Daily Mail group says Brexit vote sparking uncertainty

Property and advertising markets hit, but DMGT says it will benefit from diversified portfolio

Photograph: Bryn Colton/Bloomberg News

Photograph: Bryn Colton/Bloomberg News

 

The owner of Britain’s Daily Mail newspaper, which urged Britons to vote out at the EU referendum, said on Thursday that the Brexit result had sparked uncertainty in advertising and property markets.

In the three-month period to June 30th, Daily Mail and General Trust said total advertising revenues across its DMG Media unit were down by an underlying 4 per cent, with a 10 per cent decline in print advertising being partly offset by 12 per cent growth in digital advertising.

In the three weeks since June 26th, and after the June 23rd referendum, the advertising market improved slightly, with print advertising down 8 per cent and digital advertising growing 19 per cent.

“The ‘Brexit’ result of the UK referendum has created some uncertainty, notably in respect of the UK advertising and property markets,” it said. “However, DMGT continues to benefit from being a diversified portfolio operating in multiple sectors.”

Reuters