LONDON (ShareCast) - Third quarter revenue rose at newspaper group Daily Mail (LSE: DMGT.L - news) and General Trust despite weakening advertising conditions in the newspaper business.
Revenues for the three months to end of June rose by 5%. The Information division saw revenues grow by 6% to £78m but the media arm did less well. Although Associated Newspapers pushed up revenue by 0.4% to £243m, Northcliffe Media’s revenues for the quarter were 7% lower, with the trends in advertising revenue deteriorating in May and June.
Net debt at the end of June was down to £1,007m from £1,141m, reflecting continued strong cash flow and disposals worth £96m.
“Inevitably, the well-publicised deterioration in the UK economy since we last reported in May is having an impact on our newspaper businesses there. However, our strategy of creating a diversified international portfolio of market-leading operations across both business and consumer products provides considerable resilience and leaves us well positioned to deliver long-term growth," he added.
Source: http://uk.biz.yahoo.com/080723/214/i3n4p.html
