46.2p p 253m m 2,138m ,138m 12.0p p 163m m 297m m

Size: px
Start display at page:

Download "www.dmgt.co.uk 46.2p 2005 46.2p 253m 2005 253.4m 2,138m 2005 2,138m 12.0p 2005 12.0p 163m 2005 162.9m 297m 2005 297.3m"

Transcription

1 You have access to more information on our website: DMGT s corporate website, has achieved an AAA accessibility rating in independent tests, the highest level achievable. It is independently regarded as one of the best-programmed sites in the FTSE 100 index. is designed by DMG Front of Mind Ltd. About DMGT DMGT Background Executive Directors DMGT Websites Corporate structure DMGT Divisions Associated Newspapers Northcliffe Newspapers Group DMG Information Euromoney dmg world media DMG Broadcasting Investor relations Financial Announcements Financial Calendar Share Information Reports and Accounts Presentations Board of Directors Analyst Consensus Dividend History Low Cost Share Dealing Electronic Communications Contacts for Investors Daily Mail and General Trust plc Annual Report and Accounts 2nd October, 2005 Daily Mail and General Trust plc Annual Report and Accounts 2nd October, 2005 Look closer DMGT IS WELL KNOWN FOR ITS HIGH PROFILE NEWSPAPER BUSINESSES. BUT A CAREFULLY PLANNED DIVERSIFICATION MEANS THAT 44% OF OUR PROFITS ARE NOW GENERATED OUTSIDE OF OUR NEWSPAPERS. WE INVITE YOU TO LOOK CLOSER AND FIND OUT MORE 10 YEARS OF TRANSFORMATION The Group s non-newspaper businesses now make up around 44% of the Group s operating profit compared to 15% ten years ago. Newspaper businesses Non-newspaper businesses FINANCIAL HIGHLIGHTS Turnover 2,138m ,138m ,109m Total operating profit % 85% Adjusted profit before tax* 253m m m Total operating profit % 56% Adjusted earnings per share 46.2p p p Contact Corporate Responsibility The Community The Environment Our Employees Our Readers Financial Markets For Schools Adjusted operating profit 297m m m Statutory profit before tax 163m m m Dividend per share 12.0p p p * (before amortisation and impairment of intangible assets and exceptional items; see Group Profit and Loss Account on page 42 and reconciliation in Note 14 to the Accounts). Daily Mail and General Trust plc Northcliffe House, 2 Derry Street London W8 5TT Telephone: +44 (0) Facsimile: +44 (0) Website: Media Centre News Releases Image Library DMGT Factfile Corporate Governance Board Remit Committee Remits DMGT Memorandum and Articles CONTENTS 01 Chairman s Statement Operating and Financial Review 02 Chief Executive s Review 03 Strength in Breadth 05 Leading in Technology 07 Varied Markets 08 Associated Newspapers 10 Northcliffe Newspapers 12 DMG Information 13 Euromoney Institutional Investor 14 dmg world media 15 DMG Broadcasting: Television 16 DMG Broadcasting: Radio 17 Financial and Treasury Review 21 DMGT and Corporate Responsibility 24 Board of Directors and Secretary Financial Statements 25 Directors Report 26 Corporate Governance 28 Statement of Directors Responsibility for the Preparation of Accounts 29 Remuneration Report 41 Report of the Independent Auditors 42 Group Profit and Loss Account 43 Group Cash Flow Statement 44 Group Balance Sheet 45 Statement of Group Total Recognised Gains and Losses 45 Reconciliation of Movement in Group Shareholders Funds 46 Company Balance Sheet 47 Accounting Policies 49 Notes to the Profit and Loss Account 56 Notes to the Cash Flow Statement 58 Notes to the Balance Sheets 82 Principal Subsidiaries 85 Five Year Financial Summary 87 Appendix IFRS Information 91 Shareholder Information

