Daily Mail owner hit by ad revenue blow as print readership stalls
Daily Mail and General Trust (DMGT), owner of the Daily Mail, has been battered by another advertising slump as recent lockdowns play havoc with it free sheet newspapers and events business.
Underlying group revenue declined 15% in the first quarter of its financial year as the pandemic derailed both planks underpinning its bottom line.
What’s the deal
Print advertising across the group slumped a calamitous 38% over the three months to 31 December, led by a collapse in readership for the Metro newspaper as commuters stay at home.
Grim results across the consumer media sector saw total underlying revenue fall 13%, driven south by red ink across the board including a 16% decline in underlying advertising revenues.