Daily Mail and General Trust P L C (DMGOa.L)
23 Jan 2018
LONDON The publisher of Britain's Daily Mail newspaper warned revenue and profit would decline in its media business over the coming year, with the grim outlook for the print business sending its shares 25 percent lower.
* Shares fall as much as 25 percent (Adds further quotes from analyst presentation)
LONDON (Reuters Breakingviews) - The Daily Mail is finally succumbing to the media industry’s malaise. After years of defying gravity while rival publishers watched circulation and revenue crash, the right-wing tabloid’s parent company expects its media business to shrink next year. That complicates boss Paul Zwillenberg’s plan to show that Daily Mail and General Trust is more than a struggling publisher.
* CONSUMER: ENCOURAGING PERFORMANCE FROM DMG MEDIA; REVENUE UP UNDERLYING 1%, ADJUSTED PROFIT UP UNDERLYING 10%, WITH MAILONLINE MOVING INTO OPERATING PROFIT DURING FINAL QUARTER
* group outlook for 2017 in line with current market expectations
* ANNOUNCES SALE OF HOBSONS' ADMISSIONS SOFTWARE BUSINESS TO CAMPUS MANAGEMENT, INCREASING DMGT'S PORTFOLIO FOCUS Source text for Eikon: Further company coverage:
* Underlying revenue in the third quarter in line with last year; proforma reported revenues up 7%, including 5% benefit from foreign exchange rates