2 A BROAD RANGE OF MEDIA BUSINESSES... OUR STRONG NEWSPAPER BUSINESS IS COMPLEMENTED BY THE DIVERSITY AND STABILITY PROVIDED BY NEW AND EXCITING NON-NEWSPAPER MEDIA BUSINESSES.... ACROSS THE GLOBE DMGT NOW EMPLOYS OVER 18,000 PEOPLE ALL AROUND THE WORLD. Divisional activities Associated Newspapers Northcliffe Newspapers DMG Information Euromoney Institutional Investor dmg world media DMG Broadcasting: Television DMG Broadcasting: Radio DMGT Worldwide U.K. & Europe Page 08 Page 10 Page 12 Page 13 Page 14 Page 15 Page 16 Percentage of turnover 41% 878m 24% 520m 14% 295m 9% 196m 7% 152m 3% 63m 2% 34m Overview Employees Principal brands Head office Associated is the publisher of the Daily Mail, The Mail on Sunday, the Evening Standard, Metro, Ireland on Sunday and Loot. It is also responsible for overseeing and developing the Group s consumer internet properties, Daily Mail online, This is Money, This is London, This is Travel, Jobsite, Find a Property, Top Consultant and Office Recruit. Daily Mail The Mail on Sunday Evening Standard Metro Ireland on Sunday Loot Jobsite Find a Property This is Money This is London Northcliffe House 2 Derry Street London W8 5TT England Tel Northcliffe Newspapers is one of the largest regional newspaper publishers in the U.K. Operating from 18 publishing centres, Northcliffe publishes over 100 publications in the U.K. including 20 daily titles, 28 paid-for weeklies and over 50 free weekly newspapers. The portfolio has a weekly combined circulation of 9 million copies. Furthermore, Northcliffe s network of 24 local thisis websites attracted 1.7 million unique users in Other commercial activities include contract printing, news retail as well as international publishing interests in Hungary, Slovakia, Bulgaria and France. Press & Journal (North Scotland) Evening Post (Bristol) Derby Telegraph Essex Chronicle Hull Daily Mail Leicester Mercury Nottingham Evening Post The Sentinel (Stoke-on-Trent) West Briton (Cornwall) thisis online network 31/32 John Street London WC1N 2QB England Tel DMG Information s business-tobusiness division operates in property, insurance, financial, geo-spatial and chemical information markets. The careers division operates in graduate and educational recruitment information and services, and is a provider of academic, English language and vocational education for international students. The U.S. accounts for the majority of revenues with the U.K., France, Germany, Japan, India and Australia representing the other significant geographic markets. 3,345 8,013 3,898 1, Risk Management Solutions Environmental Data Resources Landmark Information Group Property Portfolio & Research Trepp Lewtan Technologies Sanborn, RMSI, Dolphin Hobsons Study Group 3 Stamford Landing Suite 400, 46 Southfield Avenue Stamford, Connecticut CT 06902, USA Tel Euromoney is a leading international business-tobusiness media group, focused primarily on the international finance sector. It publishes more than 100 magazines, newsletters and journals. It also runs an extensive portfolio of conferences, seminars and training courses and is a leading provider of electronic information and data covering international finance and emerging markets. Euromoney Institutional Investor ISI Emerging Markets Petroleum Economist Euroweek Asiamoney Latin Finance Nestor House Playhouse Yard London EC4V 5EX England Tel dmg world media is an international exhibition and publishing company that produces more than 300 market-leading trade exhibitions, consumer shows and fairs each year and publishes 45 related magazines, directories and market reports. The company maintains a worldwide presence through more than 30 offices in the United States, Canada, the United Kingdom, France, the United Arab Emirates, China, Australia and New Zealand. Daily Mail Ideal Home Show (U.K.) Index and Big 5 (Dubai) Global Petroleum Show (Canada) California Gift Show (U.S.) Surf Expo (U.S.) Palm Beach Classic (U.S.) Gastech (Abu Dhabi 2006) Ad:tech (U.S., U.K., Asia) Suite Larkspur Landing Circle Larkspur California 94939, USA Tel Teletext provides commercial teletext services across the family of ITV and Channel 4 channels in analogue and digital (Sky and Freeview) homes, five and on mobile phones. Around two million holidays are sourced via Teletext Holidays every year and Teletextholidays.co.uk regularly appears in the top three travel websites visited. Teletext Cars launched this year, becoming the U.K. s first free service for consumers to find the best new and used car deals via their TV remote control. Teletext Teletext Holidays Building 10 Chiswick Park 566 Chiswick High Road London W4 5TS, England Tel DMG Radio Australia holds ten radio licences, including the national Nova FM network of stations in Sydney, Melbourne, Brisbane, Adelaide and Perth. In August, Vega 95.3 FM was launched in Sydney and its sister station, Vega 91.5 FM in Melbourne, launched in October DMG Broadcasting also owns 14.3% of GCap Media plc, the U.K. s leading radio broadcaster. Nova 969 (Sydney) Nova 100 (Melbourne) Nova 1069 (Brisbane) Nova 919 (Adelaide) Nova 937 (Perth Joint venture) Vega 953 (Sydney) Vega 915 (Melbourne) Five AA (Adelaide) Brisbane 97.3 (Joint venture) Star 1045 (Central Coast) Level 5 75 Hindmarsh Square Adelaide SA 5000 Australia Tel Asia & Australasia North & South America Designed and produced by salterbaxter Printed by Fulmar Colour Printing Photography by John Edwards and Nikki English

3 CHAIRMAN S STATEMENT I AM PLEASED TO REPORT A RECORD PROFIT FOR THE GROUP AGAIN, DESPITE HARSH TRADING CONDITIONS FOR OUR U.K. CONSUMER PUBLISHING BUSINESSES IN THE SECOND HALF OF THE YEAR. The Viscount Rothermere Chairman Adjusted profit* before tax rose 8% to 253 million on revenues up 1% to 2,138 million. These results owe much to our decision a decade ago to diversify the Group s activities. DMG Information, again, and Euromoney Institutional Investor both flourished. DMGI s business-to-business companies continue to grow strongly and we would like to have more of them. Euromoney s conference, training and database businesses performed well. DMG World Media s trade exhibitions also had a good year, particularly those in the Middle East. However, their consumer exhibitions found it hard to maintain attendances. DMG Radio in Australia has completed its last three station launches and will now be looking to build on the encouraging profitability of the first Nova stations. Teletext has shown us how fast technological change can happen, in this case the move from analogue to digital television. They had a tough year and were forced to restructure. The initial response to their digital services is encouraging. Both our U.K. newspaper businesses began the year strongly, but saw advertising revenues fall away at the time of the General Election in May. The national newspaper market remains as competitive as ever. This year s challenge was from some broadsheet titles becoming compact and attacking the rich advertising markets of the Mail titles. Unusually, our circulation performances have been only slightly better than the market as a whole and we are attending to this. Key points The Group s record results owe much to our decision a decade ago to diversify the Group s activities. We will continue to invest in the internet as we believe this area will show strong growth. *Adjusted profit (before exceptional items and amortisation and impairment of intangible assets) Our Northcliffe regional division was hit by a decline in recruitment advertising, as both private and public sectors reduced their costs and did not increase staffing. Northcliffe has begun its own drive to improve operating efficiency under the title Aim Higher. This is progressing well but we have decided that the shareholders interests require us to choose soon between the effort and expense of growing Northcliffe s business and profits and of selling Northcliffe s U.K. operations as a whole. For me, personally, a decision to sell would be most painful since Northcliffe has been an integral part of DMGT almost since its foundation in Five years ago I outlined our strategy for the internet. I am glad to report that the Group s profit from our consumer internet sites now amounts to 6 million. We will continue to invest as we believe this area will show strong growth, aided by the dissemination of broadband. DMGT has a long record of investing in and working well with entrepreneurs. This skill will serve us in developing our internet portfolio. For many of our businesses, the internet has been a boon, for example, enabling cheaper and quicker delivery of EDR s environmental reports and of Euromoney s Euroweek magazine. For our consumer businesses, it is a challenge and an opportunity. Associated has developed a new division based on the acquisition of leading national recruitment and property advertising sites. Jobsite, in particular, has taught us much about doing business on the internet. Northcliffe is making good progress in developing local internet offerings to defend and grow its markets. To date, they have seen little or no sign of migration of advertising to the internet, not surprising given the local nature of much of their advertising. Pensions are much in the news. We have restructured the defined benefit schemes that operate in our newspaper divisions in order both to control our costs and to target them on those who stay with the Group. However, new legislation means that it is becoming increasingly difficult to offer defined benefit schemes. We are looking at the whole question of pensions very carefully. Our people and our brands are the two best assets we have. As I travel round the Group, I am always impressed by the enthusiasm, the loyalty and the skills of our people regardless of whether their business is growing strongly or confronting difficult markets. On behalf of shareholders, I thank them all. Rothermere 01 Daily Mail and General Trust plc

