28th Jan 2016 08:42
LONDON (Alliance News) - Media company Daily Mail & General Trust PLC on Thursday affirmed its outlook for the full year after trading in the first quarter met its expectations, with revenue growing 5.0%.
The publisher of the Daily Mail, which also runs information services and events businesses, said its revenue for the quarter to the end of December rose to GBP500.0 million, up 5.0% year-on-year, driven by growth in its business-to-business unit.
Revenue in its Risk Management Solutions arm grew, benefiting in part from a stronger dollar, and DMGT said it remains on track to release applications for exposure analytics and risk modelling through the course of 2016. It expects clients to start migrating from its RiskLink platform to the much-delayed RMS(one) risk management platform by the end of the calendar year.
Information revenue also grew, driven by a good performance from the Genscape energy business and stable trading for the Hobsons education unit. Events revenue also grew in the quarter, as three of the unit's four large events fell in the quarter.
Revenue for the media unit, which includes the Daily Mail properties, fell 1.0%, however, with circulation revenue falling and advertising revenue following suit. Advertising revenue for MailOnline, the digital version of the Daily Mail, increased, helping to offset continued declines in print advertising revenue.
Daily Mail shares were down 0.4% to 659.00 pence early Thursday.
By Sam Unsted; [email protected]; @SamUAtAlliance
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