The owner of the Daily Mail became the latest newspaper group to warn over profits because of the “difficult” print advertising market.
The Daily Mail and General Trust (DMGT) said underlying sales at dmg media, which holds the Daily Mail and The Mail on Sunday, were down 5 per cent in the quarter to the end of June due to worse than expected print advertising conditions.
It said the Daily Mail and The Mail on Sunday suffered a £7m, or 15 per cent, plunge in print advertising sales, which was only partly offset by digital advertising revenue rising by £1m, or 8 per cent.
The group, which also owns a raft of events and research firms and other media titles, said its annual results were now likely to be at the lower end of expectations, sending shares down almost 11 per cent.
Brokers at Numis cut its full-year pre-tax profit forecast for the firm this year by around 2 per cent to £275.6m.