British media company Daily Mail and General Trust Plc (DMGT.L) Thursday reported a wider pre-tax loss for the full year, impacted mainly by higher amortisation and impairment of goodwill and intangible assets. Revenues fell 8% year-over-year, hurt by lower advertising revenues.
Pre-tax loss for the year was GBP 401.1 million, wider than GBP 68.1 million a year ago.
Loss was GBP 305.4 million or 79.8 pence, compared to profit of GBP 16.8 million in the prior year. On a per share basis, loss widened to 79.8 pence from 0.1 pence in the prior year.
The latest-year results mainly included impairment of goodwill and intangible assets of GBP 346.6 million, amortisation of intangible assets of GBP 89.1 million, and impairment of property, plant and equipment of GBP 25.4 million.
Adjusted pre-tax profit, excluding items, declined 23% to GBP 201 million from GBP 262 million last year. Adjusted earnings for the year were 37.2 pence per share, down from 47.7 pence per share in the prior year.
Amortisation and impairment of goodwill and intangible assets increased to GBP 435.7 million from GBP 258.1 million in the prior year. Annual revenues dropped 8% to GBP 2.12 billion from GBP 2.31 billion in the prior year.
Daily Mail's business to business operations overall profit increased 7%, benefiting from a 21% reduction in the average sterling, US dollar exchange rate over the year. Whereas, underlying result was a fall of around 5%.
Within the business to consumer division, revenues from national media were GBP 937.1 million, lower than GBP 1.06 billion a year ago. In January, national media division sold a 75.1% interest in the Evening Standard for cash proceeds of GBP 8.3 million.
Revenues for Euromoney were GBP 317.6 million, higher than GBP 332.0 million last year. Business information revenues increased to GBP 230.1 million from GBP 217.6 million in the previous year.
Local media revenues declined to GBP 330.6 million from GBP 427.0 million in the prior year. Revenues for Risk Management Solutions segment totaled GBP 138.3 million, up from GBP 101.1 million a year earlier. Revenues from Exhibitions declined to GBP 174.6 million from GBP 201.6 million last year. Revenues from Radio increased marginally to GBP 55.1 million from GBP 54.7 million in the previous year.
Overall, the business to consumer division, driven by a decline in the UK consumer business and certain Art & Antiques businesses now divested, performed poorly, with revenues down 24% to GBP 26 million and losses unchanged at GBP 3 million.
Within the Business to Consumer segment, revenues from Associated Newspapers were GBP 876 million, down 11% from GBP 988 million in the prior year, despite stable circulation revenues, due to a 14% decline in underlying advertising revenues and the sale of the Evening Standard. Northcliffe Media revenues dropped 22% to GBP 328 million from GBP 420 million a year ago, impacted negatively by weak advertising markets.
In the UK market, operating profits fell by GBP 40 million to GBP 20 million, on revenues of GBP 285 million, whch was down 24% from last year, with underlying advertising revenues down by 30% to GBP 201 million in unprecedented trading conditions for local newspapers. Newspaper sales were also affected by the recession, as households scaled back on discretionary expenditure.
The company noted that its flagship Daily Mail brand maintained the second highest profit in its history.
Operating profits in the other markets were GBP 32 million, up 26% year-over-year, on revenues of GBP 146 million, up 17% from a year ago. Underlying revenues and operating profits were higher by 3% and 16% respectively.
Total advertising revenues were GBP 350 million, down an underlying 15%. Display advertising was down by an underlying 16% to GBP 281 million. By sector, retail performed well, while all other categories were lower.
The board has recommended a final dividend of 9.90 pence per share, which will be paid on February 12 to shareholders on the register at close of business on December 4, 2009.
DMGT is currently trading at 428.30 pence per share, down 2.10%, on the London Stock Exchange.
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