Daily Mail and General Trust plc (DMGT) 
Full Year 2020 Trading Update 
 
22-Oct-2020 / 07:00 GMT/BST 
Dissemination of a Regulatory Announcement that contains inside information 
according to REGULATION (EU) No 596/2014 (MAR), transmitted by EQS Group. 
The issuer is solely responsible for the content of this announcement. 
 
                   22 October 2020 
 
         Daily Mail and General Trust plc ('DMGT') 
 
         Trading update for the Full Year to 30 September 2020 
 
        Full Year 2020 profit expected to be above current market forecasts¹ 
 
       DMGT today issues an update on its results for the Full Year ended 30 
  September 2020. DMGT formally suspended guidance in March 2020, during the 
                   onset of the Covid-19 pandemic. 
 
DMGT notes the unusually wide range of current market expectations¹. At this 
stage, the Board estimates the Group's adjusted revenue will be in the range 
 of GBP1,205-1,215m and adjusted operating profit in the range of GBP85-90m. The 
 performance was achieved without any government support, including furlough 
    schemes. The effective tax rate for the year is expected to be less than 
                    30%². 
 
  The performance has been helped by stronger than expected September profit 
                   from: 
 
  · Consumer Media, which benefitted from advertising revenue being above 
  expectations; and 
 
  · Landmark, our UK Property Information business, which benefitted from an 
  increase in property market transactions. This was aided by pent up 
  demand, following some easing of lockdown restrictions, and the temporary 
  reduction in UK stamp duty. 
 
         The severity and duration of the Covid-19 pandemic and its economic 
repercussions remain uncertain as we enter the new financial year. The Board 
     has limited visibility of the impact on DMGT's UK Property Information, 
  Events & Exhibitions and Consumer Media businesses for FY 2021 and remains 
                   cautious. 
 
   The FY 2020 financial statements are in the process of being prepared and 
  remain subject to audit. DMGT will release results for the Full Year on 23 
                   November 2020. 
 
Enquiries 
 
 
Investors: 
Tim Collier, Group CFO                   +44 20 3615 2902 
Adam Webster, Head of Investor Relations +44 20 3615 2903 
 
Media: 
 
Doug Campbell / Paul Durman, Teneo       +44 20 7260 2700 
 
                   Next trading update 
 
The Group's next scheduled announcement of financial information will be its 
results for the Full Year ended 30 September 2020, which will be released on 
                   23 November 2020. 
 
                   Market Abuse Regulation 
 
           The information communicated in this announcement includes inside 
                   information. 
 
                   About DMGT 
 
DMGT manages a portfolio of companies that provide businesses and consumers 
with compelling information, analysis, insight, events, news and 
entertainment. The Group takes a long-term approach to investment and has 
market-leading positions in consumer media, insurance risk, property 
information, education technology and events & exhibitions. In total, DMGT 
generates revenues of around GBP1.2bn. 
 
Person responsible for arranging the release of this announcement: 
 
Fran Sallas, Company Secretary +44 20 3615 2904 
 
                   Notes 
 
   1 Current City analyst expectations for DMGT for FY 2020, as published on 
  DMGT's website (www.dmgt.com), are based on ten analysts that have updated 
   their projections since DMGT's Half Year results were announced on 28 May 
  2020. Expectations range from GBP1,168m to GBP1,275m for revenue, from GBP59m to 
   GBP80m for adjusted operating profit, from GBP37m to GBP56m for adjusted profit 
    before tax (PBT) and from 10.3p to 19.2p for adjusted basic earnings per 
 share (EPS). The mean averages of analysts' expectations are GBP1,222m, GBP68m, 
     GBP46m and 13.1p for revenue, adjusted operating profit, adjusted PBT and 
   adjusted EPS respectively. Consensus includes an average of GBP46m adjusted 
    operating profit from Consumer Media, with a range from GBP37m to GBP55m. It 
    also includes an average of GBP18m adjusted operating profit from Property 
                     Information, with a range from GBP10m to GBP33m. 
 
   Current City analyst expectations for DMGT for FY 2021 range from GBP46m to 
             GBP96m for adjusted PBT and from 15.4p to 32.6p for adjusted EPS. 
 
       Adjusted results are stated before exceptional items, other gains and 
       losses, impairment of goodwill and intangible assets, amortisation of 
 intangible assets arising on business combinations, pension finance credits 
                   and fair value adjustments. 
 
    2 As highlighted in DMGT's Half Year results release on 28 May 2020, the 
        effective tax is affected by the significance of tax-adjusting items 
 relative to the Group's adjusted profit before tax (PBT). Most notably, the 
   share of unrelieved losses from early-stage associates as a proportion of 
      PBT. The effective tax rate is now expected to be less than 30%, below 
     current market forecasts, consistent with PBT being higher than current 
                   market forecasts. 
 
     This trading update is prepared for and addressed only to the Company's 
 shareholders as a whole and to no other person. The Company, its Directors, 
 employees, agents and advisers accept and assume no liability to any person 
    in respect of this trading update save as would arise under English law. 
  Statements contained in this trading update are based on the knowledge and 
  information available to the Group's Directors at the date it was prepared 
  and therefore facts stated and views expressed may change after that date. 
 
       This document and any materials distributed in connection with it may 
         include forward-looking statements, beliefs, opinions or statements 
concerning risks and uncertainties, including statements with respect to the 
      Group's business, financial condition and results of operations. Those 
  statements and statements which contain the words "anticipate", "believe", 
    "intend", "estimate", "expect" and words of similar meaning, reflect the 
Group's Directors' beliefs and expectations and involve risk and uncertainty 
because they relate to events and depend on circumstances that will occur in 
the future and which may cause results and developments to differ materially 
       from those expressed or implied by those statements and forecasts. No 
  representation is made that any of those statements or forecasts will come 
to pass or that any forecast results will be achieved. You are cautioned not 
to place any reliance on such statements or forecasts. Those forward-looking 
  and other statements speak only as at the date of this trading update. The 
   Group undertakes no obligation to release any update of, or revisions to, 
       any forward-looking statements, opinions (which are subject to change 
     without notice) or any other information or statement contained in this 
 trading update. Furthermore, past performance of the Group cannot be relied 
                   on as a guide to future performance. 
 
  No statement in this document is intended as a profit forecast or a profit 
    estimate and no statement in this document should be interpreted to mean 
that earnings per DMGT share for the current or future financial years would 
      necessarily match or exceed the historical published earnings per DMGT 
                   share. 
 
         Nothing in this document is intended to constitute an invitation or 
         inducement to engage in investment activity. This document does not 
    constitute or form part of any offer for sale or subscription of, or any 
  solicitation of any offer to purchase or subscribe for, any securities nor 
  shall it or any part of it nor the fact of its distribution form the basis 
         of, or be relied on in connection with, any contract, commitment or 
investment decision in relation thereto. This document does not constitute a 
                   recommendation regarding any securities. 
 
Daily Mail and General Trust plc 
 
Northcliffe House, 2 Derry Street, 
 
London, W8 5TT 
 
www.dmgt.com 
 
Registered in England and Wales No. 184594 
 
ISIN:          GB00BJQZC279 
Category Code: TST 
TIDM:          DMGT 
LEI Code:      4OFD47D73QFJ1T1MOF29 
Sequence No.:  86344 
EQS News ID:   1142341 
 
End of Announcement EQS News Service 
 
 

(END) Dow Jones Newswires

October 22, 2020 02:00 ET (06:00 GMT)