Daily Mail owner posts 50% profit plunge

Daily Mail and General Trust (LON: DMGT) has posted a 50% drop in pre-tax profits to £72m.

The owner of Daily Mail saw revenue down by 14% from last year to £1.2bn.

Financial performance is “expected to reflect varying levels of impact from the Covid-19 pandemic and its economic consequences”, with insurance risk, US property information and edtech businesses are felt to be “well positioned to deliver continued revenue growth.”

“The outlook for UK property information and consumer media remains difficult to predict, whilst for events and exhibitions, conditions remain particularly challenging.

“We will continue to invest in our portfolio, to deliver returns consistent with our disciplined approach, and this will impact margins as we build our businesses for the long-term,” said the group in a statement.

Revenue in the events in exhibitions arm of the group plunged by 81% amid the pandemic.

Daily Mail and General Trust has completed its acquisition of the i newspaper, which was a £50m deal.

The group has revealed plans to lift its full-year dividend, which led to a rise in share price.

Full-year dividend is up 1% to 24.1p.

Daily Mail and General Trust shares (LON: DMGT) are +3.52% at 705,00 (0945GMT).