DMGT Half Year Results

Good First Half performance

Half Year Financial Highlights:

· DMGT underlying# revenue up 6%; reported revenue up 2%

· Underlying operating profit* up 21%; operating margin up to 17%

· Adjusted profit before tax of £151m, up 16%

· Good growth from B2B; underlying revenue up 11% and underlying profit up 12%

· Underlying revenue growth of 1% at dmg media; improved profit margin driven by cost efficiencies, resulting in underlying profit up 44%

· Active portfolio management; bolt-on acquisitions and disposal of non-core assets; Zoopla Property Group IPO and Jobsite disposal announced this morning

· Net debt up £220m to £793m; net debt:EBITDA ratio of 2.0

· Dividend increased by 5%

· Outlook for the Full Year in line with market expectations@

Martin Morgan, Chief Executive, said:

"We have delivered a good performance in the first half, reflecting the strength of our B2B companies and, within dmg media, the resilience of the Mail businesses, the benefits of cost saving initiatives and effective portfolio management.

Our international B2B companies have increased their underlying revenues and profits by 11% and 12% respectively. Our consumer business, dmg media, increased underlying revenues by 1%, with the growth from digital revenues more than offsetting the decline in print revenues. dmg media delivered a 44% underlying increase in operating profit as a result of a reduction in and relocation of printing sites last year and ongoing cost saving measures.

It is pleasing that adjusted profit before tax has increased by 16% and earnings per share by 20% despite the adverse impact of the stronger pound during the first half.

We have continued to actively manage our portfolio of businesses and have made several acquisitions and disposals during the period and into the second half, to improve the overall quality and growth prospects of the Group.

Relative to last year, the first half of the year benefited from the February 2013 increase to the cover price of the Daily Mail and the print rationalisation that took place during 2013. Conversely we expect the comparative performance in the second half of the year to be adversely impacted by constant cover prices, increasing costs at RMS in relation to RMS(one) and the strength of the pound. Overall therefore, the outlook for the Group remains in line with market expectations."

A presentation of the Half Year Results will be given to investors and analysts at 9.30am on 22 May 2014, at The Brewery, 52 Chiswell Street, London, EC1Y 4SD. There will also be a live webcast available on our website, http://www.dmgt.com.

About DMGT

DMGT is an international business built on entrepreneurship and innovation. We bring together leading companies and talented people to provide businesses and consumers with high-quality analysis & insight, information, news and entertainment.

Notes

* Unless otherwise stated, all profit and profit margin figures in this Interim Management Report refer to adjusted results and not statutory results. Adjusted results are stated before exceptional items, other gains and losses, impairment of goodwill and intangible assets, pension finance charges, premiums on bond redemptions and amortisation of intangible assets arising on business combinations. For a reconciliation of Group profit to adjusted Group profit, see Note 9.

~ Percentages are calculated on actual numbers to one decimal place.

# Underlying revenue or profit* is revenue or profit on a like-for-like basis, adjusted for constant exchange rates, disposals, closures, non-annual events occurring in the current and prior year and acquisitions; see pages 19 and 20. For dmg information, underlying growth includes the year-on-year organic growth from acquisitions and excludes ECCTIS, a Hobsons business, which was disposed of in January 2014. For dmg events, the comparisons are between events held in the year and the same events held the previous time other than ADIPEC, which became an annual event in November 2013, which is compared to 50% of the revenue and profit of the biennial November 2012 event. For Euromoney, no adjustments are made for the timing of events but acquisitions are completely excluded and underlying profit excludes the benefit in both FY 2013 and FY 2014 of the historic acceleration of its CAP charge. For dmg media, underlying comparisons exclude low margin contract printing revenue, which ceased last year, the central and eastern European businesses, which were disposed of last year, Villarenters, OilCareers and Broadbean, which were disposed of during the first half of this financial year, and distribution services, which ceased earlier this year. For the seven week and thirty three week periods to 18 May 2014, dmg media's underlying advertising performance also excludes Jobrapido, which was disposed of in April 2014. Northcliffe Media is excluded from the DMGT Group underlying comparisons.

+ Restated for the revision to International Accounting Standard 19 - Employee Benefits [IAS 19 (R]]. The revision has changed the methodology for calculating the financial element of the net charge or credit associated with DMGT's defined benefit pension schemes. As a result, pension finance income of £7 million previously recognised during the first half of FY 2013, has been restated as a pension finance charge of £7 million and the Full Year pension finance income of £15 million has been restated as a pension finance charge of £13 million. The pension finance item is now excluded from adjusted earnings as the calculation under the new standard does not necessarily reflect the underlying economics associated with the relevant pension assets and liabilities. See Note 1.

@ Current City analyst expectations of adjusted profit before tax for Full Year 2014 range from £277 million to £304 million and adjusted basic earnings per share from 51.7 pence to 58.0 pence with a consensus of £286 million and 54.3 pence. Adjusted results are from continuing and discontinued operations and are before exceptional items, other gains and losses, impairment of goodwill and intangible assets, pension finance charges and amortisation of intangible assets arising on business combinations.

Daily Mail and General Trust plc

Northcliffe House, 2 Derry Street,

London, W8 5TT

www.dmgt.co.uk

Registered in England and Wales No. 184594

Interim Management Report

This interim management report focuses principally on the adjusted results to give a more comparable indication of the Group's underlying business performance. All year-on-year comparisons are on a like-for-like basis. The prior year's reported results include Northcliffe Media until its disposal on 30 December 2012.

An explanation of restructuring and impairment charges and other items included in the statutory results is set out after the divisional performance review and in the segmental note (Note 2). The adjusted results are summarised below:

Amounts are stated rounded to the nearest million pounds, consequently totals may not equal the sum of the component integers.

