Daily Mail & General Trust plc. (DMGT.L), which owns the Daily Mail and several other publications, said Thursday that its revenues for the eleven months to August increased 4 percent on a reported basis, but was flat on an underlying basis. The company's outlook for 2016 remains in line with current market expectations.
In its pre-close trading update, the company said its B2B revenues, including Euromoney, increased 9%. dmg media revenues, meanwhile, dropped 5 percent with weak UK print advertising market, partly offset by digital advertising growth and robust circulation revenue.
Looking ahead, DMGT said it continues to benefit from being a diversified portfolio operating in multiple sectors across B2B and consumer markets, with the majority of operating profits being earned outside the UK.
Amid the challenging market conditions facing certain businesses within the portfolio, the company noted that its reorganization initiatives, which include headcount reductions, are now expected to result in total cash-related exceptional operating costs in the current financial year of approximately 50 million pounds, rather than the 15 million pounds previously guided to in May 2016.
As part of its initiative to create a greater focus in the DMGT portfolio, the company is conducting a strategic review of all businesses.
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