DMGT says:
Operating profit of £138 million was down 12% on the figure for the previous half year on an underlying basis, albeit with resilient performances from the B2B businesses. Profit was impacted by a weak print advertising market.
Commenting on the results, Martin Morgan, Chief Executive, DMGT said, "DMGT's performance in the first half was broadly in line with our expectations, other than the further deterioration in the UK print advertising market which impacted dmg media's results. The Group's revenue has remained broadly stable on an underlying basis, with growth from our B2B companies offsetting the decline from dmg media."
Revenues at RMS increased by 6% on a reported basis, including the benefit of the stronger US dollar, and by 1% on an underlying basis, despite the continuing adverse impact of some client consolidation. The operating margin in the period improved to 20%, despite a reduction in capitalisation, reflecting lower employment costs and reduced operating expenses.
The RMS(one) suite of products and solutions remains on track to be released in stages to RMS's client base.
dmg information delivered good growth in the first half of the year, with overall underlying revenues up 6% and growth achieved by each of the three information sectors: Property, Education and Energy.
dmg events' revenues increased by 5% on an underlying basis with reported revenues growing by 24%. The reported revenue growth includes the benefit of the occurrence of the Gastech event. Across our more significant shows, the Big 5 Dubai construction event performed particularly strongly and, in the energy sector, ADIPEC delivered revenue growth.
Euromoney announced its first half results on 19 May 2016. Revenue declined by 2% on a reported basis, including the benefit from the stronger US dollar and the timing of events, and by 6% on an underlying basis. Operating profit declined by 12% on a reported basis and by 15% on an underlying basis.
dmg media revenues declined by an underlying 3% compared to the first half of the prior year. Reported revenues declined by 4%, including the impact of the disposal of dmg media's online discount business, Wowcher, in November 2015.
Print advertising revenues in the six month period declined by £18 million, 13%, including a 15% decline in the second quarter, however, digital advertising revenues grew strongly by an underlying 23%. Circulation revenues were 3% lower due to the continued decline in the circulation volumes of the Daily Mail and the Mail on Sunday, although both newspapers continued to grow their market share.
As announced on 12 May Martin Morgan will retire as Chief Executive with effect from the 31 May 2016 and Paul Zwillenberg will be appointed Chief Executive from 1 June 2016.