Notes

* Unless otherwise stated, all profit and profit margin figures in this Interim Management Report refer to adjusted results and not statutory results. Adjusted results are stated before exceptional items, other gains and losses, impairment of goodwill and intangible assets, pension finance charges, premiums on bond redemptions and amortisation of intangible assets arising on business combinations. For a reconciliation of Group profit to adjusted Group profit, see Note 9.

# Underlying revenue or profit* is revenue or profit on a like-for-like basis, adjusted for constant exchange rates, disposals, closures, non-annual events occurring in the current and prior year and acquisitions; see pages 19 and 20. For dmg information, underlying growth includes the year-on-year organic growth from acquisitions and excludes ECCTIS, a Hobsons business, which was disposed of in January 2014. For dmg events, the comparisons are between events held in the year and the same events held the previous time other than ADIPEC, which became an annual event in November 2013, which is compared to 50% of the revenue and profit of the biennial November 2012 event. For Euromoney, no adjustments are made for the timing of events but acquisitions are completely excluded and underlying profit excludes the benefit in both FY 2013 and FY 2014 of the historic acceleration of its CAP charge. For dmg media, underlying comparisons exclude low margin contract printing revenue, which ceased last year, the central and eastern European businesses, which were disposed of last year, Villarenters, OilCareers and Broadbean, which were disposed of during the first half of this financial year, and distribution services, which ceased earlier this year. For the seven week and thirty three week periods to 18 May 2014, dmg media's underlying advertising performance also excludes Jobrapido, which was disposed of in April 2014. Northcliffe Media is excluded from the DMGT Group underlying comparisons.

~ Percentages are calculated on actual numbers to one decimal place.

+ Restated for the revision to International Accounting Standard 19 - Employee Benefits [IAS 19 (R)]. The revision has changed the methodology for calculating the financial element of the net charge or credit associated with DMGT's defined benefit pension schemes. As a result, pension finance income of £7 million previously recognised during the first half of FY 2013, has been restated as a pension finance charge of £7 million and the Full Year pension finance income of £15 million has been restated as a pension finance charge of £13 million. The pension finance item is now excluded from adjusted earnings as the calculation under the new standard does not necessarily reflect the underlying economics associated with the relevant pension assets and liabilities. See Note 1.

@ Current City analyst expectations of adjusted profit before tax for Full Year 2014 range from £277 million to £304 million and adjusted basic earnings per share from 51.7 pence to 58.0 pence with a consensus of £286 million and 54.3 pence. Adjusted results are from continuing and discontinued operations and are before exceptional items, other gains and losses, impairment of goodwill and intangible assets, pension finance charges and amortisation of intangible assets arising on business combinations.

The average £: US$ exchange rate for the first half of the year was £1:$1.64 (against £1:$1.58 last year). The rate at the half year end was $1.67 (2013: $1.52), compared to $1.62 at the previous year end.

All references to profit or margin in this interim management report are to adjusted profit or margin, except where reference is made to statutory profit.

Summary

Group revenue for the six months to 31 March 2014 was £931 million, compared with £915 million for the prior half year, representing an underlying# increase of 6% and, following the disposal of Northcliffe in December 2012, an increase of 2% on a reported basis. There was good underlying growth in several revenue categories, particularly subscriptions, events and digital advertising, which was partly offset by the revenue decline in print advertising and circulation.

Performance across our B2B businesses and our consumer business, dmg media, on a reported and underlying basis is summarised below.

Operating profit* of £160 million was up 21% on the figure for the previous half year on an underlying basis, with particularly strong performances from dmg information and dmg media. The reported growth of 10% in operating profit was adversely impacted by disposals, the stronger pound and the consolidation of the loss-making Xceligent property information business into dmg information when it became a subsidiary in October 2013.

After including allocated central corporate costs, the Group's B2B companies' operating profits were up 5% on a reported basis, an underlying increase of 12%, and the operating profits from consumer media businesses were up 24%, an underlying increase of 61%. B2B businesses generated 74% of this half year's operating profit with 26% being generated by consumer media, compared to 77% and 23% for the prior half year. The majority of the Group's operating profits were again derived from outside the UK.

Adjusted profit before tax increased by 16% to £151 million. The Group's strong performance reflects the growth in operating profit described above and the increased income from joint ventures and associates only being partially offset by slightly increased finance charges. The statutory profit before tax, excluding discontinued operations, for the period was £114 million after charging £34 million of amortisation and impairment and £10 million of net exceptional charges. Adjusted Group profit after tax and minority interests was up 18% to £110 million.

Active portfolio management

Active portfolio management has continued throughout the period with acquisitions totalling £115 million and disposals totalling £27 million. The largest acquisition during the period was dmg information's £75 million acquisition of DIIG, the UK and Ireland's leading property searches group, primarily delivering residential and commercial property search results to legal professionals. Genscape, dmg information's energy business, acquired Energytics, a US provider of data and analytics on highly localised, 'nodal', electricity markets. dmg events acquired Quartz Coatings Events, which runs paint and coatings events in Asia, Mexico and Morocco, as a complement to its construction events and to facilitate launching existing events into new geographies. Euromoney acquired Infrastructure Journal, an online publication that tracks activity in the global infrastructure market and which complements Euromoney's Project Finance business. DMGT slightly increased its stake in Zoopla Property Group, to 52.6%, during the period and dmg information acquired strategic stakes in iProf, a provider of test preparation services to students in India, and Petrotranz, a Canadian provider of communication and collaboration tools to automate processes in the oil and natural gas industries.

dmg media disposed of OilCareers and Broadbean, part of its digital recruitment business Evenbase, during the period although the proceeds from the Broadbean disposal were received in April 2014, after the period end. Since 31 March 2014, dmg media disposed of Jobrapido and, in May 2014, reached agreement on the disposal of Jobsite, which is expected to complete in the final quarter of calendar 2014. This transaction will complete dmg media's exit from the digital recruitment market and total proceeds from the disposal of Evenbase are expected to be £150 million. Euromoney disposed of its MIS training business in April 2014.

