Daily Mail Q3 revenue declines

Daily Mail & General Trust Plc, the publisher of Britain’s Daily Mail newspaper, said third-quarter revenue fell 2 per cent and the company was “wary” about its medium-term outlook, especially in the UK. Revenue for the period was £508m ($788m), Daily Mail said in a statement today. Sales at business-to-business operations rose 8 percent from a year earlier to £234m and the unit should grow this year on subscriptions and cost control, the company said. Consumer media operations, which include the Daily Mail and The Mail on Sunday newspapers, fell 10 per cent to £274m. A recovering ad market combined with cost reductions at Daily Mail’s A&N International Media unit, including job cuts, will have a “positive effect” on full-year earnings, the company said. Daily Mail rose 0.8 percent to 502.5 pence at 8:09 a.m. in London trading. Net debt as of July 4 was £970m. The company said it aims for a net debt ratio of 2.5 times earnings before interest, taxes, depreciation and amortization by the end of the financial year.