Daily Mail & General Trust profits hit by advertising slump
Profits at Daily Mail & General Trust, the publisher of the tabloid newspaper, have dropped 11% to £129 million in the first half of the year flowing a slump in advertising and circulation.
The company said print advertising fell 13% while circulation dropped 3% as the group flagged sales declines at the Daily Mail and the Mail on Sunday.
Chief executive Martin Morgan said: "DMGT's performance in the first half was broadly in line with our expectations, other than the further deterioration in the UK print advertising market.
"The reduced print advertising revenues had an adverse impact on DMG media's operating profits."
Mr Martin is due to be replaced by Paul Zwillenberg on June 1.
Last month DMGT revealed it was considering a bid for the struggling US internet firm Yahoo.
DMGT is still understood to be in talks with a number of private equity firms about making an offer for the company, which has put itself up for sale amid falling profits and shareholder pressure.