07:00 Thu 23 Jan 2020
Daily Mail & General - First Quarter Trading Update
First Quarter Trading Update FY 2020
First quarter trading in line with expectations and outlook for FY 2020 unchanged
Group
·
· Solid performance across B2B and Consumer Media
· Acquisition of the 'i' for
· Pro forma net cash²
· Outlook for FY 2020 unchanged
Revenue growth v prior year 3 months to |
Revenue share Q1 FY 2020 |
Reported growth |
Underlying¹ growth |
Group revenue |
100% |
-4% |
+1% |
B2B |
52% |
-8% |
+1% |
Insurance Risk |
16% |
+3% |
+3% |
Property Information |
12% |
-18% |
-2% |
EdTech |
5% |
+10% |
+9% |
Events and Exhibitions |
17% |
+1% |
-1% |
Energy Information |
2% |
-63% |
N/A |
Consumer Media3 |
48% |
+2% |
+2% |
Business to Business (B2B)
· Underlying revenue growth of 1%, reflecting continued growth from EdTech and Insurance Risk partly offset by the expected challenging market conditions for Property Information and Events and Exhibitions
· Reported revenues down 8%, reflecting disposals, notably of
Insurance Risk (RMS)
Underlying revenue growth of 3% was achieved, driven by continued growth in subscription revenues and favourable contract renewals. The accelerated delivery of RMS's product roadmap is on track and we remain encouraged by the level of customer engagement.
Property Information
Revenue decreased by an underlying 2%. The majority of Property Information revenues are generated in the
EdTech (Hobsons)
Underlying revenue growth of 9% was driven by continued strong performances from Naviance, Intersect and Starfish.
Events and Exhibitions (dmg events)
Revenue decreased by an underlying 1%. ADIPEC and Big 5 Dubai, two of the business's three largest events, were both held in November and collectively delivered stable revenues. The majority of Events and Exhibitions revenues are generated by events based in the
Consumer Media
· Underlying revenue growth of 2%, including 17% digital advertising growth; performance in line with expectations
· Reported revenue growth of 2%; results include one month's trading for the 'i', the
Q13 Revenue growth v prior year |
Reported |
Underlying¹ |
Consumer Media |
+2% |
+2% |
Advertising |
+10% |
+9% |
Circulation |
-3% |
-6% |
Circulation revenue declined an underlying 6%, reflecting expected volume reductions, and by 3% on a reported basis, including the 'i'.
In
Net cash and portfolio management
Pro forma net cash² at
Group outlook
The FY 2020 Group outlook, as detailed at our Full Year Results on
For further information
For analyst and institutional enquiries: |
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+44 20 3615 2902 |
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+44 20 3615 2903 |
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For media enquiries: |
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+44 20 7260 2700 |
Conference call
A conference call will be held with City analysts at
Next trading update
The Group's next scheduled announcement of financial information will be its results for the half year ended
About DMGT
DMGT manages a portfolio of companies that provide businesses and consumers with compelling information, analysis, insight, events, news and entertainment. The Group take 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
Notes
1 Underlying revenue is revenue on a like-for-like basis, adjusted for constant exchange rates, the exclusion of disposals and closures, the inclusion of the year-on-year organic growth from acquisitions and for the consistent timing of revenue recognition. For events, the comparisons are between events held in the year and the same events held the previous time. For Consumer Media, underlying revenues exclude low margin newsprint resale activities.
2 The actual net cash position as at
3 Consumer Media results are for the thirteen weeks to Sunday
4 The reported growth rates include revenues from the 'i' for the month of
5 The Daily Mail's market share of
6 Underlying advertising growth rates include 9% growth across the Mail titles, with a 1% underlying decline in print advertising being more than offset by 17% underlying growth from MailOnline.
7 MailOnline's average global daily unique browsers during Q1 FY 2020, excluding other platforms such as
8 Current City analyst expectations for DMGT for FY 2020 are based on the eight analysts that have updated their projections since the Full Year 2019 results were released on
The average £:$ exchange rate for the three months was £1:
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