DMGT posts 23% rise in profits

DMGT posts 23% rise in profits

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Daily Mail and General Trust has reported a 23% leap in profits

Daily Mail & General Trust has said it saw a record full-year performance from its Daily Mail and Metro newspapers as it reported a 23% leap in profits.

The group posted underlying pre-tax profits of £247 million, against £201 million a year earlier, thanks to heavy cost cutting and a rebound in advertising revenues.

It delivered the highest ever earnings at the Daily Mail and freesheet Metro, contributing to a 46% profits improvement at the group’s consumer titles.

Underlying advertising revenues rose 6% in the Associated Newspapers division, but the embattled Northcliffe local and regional newspaper arm saw a 7% slide amid ongoing difficult conditions.

Daily Mail and General Trust (DMGT) said it was “cautiously optimistic” of achieving another year of underlying growth as recent trends have continued.

Ad revenues in Associated Newspapers rose 9% in the first seven weeks of the new year, although it said Northcliffe faced another tough year with recent revenues down 7%.

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