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Business News

DMGT soaring after its £100m buyback

Daily Mail & General Trust's shares yesterday surged nearly 11 per cent to their highest in almost two years after announcing strong annual profits and a £100m share buyback.

Chief executive Martin Morgan said this week's sale of regional newspapers arm Northcliffe meant DMGT has "completed the final planks" of a four-year reorganisation.

DMGT has slashed its involvement in consumer-facing media in favour of business services such as financial data. Pre-tax profits before exceptionals rose 10 per cent to £255m in the year to September. The shares were up 50p to 524p.