LONDON, Sept 25 (Reuters) - British newspaper group Daily Mail & General
Trust sees full-year adjusted results at the low end of market expectations as a
deteriorating UK economy hits its ad sales and property information businesses.
The group said on Thursday total revenue for the 11 months to August rose
4 percent, an underlying increase of 2 percent, thanks to continued growth at
its business-to-business divisions that include trade magazines and events
management.
"Inevitably, the worsening economic conditions are having an impact on
our newspaper and property businesses but the B2B divisions have continued to
perform well," Daily Mail said in a trading update.
"The recent events experienced by financial markets and institutions will
have no material impact on this year's results," added the publisher of
Britain's Daily Mail and London Evening Standard newspapers.
The company said current market expectations for its fiscal year to
end-September were for earnings of 257 to 279 million pounds ($478-$519
million), excluding amortisation and impairment of intangible assets and
exceptional items.
City of London analyst expectations for earnings per share were 45.6 to
51.6 pence, it said.
Daily Mail has fared better than compatriots Johnston Press -- which is
almost completely dependent on local classified advertising -- and Trinity
Mirror.
The group said on Wednesday second-half trading at its Euromoney
Institutional Investor subsidiary, which includes financial publishing and
events, was encouraging, with strong subscription revenues and business in
emerging markets.
UK newspapers account for about 60 percent of group sales.
(Reporting by Georgina Prodhan; Editing by Quentin Bryar) ($1=.5377 Pound)
Keywords: DAILYMAIL/
tf.TFN-Europe_newsdesk@thomson.com
ak
COPYRIGHT
Copyright Thomson Financial News Limited 2008. All rights reserved.
The copying, republication or redistribution of Thomson Financial News Content,
including by framing or similar means, is expressly prohibited without the prior
written consent of Thomson Financial News.
|