LONDON (dpa-AFX) - Daily Mail and General Trust plc (DMGT.L) said group revenue for the first half was down 2% on a reported basis. However, group revenue, on an underlying basis grew 2%.
Underlying revenue is revenue on a like-for-like basis, adjusted for acquisitions, disposals, closures and non-annual events in the current and prior year and at constant exchange rates.
The company noted that it had good underlying growth of 8% from B2B operations. Revenue performance at Associated was resilient. Meanwhile, circulation and digital revenue growth largely offset print advertising weakness, Daily Mail added.
Looking forward, on an adjusted basis, the company expects both operating profits and profit before tax for the first half of the year to be lower than in 2011, although the outlook for the full year remains unchanged. The half year results will reflect the expected reduced profitability from dmg events and lower profits from Associated due in part to lower advertising revenues, higher average newsprint costs and additional promotional activity in respect of the company's digital businesses.
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