4 OPERATING AND FINANCIAL REVIEW CHIEF EXECUTIVE S REVIEW OUR STRATEGY OF INVESTING FOR THE LONG TERM TO GENERATE A PREMIUM RATING FOR SHAREHOLDERS HAS RESULTED IN ANOTHER RECORD YEAR. Charles Sinclair Chief Executive Our strategy for future success focuses on three key areas: 1/Investing in our newspaper businesses. 2/Building other media businesses with strong leadership positions. 3/Continuing to reduce our dependence on U.K. newspaper advertising. DMGT s philosophy DMGT s practice over many years has been to take advantage of its shareholding structure to invest for the long term in order to generate value for its shareholders, irrespective of the short-term impact on the Profit and Loss Account. Control by a founding family is a model which has been demonstrated to serve the media industry well over time. We are prepared to have a long timeframe to investment maturity and realisation, provided the business in question is progressing well, meeting milestones and creating value. The successful application of this approach is reflected in consistently strong historic operating performance: as can be seen from the graphs on pages 6 and 35. Short-term share performance has been disappointing. Whilst this is due in part to the fallout from the dot.com market boom of 1999/2000, the cyclical weakness of U.K. advertising markets and commentators focus on the London publishing market which is a relatively small part of our business, we appear not to receive adequate valuation for our fast growing newer businesses. Share price performance is important to us, as a measure that our strategy and balance are understood, and we are endeavouring to improve this perception. Nature of the business DMGT is a multiple media business, as illustrated at the front of this Annual Report, operating in different markets, each within its particular competitive and regulatory environments. Operational responsibility is devolved to our six divisions on whose boards the executive Directors are represented and which they chair. We operate with a light touch from the centre, relieving line management of overhead activities that do not contribute at the operating level. A common factor between the consumer-facing and business-tobusiness divisions is their recognition of the importance of the English language. Strategy The Group s strategy is set by the executive Directors and approved by the Board. It is to be the owner of high quality sustainable media properties, reflected in premium commercial positions, thereby generating a premium rating for shareholders. The strategy over recent years has been to invest in the Group s newspaper businesses, while at the same time building other media businesses to provide diversity away from the U.K., advertising, newspapers and regulated businesses. 02 Daily Mail and General Trust plc

5 STRENGTH IN BREADTH FROM THE HEART OF OUR NEWSPAPER BUSINESS TO INFORMATION AND FINANCIAL PUBLISHING, EXHIBITIONS, TELEVISION AND RADIO, DMGT IS A TRULY MULTI-MEDIA COMPANY. Nova 1069 launched in Brisbane in April, and resulted in the national Nova network becoming the Number One station for people under 40 in all metropolitan markets. Strong demand for Risk Management Solutions products and services continued in 2005 due to an increasing desire for more information on risk exposure. Information Management Network (IMN) has boosted Euromoney s conference business with a strong performance in Daily Mail and General Trust plc

