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Euromoney shares plunge as Daily Mail owner cuts stake

Euromoney publishes the Euromoney magazine and shares plunged in early London deals

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The Daily Mail & General Trust recently reported an 11% decline in full-year operating profit. Revenue at Euromoney fell 4% on an underlying basis

Newspaper and media giant Daily Mail and General Trust Plc (LON:DMGT) is set to lose Euromoney as a subsidiary as it sold shares in the group to cut its stake to 49% from 67%.

The Daily Mail owner sold around 32.3mln Euromoney shares at 975p each raising gross proceeds of around £315 million.

Euromoney (LON:ERM) publishes the Euromoney magazine and shares tanked 9.2% to 1,017p on the news.

The Daily Mail & General Trust recently reported an 11% decline in adjusted operating profit for the 12 months to September 30. Revenue at Euromoney fell 4% on an underlying basis.

DMGT said today that as a result of the sale, the share of operating profits from joint ventures and associates in the year to end September 2017 is now expected to be around £65mln rather than around £25 million, as guided in December last year.

DMGT shares shed 2% to 776p in early deals.

Quick facts: Daily Mail and General Trust

Price: 837 GBX

LSE:DMGT
Market: LSE
Market Cap: £1.93 billion
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