DMGT Results Bring No Respite From Ad Gloom
Year end results for Daily Mail & General Trust plc, released today, revealed a 7% drop in profits despite an overall rise in advertising revenues. Adjusted profit before tax was £178 million compared to £192 million for 2000, turnover was up 6% to £1.96 billion.
The last two months have seen a sharp decline in advertising revenue after a period of recovery in July and August. At the Daily Mail, revenues rose by 2.8% for the year but the Mail On Sunday, hampered by a decline in financial advertising, saw revenues fall by 2.5%. The Evening Standard fell by less than 1% due to the continuing strength of property advertising and Metro saw ad revenue rise by 26%.
Operating profit at Associated Newspapers rose by 13% despite the difficult conditions in the advertising market whilst Northcliffe Newspapers increased operating profit by 5% to £97 million.
The group said that it has planned for difficult conditions to continue into next year but said that it’s market leading businesses are well placed to benefit from any upturn in economic conditions.
