DMGT records 23% fall in profits

Daily Mail & General Trust has performed better than expected in the year ending 4 October, recording a 23% fall in adjusted pre-tax profits.

Revenues at Associated Newspapers, the company’s national arm, were down 11% year on year to £876 million.

Underlying revenues fell 75% due in part to the sale of the Evening Standard to Alexander Lebedev, with the company recording a loss of £5 million on the sale.

Total revenue at regional business Northcliffe Media was down 22% to £328 million, with operating profit down 65% to £24 million.

Operating profit in the UK market fell by 67% to £20 million, with total revenues down by 24% to £285 million. Underlying ad revenue was down 30%

Associated Newspapers’ websites enjoyed an 11% increase in revenue on last year.

Martin Morgan, chief executive of DMGT, said: “We have actively managed the business to defend profitability during unprecedented trading conditions with a clear focus on fundamentals.

“Revenue and cost initiatives of £150 million have been delivered and we have taken action on various underperforming assets across the group. We remain focused on cash generation, debt reduction and cost efficiency.”