(Alliance News) - Daily Mail & General Trust PLC on Thursday said it swung to an annual loss as it prepares to return to private hands.
The newspaper publisher and events organiser posted a pretax loss of GBP2.4 million for the financial year that ended September 30 from a GBP33.7 million profit the year prior. Revenue rose 1.7% annually to GBP885.3 million from GBP870.2 million.
"From a financial and operational perspective, DMGT delivered a creditable performance in the year," said Chief Executive Paul Zwillenberg. "We saw good revenue and profit contribution growth from MailOnline and a solid performance from the Mail print titles driving profit contribution growth for the Mail businesses as a whole. Unsurprisingly, the commuter newspaper Metro and our Events business continue to be significantly impacted by the pandemic."
Looking ahead, DMGT said it expects recovery in revenue from its Events & Exhibitions and Consumer Media businesses, although the extent remained uncertain.
DMGT declared a final dividend of 17.3 pence per share resulting in a full year dividend payout of 24.9p, up 3.3% from 24.1p the year prior.
Earlier in November, the group announced it had agreed on a private takeover by Rothermere Continuation Ltd, owned by Lord Rothermere, also known as Jonathan Harmsworth, DMGT's biggest shareholder. Shareholders outside of Rothermere stand to receive 1,263.00p per DMGT share in cash and shares of recently listed used-car business Cazoo.
The Rothermere family is the largest shareholder with a 36% stake in DMGT, which has been listed on the stock market since 1932.
Shares were down 0.5% at 1,112.00p on Thursday morning in London.
By Will Paige; willpaige@alliancenews.com
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