Daily Mail & General Trust PLC (LON:DMGT), the owner of the tabloid newspaper, has reported a performance for its first quarter that it said is “in line with management expectations” although the media group said the trading environment “remains uncertain” due to the ongoing coronavirus (COVID-19) pandemic.
In a trading update for the three months to December 31, 2020, the company said revenues in the period fell 15% on an underlying basis to £304mln, although it said declines in its consumer media and events & exhibitions businesses had been “partially offset” by 8% growth in digital advertising.
The company also highlighted growth in B2B subscriptions of 1% in the quarter and a “strong” performance in its UK property information arm with growth of 22%.
Looking ahead, DMGT said the duration and severity of the COVID-19 pandemic “remains unclear” and therefore the short-term outlook for its UK property information, consumer media and events & exhibitions businesses remained “difficult to predict”.
Despite this, the company said it is “confident” that its portfolio is “well positioned to continue to withstand the present uncertainties”.
The company’s shares were 0.9% lower at 813p in mid-morning trading on Thursday.