DMGT in the red

Daily Mail & General Trust said Thursday that it swung to a net loss for the six months ended March 29 of 172.9 million pounds from a profit of 58.5 million pounds a year earlier as revenue for the period fell 7% to 1.09 billion pounds. Adjusted pre-tax profit fell 47% to 77 million pounds, but was still ahead of the consensus forecast of 67 million pounds. The group said its business-to-business operations were resilient, helped by currency gains, but that the overall results were badly affected by the impact of the recession on its consumer media advertising revenue. The group said it expects results for the year to be in line with the market consensus and said its focus remains on delivering revenue and cost initiatives, which are now expected to be around 150 million pounds

(source: Marketwatch)
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