DMGT slips by 9% after property and job ads sag

Profits at DMGT fell 9% over the last year as the media group was hit by the "unprecedented" collapse in the property and recruitment advertising markets.

DMGT, owner of the Daily Mail and Evening Standard, said pre-tax profits in the year to the end of September were £262 million. Strong performances in the group's business-to-business information operations and at financial publisher Euromoney Institutional Investor were offset by worsening conditions hitting the property and newspaper businesses.

DMGT finance director Peter Williams said: "The falls in recruitment advertising where the advertisers are the country's small businesses are worse than that which we saw in the 1990-91 recession, and as for the property market, there has been a collapse to unprecedented levels."

Chief executive Martin Morgan warned: "The short-term outlook remains difficult."

The final dividend has been maintained, giving a total for the year of 14.7p, up 2%. The company said the Evening Standard grew its circulation in the year, contributing to a 1% growth in circulation in its newspapers.