26th Jul 2018 10:31
LONDON (Alliance News) - Daily Mail & General Trust PLC said Thursday that group revenue for the first nine months of the year dropped 10%, "in line with expectations".
The media company, owner of tabloid newspaper The Daily Mail, said trading for the nine months to June, was in line with views and maintained its guidance unchanged.
In DMGT's B2B division, revenue dropped 14%, reflecting disposals and a weaker dollar, the company said. It maintained its guidance of low single-digit adjusted revenue growth for the year, with adjusted operating profit margin in the mid-teens.
In its Consumer division, revenue fell by 5%, as both advertising and circulation dropped by 4% and 6% respectively. For the unit, the company expects a mid single-digit decline in adjusted revenue.
"Circulation revenue declined 6%, with volume reductions partly offset by the cover price increase of The Mail on Sunday in October 2017," the company said.
"The Mail newspaper titles continue to hold significant market shares, and we remain confident in the future growth opportunities at MailOnline, which continues to improve audience engagement."
DMGT shares were down 0.3% at 739.50 pence each Thursday morning.
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