Shake-up boosts Daily Mail owner
Nov 22, 2012 (Menafn - London Evening Standard - McClatchy-Tribune Information Services via COMTEX) --Daily Mail & General Trust's shares today surged 10 percent to their highest level in nearly two years after announcing strong annual profits and a pounds sterling 100 million share buyback.
Chief executive Martin Morgan said this week's sale of regional newspaper 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, which generate 79 percent of profit after the sale of Northcliffe to David Montgomery's Local World.
"We've very comfortable with the portfolio," said Morgan, stressing DMGT has an "absolute commitment" to the flagship Daily Mail.
Pre-tax profits before exceptionals rose 10 percent to pounds sterling 255 million in the year to September, with underlying sales up 3 percent at pounds sterling 1.96 billion. Digital was 39 percent of turnover.
DMGT is a minority shareholder in the Evening Standard.
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