Daily Mail & General Trust (DMGT) has reported a 24% increase in profits over the six months to April 1.
DMGT said that its first half performance reflects continued good growth from its business to business operations, supplemented by acquisitions.
The group made an adjusted profit before tax of £135 million for the six months to April 1, an increase of 24% compared with the equivalent figure for the previous year.
On a statutory basis though, profit before tax was down 31% at £133 million, as last year’s figure included a £122 million profit from the disposal of Aberdeen Journals (see DMGT Sells Aberdeen Journals).
In a statement, DMGT said: “Our newspaper divisions are experiencing modest growth in advertising revenues and our business to business divisions are continuing to see good trading conditions, tempered in sterling terms by the weakness of the US dollar.
“However, we are wary of the impact of higher interest rates on consumer advertising and see no imminent reduction in competitive activity in London. We are also continuing to invest heavily in our business information and online activities, which will restrain profit, but not revenue, growth in those companies.
“As a result, we expect to achieve satisfactory growth for the full year over last year, but not at the same level as has been achieved in the first half.”
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