The Daily Mail & General Trust has expressed satisfaction with turnover in the first half of its current financial year but warned that the political and economic climate was fostering uncertainty in some of its markets.
In a trading statement issued today, DMGT said that growth of 2.4% was achieved in the five months to February 28 2003. Retail and travel have apparently performed well but the financial sector is still weak.
The company said that circulation figures at Associated Newspapers remained healthy despite cover price increases at the Evening Standard and the Mail On Sunday and compensated for a slight slowdown in advertising sales.
“Associated’s advertising revenue performance has slowed from the levels achieved in October and November against weak comparatives. The Evening Standard‘s recruitment advertising is still declining year on year, albeit now by only about 10%. All titles have improved yields,” it said in its statement.
There was acclaim for the Northcliffe Newspapers division where circulation revenues are expected to be up by around 5% for the half-year complementing advertising growth of 3%. The freesheet Metro has also performed well and is in profit.
Despite the bright start to 2003, DMGT is reluctant to speculate on coming developments. Interim results are due out at the end of May.
“In summary, the group continues to improve the market positions of its businesses, although some are experiencing testing conditions. The group expects a satisfactory half-year result, but the full year’s outcome will inevitably depend to some extent on events outside our control,” it said.
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