The latest Investing Matters Podcast episode featuring Jeremy Skillington, CEO of Poolbeg Pharma has just been released. Listen here.
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Daily Mail and General Trust plc (`DMGT') Trading Update Ahead of DMGT's Investor Day tomorrow afternoon, this statement provides an update on the Group's progress in the current year. It covers the six month period to the end of March 2012. Summary - Solid Group revenue performance, up 2% underlying# - Good underlying# growth from B2B operations - Resilient revenue performance at Associated; circulation and digital revenue growth largely offsetting print advertising weakness - Active portfolio management; targeted acquisitions and disposal of non-core assets - Outlook for the year remains unchanged.
http://www.investegate.co.uk/Article.aspx?id=20120417071500P14B9
Keith Potts, Evenbase Chief Executive, said: "I'm absolutely delighted to secure such a valuable asset for the group. Candidates are, and will always be, the raw material for recruitment. Jobrapido gives us access to job seeking candidates on a global scale and supercharges the transformation of our business model." Martin Morgan, CEO of DMGT said: "Bringing the Jobrapido team into the DMGT group is a great example of DMGT's core strategy in action. We seek out and acquire market leading businesses with strong positions in rapidly growing international markets. We have a strong culture of entrepreneurial management and like to retain and empower the people who built those businesses."
Acquisition of Jobrapido by DMGT A&N Media, the consumer media business of DMGT, has acquired Jobrapido, one of the world's largest job search engines. Jobrapido will be combined with A&N Media's existing digital recruitment group, which is now renamed as Evenbase in order to reflect the wider scope and international reach of the enlarged group. This acquisition gives Evenbase - which includes Jobsite, OilCareers and Broadbean - access to one of the world's largest databases of job seekers and a global footprint with strong positions in a number of key international markets. The completion consideration is €30 million. The Jobrapido management team is incentivised to enhance this valuation over the next few years through an earn-out arrangement based on achieving agreed financial and business performance objectives. Jobrapido achieved revenues of c. €24 million and profits of c. €6 million during calendar year 2011. Jobrapido was established in Italy in 2006 by its Chief Executive, Vito Lomele. It is the second largest international job search engine in the world, delivering last year 660 million visits from job seekers (most recently 32 million unique visitors in March 2012) in more than 50 countries.
http://www.investegate.co.uk/Article.aspx?id=20120416070000P3A63
Numis upgrades Daily Mail and General Trust from add to buy, target price unchanged at 526p
How's the sale of majority stake in teletext going to affect us?
Martin Morgan, Chief Executive, said: "DMGT has delivered a solid set of results. Our international B2B companies have increased their revenues and profits* by 10% and 13% on an underlying# basis respectively. Our UK consumer businesses have been impacted by the weak advertising environment, particularly in the third quarter, and higher newsprint costs resulting in profits* down 20% for the year. Notwithstanding the challenging trading conditions, the underlying# revenues of Associated Newspapers were unchanged. Furthermore, Mail Online is now a global name in news and on course to become the world's biggest English language newspaper website. Whilst first quarter trading to date has been reasonable, we remain cautious about the medium term outlook, given continuing external uncertainties, particularly for UK advertising. Our strategy remains focused on innovation-led growth, talent development and improved operating effectiveness. We are a more focused and financially stronger Group today, which makes us confident that we can make real progress in 2012."
RESILIENT PERFORMANCE - Revenues up 1%, an underlying# increase of 3%; - Strong B2B performance with revenues up 8%, an underlying# increase of 10%; - Resilience at Associated; revenues down 2%, but stable on an underlying# basis; - Challenging year for Northcliffe; revenues down 10%; - Operating profit* of £286m, down 5%, but stable on an underlying# basis; - Underlying# operating margin* unchanged at 16%; - Profit* before tax of £237m, up 3%; - Active portfolio management: purchase of Ned Davis Research and sale of George Little Management, RMSI, Sanborn and shares in CoStar Group, Inc.; - Net debt reduced by £143 million to £719 million; net debt: EBITDA of 1.99 times; - Earnings per share* up 2% to 47.0p; full year dividend increased by 6% to 17.0p.
http://www.investegate.co.uk/Article.aspx?id=20111123070000PEB20
Completion of sale of George Little Management (`GLM') DMGT announces that on 30th September, 2011 dmg events, its exhibitions and conference division, completed the disposal of GLM, following the receipt of regulatory clearances. This follows the announcement of the agreement of terms with Providence Equity Partners on 23 August, 2011. The total consideration was US$173 million (£111 million) of which $154 million (£99 million) was cash with the balance being an interest-bearing note. In addition, DMGT benefit from selling the business with negative $7 million (£4 million) in working capital. Dmg events was represented in this transaction by the Jordan, Edmiston Group, Inc. (JEGI) of New York, NY, a leading independent investment bank for the media, information, marketing services, and technology sectors, which acted as its exclusive financial advisor.
http://www.investegate.co.uk/Article.aspx?id=20111003070000PB48B
RBS downgrades Daily Mail and General Trust from buy to hold, target price cut from 570p to 415p.
