No commuters, no papers – Metro slump hits Mail profits
By Punchline reporter | 28th May 2021
A lack of people travelling on public transport during lockdown has seen profits slump for the owners of the Daily Mail.
Half-yearly profits nearly halved as the effects of the pandemic hit sales for its events arm and the Metro newspaper.
The paper is a free newspaper for commuters, heavily reliant on advertising, so was particularly badly affected by the Covid 19 crisis.
Daily Mail and General Trust (DMGT) saw statutory pre-tax profits from continuing operations fall to £42 million in the six months to March 31, down from £77 million the previous year.
Turnover for its events business, most critically affected by lockdowns, slumped by 95% and consumer media sales were down 10%.
There was, however, a "solid" performance across MailOnline and its Daily Mail and Mail on Sunday titles.
Revenues at the Metro were down 72% over the half-year, while they were 5% lower for the Mail businesses. The MailOnline, on the other hand saw growth of 9%.
DMGT is planning two major "physical" events in September, but is expecting trading in the division to remain "very challenging".
Paul Zwillenberg, chief executive of DMGT, said: "From a financial and operational perspective, DMGT delivered a solid performance in the first half of the year.
"Within consumer media, there was good revenue and profit growth from MailOnline and a solid performance from the Mail print titles driving profit growth for the Mail businesses whilst, unsurprisingly, Metro and our events business continued to be impacted by the pandemic."
Related Articles
Copyright 2024 Moose Partnership Ltd. All rights reserved. Reproduction of any content is strictly forbidden without prior permission.