Underlying operating profit grew 21% and operating margin is increased to 17%, while the Group's adjusted profit before tax is up 16% to £151m. The outlook for the remainder of the year is in line with market expectations, DMGT said.
Commenting on the results, Martin Morgan, CEO of DMGT, said, "We have delivered a good performance in the first half, reflecting the strength of our B2B companies and, within dmg media, the resilience of the Mail businesses, the benefits of cost saving initiatives and effective portfolio management.
We have continued to actively manage our portfolio of businesses and have made several acquisitions and disposals during the period and into the second half, to improve the overall quality and growth prospects of the Group."
As part of this strategy, the Zoopla Property Group (ZPG), in which DMGT owns a 53% stake, has confirmed its intention to make an initial public offering (IPO) on the London Stock Exchange. DMGT intends to participate in the IPO and reduce its stake in ZPG.
dmg media has also announced the disposal of Jobsite to European online job board StepStone, part of Axel Springer. The deal, which is subject to Competition and Markets Authority approval, complete dmg media's exit from the digital recruitment market.
Companies' highlights
RMS increased its revenues by 4% on a reported basis and by 8% on an underlying basis. The underlying revenue growth of RMS' core business was 6% and RMS isexpected to deliver mid-single digit full-year underlying revenue growth.
Underlying revenues for dmg information grew strongly by 15% thanks in part to double digit underlying revenue growth from its Property Information, Education and Energy businesses, including Landmark Information Group, Hobsons and Genscape.
Reported revenues for dmg events increased by 16%. Underlying revenue growth of 28% was helped by a change in frequency of its ADIPEC event from biennial to annual. Gastechrevenues were up 46% despite changing from a biennial to an 18 month cycle.
Euromoney Institutional Investor announced its interim financial report on 15 May and revenue increased by 5% on a reported basis, benefiting from acquisitions though adversely impacted by the stronger pound, and grew by 3% on an underlying basis.
Underlying revenues grew by 1% compared to the first half of last year at dmg media. The underlying increase in digital advertising revenues continued to exceed the ongoing decline in print advertising revenues, with total underlying advertising revenues increasing by 3%. dmg media's margin increased from 9% to 13%.
