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'Mail' editor sells most of shares in group

'DAILY Mail' editor-in-chief Paul Dacre has sold most of his shares in the newspaper's parent company, even as the share price touched its lowest level since January.

In a filing to the London Stock Exchange, the Daily Mail and General Trust (DMGT), which owns the 'Mail' titles and a host of regional newspapers in the UK, said Mr Dacre sold 100,207 shares at £4 (€5) each.

After the sale, Mr Dacre still has 37,861 shares in the company. The stock peaked at 473.3p at the start of February but has plunged 15pc since then.

The sale comes less than a week after DMGT said revenues and profits tumbled in the six months to April 1. In its half- year report, turnover slid 2pc to £973m (€1.2bn) with pre-tax profits falling 37pc to £46m in the six months to April 1, compared with the same period last year.

Associated Newspapers, which controls the 'Daily Mail' and 'Mail on Sunday', reported a 26pc fall in operating profit to £34m. Revenues only fell marginally though. The company said the strength in turnover was due to cover price rises at the 'Daily Mail' and strong growth at its online businesses. Total revenues at Mail Online were up 75pc year-on-year.

Mr Dacre is reputedly the highest paid editor on Fleet Street, pulling in £1.7m during 2011. A year earlier he earned £2.8m, when his pay was boosted by a £1m bonus.

Irish Independent