Plus   Neg

Daily Mail And General Q1 Revenue Down; FY20 Outlook Unchanged

Daily Mail and General Trust plc (DMGT.L) reported Thursday that its first-quarter Group revenue declined 4 percent from last year, while underlying revenue increased 1 percent, in line with expectations.

The company's fiscal 2020 Group outlook is unchanged and in line with market expectations. Group revenues are expected to be broadly stable on an underlying basis and the cash operating income margin is expected to exceed the adjusted operating margin, which is expected to be around 10 percent.

In its trading update, the company noted that first-quarter Business to Business or B2B revenues, which accounts for 52 percent of total revenues, declined 8 percent on a reported basis, reflecting disposals, notably of Genscape, the Energy Information business that was sold in November 2019. However, B2B revenues grew 1 percent on an underlying basis.

Insurance Risk or RMS underlying revenue growth was 3 percent, while Property Information revenue fell 2 percent.

Consumer Media revenue grew 2 percent on a r3eported and underlying basis.

Further, the company said the UK Competition and Markets Authority or CMA, as well as Ofcom, are in the process of reviewing the acquisition of the 'i'. Consequently, the business is currently being operated and managed independently.

Daily Mail is scheduled to release half year results on May 28.

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
WeWork's parent company, We Company, said it has filed a lawsuit against Japanese conglomerate SoftBank Group Corp. for failing to consummate a $3 billion tender offer for the company's shares. After WeWork's failed attempt at an initial public offering last year, SoftBank acquired a majority stake in the office sharing company in a bailout, severing most ties with WeWork co-founder Adam Neumann. Walgreens is expanding drive-thru testing for the coronavirus to fifteen new locations in seven states across the U.S. later this week. They include Arizona, Florida, Illinois, Kentucky, Louisiana, Tennessee and Texas. The drive-thru locations are part of Walgreens' collaboration with the administration, federal health agencies, and state and local authorities to expand access to COVID-19 testing. iPhone assembler Foxconn, otherwise known as Hon Hai Precision Industry Co. Ltd., is reportedly set to start manufacturing ventilators in the United States in partnership with medical device firm Medtronic plc., as the U.S. braces for the cornavirus (COVID-19) infection peak. Taiwan-based Foxconn will start manufacturing ventilators at its Wisconsin factory within the next four to six weeks.
Follow RTT