DMGT says: We have seen solid revenue growth from our B2B businesses, up 2% underlying year-on-year, including a particularly strong performance from dmg events. The underlying revenue decline of 3% fromdmg media can be attributed to weak print advertising revenues and declining circulation volumes.
Risk Management Solutions (RMS) reported a core underlying revenues increase of 1%, although overall underlying revenues were in line with last year due to the expected lower RMS(one) consultancy revenues. The performance reflects client consolidation and challenging conditions in the reinsurance market, offset by strong renewal rates. As outlined at the Investor Briefing event on 9 September 2015, RMS(one) remains on track.
For dmg information, revenues grew by an underlying 6%. Genscape, the energy business, continued to deliver double digit underlying growth. The property information portfolio, includingLandmark, SearchFlow, EDR, Trepp, Xceligent, Buildfax and SiteCompli, delivered mid-single digit underlying growth. Underlying revenues at Hobsons, the education business, increased by 3%. There has been a significant level of acquisitions and early-stage investments made during the year across all three of dmg information's sectors.
dmg events performed strongly as expected, with an underlying revenue increase of 14% and reported revenues being adversely impacted by the absence of Gastech. In September 2015, dmg events disposed of its digital marketing business.
Euromoney, which continues to face challenging market conditions particularly in the investment banking sector, does not report its performance for the eleven months to August. It released its pre-close trading update earlier today.
dmg media's year to date underlying revenues declined by 3%. Circulation revenues were down 4% due to lower volumes, although both Mail Newspaper titles continued to grow market share with the Daily Mail and The Mail on Sunday achieving 23.4% and 21.8% respectively. MailOnline's year to date digital advertising revenue growth of 16%, and other digital advertising (such as Elite Daily) up 29%, partly offset the 9% decline in print advertising revenues at the Daily Mail, The Mail on Sunday and Metro over the same period.
MailOnline's global monthly unique browsers in August 2015 stood at 218 million, up 21% on last year. Wowcher has continued to perform strongly with 36% more subscribers than in August 2014, and revenues increasing by 24% compared to the same eleven month period of the previous year.
DMGT's £100 million share buy-back programme was completed on 10 September 2015. The Group's strong operational cash flow and disciplined portfolio management have resulted in the expectation that the net debt to EBITDA ratio will be below our preferred upper limit of 2.0 times at the end of the current financial year.
Full Year results guidance remains unchanged and adjusted results are expected to be in line with market expectations.
