The Daily Mail and General Trust (DMGT) has reported a 16% slide in pre-tax profits.

The newspaper group revealed that for the first time, advertising revenue from online advertising had surpassed print advertising.

For the 12 months to the end of September, revenue fell 5% whilst pre-tax profit sumped 16% to £182 million.

Revenue for the Mail Online grew 5% to to £122 million.

Chief executive Paul Zwillenberg said: “DMGT’s performance during the year was in line with our expectations despite some challenging trading conditions.”

“Our B2B businesses delivered broad-based underlying growth and consumer media continued to outperform its markets. MailOnline continues to perform well and has reached an important milestone with digital advertising revenue now exceeding the Mail’s print advertising revenues.”

He added: “The Daily Mail is an incredible franchise, it outperforms the market year in and year out,” he said. “It did so under the editorship of Mr Dacre and it continues to do so under Mr Greig.”

Citi analysts said: “The outlook, in particular for consumer media, where growth is expected to be down and margins contract, will put pressure on consensus EPS (earnings per share).”

Shares in the group (LON: DMGT) are trading down to a ten year low. Shares are -9.41% at 626,00 (1106GMT).

The group said on the future in 2019: “Digital advertising revenues are expected to grow, helping to offset anticipated print advertising declines, with advertising market conditions likely to remain volatile.”