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.
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