6 OPERATING AND FINANCIAL REVIEW CHIEF EXECUTIVE S REVIEW CONTINUED Over the years, we have built a number of other businesses (exhibitions, information publishing, Australian radio and Euromoney). These businesses are now big enough to develop on their own, although further acquisitions will be a good use of the Group s capital. Many of our businesses are highly cash-generative and, should suitable opportunities not emerge, an alternative option would be to return cash to shareholders. Standard Lite, a free edition of the Evening Standard, was launched in December At the national newspapers, we have invested in talent, promotions and more recently in further colour capacity in order to maintain the market-leading positions of our titles within the mid-market. Metro, which we started in 1999, continues to perform strongly and this year we launched a further innovation in the form of the free Lite edition of the Evening Standard. We will also continue to develop a powerful portfolio of digital media properties to complement our established businesses. At the regionals, we have invested substantially in new presses and improved technology in order to produce high quality regional newspapers with strong editorial content. We have followed a strategy of publishing market-leading local newspapers and websites which cater for the needs of our readers and advertisers. As the Chairman has said in his statement, the Board has been conducting a strategic review of Northcliffe. This review has identified the potential for further restructuring of the business, in addition to that being undertaken through the Aim Higher project, detailed on page 11. Given the strategic importance of Northcliffe within the U.K. regional newspaper industry, the Board has also decided to explore whether greater shareholder value can be achieved through a sale of the business. In the event of a sale, the Board intends to return a substantial portion of the net proceeds to shareholders, after allowing for continuing our current acquisition and investment programme and maintaining our current credit rating. Development and performance of the business On pages 8 to 16, we set out our review of the performance of each division over the last year. Resources, principal risks and uncertainties The Group s main resources are its brands and its people. The principal risks and uncertainties we face vary across the divisions and are the focus of the Risk Committee which I chair. Economic risks concern the health of the markets in which we operate. Major risks over which we have some control are to our reputation, to our capacity to compete and to retention of staff where our record is good. Clearly risks within particular businesses include the apparent re-positioning of the broadsheet or ex-broadsheet national newspapers within the mid-market and newsprint price volatility. On the other hand, the cover price wars of the last decade, by which the Daily Mail was only indirectly affected, now seem to be at an end. 75% The take up of Pension+. Another major risk is the increased cost of defined benefit pension schemes which we operate for our newspaper divisions. As explained last year, we have kept these funds open, whilst informing those employees of the need to contribute more in order to retain the same benefits. The take up of this Pension+ option has been 75%. The Group has also increased its contributions into the schemes, but we have been able to hold the cost to an acceptable level, while being able to focus the investment on our long-term employees. Capital structure The Company has not made a call on its shareholders for over 70 years. As a consequence, growth is financed by long-term debt and by retained earnings. DMGT s policy is to seek to increase the dividend each year by 5% to 7% in real terms, within reason regardless of the results, as long as we continue to have confidence in the strength of our businesses. As shown on page 6, the compound dividend growth over the last ten years is 10%. Details of treasury policies and liquidity are set out on pages 19 to 20. Relationships with stakeholders, other than shareholders Environmental, social and community issues are taken seriously by the Company and are set out in the Corporate Responsibility Report on pages 21 to 23. During 2005, we produced our first separate report which is being distributed to shareholders with this Report. 04 Daily Mail and General Trust plc

7 LEADING IN TECHNOLOGY INVESTMENT IN STATE-OF-THE-ART TECHNOLOGY HAS PUT DMGT AT THE FOREFRONT OF EVERY MEDIA SECTOR IN WHICH IT OPERATES. Associated Newspapers investment of 100m over the next three years in plant and IT equipment will provide full high quality colour throughout the country, providing even more value to our readers and advertisers. Jobsite and Find a Property have performed well, reducing our dependence on more traditional media. Environmental Data Resources is America s largest provider of property environmental risk information and played an active role in assessing the environmental impact of hurricane Katrina. 05 Daily Mail and General Trust plc

8 OPERATING AND FINANCIAL REVIEW CHIEF EXECUTIVE S REVIEW CONTINUED Trends and factors likely to affect the outlook Looking ahead, DMGT s business-to-business divisions, particularly DMGI and Euromoney, continue to grow strongly as the Group continues its strategy of reducing its dependence on U.K. newspaper advertising. As set out on pages 9 and 11, the advertising markets experienced by the Group s U.K. newspaper businesses show no sign of recovery yet. Our national newspapers have continued to increase their market shares, despite fierce competitive circulation activity within the national market. The Group has implemented cost saving programmes in its newspaper divisions and at Teletext, giving significant protection to the profitability of these businesses, despite falling revenues at present. They are all well placed to take full advantage of any recovery in consumer advertising markets, although the trend in newsprint prices is a concern. Even in the absence of any recovery, the Group s long-standing strategy of reducing its dependence on traditional U.K. advertising markets leads us to look forward to another year of progress. Charles Sinclair Chief Executive +225% Outperformance since Performance of DMGT A price since 30 September 1988 and of FT All-Share Index relative to its value at that date DMGT A (monthly closing price) FT All-Share Index Sept 88 Sept 89 Sept 90 Sept 91 Sept 92 Sept 93 Sept 94 Sept 95 Sept 96 Sept 97 Sept 98 Sept 99 Sept 00 Sept 01 Sept 02 Sept 03 Sept 04 Sept % Compound dividend growth over the last 10 years. DMGT dividend history for the period (pence) Daily Mail and General Trust plc

9 VARIED MARKETS DMGT OPERATES IN OVER 30 MARKETS IN MAINLY ENGLISH-SPEAKING COUNTRIES AND CONTINUES TO OPEN UP NEW MARKETS AROUND THE WORLD. Euromoney Institutional Investor has acquired CEIC Holdings Limited and its related companies, presenting new markets around the world for CEIC s database products and accelerating growth in Asia. Lewtan Technologies, a leading provider to the global asset securitisation industry, has twice been awarded the International Securitisation Report s Global Technology Provider of the Year award. dmg world media has acquired Gastech and ad:tech, boosting our exhibitions portfolio. 07 Daily Mail and General Trust plc

