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Daily Mail and General Trust profits more than halve amid decline in advertising growth

By BFN News | 08:03 AM | Thursday 30 May, 2019


Daily Mail and General Trust lifted its outlook on revenues, but kept its full-year guidance broadly unchanged amid a uncertainty over advertising revenue streams after the media company saw pre-tax profits more than halve in the first half of the year. For the six months ended 31 March, statutory pre-tax profits more than halved to £50m from £113m a year earlier, revenue fell 3% to £724m. Revenues were hurt by the loss of contribution from the sale of assets in its property information and energy information sectors and a decline in print advertising, circulation and transactions. On an underlying basis, revenue grew 1% and pre-tax profit jumped 19%, prompting the company to upgrade its outlook on revenue, though it still maintained its outlook on full-year performance amid expectations for lower consumer media revenue growth and operating margins in the second half. 'The underlying rate of revenue decline for the full year is now expected to be in the low-single digits rather than the mid-single digits previously guided to,' the company said. 'The Consumer Media Full Year operating margin is still expected to be in the high-single digits. The B2B businesses are collectively still expected to deliver a Full Year underlying revenue growth rate in the low-single digits and an operating margin in the mid-teens, due to higher planned investment in the second half.' At 8:03am: (LON:DMGT) Daily Mail and General Trust PLC share price was +46p at 721p Story provided by StockMarketWire.com

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