Daily Mail & General Trust reports 10% profits increase
Daily Mail & General Trust, publisher of the Daily Mail, has reported a 10% rise in profits for the 12 months to the end of September, taking pre-tax profits up to £255m.
The bumper figure is said to have arisen from an efficiency and productivity drive and were bolstered by increased earnings from its regional newspaper division, Northcliffe Media.
Just last Wednesday DMGT announced it had sold its regional titles to Local World, a new company led by David Montgomery, former chief executive of the Mirror Group.
Revenue for the DMGT fell by 1% to £1.96bn although profits at its consumer businesses rose by 12%, reflecting continued digitisation of its work.
DMGT chief executive martin Morgan said: “Although our UK consumer businesses were impacted by challenging trading conditions, it was particularly pleasing that Associated [Newspapers, the division that owns the Mail newspaper titles] was able to grow its revenues by 2% on an underlying basis."