Shares in the Daily Mail's owner fell nearly 5 per cent yesterday after it warned that lower advertising revenues at its national newspapers business had squeezed its profits in the first half.
Daily Mail and General Trust saw a 3 per cent decline in underlying ad revenues as well as higher print and promotion costs at Associated Newspapers, but said that its full-year outlook was unchanged. A 69 per cent rise in online ad revenues was not enough to offset a 10 per cent fall in print ad sales. Circulation revenues, however, rose after it raised its papers' prices. DMGT said the number of staff across Associated and its regional newspapers division Northcliffe fell by 593 or 9 per cent to 6,280.