Daily Mail rises above the fold

Group turnover - adjusted for currency shifts, bought and sold businesses and the timing of events -crept up 1 per cent. That reflected rising digital advertising and event sales, which outpaced further declines in print advertising and circulation revenues. But underlying operating profit still slumped 7 per cent, due to tepid results at DMGT's Euromoney subsidiary and hefty investment in RMS(one), its long-delayed risk management software product. The big increase in statutory earnings in our table was primarily the result of a £45m windfall from Euromoney's sale of its Capital Data business.

Sales were up in DMGT's events and information businesses, but the big surprise was a 22 per cent rise in underlying operating profits at the core media division. That reflected extensive cost-cutting and strong visitor growth at MailOnline, the group's flagship news website. The division also snapped up Elite Daily, a US-based online news and entertainment group. Management expects its popularity among young adults to help the division win over US advertisers.

The rising costs of RMS(one) sent underlying profits down a fifth in the group's business-to-business division. Management expects to launch the first high-definition version - which models the risk of flooding across Europe - by the end of this year.

DMGT relentlessly refreshes its product portfolio. During the six months to March it netted £129m from disposals, and shelled out £75m on acquisitions, including an education systems provider, specialists in energy analytics and oil and gas communication tools, and two key glass and solar energy events in the Middle East.

The strong showing prompted broker Numis to tweak its full-year forecasts upward. It now expects pre-tax profits of £281m, giving EPS of 58p, rising to £304m and 61.5p for 2015-16 (from £267m and 49.1p in 2014-15).