Slowing economy hits Daily Mail

Newspapers make up 60% of Daily Mail group sales

The publisher of the Daily Mail has said that the economic slowdown means its full-year results will be at the low end of expectations.

Daily Mail & General Trust said the slowing economy was hitting both its newspaper and property businesses.

The firm, which publishes the London Evening Standard, said it expected annual earnings of £257m-£279m.

Revenue for the 11 months to August rose 4%, helped by its trade magazine and events management businesses.

UK newspapers account for about 60% of Daily Mail group sales.

'Resilience'

Group chairman, Viscount Rothermere, said: "Our strategy of creating a diversified international portfolio of market-leading operations across both business and consumer products provides considerable resilience and leaves us well positioned to deliver long-term growth.

"Inevitably, the worsening economic conditions are having an impact on our newspaper and property businesses but the business-to-business divisions have continued to perform well.

"The recent events experienced by financial markets and institutions will have no material impact on this year's results."

On Wednesday the group said second-half trading at its Euromoney Institutional Investor subsidiary, including financial publishing and events, was encouraging.