Daily Mail and General Trust (LON: DMGT) recorded a 50% decrease in pre-tax profit to £72 million.
Daily Mail owners have fallen 14% from last year to £1.2 billion.
Financial performance is expected to “reflect various levels of impact from the Covid-19 pandemic and its economic impact,” and insurance risks make US property information and Edtech businesses feel “suitable to deliver ongoing revenue growth.”
“The UK real estate information and consumer media outlook remain difficult to predict for events and exhibitions, but conditions remain particularly challenging.
“We will continue to invest in our portfolio to provide returns that are consistent with our disciplined approach, which will affect margins when building our business in the long term,” the group said in a statement.
Revenues for the group’s exhibition arm event fell 81% amid the pandemic.
Daily Mail and General Trust have completed the acquisition of I Newspaper. This was a £50 million deal.
The group revealed plans to lift its full-year dividend, leading to a rise in stock prices.
The full year dividend increased by 1% to 24.1p.
Daily Mail and General Trust shares (LON: DMGT) are +3.52% at 705,00 (0945GMT).
