Thursday, November 20, 2008

Daily Mail matches forecasts, cutting costs

The downturn is hurting the UK consumer media businesses at Daily Mail and General Trust, although the newspaper group's full year profits matched recent guidance.

Profit before tax, exceptional items and amortisation and impairment of intangible assets for the year ended 28 September fell 9% to £262m from £288m in 2007 on revenue up 3% to £2.3bn.

In September, the group warned that adjusted results would be at the lower end of market expectations of between £257m and £279m.

It said the new financial year has started with very challenging economic conditions, particularly in the UK, with consumer media businesses continuing to suffer, although business to business divisions are trading well thanks to significant subscription revenues.

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