Dividend increased by 5%
Outlook for the full year unchanged
Martin Morgan, Chief Executive, said:
"We have delivered a good underlying performance in the first half reflecting
the strength of our B2B companies and the resilience of our national consumer
titles. As expected, reported operating profit increased despite a decline in
reported revenue resulting from recent disposals.
Our international B2B companies have increased their underlying revenues and
profits* by 6% and 5% respectively. Our UK consumer business, dmg media,
continued to experience challenging conditions and underlying revenues were
slightly down, although the increase in digital revenues more than offset the
decline in print advertising revenues and the business delivered a 7%
underlying increase in operating profit*.
We have continued to actively manage our portfolio of businesses and have made
several acquisitions and disposals during the period and into the second half,
to improve the overall quality and growth prospects of the Group.
Relative to last year, the first half of the year benefited from the timing of
biennial events and the absence of a bond redemption premium. Conversely we
expect the comparatives in the second half of the year to be adversely
impacted by the timing of biennial events and the Olympics, which were one-off
benefits for us in the second half of the last financial year. Overall, the
outlook for the full year remains unchanged."
