The impact of disposals, impairment and amortisation charges flatter the reported figures in our table, but adjust for these and operating profits rose 14 per cent in the latest half year at Daily Mail & General Trust (DMGT). Once again, the B2B (business-to-business) division was the key growth driver, pushing operating profits ahead by 12 per cent to £113m, and contributing over three-quarters of the group total.
Revenue from events rose by over a quarter and pushed up profits from £12m to £20m, boosted by the inclusion of two biennial events. Daily Mail's property information business also posted double-digit revenue and profit growth. There was notable growth in the German market and an acquisition in the US offers the business cross-selling opportunities in the commercial real-estate market.
The ongoing growth in B2B was much needed given the modest growth at Euromoney and the group's consumer titles, and ongoing weakness in the national titles. In fact, advertising revenue at The Daily Mail and Mail on Sunday declined 8 per cent and circulation revenue contracted 6 per cent. However, half of the £18m fall in revenues there was made up by MailOnline, which now attracts 117m unique visitors to the site every month, a rise of 26 per cent year on year.
Broker Numis Securities forecasts full-year adjusted pre-tax profits of £274m and EPS of 51.6p, up from £254.7m and 47.9p in 2012.
| DAILY MAIL & GENERAL TRUST (DMGT) | ||||
|---|---|---|---|---|
| ORD PRICE: | 764p | MARKET VALUE: | £2.85bn** | |
| TOUCH: | 763-765p | 12-MONTH HIGH: | 776p | LOW: 361p |
| DIVIDEND YIELD: | 2.4% | PE RATIO: | 14 | |
| NET ASSET VALUE: | 37p* | NET DEBT: | £724m | |
| Half-year to 31 Mar | Turnover (£m) | Pre-tax profit (£m) | Earnings per share (p) | Dividend per share (p) |
|---|---|---|---|---|
| 2012 | 866 | 36.7 | 14.4 | 5.60 |
| 2013 | 866 | 96.9 | 17.1 | 5.90 |
| % change | - | +164 | +19 | +5 |
Ex-div: 5 Jun Payment: 5 Jul *Includes intangible assets of £1.06bn, or 283p a share **Includes both ordinary and non-voting shares | ||||
