Daily Mail and General Trust (DMGT), media company and event organiser, has issued an update on its results for the full year ended 30 September 2020 and is predicting this year’s profits will come in above current market forecasts. DMGT formally suspended guidance in March 2020, during the onset of the Covid-19 pandemic and notes what it describes as an “unusually wide range of current market expectations”.
“At this stage, the Board estimates the Group’s adjusted revenue will be in the range of £1,205- £1,215m and adjusted operating profit in the range of £85- £90m,” a company statement said. It added: “The performance was achieved without any government support, including furlough schemes. The effective tax rate for the year is expected to be less than 30%.”
The performance was helped, DMGT said, by stronger than expected September profit from:
- Consumer Media, which benefitted from advertising revenue being above expectations; and
- Landmark, the UK Property Information business, which benefitted from an increase in property market transactions. This was aided by pent up demand, following some easing of lockdown restrictions, and the temporary reduction in UK Stamp Duty.
“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 & Exhibitions and Consumer Media businesses for FY 2021 and remains cautious,” the company statement concluded.
The FY 2020 financial statements are in the process of being prepared and remain subject to audit. DMGT will release results for the full year on 23 November 2020.
