A poor performance by the Evening Standard has undermined positive results from owner Associated Newspapers. Its national newspapers saw a 2% increase in advertising revenue to £231m for the six months to April 1.
Associated revealed a 5% increase in revenue excluding the Evening Standard as parent company Daily Mail & General Trust reported a 24% increase in pre-tax profits to £135.3m for the period.
The group says its performance was the result of good trading, particularly from its business-to-business division. It adds that its newspaper divisions are experiencing “modest growth” in advertising revenues.
DMGT adds: “However, we are wary of the impact of higher interest rates on consumer advertising and see no imminent reduction in competitive activity in London.”