LONDON (dpa-AFX) - Daily Mail and General Trust plc (DMGT.L) reported Thursday that its first-quarter Group revenue was 304 million pounds, down 20 percent on a reported basis, and down 15 percent on an underlying basis. Excluding Events & Exhibitions, underlying revenues declined 5 percent.
The company noted that first-quarter revenue was in line with management expectations. Looking ahead, the company said trading environment remains uncertain, and it has continued confidence in the long-term.
In its trading update, the company said Consumer Media, which accounts for 54 percent of total revenues, recorded 9 percent drop in revenues on a reported basis, and underlying revenues fell 13 percent. Events & Exhibitions revenues plunged 95 percent, impacted by Covid-19 pandemic. This was partially offset by growth in digital advertising.
B2B, which accounts for 46 percent of revenues, recorded 30 percent drop in revenues on a reported basis, while underlying revenues declined 17 percent.
Regarding the outlook, the company said, 'The duration and severity of the Covid-19 pandemic remains unclear at this stage, despite the hope that vaccination programmes will enable lockdowns around the world to be eased over time. Consequently, the short-term outlook for the UK Property Information, Consumer Media and Events & Exhibitions businesses remains difficult to predict, albeit the dynamics outlined in DMGT's FY 2020 results release on 23 November 2020 remain the same.'
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