Daily Mail group profits hit by dip in ad revenue
The owner of the Daily Mail said that lower advertising revenues at its national newspapers arm squeezed profits in the first half of its financial year.
Daily Mail and General Trust (DMGT) saw a 3% decline in like-for-like advertising revenues at Associated Newspapers, publisher of the Daily Mail, Mail on Sunday, Mail Online and Metro, in the six months to March 31.
DMGT shares fell 4% as it warned that lower profits from Associated, due in part to reduced advertising revenues and higher print and promotion costs, would weigh on the group's half-year performance, although it reassured that the whole-year outlook was unchanged.
Associated saw circulation revenues grow 4% on a like-for-like basis as it benefited from the impact of increased cover prices at the Daily Mail and continued market-share improvement.