In May, Zoopla Property Group confirmed its intention to make an initial public offering (IPO) on the London Stock Exchange. DMGT intends to participate in the IPO and reduce its stake in Zoopla Property Group.

Outlook

While the Group's first half performance has been good, there are factors which will adversely impact the year-on-year performance during the second half of the year. These include the Daily Mail's February 2013 cover price increase, increasing newsprint costs, the ramp up of costs relating to RMS(one) and the strong pound. The Group outlook for the Full Year therefore remains in line with market expectations@. At a business unit level, the changes to Full Year guidance since November 2013 are:

1) Reduced revenue guidance for RMS(one), following the postponement of the launch of the production ready version of RMS(one) to the final quarter of calendar 2014, with revenues expected to be approximately £5 million rather than the previous guidance of being in the £15 million to £25 million range.

2) Underlying revenue growth at dmg events is expected to be at least 15% compared to the previous guidance of being in the10-15% range. Given the strength of the pound, reported revenues are still expected to increase by 10-15%.

3) dmg media's operating profit margin is expected to be at least 10%, rather than being approximately 10%.

Business Review

Business to business (B2B)

These results are stated after allocating Group corporate costs on the basis of B2B's share of Group revenues.

Revenues from the B2B group totalled £532 million, up 16% on the prior half year, with an underlying increase of 11%. The adverse impact of the stronger pound on the reported results was more than offset by additional revenues from acquisitions. Operating profits were 5% higher at £119 million with dmg information accounting for most of the increase. The underlying operating profit, including allocated Group corporate costs, increased by 12% and the overall B2B margin decreased slightly to 22%. The margin and reported growth in operating profits were adversely impacted by the consolidation of dmg information's loss making property information business, Xceligent, following its change from being an associate to a subsidiary in October 2013.

Risk Management Solutions (RMS)

These results are stated before the allocation of Group corporate costs.

RMS increased its revenues by 4%, on a reported basis, and by 8% on an underlying basis. The underlying revenue growth of the core business was 6% and there were an additional £1 million of service revenues related to RMS(one). Operating profit declined by 5%, and by 1% on an underlying basis. The operating margin of 34% was lower than the first half of 2013 due to the RMS(one) related costs.

In March 2014, it was announced that, following significant client engagement, the launch of RMS(one), which had originally been scheduled for April 2014, would be postponed until the final quarter of calendar 2014. RMS continues to work to refine its release roadmap and timeline, and intends to communicate this to its clients over the summer, including more details about the timing and scope of a production-ready release of RMS(one). The rate of client adoption and usage will reflect the features and functionality available with each release.

Outlook

RMS is expected to deliver mid-single digit Full Year underlying revenue growth for its core business and approximately £5 million of revenues associated with RMS(one). Operating expenses are expected to increase during the second half of the year as RMS(one) costs ramp up, which will significantly reduce margins. The Full Year operating margin is therefore expected to be around 25% and the Full Year operating profit in the £45 million to £50 million range.

dmg information

These results are stated before the allocation of Group corporate costs.

dmg information had a strong first half, with underlying revenues up by 15%. Reported revenues were up 39% following the acquisition of DIIG in October 2013 and, in the same month, Xceligent changing from an associate to a subsidiary due to dmg information gaining control of the business. dmg information now owns 52% of Xceligent. The Property Information, Education and Energy businesses all produced double digit underlying revenue growth during the period. Underlying operating profit increased by 46%, with growth being driven particularly by the Property Information and Education businesses. Reported operating profit was adversely impacted by the inclusion of Xceligent's losses. Operating margin declined from 15%, during the first half of the prior year, to 14% due to the inclusion of the lower margin DIIG business and the loss making Xceligent business. Excluding these additions to the portfolio, the operating margin increased from 15% to 18%.

Other than the European Property Information businesses, Landmark and DIIG, dmg information is a largely US based business and the strong pound relative to the US dollar adversely impacted reported results.

Property Information

Operating profit is stated before charging central dmg information costs and before the allocation of Group corporate costs.

Our Property Information companies grew underlying revenues by 16% with particularly strong year-on-year growth from the European businesses, Landmark and DIIG, which delivered a combined underlying growth rate of 20%, supported by recovering transaction volumes in the UK residential market. DIIG is complementary to dmg information's existing businesses in the property sphere. It is comprised of SearchFlow in England & Wales, Millar & Bryce in Scotland and Rochford Brady in Ireland and provides legal professionals, who conduct property transactions, with an electronic search service for residential and commercial property information.

Volumes in the US commercial property market, in which EDR operates, were relatively muted in comparison to the UK. Xceligent, one of relatively few providers of fully researched US property and listing information to the commercial real estate community, is now a subsidiary of dmg information and its results consolidated accordingly. The business continues to be loss making as it expands its coverage into more US cities. The addition of DIIG and Xceligent to the portfolio were significant factors driving the 74% growth in reported revenues and Xceligent's losses resulted in operating profit increasing by 16%, compared to an underlying increase of 33% for dmgi's property information businesses as a whole.

Education, Energy and Financial

Operating profit is stated before charging central dmg information costs and before the allocation of Group corporate costs.

