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Monday, 23 September, 2002, 10:04 GMT 11:04 UK
Daily Mail hit by ad slump
The printing press at Harmsworth Quays
The Daily Mail
The Daily Mail newspaper group has warned that advertising revenues remain "volatile and unpredictable" across its publications.

The Daily Mail and General Trust (DMGT), whose titles include the Daily Mail, the Evening Standard and ads paper Loot, said advertising income for the year would be down by 9%.

The company said it was also facing a 10m charge for the cost of restructuring and redundancies, and a 2.5m hit from the sale of its stake in the Australian radio group DMG Radio.

However, the firm said sales of newspapers were strong, with the Daily Mail recording record circulation last month.

Circulation rises

The DMGT blamed weak advertising from the financial and information technology markets for a large part of the shortfall in revenues.

The company also said classified advertising in the Evening Standard was 25% lower than last year.

But the gloomy picture was accompanied by news of robust newspaper sales.

The group said its titles had "continued to perform resiliently in difficult trading conditions and despite the extended weakness in some advertising markets".

The Daily Mail circulation hit record levels in August, while the re-launch of Ireland on Sunday has made it the number three newspaper in its national market.

The company also said circulation in its regional newspaper business, Northcliffe Newspapers, was running ahead of last year "for the first time in many years".

Shares in DMGT stood 2.5p lower at 1,545p in London at 1000 GMT.

See also:

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