o Revenue down 12% underlying o Cash operating income² down 13% underlying; 11% margin o Adjusted³ operating profit down 19% underlying; 9% margin o Adjusted profit before tax down 20% underlying o Adjusted EPS up 12% · Interim dividend increased +1% to 7.6p · Statutory · Active portfolio management strategy delivering value creation: o Increased investment in Cazoo in October 2020; proposed transaction values stake at c.US$1.35bn
5 vs £117m total investment o Disposal of EdTech (Hobsons) for c.US$410m in March 2021 o Acquisition of New Scientist for £67m in March 2021 · Strong financial position maintained: pro forma net cash £293m
6 and £362m of committed undrawn bank facilities; statutory net cash £199m
Daily Mail & General Trust Q1 Revenue Down; Says Confident In Long-term
LONDON (dpa-AFX) - Daily Mail and General Trust plc (DMGT.L) reported Thursday that its first-quarter Group revenue was 304 million pounds, down 20 percent on a reported basis, and down 15 percent on an underlying basis. Excluding Events & Exhibitions, underlying revenues declined 5 percent.
The company noted that first-quarter revenue was in line with management expectations. Looking ahead, the company said trading environment remains uncertain, and it has continued confidence in the long-term.
In its trading update, the company said Consumer Media, which accounts for 54 percent of total revenues, recorded 9 percent drop in revenues on a reported basis, and underlying revenues fell 13 percent. Events & Exhibitions revenues plunged 95 percent, impacted by Covid-19 pandemic. This was partially offset by growth in digital advertising.
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.
Lack of exhibitions takes a toll on DMGT group Q1 revenues
Global media group and events organiser, Daily Mail and General Trust (DMGT) has reported first quarter revenues down 15% year-on-year, although the Group says the figures are in line with management expectations. The Group said that although the trading environment remained uncertain, there was continued confidence in the long-term.
The Group’s Events & Exhibitions business (dmg events) was particularly impacted, with a 92% drop in underlying revenues, due to the effects of Covid-19.
That Events & Exhibitions result was partially offset by underlying digital advertising growth at DMGT of +8%. Further, UK Property Information performance was strong, up +22%, while the Group’s B2B business saw subscription growth.
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