10 OPERATING AND FINANCIAL REVIEW BUSINESS REVIEW THE FOLLOWING PAGES SHOW HOW EACH OF OUR BUSINESS DIVISIONS IS PERFORMING AND EXPLAIN THE KEY ASPECTS OF THEIR ACTIVITY. ASSOCIATED NEWSPAPERS Kevin Beatty Managing Director (left) Lord Rothermere Chairman (centre) Paul Dacre Editor-in-Chief (right) Financial highlights Turnover 878m Operating profit* 95m Operating margin* 13% *Adjusted operating profit (before exceptional items and amortisation and impairment of intangible assets) Metro continued to show strong growth in 2005 with circulation rising to an average of 1,006,000 a day. Associated Newspapers achieved its highest profit * ever, despite one less week s trading than last year. This result was particularly commendable in a year which saw a significant slowdown in the advertising market in the second half and increased newsprint prices. The Daily Mail average daily circulation for the year came in at 2,385,000. Although this represents a decline of 1.8%, the overall sales of national daily newspapers fell by 2.3% leading to an increased market share of 19.2%. The quality of the newspaper was again recognised with the accolade of Daily Newspaper of the Year in the 2005 London Press Club Awards. The Mail on Sunday circulation at 2,351,000 was only 0.4% down year on year in a market which declined by 3.1%. Once more it increased its market share, reaching 17.2%, against last year s 16.7%, which is the highest ever recorded. The cover price increased in May by 10p. Readership of The Mail on Sunday also rose to an all-time high of 6.56 million, and its supplements, Financial Mail on Sunday and You Magazine also enjoyed readership increases. The Evening Standard launched an innovative new free Lite edition of the paper in December Distribution quickly reached 77,000 per day with minimal effect on the paid-for editions where circulation was down 8.25% over the April to September period. This compares favourably to the year on year decline of 9.5% in the July December period, prior to the launch of Lite. The average daily circulation over the twelve months, including Standard Lite, was 403,000. Further cost reductions were made during the year, the major benefits of which will flow through in the next financial year. Metro continued to show strong growth in profit and return on sale. Circulation has risen to an average of 1,006,000 per day, consolidating its position as the fourth largest Monday to Friday daily newspaper. Metro s investment in its staff was recognised both by its inclusion in Britain s Top Employers book and accreditation by Investors in People. Ireland on Sunday s circulation fell 8.6% as we reined in promotional expenditure. After adjusting for the extra week last year, total advertising revenues increased by only 0.5%, as a result of the difficult market conditions in the second half of the year. Display was down 0.7%, Classified was down 6.2%, but internet-related revenue was up 74% (including Find a property, which was acquired in November 2004). The Daily Mail was down 3.4%, whilst The Mail on Sunday was down 2%, but Metro was up 13.8%. The Evening Standard was down 7.1%, mainly due to the continued weakness of its recruitment advertising, and Loot was down 5.4%. Both Irish titles were up Ireland on Sunday by 14.3% and Buy and Sell by 9.1%. Colour advertising was up 7.5%. On the production front, the DMGT Board approved a major investment to facilitate colour on every page of Associated s titles. The project is proceeding well and due for completion in the last quarter of Part of the investment is a new production facility purchased in Didcot, for which planning permission has been obtained and presses ordered. This will be supported by enhancements at Harmsworth Quays and other sites around the U.K. During the year higher productivity and a reorganisation of resources at Harmsworth Quays allowed the reduction of production capacity at sites in Dundee, Southampton, Newcastle and Derby. Significant cost savings were achieved by transferring production of supplements to a new printer in June. This new contract also allows Associated to enhance the quality of its supplements and further develop revenue streams. Associated New Ventures (ANV), which manages the digital activities of Associated Newspapers, made good progress in the year, strengthening its position in jobs and expanding into property. Jobsite continued to show strong growth and traded ahead of expectations. During the year it launched three new niche sites for the pharmaceutical and secretarial markets and for jobs in 08 Daily Mail and General Trust plc

11 Find a property was acquired in November 2004, as part of the continuing strategy to develop a powerful portfolio of digital media properties. Scotland. In August, ANV acquired Top Consultant and Office Recruit, underlining this expansion into niche online recruitment sectors. Find a property also showed strong growth, trading ahead of expectations and extending its market position in London and the South East. It is now poised for its next phase of growth. The performance of the established websites all improved, enhancing relationships with both advertisers and visitors. Ireland on Sunday continued to improve its trading performance and in its fourth year of operation is now well established as the number three Irish Sunday newspaper. Although circulation was down 8.5% at 139,000, readership has reached 469,000 per week, 55% of which are female. This is the highest proportion of female readership of any newspaper in the Irish Market. Trading losses were reduced by over 20% for the second year running. Loot had a difficult year, with advertising revenue down 5% and circulation falling by 24%, much in line with the market. Strict cost control and restructuring of the paper s layout and distribution yielded significant cost savings which, together with a significant investment in Loot.com, should return this business to profit growth next year. Buy and Sell, Loot s sister paper in Ireland, had a good year, increasing profit* by 13%. The new financial year has started as the old one ended, with a newspaper advertising market showing little sign of recovery and fierce competitive circulation activity. However, with strong readership and market share figures, a thriving online division and strict control of costs, Associated is best placed to trade through these difficult times and so take full advantage of any recovery in the market later in the financial year. In November 2004, the 2001/04 press enhancement project at Harmsworth Quays was completed. Associated Newspapers Growth in adjusted operating profit* over 10 years ( million) Associated Newspapers Revenue by source Associated Newspapers Circulation performance vs the market trend 1994/ /05 (%) Circulation 42% Advertising 53% Internet 3% Other 2% Daily Mail +33.2% The Mail on Sunday +18.9% Other Daily Nationals -20.4% Other Sunday Nationals -24.6% Source: ABC October September Index (1994/05 = 100) /5 1995/6 1996/7 1997/8 1998/9 1999/0 2000/1 2001/2 2002/3 2003/4 2004/5 09 Daily Mail and General Trust plc

