Revenue stable at DMGT

Publisher and exhibitions organiser Daily Mail and General Trust eked out a 1% increase in annual revenue after progress at its business-to-business operations but headwinds at its consumer businesses continue amid the weak ad climate and rising printing costs.

The media group said revenue was £1.99bn for the year ended 2nd October compared to £1.97bn the previous year, in increase of 1% on a reported basis 3% on an underlying basis.

Adjusted pre-tax profit for the year rose to £237m from £230m a year earlier.

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EPS rose 2% to 47p.

Revenues at its B2B operations were up 8%, an underlying increase of 10%. Associated saw revenues fall 2% while Northcliffe endured a challenging year with revenues down 10%.

Northcliffe Media, which publishes more than 100 regional titles including the Bristol Evening Post, has suffered as advertising revenue at its regional titles continue come under pressure. Earlier this year DMGT slashed nearly 340 jobs from the struggling division.

Commenting on the results chief executive Martin Morgan said, "DMGT has delivered a solid set of results. Our international B2B companies have increased their revenues. Our UK consumer businesses have been impacted by the weak advertising environment, particularly in the third quarter, and higher newsprint costs resulting in profits down 20% for the year."

"Whilst first quarter trading to date has been reasonable, we remain cautious about the medium term outlook, given continuing external uncertainties, particularly for UK advertising."

A dividend of 17p has been offered, up 6% from the same time last year.

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cj