Daily Mail publisher DMGT hails MailOnline growth and US opportunity as group reports 50% rise in pre-tax profits
Publishing and events group DMGT has reported a 50 per cent rise in statutory annual pre-tax profits to £267m.
The company, which owns the Daily Mail, said the increasing profitability of its newspaper division as well as a windfall from floating the Zoopla property website helped boost profits.
Profits from the company’s media arm, which includes the MailOnline and This is Money, as well as the Metro newspaper and the Wowcher discount website, rose 21 per cent to £85m.
Read all about it: The company, which owns the Daily Mail, said the increasing profitability of its newspaper division as well as a windfall from floating the Zoopla property website helped boost profits
Chief finance officer Stephen Daintith said: ‘It’s good to see the growth in MailOnline offsetting the decline in newspaper advertising revenue.’
He said the website is ‘on track to deliver £100m of revenues by 2016’.
He added: ‘We expect MailOnline in the US to be a big driver of growth.’
Revenues at MailOnline, which is the most viewed news website in the world with 185m monthly unique browsers, rose 41 per cent during the year from £44m to £62m.
Once newspapers were included, revenues fell by £8m to £598m.
Daintith said that revenues ‘were only slightly down and I would hope that in the next one to two years we would see growth back in the Mail business, which would be a considerable achievement’.
Shares in DMGT rose 18p or 2.31 per cent to 796p.
The rise in online sales offset a 5 per cent slip in print advertising revenues and 4 per cent dip in circulation revenues.
But combined print and digital advertising revenues rose 3 per cent year on year in the eight weeks since the end of September, the company added.
Most watched Money videos
- BMW's Vision Neue Klasse X unveils its sports activity vehicle future
- 'Now even better': Nissan Qashqai gets a facelift for 2024 version
- Skoda reveals Skoda Epiq as part of an all-electric car portfolio
- German car giant BMW has released the X2 and it has gone electric!
- MG unveils new MG3 - Britain's cheapest full-hybrid car
- Iconic Dodge Charger goes electric as company unveils its Daytona
- Steve McQueen featured driving famous stunt car in 'The Hunter'
- Mini unveil an electrified version of their popular Countryman
- BMW meets Swarovski and releases BMW i7 Crystal Headlights Iconic Glow
- How to invest to beat tax raids and make more of your money
- Paul McCartney's psychedelic Wings 1972 double-decker tour bus
- The new Volkswagen Passat - a long range PHEV that's only available as an estate
- Meta announces it is to plough billions into artificial...
- Unilever sales jump as consumer giant eases price hikes
- Sainsbury's enjoys food sales boost months after...
- BUSINESS LIVE: Barclays profits slip; Sainsbury's ups...
- WH Smith shares 'more for patient money than fast bucks',...
- Barclays profits hit by subdued mortgage lending and...
- BHP swoops on rival Anglo American in £31bn mining megadeal
- AstraZeneca lifted by blockbuster oncology drug sales
- Ten stocks to invest in NOW to profit from Rishi's...
- WPP revenues shrink as technology firms cut advertising...
- Investors to vote on plans to double London Stock...
- Tory windfall tax war 'is killing off North Sea oil'......
- Tesla shares rocket after pledge to bring forward launch...
- Lloyds cheers green shoots in housing market - but takes...
- Boeing burns through £1bn a month to contain 737 safety...
- Schroders boss Peter Harrison to retire in 2025 after...
- Windfall tax is driving UK oil and gas producers to...
- MARKET REPORT: Reckitt cleans up but Footsie gives up gains