulation volumes have been more stable in recent months, aided by the success of the Daily Mail direct marketing campaign, the group said.
In its full year 2009 results, the Group expects to report exceptional operating costs approaching GBP 100 million, arising mainly from reorganisation and closure costs within A&N Media, as well as gain on the sale of businesses and properties in the region of GBP 15 million.
The company expects full year operating profit to be only slightly below that of last year, however, is confident to meet market expectations for adjusted profits for the full year, banking on its "decisive actions taken on costs, with £150 million savings delivered." Current City expectations of profit before tax is GBP 182 million and earnings per share of 35.7 pence.
DMGT.L is currently trading up 2.32% or 450.60 pence, on the LSE.
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