LONDON (Alliance News) - Daily Mail & General Trust PLC on Thursday reported growth in like-for-like revenue in the third quarter of its financial year, with good growth in its business-to-business arm but continued weakness in its newspaper business.
The group, which publishes the Daily Mail and Mail on Sunday in addition to publishing B2B magazines and running events, said underlying, constant currency like-for-like revenue in the third quarter grew 1.0% year-on-year, while reported revenue rose 2.0% as it benefited from the strength of the dollar against the pound.
B2B division revenue grew 3.0% on an underlying basis and 7.0% on a reported basis, boosted by improving trends at Euromoney Institutional Investor PLC, the FTSE 250-listed group in which DMGT owns a significant stake. This offset a decline in events revenue.
The DMG Media unit, however, which houses the Mail papers, saw underlying revenue fall 2.0% and reported revenue fell 6.0%, hit by a weak UK print advertising market, which was only partially offset by strong digital advertising growth and good circulation revenue.
DMGT said it remains on track to meet market expectations for the year to the end of September.
DMGT shares were up 2.3% to 691.75 pence.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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