 shares plummeted on Thursday, after the group reported a 76 percent fall in pre-tax profit for the first half of 2017.){kind=link}
Daily Mail & General Trust (LON:DMGT) shares plummeted on Thursday, after the group reported a 76 percent fall in pre-tax profit for the first half of 2017.
The group, who own the infamous Daily Mail tabloid, have been undergoing a significant restructuring plan in order to boost earnings. For the six months to 31st March 2017, the company made a pretax profit of £40.9 million, down from £171.5 million for the comparable period last year, on revenue that rose 5.1 percent to £794.3 million.
Paul Zwillenberg, Chief Executive, said the performance was “broadly in line with our expectations”.
“We delivered underlying revenue growth for the Group, highlighting the benefit of a diversified portfolio.
“We are encouraged by the underlying profit performance at dmg media, where MailOnline continues to increase its revenue, taking real strides on its path to profitability.
“In the second half of the year, although we expect challenging market conditions to persist for some of our businesses, we will continue to focus on improving operational execution and completing our strategic portfolio review during this period of transition. We remain confident that our focus and commitment to reinvigorate and re-shape DMGT will deliver growth in the long-term”, he concluded.
Shares in Daily Mail & General Trust fell nearly 10 percent at market open on Thursday, and are currently trading down 8.58 percent at 687.50 (0923GMT).