Advertising revenue at Daily Mail & General Trust’s national newspaper division fell by 23% in January.
Ad revenue was also down 40% on DMGT’s regional titles, although in a trading update released today, it said that overall revenue was up by 2% year on year in the three months to December 31, the first quarter of the company’s financial year.
It added that operating profit for the period was “well ahead of expectations”, while it is on track to exceed its £100 million package of cost-cutting and revenue boosting measures unveiled last November.
DMGT said that Northcliffe Media, the company’s regional newspaper division, had two very slow weeks after the new year, resulting in advertising revenues for January being 40% down on last year.
Martin Morgan, DMGT chief executive, said: “Trading in the first quarter has been ahead of our expectations, even allowing for the benefit of the stronger US dollar. Operating profit was only marginally lower than last year. This good performance, along with continued management of our cost base, will help to offset the effect of expected weaker trading conditions going forward.
“Our strategy of creating a diversified international portfolio of market-leading businesses in both business and consumer markets is providing considerable overall resilience and leaves us well positioned to deliver long-term growth.”
Associated Newspapers, the company’s national division which includes titles the London Lite and Daily Mail, saw total revenues for the three months to the end of December fall by 5% to £237 million.
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