UK-based multi-media and information company Daily Mail & General Trust Plc (DMGT.L) Thursday said in a pre-close trading update for the five-month period to the end of February that its trading was in line with expectations and that group outlook for the year remains unchanged.
For the period, group revenue edged up 1 percent on a reported basis, but remained flat with last year on an underlying basis. Adjusting for the timing of Euromoney's events, the groups underlying growth rate was 1 percent.
In the Business to Business or B2B segment, revenue grew 6 percent and underlying revenue advanced 2 percent. Adjusting for the timing of Euromoney's events, B2B's underlying growth rates was 4 percent.
Within the B2B segment, Risk Management Solutions or RMS delivered revenue increase of 3 percent, but declined 2 percent on an underlying basis due to the expected lower RMS (one) consultancy revenues.
dmg information revenues grew 8 percent, benefiting from the stronger US dollar. Underlying revenue growth was 5 percent. In dmg events, revenue improved 24 percent, and underlying revenue increased 14 percent.
In Euromoney Institutional Investor, where the company has a significant stake, trading continued in line with its Board's expectations for the six months to March 2015. It is expected to report headline revenue growth of around 1 percent for the first half of the year, or a 3 percent decline on an underlying basis.
Euromoney's first half adjusted operating margin is expected to drop about two percentage points due to the impact of higher property and investment costs as well as the impact of the Dealogic transaction completed in December last year.
The dmg media delivered a revenue drop of 6 percent and underlying revenue was down 2 percent. However, both Mail Newspaper titles continued to gain market share, with the Daily Mail achieving a record 23.2 percent in February 2015.
In the business, underlying circulation revenues declined 4 percent, with volume declines. Underlying advertising revenue edged up 1 percent, as strong digital growth more than offset the decline in print advertising.
For the four weeks since February 22, total underlying advertising revenues for dmg media grew 5 percent.
DMGT.L is falling 1.77 percent in early morning trading at 859.50 pence.
For comments and feedback contact: editorial@rttnews.com
Business News