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2020-10-22

Full Year 2020 Trading Update

Daily Mail and General Trust plc (DMGT)
Full Year 2020 Trading Update

22-Oct-2020 / 07:00 GMT/BST
Dissemination of a Regulatory Announcement that contains inside information according to REGULATION (EU) No 596/2014 (MAR), transmitted by EQS Group.
The issuer is solely responsible for the content of this announcement.


 

22 October 2020

 

Daily Mail and General Trust plc ('DMGT')

Trading update for the Full Year to 30 September 2020

 

Full Year 2020 profit expected to be above current market forecasts¹

 

DMGT today issues an update on its results for the Full Year ended 30 September 2020.  DMGT formally suspended guidance in March 2020, during the onset of the Covid-19 pandemic.

 

DMGT notes the unusually wide range of current market expectations¹.  At this stage, the Board estimates the Group's adjusted revenue will be in the range of £1,205-1,215m and adjusted operating profit in the range of £85-90m.  The performance was achieved without any government support, including furlough schemes.  The effective tax rate for the year is expected to be less than 30%². 

 

The performance has been helped by stronger than expected September profit from:

  • Consumer Media, which benefitted from advertising revenue being above expectations; and
  • Landmark, our UK Property Information business, which benefitted from an increase in property market transactions.  This was aided by pent up demand, following some easing of lockdown restrictions, and the temporary reduction in UK stamp duty. 

 

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 on DMGT's UK Property Information, Events & Exhibitions and Consumer Media businesses for FY 2021 and remains cautious.

 

The FY 2020 financial statements are in the process of being prepared and remain subject to audit.  DMGT will release results for the Full Year on 23 November 2020.

 

 

Enquiries

Investors:

 

Tim Collier, Group CFO

+44 20 3615 2902

Adam Webster, Head of Investor Relations

+44 20 3615 2903

 

 

Media:

Doug Campbell / Paul Durman, Teneo

 

+44 20 7260 2700

 

Next trading update

The Group's next scheduled announcement of financial information will be its results for the Full Year ended 30 September 2020, which will be released on 23 November 2020.

 

Market Abuse Regulation

The information communicated in this announcement includes inside information.

 

About DMGT

DMGT manages a portfolio of companies that provide businesses and consumers with compelling information, analysis, insight, events, news and entertainment.  The Group takes a long-term approach to investment and has market-leading positions in consumer media, insurance risk, property information, education technology and events & exhibitions.  In total, DMGT generates revenues of around £1.2bn.

 

Person responsible for arranging the release of this announcement:

Fran Sallas, Company Secretary

+44 20 3615 2904

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