Underlying revenues grew by 14%, with the Education and Energy businesses continuing to perform particularly strongly. Reported revenue growth of 12% was adversely impacted by the stronger pound. Operating profit increased by 52% on an underlying basis and 51% on a reported basis with Hobsons, the Education business, accounting for the majority of the profit growth.

Hobsons continued its strong growth with underlying revenues increasing by 19%. The K-12 school business continues to deliver particularly strong growth and, due to the subscription nature of the revenues, is reducing the seasonality of Hobsons' overall profits which do, however, remain weighted towards the second half of the financial year. During 2012 and 2013 Hobsons invested in a new outsourcing service for universities' online programmes and the transition of this initiative to profitability has also improved Hobsons' profit compared to the first half of the prior year.

Our Energy information company, Genscape, increased underlying revenues by 18% with particularly strong growth from its oil, North American gas and biodiesel products. In October 2013, Genscape acquired Energytics, a Texan provider of information services to energy traders, continuing its strategy of acquiring strategic bolt-on businesses to act as catalysts for further organic growth.

Trepp, which serves the Commercial Mortgage-Backed Securities (CMBS) market, and Lewtan, which serves the broader Asset-Backed Securities market, both continued to grow at relatively modest rates, delivering a combined underlying growth rate of 4%.

Outlook

For the Full Year, dmg information remains on course to achieve underlying revenue growth of between 10% and 15% with an operating margin in the high teens, lower than the prior year due to the inclusion of the loss making Xceligent business and the lower margin DIIG business.

dmg events

These results are stated before the allocation of Group corporate costs.

dmg events' reported revenues increased by 16%. The ADIPEC event, which has historically had a biennial cycle, has now switched to an annual format and revenues for the November 2013 event were 95% those of the November 2012 event. Similarly Gastech has historically been a biennial event but is now on an 18 month cycle; the event occurred in March 2014, following the previous event in October 2012, and grew revenues by 46%. These two events significantly contributed to dmg events' underlying revenue growth of 28% for the period. Excluding ADIPEC, underlying revenue growth was 18%. Generally the growth rates of dmg events' smaller events have been lower.

The number of visitors attending each of the three large events in the period, Big5, ADIPEC and Gastech, grew at a faster rate than the increase in revenues, reflecting increased expenditure on marketing and content, notably workshops and educational programmes. The visitor numbers are an encouraging revenue indicator for future events but the increased expenditure resulted in the profit growth rates being lower than the revenue growth rates for each of the three large events. As a consequence, dmg events' operating profit increased by 8% on a reported basis and 21% on an underlying basis.

In January 2014, dmg events acquired Quartz Coatings Events, which operates shows for the paints and coatings market, complementing its existing construction events such as Big5 and the Middle East Coatings Show. The acquisition, which operates in Vietnam, Thailand, Indonesia, Mexico and Morocco, is also expected to facilitate dmg events' expansion through cloning existing events into new geographies.

Outlook

Due to the seasonality of events we expect revenues in the second half of this year to be approximately half those in the first half and the second half margin to be considerably lower. Given the strong performance in the first half, dmg events now expects to deliver underlying revenue growth of at least 15% for the Full Year rather than the 10% to 15% previously guided to. However, reported revenue growth for the Full Year is still expected to be in the 10% to 15% range given the strength of the pound. The business is still anticipated to deliver an operating margin in the region of 25%.

Euromoney Institutional Investor

These results are stated before the allocation of Group corporate costs.

Euromoney announced its first half results last week. Revenue increased by 5% on a reported basis, benefiting from acquisitions though adversely impacted by the stronger pound, and grew by 3% on an underlying basis. The main driver of underlying revenue growth was event sponsorship which increased 10%, largely due to new financial market events. Subscriptions, which accounted for 53% of revenue in period, grew by 2% on an underlying basis while underlying advertising revenues declined by 2%.

Operating profit rose 2% to £54 million,including the cost of Euromoney's long-term incentive scheme, the Capital Appreciation Plan (CAP). An additional accelerated charge in respect of the CAP was recognised in 2011, and both last year's and this year's profits benefit from the earlier acceleration of that charge. Excluding this benefit, underlying operating profit was up 3% on last year. Euromoney continues to invest in digital publishing, including the new Delphi platform which went live in the period and which is a significant component of Euromoney's plans for future growth.

During the period Euromoney acquired Infrastructure Journal, a leading information source for the international infrastructure markets, which has been successfully integrated with Euromoney's existing Project Finance business and, in March, re-launched under the IJ Global brand. In April, Euromoney disposed of its MIS training business which offered limited synergies with the rest of Euromoney and required significant investment to drive future growth.

Outlook

Trading conditions have remained challenging, particularly in the investment banking sector where global financial institutions continue to cut costs and exit capital intensive activities. In contrast, Euromoney's businesses serving the asset management industry have remained robust and are starting to benefit from increased budgets for research and information services, while emerging markets continue to present opportunities for growth.

The recent strength of the pound against the US dollar is expected to have a more significant adverse impact on reported results in the second half of the year. Euromoney intends, however, to maintain its strategy of investing in new products and digital publishing to drive organic growth, complemented by further acquisitions.

Consumer media

These results are stated after allocating Group corporate costs on the basis of Consumer media's share of Group revenues.

The reported results for the Consumer business, compared to the prior year, were impacted by the disposal of Northcliffe Media, effective 30 December 2012. The Group owns stakes in Zoopla Property Group, the digital property business, and Local World, the local media publisher, with DMGT's share of profits of these businesses included within joint ventures and associates.

dmg media

These results are stated before the allocation of Group corporate costs. Amounts are stated rounded to the nearest million pounds, consequently totals may not equal the sum of the component integers.

