Daily Mail & General Trust PLC () has said the group outlook for 2017 in line with current market expectations as it reported 1% growth in underlying pro forma revenue driven by strong digital growth.
In a trading update covering the eleven month period to the end of August 2017, the newspapers group said its reported revenues were up 5%, including a 6% benefit from foreign exchange rates.
The firm’s dmg media unit saw underlying revenues rise 1%, including strong digital advertising growth, while underlying revenue at its B2B business also grew by 1%.
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The group said MailOnline’s advertising revenues in the eleven months increased by an underlying £19mln, or 22%, reflecting encouraging growth in both the US and the UK.
It added that this more than offset a decline of £15mln, or 11%, at the Daily Mail and The Mail on Sunday, and advertising revenues across the Mail businesses as a whole, for print and digital combined, consequently grew by an underlying 2%.
DMGT said: “Whilst market conditions remain challenging for some specific Group companies, the guidance for the Full Year remains unchanged.
”The outlook for the Group as a whole is in line with market expectations with adjusted EPS towards the higher end of the range and adjusted PBT towards the lower end of the range.”
The group added that its strategic review, including the identification of which businesses and sectors merit further investment, is reaching completion and an update on the firm’s strategy to deliver long-term growth will be provided with the full year results scheduled for November 30.