British newspaper group Daily Mail & General Trust sees full-year adjusted results at the low end of market expectations as a deteriorating UK economy hits its ad sales and property information businesses.
The group said today total revenue for the 11 months to August rose 4 per cent, an underlying increase of 2 per cent, thanks to continued growth at its business-to-business divisions that include trade magazines and events management.
"Inevitably, the worsening economic conditions are having an impact on our newspaper and property businesses but the B2B divisions have continued to perform well," Daily Mail said in a trading update.
"The recent events experienced by financial markets and institutions will have no material impact on this year's results," added the publisher of Britain's
Daily Mailand
London EveningStandard newspapers.
The company said current market expectations for its fiscal year to end-September were for earnings of £257 to £279 million, excluding amortisation and impairment of intangible assets and exceptional items.
City of London analyst expectations for earnings per share were 45.6 to 51.6 pence, it said.
Daily Mail has fared better than compatriots Johnston Press - which is almost completely dependent on local classified advertising - and Trinity Mirror.
The group said yesterday second-half trading at its Euromoney Institutional Investor subsidiary, which includes financial publishing and events, was encouraging, with strong subscription revenues and business in emerging markets.
UK newspapers account for about 60 per cent of group sales.