May 30, 2019

Daily Mail parent’s shares rise most since 2012 on upbeat results

Daily Mail and General Trust reported on Thursday a sharp jump in a key profit measure, sending the tabloid publisher's shares rising by the most since late 2012. The publisher of the Daily Mail said its adjusted pre-tax profits climbed 19 per cent in the six months to the end of March on an underlying basis to £100m. Revenues inched up 1 per cent on the same basis to £724m. Paul Zwillenberg, chief executive, said the "Strong performance" in the period came amid strength in its consumer media division, and "Continued growth" in the business-to-business portfolio. DMGT shares rallied 10.2 per cent on Thursday, leaving them on track for the sharpest rise since November 2012, according to Refinitiv data. Statutory profit before tax in the first half of the company's fiscal 2019 fell 56 per cent to £50m. It said this was largely due to impairment charges of £28m for Euromoney and £21m On-geo. Reported revenues were down three per cent from the year before on a statutory basis.

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