Summary

Underlying revenues grew by 1% compared to the first half of the prior year. Reported revenues declined by 2%, primarily due to the disposal of dmg media's central and eastern European operations during the prior year.

The underlying increase in digital advertising revenues across the dmg media portfolio continued to exceed the ongoing decline in print advertising revenues, with total underlying advertising revenues increasing by 3%. Circulation volumes continued to decline, although revenues benefited from the February 2013 increase in the cover price of the Monday to Friday editions of the Daily Mail, from 55p to 60p. Overall, circulation revenues declined by 3%.

Operating profit for the period increased by 39% to £50 million, an underlying increase of 44%. The cost base has benefited from more efficient newspaper production facilities following the relocation from Surrey Quays to Thurrock during the prior year and the closure of our Stoke plant in December 2012. There has also been a steady reduction, over the last few years, in the number of businesses within dmg media's portfolio with the focus now on the Mail businesses. This has also delivered a reduction in dmg media's central costs. The reduced cost base and the benefit of the prior year cover price increase contributed to the increase in operating margin from 9% to 13%.

Mail Businesses

Revenue for the combined newspapers and website businesses (Daily Mail, The Mail on Sunday and MailOnline) remained constant at £306 million. The 4% decline in print advertising revenue and 3% decline in circulation revenue were offset by the 45% revenue growth for MailOnline in the period. The Daily Mail's circulation volumes continued to decline although the strength of the Mail brand enabled a continued increase in the Daily Mail's market share to 22.8% in March 2014, compared to 22.1% in March 2013. The Mail on Sunday also increased market share, to 21.8% in March 2014, compared to 21.0% in March 2013.

Total advertising revenues across the Mail Businesses were £131 million, an increase of £5 million, 4% on the same period last year with the £9 million, 50% increase in MailOnline's advertising revenues exceeding the £5 million, 4% decline in print advertising revenues. MailOnline's total revenues increased by 45%, slower than advertising growth, due to the prior year including a £1 million benefit from using a different methodology to allocate revenues from dmg media's reader offers across the Mail businesses.

MailOnline continues to grow strongly, with 180 million average global monthly unique browsers and 11.3 million average global daily unique browsers in March 2014, increases of 60% and 56% respectively on March 2013. MailOnline continues to focus on increasing the size and engagement level of its global audience and, in particular, its US audience. There were 62 million average monthly unique US browsers and 3.2 million average daily unique US browsers in March 2014, increases of 74% and 70% respectively on March 2013. In January 2014, MailOnline launched an Australian joint venture with Mi9, part of the Nine Entertainment Co, and the business is expected to benefit from the advertising relationships and video content from this alliance. Average daily unique Australian browsers in March 2014 were over 400,000, more than double the level in March 2013.

Other dmg media businesses

Revenue at Metro was £40 million, in line with last year. Metro has re-focused on the core newspaper business and the MailOnline management team are now responsible for driving the growth of Metro's digital audience.

dmg media's presence in the digital recruitment market was reduced with the disposals of OilCareers and Broadbean in March 2014 and the disposal of Jobrapido in April 2014. In May 2014, an agreement was reached to dispose of Jobsite and the transaction will complete dmg media's disposal of Evenbase and exit from the digital recruitment market.

Wowcher continues to grow strongly and has developed a database of 4.9 million customers, notably affluent, urban females. Wowcher's net revenue in the period was £11 million, more than double the first half of last year. Wowcher has been in investment phase and made a small loss during the period but remains on track to achieve run-rate break-even in the second half of the year.

Reported revenues from other businesses were £3 million in the period, a reduction of £11 million compared to last year. This was largely due to the disposal of the central and eastern European publishing businesses during the prior year as well as the cessation of contract printing and distribution services, increasing the focus on the higher growth businesses within the dmg media portfolio.

Outlook

Following weak advertising revenues in March 2014, performance improved over the Easter period and into May. Compared to the prior year, dmg media's underlying advertising revenues increased by 10% for the seven weeks to 18 May 2014, including the benefit from the Easter period, bringing underlying advertising growth for the thirty three weeks year to date to 6%. Circulation revenues for the seven weeks to 18 May 2014 were down 6%. Overall for the Full Year, dmg media expects to deliver stable underlying total revenues, for advertising and circulation combined, in the -2% to +2% range, with underlying digital advertising growth across the portfolio offsetting circulation and print advertising declines. Reported revenues will be adversely impacted by disposals, notably from the Evenbase portfolio. Operating margins for the Full Year are expected to be at least 10%, a slight increase on the previous guidance of approximately 10% although, due to declining circulation revenues and an increase in the cost of newsprint, not as high as the 13% delivered in the first half.

Northcliffe Media

These results are stated before the allocation of Group corporate costs.

Northcliffe Media was sold to Local World, a company in which the Group owns a 38.7% stake, at the end of December 2012.

Joint Ventures & Associates

The Group's share of the operating profits* of its joint ventures and associates increased by £8 million to £17 million. Zoopla Property Group, in which DMGT owns a 52.6% stake, continues to perform strongly and increased revenues by 26% compared to the prior year. The share of profits from Local World, in which DMGT owns a 38.7% stake, was £7 million in the period compared to £3 million from three months of trading in the prior year, reflecting an improved profit margin. Xceligent, the US property information business, became a subsidiary of dmg information in October 2013 and consequently is no longer included within joint ventures and associates.

