MailOnline props up Daily Mail revenue
Daily Mail and General Trust (DMGT) reported a 1% rise in underlying group revenue in line with expectations, with strong growth from the Mail Online offsetting a decline in business to business revenue.
The media group said its tabloid news website, MailOnline, delivered impressive underling growth of 17%.
On the back of this, DMGT upgraded its full year guidance for its Consumer Media division. The firm said: “as a result of the strong performance to date, underlying revenues are now expected to be stable, rather than the low-single digit underlying rate of decline previously guided to.
“The adjusted operating profit margin is expected to benefit from the stronger revenues and to be around 10%, rather than in the high-single digits as previously guided to.”
MailOnline is one of the world's most read daily news websites. It focuses mainly on celebrity news and watchable and shareable video conent.
The company also said its net debt at 30 June 2019 was £77m, compared with £146m at 31 March 2019, and included the benefit of proceeds from the disposal of DMGT's stake in RCA for $89m in May 2019.
Investors appeared mildly encouraged by the trading update, as the shares were trading 0.26% higher at £7.75 on London.
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