Shares in 'Daily Mail' parent dip as advertising revenue slides
SHARES in the parent company of the 'Irish Daily Mail' dipped yesterday after the firm said advertising revenue continued to fall during the last quarter.
Daily Mail and General Trust (DMGT) said revenue overall was up 2pc over the three months to July 2, but advertising revenue continued to fall, dropping 7pc year on year while slipping 9pc during June.
June trading struggled against what the company called "a backdrop of high-street uncertainty and a nervous consumer and retail market".
Underlying print advertising fell 12pc, DMGT said.
Associated Newspapers, which controls the 'Mail', reported a 6pc fall in revenue to £207m (€234m) during the three months. Overall, DMGT reported revenues for the third quarter of £495m, up 2pc on the same period in 2010.
Company chief executive Martin Morgan described trading during the quarter as "mixed".
"There was continuing strength in 'business to business' [BtoB]. In contrast, conditions within our consumer businesses have been tough, with advertising revenue weak over the quarter.
"We still expect to achieve some growth in earnings per share for the full financial year, driven by the continued strength of our BtoB operations which reflects the benefits of DMGT's diversification strategy, despite the volatile and uncertain market conditions faced by UK consumer businesses."
DMGT closed down 1pc at 421p in London.