The Group attributed the result to the challenging print advertising and financial market conditions affecting dmg media and Euromoney Institutional Investor. The overall growth from DMGT's other B2B businesses was at 1% year on year after strong performances from dmg events and dmg information.
Risk Management Solutions (RMS) generated underlying revenue growth of 1% in the quarter, despite conditions in the reinsurance market remaining challenging. In line with earlier updates, the cloud-based software for catastrophe risk analysis and data solutions, RMS(one), remains on track to be released in stages to select clients.
dmg information reported that underlying revenues grew by 5% in the quarter, benefiting from Genscape's continued double-digit growth. The most notable acquisitions include several small investments in start-up businesses in the property information sector.
Global events organiser dmg events reported strong underlying revenue growth of 16% in the quarter, which benefited from the successful transition of the Global Petroleum Show (GPS) from a biennial event to an annual format.
The publisher of trade publications, data and research, Euromoney, has seen revenues decline by an underlying 5% in the quarter. Euromoney released its trading update to the City on 22 July 2015. The recent negative trends for events and advertising revenues are expected to continue into the final quarter.
There was an underlying revenue decline of 5% from consumer media business dmg media, primarily due to a difficult quarter for the UK print advertising market. The total underlying advertising revenues across dmg media were therefore down 6% compared with last year. Nevertheless, both Mail Newspaper titles continued to grow market share with the Daily Mail and The Mail on Sunday achieving 23.4% and 22.1% respectively.
MailOnline's digital advertising revenue growth of £1 million (8%) partly offset the £7 million (15%) decline in print advertising revenues at the Daily Mail and the Mail on Sunday during the quarter.
Wowcher continued to perform strongly with revenues increasing by 14% compared to the same quarter of the previous year.
The Group has made good progress with its £100 million share buy-back programme, with £71 million now acquired and net debt has decreased by £67 million to £687 million.
Given the weaker than anticipated UK print advertising market for dmg media and the continuation of challenging market conditions for Euromoney, the outlook for the Group's Full Year results is now towards the lower end of market expectations.
