(Alliance News) - Newspaper publisher Daily Mail & General Trust PLC on Thursday said financial 2020 adjusted operating profit will above analyst expectations following strong growth in advertising revenue.
The company, which owns Daily Mail, the i and the Metro titles, said "at this stage" the company expects adjusted operating profit in the range of GBP85 and GBP90 million for the year to September 30, well above analyst expectations of between GBP59 million and GBP80 million.
Adjusted revenue is anticipated between GBP1.21 billion and GBP1.22 billion versus market estimates of GBP1.17 billion and GBP1.28 billion.
"The performance was achieved without any government support, including furlough schemes," the media company clarified.
Daily Mail explained that the performance was helped by stronger than expected September profit from consumer media unit, which benefitted from advertising revenue being above expectations, and property information business Landmark benefitting from increase in property market transactions.
"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 and exhibitions and consumer media businesses for financial 2021 and remains cautious," the company said on its outlook.
Daily Mail is slated to release its annual results on November 23.
Shares in the company were up 3.9% at 702.04 pence each in London on Thursday morning.
By Tapan Panchal; tapanpanchal@alliancenews.com
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