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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