During the period dmg information acquired a 33% stake in Petrotranz, a Canadian business which provides clients in the oil and natural gas industries with a web-based communication and collaboration platform to automate manual and inefficient processes. dmg information, through its Education business Hobsons, also acquired a 10% stake in iProf, a provider of test preparation content for students in India, which is working with Hobsons in developing new tools and services for the K-12 market.

For the Full Year, the share of operating profits from joint ventures and associates is expected to exceed £30 million.

Other income statement items

· Net finance costs

Amounts are stated rounded to the nearest million pounds, consequently totals may not equal the sum of the component integers.

Net finance costs, including investment income, increased by £1 million to £26 million. There was no investment income in the period whereas the prior year included a dividend from the Press Association. Net interest payable and similar charges declined by 3% and, excluding finance charges on deferred consideration relating to acquisitions, declined by 6%, benefiting from the redemption of bonds in December 2013.

The pension finance charge, which is excluded from adjusted results, was £4 million for the period compared to £7 million for the same period last year and £13 million for the prior Full Year.

Exceptional finance costs included a £24 million charge for the premium on the early redemption of £56 million of 10.0% Bonds, due 2021, and £50 million of 5.75% Bonds, due 2018, which were purchased in December 2013.

· Other items

The Group charged £10 million of exceptional operating costs in the period (2013 £18 million) all of which were cash items. There were £12 million of reorganisation, redundancy and consultancy costs, primarily at dmg media, which continued to increase its focus on the core Mail businesses and to scale back the headcount associated with the print businesses and central functions. These costs were partly offset by a £2 million credit in respect of deferred consideration, primarily relating to Jobrapido.

The charge for amortisation of intangible assets increased by £4 million to £20 million. The Group also made an impairment charge of £14 million, principally relating to dmg media's Jobrapido business ahead of its disposal in April 2014. The Group recorded gains on disposals of £42 million, compared to £61 million in the prior period. The gains primarily related to the disposals of dmg media's online digital recruitment businesses, OilCareers and Broadbean.

· Taxation

The adjusted tax charge of £30 million (2013 £24 million) is stated after adjusting for the effect of exceptional items. The adjusted tax rate for the half year is 19.5% (2013 18.2%). The increase reflects a reduced impact on the rate from tax-efficient financing and tax deductible amortisation in the US and the effective tax rate is expected to increase to over 22% over the next two years.

There were net exceptional tax credits of £2 million, due to exceptional tax charges of £3 million, predominantly arising on the disposal of the OilCareers and Broadbean businesses, and relief of £5 million in respect of amortisation and impairment of intangible fixed assets.

Pensions

The deficit on the Group's defined benefit pension schemes decreased from £208 million at the beginning of the year to £162 million at the half year (calculated in accordance with IAS 19), with the increase in the value of assets exceeding the increase in the value of the defined benefit obligation. Funding payments into the main schemes during the period were £44 million, including the £13 million final instalment in respect of the disposal of Northcliffe Media. During the period the Group and the Trustees agreed a revised Schedule of Additional Funding accruing to the main schemes through to 2026, totalling approximately £34 million per annum to 2020, £28 million per annum to 2022 and then £23 million per annum thereafter. In addition a contribution equal to 20% of any share buy backs will be contributed to the schemes, albeit offset by up to £5 million of agreed funding contributions during the year. Contributions will be discontinued should the schemes' actuary agree the schemes are no longer in deficit, with the next formal actuarial valuation scheduled for 31 March 2016. The defined benefit schemes are closed to new entrants.

Net debt and cash flow

Net debt at the end of the period was £793 million, an increase of £220 million since the start of the year, and the net debt:EBITDA ratio was 2.0. Net expenditure on acquisitions, including proceeds from disposals, was £87 million. Cash outflows also included dividends of £55 million, pension funding payments of £44 million, interest payments of £26 million and a £24 million premium on the early redemption of bonds. The Group generated operating cash flows of £48 million in the period. Operating cash flows are stated after capital expenditure of £35 million, excluding £24 million of expenditure in respect of RMS, notably RMS(one), and exceptional operating items of £10 million.

Operating cash flows were adversely impacted by a £16m increase in Euromoney's CAP related share purchases and cash payments as well as the growth of businesses with seasonal cash flows, notably Hobsons and dmg events.

Net debt is usually at its peak around the half year due to the timing of the prior year's final dividend and other annual payments. Allowing for further planned investment activity, the ratio of net debt to EBITDA is expected to be 2.0 or less at the year end.

The Directors consider that the Group has adequate resources to continue in operational existence for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing the half yearly report.

Financing

During the first half of the year, the Group acquired 3.1 million 'A' Ordinary Shares for £29 million in order to meet obligations to provide shares under its incentive plans and utilised 3.6 million shares out of Treasury, valued at £33 million, to provide shares under various incentive plans. As at 31 March 2014, DMGT had 373.9 million shares in issue, including 19.9 million Ordinary Shares, and a further 20.0 million 'A' Ordinary Shares held in Treasury.

During the period, the Group's available bank facilities were increased from £300 million to £480 million and extended to 2019.

Dividend

The Board has declared an interim dividend of 6.2 pence per Ordinary and 'A' Ordinary Non-Voting share (2013 5.9 pence) which will be paid on 4 July 2014 to shareholders on the register at the close of business on 6 June 2014.

Underlying analysis - Revenues

Note: M&A adjustments are for disposals, including dmg media's central and eastern European operations and digital recruitment businesses (OilCareers and Broadbean), and acquisitions, including DIIG, Infrastructure Journal and Xceligent. Acquisitions are excluded from Euromoney's underlying results whereas dmg information's underlying results include the post-acquisition organic growth from acquired entities.

