Daily Mail & General Trust’s regional business Northcliffe Media saw revenues fall 28% year on year in October.
DMGT said total ad revenue at Associated Newspapers, publisher of the
Daily Mail, fell 10% year on year in October.
It added that it was difficult to predict trading performance at Associated for the next few months, “with even less visibility thereafter”.
Northcliffe’s property ad revenues were down 52% year on year in October, with recruitment ad revenue down 37%.
DMGT said that it planned a £100 million package of cost cuts and revenue growth measures because of “anticipated advertising weakness and newsprint price increases”.
UK digital revenues grew on a like for like basis by 42% to £17 million, representing 6% of all advertising income.
Martin Morgan, chief executive, said: “Our strategy of creating a diversified international portfolio of market-leading companies across both business and consumer products has provided considerable overall resilience and leaves us well positioned to deliver long-term growth. Although the worsening economic conditions had an adverse impact on the newspaper and property businesses, our B2B divisions continued to perform well.
“The short term outlook remains difficult and we are taking decisive action to defend profitability. However, the group’s strong cash flow will also allow continued selective investment to ensure our businesses achieve their full potential.”
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