12 OPERATING AND FINANCIAL REVIEW BUSINESS REVIEW CONTINUED NORTHCLIFFE NEWSPAPERS Northcliffe achieved operating profit * of 102 million in 2005, 1.5% ahead of last year notwithstanding an increasingly challenging advertising market. Lord Rothermere Chairman (left) Michael Pelosi Managing Director (right) Financial highlights Turnover 520m Operating profit* 102m Operating margin* 20% *Adjusted operating profit (before exceptional items and amortisation and impairment of intangible assets) This was before charging 10 million in restructuring costs as we embark on a programme to reduce Northcliffe s cost base. Advertising got off to an encouraging start, particularly in the recruitment and property categories. However, a slowing economy and a decline in public sector spending have had an adverse impact in the second half of the financial year. In aggregate, advertising revenues grew by 2% to 329 million. Property had another strong year recording growth of 13%; retail generated growth of 3%; motors declined by a similar amount. Recruitment was down 4%, but down 16% in the last quarter. Given these figures, Northcliffe appears to be outperforming its regional newspaper peers. The downturn in advertising affected most of our publishing centres but there were a couple of notable performances. Aberdeen saw its profit* rise by 18% on the back of a buoyant local economy and Bristol was up by 10% driven by cost savings. Northcliffe s titles continued to show declining circulations. Nevertheless, the evenings marginally outperformed the industry reporting declines of 4.3% in July to December 2004 and 3.7% in January to June 2005, compared to industry declines of 4.5% and 3.9% respectively. Northcliffe s weeklies showed declines of 2.2% and 2.5% over the two periods compared to industry reductions of 1.3% and 2.5%. These gentle declines look set to continue but, together with our wider portfolio of products and services, we maintain the highest reach of any media in our core market places. The internet remains a key area of focus. We are determined to provide customers with effective advertising channels, whether these be in print, online or a combination of the two. Almost 70% of all local recruitment advertising is being upsold to our websites and a CV matching service has recently been introduced. Over 1,200 estate agency branches now upload their entire property inventories. Attention has now been turned to motors clients. They are being offered, free of charge, thisismotors.net, an inventory management system which facilitates the upload of all stock held by a dealer directly to our websites. Innovation across our thisis network of local websites continues with initiatives such as Bid4it, an online and in-print auction and Stuff4Sale, a website that enables users to bid for an item at auction or buy it now. Website users can now upload comments and feedback on any story in real time and Northcliffe is one of the first regional publishers to provide video streaming of news on its websites. Our local websites continue to deliver a growing audience, presently standing at 1.7 million unique users and 28 million page views, representing year-on-year growth of 31% and 66% respectively. A major contribution to the growth in page views was property, where search engine optimisation and marketing has driven a substantial increase since the summer. The Northcliffe Press, our print division, had another year of decline on the back of lost contracts and the withdrawal of the Daily Mail production from the Plymouth print facility. Northcliffe has responded by reducing capacity through the closure of its Exeter and Swansea printing presses, neither of which provided sufficient colour for today s publishing environment. Clearly, the local media landscape is changing and Northcliffe recognises that the disparity in margin performance when compared to its peers, combined with longterm circulation trends which are only slightly ahead of the industry, necessitated a radical review of the group s cost base. 10 Daily Mail and General Trust plc

13 Bid4it, a print and online auctions initiative, has exceeded revenue expectations and attracted 928 advertisers in our test areas. 50% of these advertisers had not previously advertised either in print or online with Northcliffe. A major cost reduction programme has been launched and six months into this project we have made significant progress. Our target now is to reduce Northcliffe s cost base by at least 30 million by 2007 which is 10 million more than envisaged at the outset. A further exceptional cost of 10 million is expected in 2005/06, 3 million higher than originally estimated. Northcliffe s international division continues to deliver good growth with an increase in profit* of 13% to 4.5 million. During 2005, four businesses were added to the portfolio, including a leading jobs board in Slovakia. We anticipate continued acquisition activity in Europe during So far in the new financial year, advertising revenues are running behind last year because of a significant downturn in recruitment. We do not envisage that the situation will stabilise until well into However, substantial savings from the cost reduction programme will help to mitigate this revenue decline. +63% The thisis network of sites have seen a 63% increase in page views year on year. Northcliffe Newspapers Visits and page views for thisis property sites 2005 Visits 000s Visits Page Views Source: NEP/WebTrends Reporting Centre v7.1c Page Views (m) 0 Jan Feb Mar Apr May Jun Jul Aug Sept Oct 0 Northcliffe Newspapers Turnover analysis 2005 Advertising 66% Circulation 19% Northcliffe Retail 6% Contract Printing 5% Other 4% Northcliffe Newspapers Average issue readership of Northcliffe titles vs national titles in Northcliffe evening title areas (% adult reach) Source: TNS 2003 Base: Adults 15+ in 17 Northcliffe Evening title 10%+ areas Any Northcliffe evening title Any national quality Any national mid-market' Any national tabloid Any Northcliffe evening and free weekly (combined) 11 Daily Mail and General Trust plc

