Oct 22, 2020

DMGT profits gain from advertising rebound

The group behind the Daily Mail newspapers said full-year profits were likely to beat expectations as it benefited from a smaller than anticipated hit to advertising revenues. DMGT - which spans news titles, events and data businesses - on Thursday raised its guidance for adjusted operating profit in the year to September to £85-£90m, compared with the company-compiled analyst consensus of £59m-£80m. Profits were boosted by stronger than expected advertising last month in the group's news media arm, which last year made up roughly half of revenues and includes the Daily Mail and Metro titles as well as the newly acquired 'i' newspaper. The relatively upbeat announcement on Thursday contrasted with the gloomy situation that newspapers were in during lockdown, when circulation and advertising dropped off. DMGT warned this summer that advertising across its newspapers had fallen 45 per cent in the three months to June. DMGT had previously flagged that events revenues fell 94 per cent in the quarter ending in June, as conferences were either cancelled or postponed.

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