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Daily Mail and General Trust Q1 revenue in line with last year

Staff Writer | January 26, 2017
Daily Mail and General Trust posted revenue for the first quarter of £520 million, in line with last year on an underlying basis.
Daily Mail
Daily Mail and General Trust   Underlying revenue growth was 1%
Underlying revenue growth was 1% from company's B2B businesses. Underlying revenue decline was 1% from dmg media.

Other highlights

Reduction of stake in Euromoney from c.67% to c.49%. Revenue and profit FY 2017 outlook: profit outlook unchanged; dmg information's revenues in line with market expectations although underlying revenue growth rate reduced to mid-single digit.

Net debt at 31 December 2016 was £688 million compared to £679 million at 30 September 2016.

Net proceeds from disposals and acquisitions were £94 million in the quarter, including the £127 million placing of Euromoney shares in December 2016, and there were the usual seasonal outflows.

Further proceeds of £125 million were received on 6 January 2017 as a result of Euromoney's buy-back of its own shares and net of amounts owed to Euromoney.

The pro forma net debt at quarter end, including the net proceeds, would have been £563 million and the corresponding pro forma net debt:EBITDA ratio at quarter end would have been 1.7.