Amounts are stated rounded to the nearest million pounds, consequently totals may not equal the sum of the component integers.

Underlying analysis - Adjusted operating profit*

Notes: B2B and Consumer underlying figures are stated pre the allocation of Corporate costs. Including Corporate costs, the underlying growth rates for B2B and Consumer were +12 and +61% respectively.

 'Other' includes adjustments for the timing of events and the acceleration of Euromoney's CAP costs.

Amounts are stated rounded to the nearest million pounds, consequently totals

may not equal the sum of the component integers.

Principal risks and uncertainties

The UK Listing Authority's Disclosure and Transparency Rules requires a description of the principal risks and uncertainties for the remaining six months of the financial year.

The principal risks facing DMGT, summarised below, arise from the competitive and rapidly changing nature of our markets, the increasingly technological nature of our products and services, the international reach of our businesses, legislative, fiscal and regulatory developments, and economic conditions in our markets. Certain businesses could also be affected by the impact of declining advertising revenue streams and traditional print circulation.

The principal risks and uncertainties that affect the Group on an ongoing basis are described in our 2013 Annual Report at www.dmgt.com. These are still considered to be the most relevant risks and uncertainties at this time. These are summarised below:

Strategic Risks

· New or disruptive technologies or competitors and changing behaviours can impact the demand for our products (e.g. mobile, tablet, cloud, online adoption, and falling newspaper readership affecting advertising spend).

· Management of the portfolio and allocation of capital in relation to both organic growth opportunities and acquisition targets.

· Securing and retaining the right people for senior and business critical roles.

· Economic downturn which would affect advertising revenue, property and financial markets in the UK and US, and growth potential in key markets.

· US dollar earnings. A large portion of the Group profits arise in US dollar. Weakening of the dollar would have a translational effect on reported results.

Operational Risks

· Information security breach or cyber-attack could result in reputational damage or unavailability of products.

· Failure of a major change project.

· Pension scheme deficit within our UK newspaper business.

· Reliance on third parties and key commercial relationships (data centre, cloud software and service providers, events venues, newsprint suppliers, distributors and wholesalers).

Risks relevant to the remainder of the financial year

Failure of a major change project

RMS (one), the cloud-based exposure and risk management platform, was due to launch in April 2014 and current financial year revenues associated with RMS(one) were expected to be in the £15 million to £25 million range. In March 2014, it was announced that, following significant client engagement, the launch of RMS(one) would be postponed until the final quarter of calendar 2014 and consequently revenues associated with RMS(one) in the current financial year are now expected to be approximately £5 million. Reductions in expected product amortisation and operating costs mean, however, that RMS's Full Year operating profit is still expected to be in the £45 million to £50 million range, consistent with guidance given in November 2013.

Statement of Directors' responsibilities

The Directors are responsible for preparing the half-yearly financial report, in accordance with applicable law and regulations.

The Directors confirm that to the best of their knowledge:

a) this condensed set of financial statements which should be read in conjunction with the annual financial statements for the year ended 30 September 2013 and has been prepared in accordance with IAS 34 'Interim financial reporting' as adopted by the European Union; and

b) the interim management report includes a fair review of the information required by the Financial Services Authority's Disclosure and Transparency Rules 4.2.7R and 4.2.8R.

By order of the Board of Directors

The Viscount Rothermere

Chairman

21 May 2014

* Unless otherwise stated, all profit and profit margin figures in this Interim Management Report refer to adjusted results and not statutory results. Adjusted results are stated before exceptional items, other gains and losses, impairment of goodwill and intangible assets, pension finance charges, premiums on bond redemptions and amortisation of intangible assets arising on business combinations. For a reconciliation of Group profit to adjusted Group profit, see Note 9.

# Underlying revenue or profit* is revenue or profit on a like-for-like basis, adjusted for constant exchange rates, disposals, closures, non-annual events occurring in the current and prior year and acquisitions; see pages 19 and 20. For dmg information, underlying growth includes the year-on-year organic growth from acquisitions and excludes ECCTIS, a Hobsons business, which was disposed of in January 2014. For dmg events, the comparisons are between events held in the year and the same events held the previous time other than ADIPEC, which became an annual event in November 2013, which is compared to 50% of the revenue and profit of the biennial November 2012 event. For Euromoney, no adjustments are made for the timing of events but acquisitions are completely excluded and underlying profit excludes the benefit in both FY 2013 and FY 2014 of the historic acceleration of its CAP charge. For dmg media, underlying comparisons exclude low margin contract printing revenue, which ceased last year, the central and eastern European businesses, which were disposed of last year, Villarenters, OilCareers and Broadbean, which were disposed of during the first half of this financial year, and distribution services, which ceased earlier this year. For the seven week and thirty three week periods to 18 May 2014, dmg media's underlying advertising performance also excludes Jobrapido, which was disposed of in April 2014. Northcliffe Media is excluded from the DMGT Group underlying comparisons.

~ Percentages are calculated on actual numbers to one decimal place.

+ Restated for the revision to International Accounting Standard 19 - Employee Benefits [IAS19 (R)]. The revision has changed the methodology for calculating the financial element of the net charge or credit associated with DMGT's defined benefit pension schemes. As a result, pension finance income of £7 million previously recognised during the first half of FY 2013, has been restated as a pension finance charge of £7 million and the Full Year pension finance income of £15 million has been restated as a pension finance charge of £13 million. The pension finance item is now excluded from adjusted earnings as the calculation under the new standard does not necessarily reflect the underlying economics associated with the relevant pension assets and liabilities. See Note 1.