14 OPERATING AND FINANCIAL REVIEW BUSINESS REVIEW CONTINUED DMG INFORMATION DMG Information had an outstanding year with all companies making good progress and operating profit * growing by 41%. David Dutton Chairman (left) Martin Morgan Managing Director (right) Financial highlights Turnover 295m Operating profit* 52m Operating margin* 17% *Adjusted operating profit (before exceptional items and amortisation and impairment of intangible assets) Business to Business division This division was once again the main driver of growth, with underlying revenues (excluding the impact of acquisitions) increasing by 14% and underlying operating profit* by 38%. Operating profit* margin improved to 29%. Risk Management Solutions continued its strong growth trajectory. The increasing appetite of the insurance sector for more sophisticated quantification of risk exposure, together with the trend for closer integration of peril modelling into core underwriting processes, is driving demand for RMS products and services. Environmental Data Resources enjoyed an excellent year in a buoyant U.S. commercial property market. Pleasing progress was made in providing products and services to commercial property lenders. In the U.K. the home property market for environmental reports was depressed, although with some improvement becoming evident in the final quarter. It is pleasing that in such market conditions Landmark was still able to grow revenues through increasing market penetration. Strong growth was achieved in the commercial property market from sales of both mapping and environmental reports. Property & Portfolio Research had a satisfactory year, and shortly after the year end launched a service covering major European cities to complement its U.S. property research services. strongly, both in the U.S. and in the emerging European market, for assetbacked securities. The expanded range of hazardous chemical inventory management products at Dolphin was the catalyst for strong revenue growth. Revenues at Sanborn picked up strongly and the Solutions business acquired from Space Imaging in March was successfully integrated. RMSI, our Indian based geographic information services company, also achieved satisfactory growth. Careers division This was another pleasing year at Hobsons. The U.S. business, including Academic Engine, was the main driver of the growth whilst trading remained more difficult in the U.K. and continental Europe. Hobsons Australia had an outstanding year. Study Group performed satisfactorily. The U.K. had another solid year, the USA continued its encouraging recovery trend whilst student volumes softened into Australia and New Zealand in line with the market there, a trend which was reversing by the year end. DMG Information Operating profit* ( million) EDR provides information to support over 215,000 real estate transactions in the U.S. In 2005, it continued its diversification as new environmental information services were launched in the commercial banking and residential disclosure markets. EDR expects that these emerging markets will provide considerable growth opportunities. 12 Daily Mail and General Trust plc Trepp continued its excellent growth trend in a buoyant commercial mortgage-backed securities market. The company successfully expanded its product range to cover loan portfolios held by single investors. Lewtan s performance exceeded expectations at the time of its acquisition in November Revenues grew

15 EUROMONEY INSTITUTIONAL INVESTOR Padraic Fallon Chairman (left) Richard Ensor Managing Director (right) Turnover increased by 12% to 196 million. Euromoney s successful performance was assisted by a robust trading background. Strong financial markets have generated record profits for the global financial institutions and emerging markets remain attractive to capital flows and investment. Euromoney s key customers are refocusing their marketing efforts on face-to-face events, a key growth area for the group. Moreover, the financial success of these customers is driving an increase in demand for training and information. The events and training businesses now contribute more than 53% of operating profit* compared to 37% three years ago. With the exception of Adhesion, all of the group s event businesses increased profits. IMN was particularly successful in both growing its market-leading securitisation conferences as well as launching new events, and its performance since acquisition has significantly exceeded expectations. IMN s results also benefited from the timing of its ABS East conference. Financial highlights Turnover 196m Operating profit* 39m Operating margin* 20% *Adjusted operating profit (before exceptional items and amortisation and impairment of intangible assets) The company s focus on organic growth has been a key driver in increasing turnover. Some of the successes during the year have included Euromoney s coverage of real estate, the Institutional Investor hedge fund institute, new conference and seminar businesses in Asia, and expansion of ISI into 18 sub-saharan Africa countries. The focus with events is on quality rather than quantity. The group now has more than 10 market-leading annual events with revenues in excess of US$1 million, and the strategy is to continue to grow these events by both investing in the content and building new revenue streams such as vendor exhibitions, awards dinners and business meetings. In addition successful new events were launched covering such diverse areas as Native American finance, condo hotels, renewable energy and inflation-linked bonds. Training continued the strong growth seen in 2004 with revenues up 13% and operating profit* increasing 25%. In general the improvement was driven by growth in the volume of courses delivered, particularly in emerging markets. In addition, new legislation and compliance requirements in the United States helped MIS, the Boston-based audit and information security business, to grow. Operating profit* from databases and information services increased 15%. The main driver of the growth was ISI s Emerging Markets Information Service where gross sales were the highest since launch. ISI s subscription revenues increased by 20% and the revenue retention rate improved to an all-time high of 91%. CEIC, which was acquired in March, has performed ahead of expectations. 10+ The group now has more than 10 market-leading annual events with revenues in excess of US$1 million. Revenues and operating profit* from publishing improved by 5% and 10% respectively. Advertising revenues increased by 6% in generally tough markets, helped by the launch of new products such as roundtables, polls and research. Euromoney magazine, Asiamoney and Euroweek all achieved above average increases in advertising revenues. The fastest growing part of the business is events, including conferences, seminars and awards dinners. Revenues increased by 31% and operating profit* by 55%. This growth underpins the company s strategy of reducing its exposure to advertising. Euromoney Institutional Investor ISI revenue (US$ million) Daily Mail and General Trust plc

16 OPERATING AND FINANCIAL REVIEW BUSINESS REVIEW CONTINUED DMG WORLD MEDIA Charles Sinclair Chairman (left) Mike Cooke Chief Executive Officer (right) Financial highlights dmg world media had another successful year in It has been a year of growth through strategic acquisitions and launches, focusing on building its niche business-to-business sector, its new technology sector and broadening its global presence. It also disposed of a number of its non-core businesses was a low year in dmg world media s cycle of events with large non-annual events such as the Global Petroleum Show not taking place and no Index Shows reporting. (In 2004, two Index shows were reported due to the timing of Ramadan.) As a result, operating profit* was 25 million, down 5% on However, underlying operating profit* (taking account of this cycle and the effect of foreign exchange) grew by 19% and revenue by 11%. In addition, dmg world media disposed of two of its non-core assets in the year: the California Market Center and its business interests in Brazil. launches were across a broad range of sectors including chemicals and coatings, home and garden and interior design and construction. Once again, dmg world media recorded some of its largest ever events. These included the Big 5 in Dubai, Chemspec in Dusseldorf, Germany, Surf Expo in Orlando, USA and the Oil Sands Tradeshow held in Fort McMurray, Canada; the latter two were both recognised by Tradeshow Week in their Fastest 50 growing shows in North America. Turnover 152m Operating profit* 25m Operating margin* 16% *Adjusted operating profit (before exceptional items and amortisation and impairment of intangible assets) Ad:tech Expositions and imedia Communications, both acquired in 2005, formed the nucleus of dmg world media s new technology sector, which is forecasting significant revenue growth over the next three years. 14 Daily Mail and General Trust plc dmg world media has seen strong performances from its Middle East business, its Surf sector, its Business Media International business and from ad:tech: the foundation of the new technology sector, which has already outperformed initial revenue projections. Much of dmg world media s growth this year has been underpinned by a number of strategic acquisitions and new launches. These illustrate its continued commitment to diversify its business both by sector and by regional market, building on its already strong bases in the U.K., North America, Australasia and the Middle East. Key acquisitions included the Gastech show held in March, the Bathrooms and Kitchens Expo and Magazine, the ad:tech series of exhibitions and imedia Communications, the latest addition to dmg world media s new technology sector. Launches included three shows in India, three shows in North America and new shows in Tunisia, the Czech Republic and Australia. These In 2006, dmg world media expects further overall growth with nine launches already planned and continuing regional expansion, particularly in fast-growing Asian markets. dmg world media growth in operating profit* ( million)

