Daily Mail posts 11% drop in profits on falling advertising revenue
UK media group reported challenging conditions in property, energy and financial sectors
Daily Mail offices London. (Photograph Jack Taylor/Getty Images)
The publisher of the Daily Mail reported an 11 per cent drop in adjusted operating profit after its media business suffered from a fall in print advertising revenues and challenging conditions in the property information, energy and financial sectors.
Daily Mail and General Trust reported adjusted operating profit of £277 million for the year to end-September on revenue of £1.92 billion, flat on an underlying basis.
“The reduction was principally due to DMG Media, which increased digital investment and suffered an underlying 12 per cent decline in print advertising revenues, and to Euromoney, which saw revenues decline by an underlying 4 per cent,” the company said on Thursday.