Nov 29, 2018
Daily Mail warns of ‘challenging’ media landscape
Revenues sank 9 per cent over the year to £1.43bn, and the Daily Mail said conditions remained "Challenging" for the media sector. Adjusted pre-tax profit also fell 16 per cent on a pro forma basis, hit by the impact of a weaker US dollar, the exclusion of the group's share of ZPG profits for the last three and a half months of the year and £37m in "Finance charges." Daily Mail said this was at the top end of forecasts. The company's media division - "The area we would pay most attention to," said Librium's Ian Whittaker in a note to clients - was hurt by a 9 per cent decline in print advertising revenues, a familiar refrain across the media landscape. These now account for 51 per cent of total advertising across the combined Mail businesses, he said. The rise was "More than offset" by a 5 per cent fall in circulation revenues to £291m - despite the price of The Mail on Sunday rising from £1.70 to £1.80 in October 2017 - and falling print advertising revenues.
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