In its trading update released yesterday, DMGT reported strong underlying revenue growth of 4% from its B2B businesses and an underlying revenue decline of 2% from its consumer media business, dmg media.
In January, dmg media acquired Elite Daily, the US based news and entertainment website. The disposals of Jobsite, the remaining part of dmg media's digital recruitment business, and Lewtan, dmg information's financial information business, completed in October 2014. The acquisition of businesses for the B2B portfolio, further bolstered DMGT's overall performance in the three months to 31 December 2014.
DMGT says first-quarter trading is in line with expectations and the outlook for the full year remains unchanged.
Performance Highlights
Reported revenues at Risk Management Solutions increased 2% to £45 million. The core business grew revenues by an underlying 1%. The revised plan for RMS(one) is being implemented and remains on track to deliver the staged programme of incremental deliverables during 2015.
Revenues at dmg information grew to £99 million, an underlying increase of 6%. Reported revenues benefited from acquisitions. Its energy business, Genscape, continued to deliver double digit underlying growth. The property information portfolio and the education business, Hobsons, delivered mid-single digit underlying growth. Growth rates in both these sectors are expected to increase over the remainder of the year, says DMGT.
International exhibitions business dmg events delivered strong underlying revenue growth of 14%. The Big 5 Dubai and ADIPEC shows took place in November 2014 and both events delivered double digit growth.
Euromoney Institutional Investor reported revenues declined to £95 million. The international online information and events group released its trading update on 29 January 2015.
Consumer media business dmg media reported revenues of £190 million, an underlying decline of 2%. Circulation revenues were down 4% due to declining volumes, although both Mail Newspaper titles continued to grow market share with the Daily Mail achieving a record 23%. Total underlying advertising revenues increased by 2%, with newspapers down 6%, newspaper companion websites up 21% and other digital advertising up 36%, says DMGT.
Read the full trading update, including details of an increase in net debt and the repurchase of bonds, is available to download.
