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Daily Mail and General Trust underlying revenue went up 1%

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Staff writer ▼ | November 25, 2015
Daily Mail and General Trust announced unaudited preliminary results for the year ended September 30, 2015. DMGT underlying revenue went up 1%; reported revenue down 1%.
Daily Mail
Daily Mail and General Trust   Underlying operating profit was down 4%
Underlying operating profit was down 4%; margin 16%. Adjusted profit before tax was £281 million, down 4%.

Other highlights

Mixed performance from B2B; underlying revenue up 3% and underlying profit down 12%, with good profit growth from dmg information and dmg events more than offset by increased RMS(one) costs and challenging market conditions for Euromoney.

Strong profit performance from dmg media despite underlying revenue down 3%; underlying profit up 15%, margin up from 12% to 13%, driven by cost efficiencies.

Active portfolio management throughout the year, with acquisitions and disposals across B2B and consumer businesses. Disposal of Local World stake completed in November 2015.

100 million share buy-back programme completed, £89 million in the financial year; new rolling share buy-back programme announced.

Net debt increased by £99 million to £702 million; net debt/EBITDA ratio of 1.8; within preferred range; £149 million bond buy-back completed.

Earnings per share* up 7% to 59.7p; full year dividend increased by 5% to 21.4p.