Daily Mail Ltd has posted a 7 per cent decline in full-year pre-tax profit due to a slump in advertising revenues.
It has posted pre-tax profits before one-off costs of £177.5 million sterling, down from £191.5 million last time. The group sees the difficult market conditions continuing for much of 2002.
Advertising at the group's Associated Newspapers operation was around 16 per cent down year-on-year for October and November - with the London Evening Standard'srecruitment advertising having a particularly hard time.
The group says circulation revenue has increased from the effect of cover price increases on the Daily Mailand Mail on Sunday.
It says the titles' strong circulation, coupled with rigorous cost controls and an expected fall in newsprint prices, makes it confident that Associated Newspapers can produce a strong profit performance despite the very difficult advertising market.
Recruitment advertising at the group's regional newspaper division, Northcliffe, was up around 1 per cent in October, but 4 per cent down in November. But total advertising revenues were around 2 per cent up in both months.
The group says its Euromoneyoffshoot is seeing weak market conditions, particularly in the US, and has decreased its cost base.
PA