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MarketScreener Homepage  >  Equities  >  London Stock Exchange  >  Daily Mail and General Trust plc    DMGT   GB00BJQZC279

DAILY MAIL AND GENERAL TRUST PLC

(DMGT)
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Digital ad demand bounces back for Daily Mirror publisher Reach

09/28/2020 | 06:10am EST
FILE PHOTO: The two newspaper titles owned by Express Newspapers alongside The Mirror newspaper, which is owned by Trinity Mirror, are seen on display in a newsagents in central London

British newspaper publisher Reach said it had seen a strong recovery in digital advertising and improvements in demand for its print titles from COVID-19 lows after it beat market expectations for first-half profit.

Jim Mullen, chief executive of the owner of the Daily Mirror, Daily Express and a host of regional titles, said Reach was performing materially ahead of expectations, although it was mindful of the impact of a potential second wave of the virus on the economy.

"We are encouraged by the performance of the business," he said in an interview on Monday. "We have seen a strong recovery in digital advertising and that returned to growth in Q3."

He said there had also been a "very steady improvement" in circulation as lockdown restrictions were eased, with circulation across all of its titles standing at just under 94% of pre-COVID levels.

Shares in the group jumped as much as 20% as analysts at Numis said both adjusted operating and pretax profit for the first half soundly beat their expectations.

The tone was much more positive than in July when Reach said it would cut about 550 jobs, or 12% of its workforce, after the pandemic hit circulation and advertising revenue.

The company has suspended its cash dividend, but is proposing a bonus issue to investors with a value of 2.63p per share thanks to its better than expected performance.

Mullen said 3.5 million online readers of Reach content had now registered, far exceeding the company's target of 2 million by the end of the year and helping drive demand from advertisers who can use the data to target consumers more effectively.

Digital revenue was up 12.9% year-on-year in the third quarter, the company said, while print declined by 19.9%, an improvement on the 29.5% seen in the second quarter.

For its first half to June 28, the company reported adjusted operating profit of 54.9 million pounds ($70.55 million), against 71.3 million pounds a year earlier, on revenue of 290.8 million pounds, down from 352.6 million pounds.

($1 = 0.7793 pounds)

($1 = 0.7782 pounds)

(Editing by Keith Weir)

By Paul Sandle


© Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
DAILY MAIL AND GENERAL TRUST PLC 1.81% 695.36 Delayed Quote.-17.61%
EDITAS MEDICINE, INC. -2.39% 30.59 Delayed Quote.3.31%
MULLEN GROUP LTD. 1.62% 10.06 Delayed Quote.8.52%
REACH PLC 3.36% 141.6 Delayed Quote.0.44%
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Financials
Sales 2021 1 195 M 1 591 M 1 591 M
Net income 2021 40,5 M 54,0 M 54,0 M
Net cash 2021 127 M 169 M 169 M
P/E ratio 2021 37,5x
Yield 2021 3,52%
Capitalization 1 613 M 2 150 M 2 149 M
EV / Sales 2021 1,24x
EV / Sales 2022 1,04x
Nbr of Employees 5 950
Free-Float 73,6%
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Technical analysis trends DAILY MAIL AND GENERAL TRUST PLC
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TrendsNeutralNeutralNeutral
Income Statement Evolution
Consensus
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Mean consensus HOLD
Number of Analysts 11
Average target price 727,27 GBX
Last Close Price 712,00 GBX
Spread / Highest target 26,4%
Spread / Average Target 2,15%
Spread / Lowest Target -24,2%
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Managers
NameTitle
Paul A. Zwillenberg Chief Executive Officer & Director
Viscount Rothermere Chairman
Timothy Guy Collier Group Chief Financial Officer & Executive Director
Rob Chandhok Group Chief Technology Officer
Kevin Joseph Beatty Executive Director
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