Daily Mail reworks its headlines

Underlying sales crept up 1 per cent due to strong demand for digital advertising, subscription content, events and transactions. But that was offset by a patchy performance from the risk management software division, reflecting weaker demand from reinsurers, consolidation among customers and higher costs associated with flagship offering RMS(one). A poor showing from subsidiary Euromoney Institutional Investor compounded the problem.

The Daily Mail and Mail on Sunday newspapers gained market share, but lower circulation and print advertising revenue meant underlying sales fell in the media division. However, operating profit leapt 15 per cent to £95m, reflecting lower newspaper costs and growth at MailOnline. The news and entertainment website attracted 13.4m daily unique browsers in September - up more than a fifth.

Another bright spot was DMGT's information business, where underlying operating profit rose 9 per cent to £73m. That partly reflected strong sales growth at energy information business Genscape, which cashed in on surprisingly strong demand in the oil, solar, marine-shipping and North American gas markets. And although low energy prices depressed bookings for key industry events, underlying profit soared in the events business as visitors flocked to Big 5 Dubai, ADIPEC and other tentpole exhibitions.

DMGT also tidied up its portfolio, making £143m-worth of disposals and spending £123m on acquisitions. But the recent sale of its stake in Local World, together with a weaker outlook for Euromoney and margin pressures, prompted Numis analysts to slash their forecasts. They now expect EPS of 54p this financial year (from 59.7p in FY2015).