DMGT pre-close trading update

DMGTDaily Mail and General Trust plc has issued a pre-close trading update.

Ahead of the year end on 30 September 2013, the statement provides an update on the Group’s progress in the current year.

It covers the eleven month period to the end of August 2013 and includes comments on September.


  • Solid Group revenue performance, up 2% underlying#
  • Good revenue growth from B2B operations, up 6% underlying#
  • Resilient revenue performance at dmg media, down 2% underlying#
  • Active portfolio management; targeted acquisitions and non-core asset disposals
  • Share buy back programme of £69 million to date
  • Net debt/EBITDA ratio expected to be less than 2.0 at year end
  • Full Year guidance unchanged and in line with market expectations

DMGT results1 2013

Click on the table for an enlarged view

The full statement can be read here.

UK, London

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DMGT Half Year Preliminary Results

DMGT have announced their half Yearly Financial Report for the six months ended 31 March 2013. They report a good underlying performance, with the full Year outlook unchanged.

Financial Highlights

                  Half Year   Half Year    Reported   Underlying  Half Year  Half Year
                    2013         2012      Change~     Change~      2013       2012
                             (restated)+                                    (restated)+
Revenue             £915m       £974m        -6%         +2%        £866m      £866m
Operating profit    £146m       £133m        +10%        +7%        £97m       £68m
Profit before       £137m       £105m        +30%                   £97m       £37m
Earnings per        25.8p       19.6p        +32%                   28.2p      15.8p
Dividend per                                                        5.9p       5.6p
  • DMGT underlying revenue up 2%; underlying operating profit up 7%
  • Adjusted profit before tax of £137m, up 30%
  • Good performance from B2B; underlying revenue up 6% and underlying profit up 5%
  • Underlying revenue decline of 2% at dmg media; improved profit margin driven by cost efficiencies, resulting in underlying profit up 7%
  • Active portfolio management; bolt-on acquisitions and disposal of non-core assets
  • Net debt up £111m to £724m; net debt:EBITDA ratio of 1.85
  • Share buy back programme progressing well
  • Dividend increased by 5%
  • Outlook for the full year unchanged

Martin Morgan, Chief Executive, said:

“We have delivered a good underlying performance in the first half reflecting the strength of our B2B companies and the resilience of our national consumer titles. As expected, reported operating profit increased despite a decline in reported revenue resulting from recent disposals.

Our international B2B companies have increased their underlying revenues and profits* by 6% and 5% respectively. Our UK consumer business, dmg media, continued to experience challenging conditions and underlying revenues were slightly down, although the increase in digital revenues more than offset the decline in print advertising revenues and the business delivered a 7% underlying increase in operating profit*.

We have continued to actively manage our portfolio of businesses and have made several acquisitions and disposals during the period and into the second half, to improve the overall quality and growth prospects of the Group.

Relative to last year, the first half of the year benefited from the timing of biennial events and the absence of a bond redemption premium. Conversely we expect the comparatives in the second half of the year to be adversely impacted by the timing of biennial events and the Olympics, which were one-off benefits for us in the second half of the last financial year. Overall, the outlook for the full year remains unchanged.”

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UK, London

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DMGT preliminary results – pre-tax profits up 64%

Daily Mail and General Trust has reported its unaudited preliminary results for the year ended 30 September, 2012.

Total pre-tax profits rose 64% to £206.3 million. This included more than £100 million in charges and £150m in profits from disposals. Total revenues dropped by 1% to £1.96 billion.

MailOnline enjoyed a strong year of growth, recording a 74% increase in revenue to £28 million.

Northcliffe Media was the biggest surprise, contributing operating profit of £26 million (2011: £17 million) from revenues of £213 million (2011: £236 million).

Northcliffe Media, which is being sold to Local World venture, had reported a 37% fall in profits in 2011.

Martin Morgan, Chief Executive, said, “DMGT has delivered a good set of results in the 12 months to 30 September. Group adjusted pre-tax profits* rose by 10%. Our international B2B companies have increased their revenues and profits* by 7% and 8% respectively on an underlying# basis. Although our UK consumer businesses were impacted by challenging trading conditions, it was particularly pleasing that Associated was able to grow its revenues by 2% on an underlying# basis and that underlying# profits* for the consumer businesses rose 12% – reflecting greater productivity and efficiency linked to continued digitisation in that division.

We continued to refine our portfolio of businesses during the year with further acquisitions and disposals aimed at improving our long term growth potential. Today we are a more focused and financially stronger Group, leaving us well positioned for 2013 and beyond.”

Read the full announcement here.

UK, London

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Euromoney Institutional Investor Plc announces annual results

Euromoney Institutional Investor Plc has announced annual results to September 2012


Euromoney Institutional Investor PLC, the international online information and events group, achieved a record adjusted profit before tax of £106.8m for the year to September 30 2012, against £92.7m in 2011.  Adjusted diluted earnings a share were 65.9p (2011: 56.1p).  The directors recommend an 18% increase in the final dividend to 14.75p, giving a total for the year of 21.75p (2011: 18.75p), to be paid to shareholders on February 14 2013.

Total revenues for the year increased by 9% to £394.1m.  Underlying revenues, excluding acquisitions, increased by 3%.  The acquisition of Ned Davis Research (NDR) in August 2011 has helped increase the proportion of revenues generated from subscriptions to more than 50% for the first time.  Headline subscription revenues increased by 17% to £199.7m and underlying subscriptions, excluding NDR, by 5%.

The adjusted operating margin was unchanged at 30%.  Costs, particularly headcount, have remained tightly controlled throughout the year.  At the same time, the group has increased its investment in technology and new products as part of its online growth strategy.

Net debt at September 30 was £30.8m compared with £88.5m at March 31 and £119.2m at September 30 2011.  In the absence of any significant acquisitions, net debt has fallen by £88.4m since the start of the year, reflecting the group’s strong cash flows and an operating cash conversion rate* in excess of 100%.  The group’s net debt is now at its lowest level for more than a decade and its robust balance sheet provides plenty of headroom for the group to pursue its acquisition strategy.

As highlighted in previous trading updates, market conditions became noticeably tougher from June.  The uncertainty over Europe remains, as does a solution to the pending US fiscal cliff.  Meanwhile global financial institutions face the combined challenges of difficult markets, increased capital requirements and a tougher regulatory environment.  Inevitably they have responded by cutting costs, particularly people, and exiting some parts of their business.  However, the outlook for emerging markets, which account for more than a third of the group’s revenues, is more positive. The board expects this challenging trading background to continue at least into the early part of 2013.

Commenting on the results, chairman Richard Ensor said: “The record results for the year reflect the challenging market conditions as well as the successful implementation of our strategy.  Investment in online information businesses and emerging markets has created a global portfolio with a resilient business model.  Subscription revenues now account for more than 50% of group revenues, and more than a third of our revenues is derived from emerging markets. In 2013, we will continue to invest in our products to ensure that we are well placed to benefit from any improvement in the global economy.”

Read the full announcement here

UK, London

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