Daily Mail profits up 9pc to £291m for year
The publisher of the 'Daily Mail' newspaper has reported a pre-tax profit of £291m (€367.7m) in its last financial year, a 9pc increase. Revenue at the group was 3pc higher at £1.86bn (€2.3bn).
The company said that an increase in revenue from digital advertising should continue to offset a fall in print ad revenue at its newspaper titles, which also include the 'Mail on Sunday'.
Revenue at its Mail Online unit jumped 40pc to £62m in the financial year, while revenue at the Daily Mail and Mail on Sunday fell a combined 5pc to £536m. The group has been expanding its online operations into the United States and Australia.
Advertising revenue across the Mail group edged 4pc higher to £252m in the period. Revenue at its daily Metro freesheet declined 3pc to £75m.
The group also incurred £72m in exceptional costs in the year, compared to £49m in the prior year.
The latest charges included £20m of restructuring costs at its DMG Media unit, with the reduced headcount in its newspaper business and central functions "reflecting the considerably more focused" operation.