@ Current City analyst expectations of adjusted profit before tax for Full Year 2014 range from £277 million to £304 million and adjusted basic earnings per share from 51.7 pence to 58.0 pence with a consensus of £286 million and 54.3 pence. Adjusted results are from continuing and discontinued operations and are before exceptional items, other gains and losses, impairment of goodwill and intangible assets, pension finance charges and amortisation of intangible assets arising on business combinations.

The average £: US$ exchange rate for the year was £1:$1.64 (against £1:$1.58 last year). The rate at the half year end was $1.67 (2013: $1.52), compared to $1.62 at the previous year end.

Analysts' presentation and webcast

A presentation of the Half Year Results will be given to investors and analysts at 9.30am on 22 May 2014, at The Brewery, 52 Chiswell Street, London, EC1Y 4SD. There will also be a live webcast available on our website, http://www.dmgt.com.

Next trading update

The Group's next scheduled announcement of financial information will be its third quarter interim management statement on 24 July 2014.

This Interim Management Report ('IMR') is prepared for and addressed only to the Company's shareholders as a whole and to no other person. The Company, its Directors, employees, agents and advisers accept and assume no liability to any person in respect of this IMR save as would arise under English law. Statements contained in this IMR are based on the knowledge and information available to the Group's Directors at the date it was prepared and therefore facts stated and views expressed may change after that date.

This document and any materials distributed in connection with it may include forward-looking statements, beliefs, opinions or statements concerning risks and uncertainties, including statements with respect to the Group's business, financial condition and results of operations. Those statements and statements which contain the words "anticipate", "believe", "intend", "estimate", "expect" and words of similar meaning, reflect the Group's Directors'beliefs and expectations and involve risk and uncertainty because they relate to events and depend on circumstances that will occur in the future and which may cause results and developments to differ materially from those expressed or implied by those statements and forecasts. No representation is made that any of those statements or forecasts will come to pass or that any forecast results will be achieved. You are cautioned not to place any reliance on such statements or forecasts. Those forward-looking and other statements speak only as at the date of this IMR. The Groupundertakes no obligation to release any update of, or revisions to, any forward-looking statements, opinions (which are subject to change without notice) or any other information or statement contained in this IMR.Furthermore, past performance of the Group cannot be relied on as a guide to future performance.

No statement in this document is intended as a profit forecast or a profit estimate and no statement in this document should be interpreted to mean that earnings per DMGT share for the current or future financial years would necessarily match or exceed the historical published earnings per DMGT share.

Nothing in this document is intended to constitute an invitation or inducement to engage in investment activity. This document does not constitute or form part of any offer for sale or subscription of, or any solicitation of any offer to purchase or subscribe for, any securities nor shall it or any part of it nor the fact of its distribution form the basis of, or be relied on in connection with, any contract, commitment or investment decision in relation thereto. This document does not constitute a recommendation regarding any securities.

Independent review report to Daily Mail and General Trust plc

We have been engaged by the company to review the condensed set of financial statements in the half-yearly financial report for the period ended 31 March 2014 which comprise the condensed consolidated income statement, the condensed consolidatedstatement of comprehensive income, the condensed consolidatedstatement of changes in equity, the condensed consolidated cash flow statement, the condensed consolidated statement of financial position, and related notes 1 to 25. We have read the other information contained in the half-yearly financial report and considered whether it contains any apparent misstatements or material inconsistencies with the information in the condensed set of financial statements.

This report is made solely to the Company in accordance with International Standard on Review Engagements (UK and Ireland) 2410 "Review of Interim Financial Information Performed by the Independent Auditor of the Entity" issued by the Auditing Practices Board. Our work has been undertaken so that we might state to the Company those matters we are required to state to them in an independent review report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company, for our review work, for this report, or for the conclusions we have formed.

Directors' responsibilities

The half-yearly financial report is the responsibility of, and has been approved by, the Directors. The Directors are responsible for preparing the half-yearly financial report in accordance with the Disclosure and Transparency Rules of the United Kingdom's Financial Services Authority.

As disclosed in note 1, the annual financial statements of the Group are prepared in accordance with IFRSs as adopted by the European Union. The condensed set of financial statements included in this half-yearly financial report has been prepared in accordance with International Accounting Standard 34, "Interim Financial Reporting," as adopted by the European Union.

Our responsibility

Our responsibility is to express to the Company a conclusion on the condensed set of financial statements in the half-yearly financial report based on our review.

Scope of Review

We conducted our review in accordance with International Standard on Review Engagements (UK and Ireland) 2410, "Review of Interim Financial Information Performed by the Independent Auditor of the Entity" issued by the Auditing Practices Board for use in the United Kingdom. A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing (UK and Ireland) and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

Conclusion

Based on our review, nothing has come to our attention that causes us to believe that the condensed set of financial statements in the half-yearly financial report for the period ended 31 March 2014 is not prepared, in all material respects, in accordance with International Accounting Standard 34 as adopted by the European Union and the Disclosure and Transparency Rules of the United Kingdom's Financial Services Authority.

Deloitte LLP

Chartered Accountants and Statutory Auditor

21 May 2014 

London

United Kingdom

Shareholder Information

Financial Calendar (provisional)

2014

22 May Half Yearly Financial Report published

4 June Interim ex-dividend date

6 June Interim record date

4 July Payment of interim dividend

24 July Interim management statement

17 September Pre-close trading update

30 September Year end

30 September Payment of interest on loan notes

26 November Annual results and final dividend announced

3 December Ex-dividend date

5 December Record date

Contacts

For further investor information and contacts, please visit the Company's website at:

http://www.dmgt.com

Copies of this Half Yearly Financial Report are available electronically from the Company's website at www.dmgt.com or from the Secretary upon request.