Daily Mail revenues take 15% tumble as events postpone and circulation slows

A UK media group has reported a 15 per cent drop in revenue for the first quarter of the year.

Daily Mail General Trust (DMGT), saw group revenue drop to £304m, largely pulled down by the 92 per cent reduction in its events and exhibitions division.

The company also saw a 13 per cent drop in consumer media revenues, with circulation of its titles taking a 7 per cent tumble and advertising revenue falling by 16 per cent.

DMGT commented: “The duration and severity of the Covid-19 pandemic remains unclear at this stage, despite the hope that vaccination programmes will enable lockdowns around the world to be eased over time.

“Consequently, the short-term outlook for the UK Property Information, Consumer Media and Events & Exhibitions businesses remains difficult to predict, albeit the dynamics outlined in DMGT’s FY 2020 results released on 23 November 2020 remain the same.

“The board is confident that DMGT’s diversified portfolio is well positioned to continue to withstand the present uncertainties and that its long-term approach will continue to create value for its shareholders.”