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    DMGT   GB00BJQZC279

DAILY MAIL AND GENERAL TRUST PLC

(DMGT)
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Daily Mail publisher cuts revenue outlook for information business

01/26/2017 | 08:09am EST

LONDON (Reuters) - The owner of the Daily Mail newspaper cut the revenue outlook for its sizeable information division on Thursday, sending its shares down as much as 8 percent.

It was also hit by concerns over its advertising revenues, which analysts said showed weakness heading into the end of 2016.

Daily Mail and General Trust (>> Daily Mail and General Trust plc), known for its flagship newspaper and Daily Mail website, also started the process of selling down its stake in financial publisher Euromoney (>> Euromoney Institutional Investor PLC) to slim down its sprawling range of businesses.

The group reduced its revenue forecast for its information business to mid-single digit growth, from a previous forecast of high-single digit growth.

The information business in the first quarter was adversely affected by reduced levels of activity in the UK market of its European property segment.

This business provides information and analysis for the property, education and energy sectors, and accounts for around a quarter of the group's revenues.

The company also said its overall profit outlook for the year was unchanged and that it was otherwise trading in line with its expectations.

First-quarter revenue was 520 million pounds ($657 million), in line with last year on an underlying basis.

House broker Credit Suisse highlighted other areas of weakness in the trading update.

"Organic growth in (the first quarter) was weaker than expected at Euromoney, dmg media and dmg information," the Credit Suisse analysts said in a note, keeping a "neutral" rating on the stock.

The Swiss bank said dmg media, which includes its stable of newspapers and remains the group's biggest business by revenue, appeared to have had a very weak December for advertising, after a strong start to the quarter.

After growth of 1 percent in the first eight weeks, the overall figure of a 4 percent fall for the quarter implied a drop of 11 percent in December, the Credit Suisse analysts said, partly due to timing effects around Christmas.

Underlying print advertising in the quarter fell 11 percent, further evidence of the trend of declining ad revenues for British newspaper publishers.

Daily Mail and General Trust reduced its stake in Euromoney, a separate business information company, from around 67 percent to around 49 percent.

Analysts at Jefferies said this was "a key first step, arguably, in the evolution of the group."

"(It's) perhaps not our preferred approach, but it certainly delivers greater financial flexibility for DMGT going forward," Jefferies' analysts said in a note.

Euromoney said separately it was trading was in-line with the board's expectations, though underlying revenues fell by 5 percent.

($1 = 0.7914 pounds)

(Reporting by Alistair Smout; editing by Kate Holton and Jane Merriman)


ę Reuters 2017
Stocks mentioned in the article
ChangeLast1st jan.
DAILY MAIL AND GENERAL TRUST PLC -1.10% 1080 Delayed Quote.44.97%
EUROMONEY INSTITUTIONAL INVESTOR PLC -3.27% 975 Delayed Quote.-8.54%
NEXT PLC -3.23% 7848 Delayed Quote.10.75%
STEP CO.,LTD. -0.65% 1824 End-of-day quote.14.21%
SWISS RE LTD -4.20% 86.26 Delayed Quote.3.50%
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Analyst Recommendations on DAILY MAIL AND GENERAL TRUST PLC
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Financials
Sales 2022 1 161 M 1 547 M 1 547 M
Net income 2022 51,4 M 68,5 M 68,5 M
Net cash 2022 438 M 584 M 584 M
P/E ratio 2022 37,5x
Yield 2022 2,35%
Capitalization 2 482 M 3 305 M 3 308 M
EV / Sales 2022 1,76x
EV / Sales 2023 1,66x
Nbr of Employees 4 034
Free-Float 53,9%
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Income Statement Evolution
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Mean consensus OUTPERFORM
Number of Analysts 6
Last Close Price 1 080,00 GBX
Average target price 1 069,33 GBX
Spread / Average Target -0,99%
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Managers and Directors
Paul A. Zwillenberg Chief Executive Officer & Director
Timothy Guy Collier Group Chief Financial Officer & Executive Director
Viscount Rothermere Chairman
Rob Chandhok Group Chief Technology Officer
Dominique Trempont Independent Non-Executive Director
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