Daily Mail & General Trust statutory pre-tax profit rose to £247m
Adjusted pre-tax profit fell to £260m from £281m, while adjusted operating profit declined to £277m from £288m. Still, this was ahead of expectations, with broker Numis having pencilled in pre-tax profit of £249.8m. Statutory pre-tax profit rose to £247m from £216m.
DMGT said the drop in operating profit was mostly due to dmg media, which increased digital investment and suffered an underlying 12% decline in print advertising revenues, and to Euromoney, which saw revenues fall by an underlying 4%.
The company said the decline in pre-tax profit also reflects a £10m drop in income from joint ventures and associates, including a £17m reduction in respect of Local World, following the disposal of its stake in November 2015.
Meanwhile, revenue came in at £1.92bn from £1.85bn the year before and ahead of consensus expectations of £1.88bn.
Daily Mail upped its full-year dividend by 3% to 22.0p, in line with its dividend policy of delivering real dividend growth. ■
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