DMGT profits to exceed market forecasts after late surge in ad revenues

Daily Mail and General Trust said on Thursday that full-year profits were likely to beat market expectations, sending shares in the media group higher.

Updating on trading for the year to 30 September, DMGT - owner of the Daily Mail and i newspaper titles - said adjusted revenues were likely to be in the range of £1.205bn to £1.215bn, while adjusted operating profits are forecast to come in between £85m and £90m.

It attributed the performance to a strong end to the year, which saw above-expectation advertising revenues in its consumer media arm.

Landmark, its property information business, also benefited as the easing of lockdown restrictions, pent-up demand and the stamp duty holiday bolstered the UK real estate market.

The group added a cautious note, however, saying: "The severity and duration of the Covid-19 pandemic and its economic repercussions remain uncertain as we enter the new financial year.

"The board has limited visibility of the impact of DMGT’s UK property information, events and exhibitions, and consumer media businesses for 2021 and remains cautious."

The shares still rose and by 1015 BST they were trading 4% higher at 702.04p.

In March, DMGT suspended full-year guidance because of the Covid-19 pandemic. It is scheduled to post full-year numbers on 23 November.