Panmure Gordon retains Daily Mail and General Trust (DMGT) as a "buy" with a price target of 360p, as the company continues to reap the benefits from News of the World's market exit. Daily Mail circulation is down 4.9% year on year, however the broker notes the cover price rise from 50p to 55p, and feels this is therefore a credible performance. The appointment of Stephen Daintith as chief financial officer will act as a positive catalyst for the shares according to Panmure. The shares slipped 6.25p to 345p.
Daily Mail & General Sale of GLM 23rd August, 2011 Daily Mail and General Trust plc (`DMGT') Sale of George Little Management (`GLM') On 10th June, 2011 DMGT announced that strategic alternatives were being considered with respect to its U.S. retail-focused events managed by GLM. DMGT has now agreed terms to sell GLM to Providence Equity Partners, the leading global private equity firm focused on media, communications, information services and education investments, for approximately £106 million ($173 million). The transaction, which is subject to a number of conditions including regulatory approvals, is expected to complete in late September. On completion, DMGT expects to receive cash of approximately £90 million ($147 million), which will be used to reduce net borrowings, and an interest-bearing note for the balance of the proceeds. The adjusted operating profits of GLM in the last year to 3rd October 2010 (before amortisation and impairment charges) were £15.7 million, and the gross assets at that date were £123 million.
http://www.investegate.co.uk/Article.aspx?id=20110823073802P1BF2
Daily Mail price to rise by 10% Date: Thursday 14 Jul 2011 LONDON (ShareCast) - Daily Mail publisher DMGT is putting the price of its main newspaper up by 5p to 55p as it seeks to cope with rising newsprint prices and declines in the advertising market and circulations. The price rise, which comes into effect on 18 July, is the first for the weekday edition of the Daily Mail since April 2008, DMGT said, adding that the price of the Saturday edition of the Daily Mail and the Mail on Sunday will remain unchanged. A Daily Mail will now cost 10p more than its main rival the Daily Express, which sells at 45p a copy. “The circulation of the Daily Mail has significantly out-performed the market throughout the last year; however, the continuing high cost of newsprint means it is necessary to increase the cover price of the newspaper,” DMGT said. The company said that advertising revenues were down by 7% year-on-year in the 13 weeks to 3 July, with those for the five weeks of June down by 9% “against the backdrop of the fragile consumer economy which has meant continued uncertainty for the retail sector.” The higher cover price will help to mitigate some of the recent decline in ad revenues, DMGT said. While DMGT says the latest price rise is to cope with rising newsprint prices and declining ad revenues, it has also been suffering from lower circulations. Circulation of the Daily Mail fell by 1.9% in the half year to 3 April. DMGT did not give any indication of circulations in the latest statement, except to say that it has outperformed the market, which was also the case in the half year to 3 April.
http://www.investegate.co.uk/Article.aspx?id=20110714070000P5DA5
Nice tradeable drop - on its way back up again
Daily Mail & General Trust (DMGT) saw continued revenue growth in the five months to February, the UK media group announced, but it warned of "continued uncertainty" over the medium-term outlook. Turnover rose 2% year-on-year, and 5% on an underlying basis, driven by an 11% increase in revenue at DMGT's business-to-business operations. Income from events management rose particularly strongly, helped by growth in events serving the energy and digital marketing sectors. The shares slipped 3.9p to 499.1p.
... secure deal to supply OS Data worth £800k. http://www.computing.co.uk/ctg/news/2028021/ordnance-survey-migrates-amazon-
Shares of newspaper publisher Daily Mail & General Trust /quotes/comstock/23s!a:dmgt (UK:DMGT 478.00, +29.20, +6.48%) rose 5.6% after it was upped to outperform from underperform by Credit Suisse and to buy from neutral at UBS. Credit Suisse highlighted the improving U.K. advertising outlook, the potential for newsprint prices to fall and the hike in U.K. newspaper prices last week. UBS said Daily Mail is undervalued as it trades on 11 times 2010 earnings and offers a 4% dividend yield.
LONDON, Aug 20 (Reuters) - Rupert Murdoch's British newspaper arm News International plans to close its afternoon freesheet thelondonpaper after it posted an almost 13 million pound pretax loss for the year. News International, a unit of Murdoch's News Corp., said in a statement it had begun a 30-day consultation with around 60 staff on the paper which is given out on the streets of London, covering sports, news, London events and celebrities. 'The strategy at News International over the past 18 months has been to streamline our operations and focus investment on our core titles,' James Murdoch, Chairman and Chief Executive of News Corp in Europe and Asia, said. 'The team at thelondonpaper has made great strides in a short space of time with innovative design and a fresh approach but the performance of the business in a difficult free evening newspaper sector has fallen short of expectations. 'We have taken a tough decision that reflects our priorities as a business.' The group said the paper recorded a pretax loss of 12.9 million pounds in the year to June 29, 2008, on a turnover of 14.1 million pounds. Thelondonpaper launched in 2006 and engaged in a fierce battle with the free paper London Lite from Associated Newspapers for the attention of the young commuters. It also competed with the paid-for Evening Standard which saw its sales drop. Both freesheets were funded by advertising, which has been hit in the economic downturn.
http://www.sharecast.com/cgi-bin/sharecast/story.cgi?story_id=2951095