17 DMG BROADCASTING: TELEVISION Peter Williams Chairman (left) Mike Stewart Managing Director (right) 2005 proved to be a challenging year for Teletext as its traditional travel advertisers faced erratic market activity and greater competition, particularly from online retailers. Revenues fell by 14% compared to last year against a background of the structural decline in analogue television viewing. As a consequence, operating profit* fell by 13 million and a restructuring of the provision of these services was undertaken. Teletext s new digital services, which continue to be the focus of its investment activity, more than doubled audience and revenue in the year. Although the year saw further growth in Teletext s mobile services, which delivered an estimated 20 million alerts, SMS messaging appears to be reaching a plateau and the company is developing new service propositions for the 3G and mobile internet environments. Financial highlights Turnover 63m Operating profit* 2.2m Operating margin* 3% *Adjusted operating profit (before exceptional items and amortisation and impairment of intangible assets) In December 2004, the company completed an exclusive agreement with ITV to provide text and commercial services behind the text button for all the ITV digital channels. This agreement mirrors that signed with Channel 4 last year and provides Teletext with unique and exclusive access to the major digital television audiences on all delivery platforms. Since the Teletext on ITV service was launched on satellite and Freeview in June, audience has grown rapidly and the digital services now account for over 25% of Teletext s total television audience. Teletextholidays.co.uk enhanced its position as one of the most popular travel websites in the U.K., to almost 3 million monthly users. In the year, revenues grew by over 70%. Teletext is one of a small repertoire of sites which can consistently attract high volume, high quality traffic. As the only travel intermediary in this group, it is well positioned to prosper in an increasingly competitive market. Data from the travel industry indicate that Teletext s television and web services accounted for in excess of 1.2 million holidays in the last twelve months, representing a total transaction value of over 750 million. In conclusion, in a difficult advertising market Teletext saw encouraging growth in its new digital services which it will continue to develop and expand. As a result, Teletext is well placed to benefit from the switch to digital television and the growth in online travel. DMG Broadcasting: Television Growth in monthly visitors to teletextholidays.co.uk (millions) There was a 120% increase in Teletext s digital audience (television and internet), largely due to the launch of Teletext on ITV digital Daily Mail and General Trust plc

18 OPERATING AND FINANCIAL REVIEW BUSINESS REVIEW CONTINUED DMG BROADCASTING: RADIO DMG Radio Australia outperformed the market once again, recording revenue growth from continuing operations of 39% and operating profit * growth (excluding new station costs) of over 95%. Peter Williams Chairman (left) Paul Thompson Managing Director (right) Financial highlights Turnover 34m Operating profit* ( 0.4m) Operating margin* -1% *Adjusted operating profit (before exceptional items and amortisation and impairment of intangible assets) With the spectacular launch of Nova in Brisbane in April, the national Nova network was complete, seeing the culmination of a plan which began in In Nova Brisbane s first independent listener survey in June, it debuted as the Number One station for people Under 40 and the market s second most popular station overall. This result enabled the Nova network to become the number one station in its targeted Under 40 demographic in every metropolitan market. While Nova Adelaide capitalised on its successful launch in late 2004, the more established Nova stations in Sydney, Melbourne and Perth all continued to record strong above-market increases in revenues resulting in a 60% increase in operating profit* for those existing stations. Nova 969 in Sydney continued to lead the group being recognised in every survey as Sydney s number one choice for commercial FM listening in the important breakfast programme. It was also the overall number one FM station in all but one survey. The second of DMG Radio s metropolitan FM brands was born in August when Vega 95.3 Sydney and Vega 91.5 Melbourne were launched. Vega complements Nova, targeting people aged and focusing on a combination of talk and music from the past 40 years. In an unprecedented programme of activity, DMG Radio has launched nine new commercial FM stations within Australia over the past five years, and with the addition of the new services in Sydney and Melbourne, DMG Radio now operates two stations in each of the cities of Sydney, Melbourne and Adelaide. DMG Radio s metropolitan talk (speech) station, Five AA in Adelaide consolidated on recent improvements, winning the all important breakfast programme in every survey held in calendar DMG Radio was required to divest of its controlling interest in Hot 91 Sunshine Coast in order to comply with broadcasting regulations resulting from its acquisition of Nova in Brisbane in The sale took place in December 2004, with DMG Radio recognising a gain on its original investment, in addition to retaining a 14.9% interest in this fast growing market. In the U.K., GWR Group plc, in which the Group held a 29.9% stake, completed its merger with Capital Radio plc in May. As a consequence, DMGT took a 14.3% investment in the renamed GCap Media plc. DMG Broadcasting: Radio Metropolitan revenue from ( million) In its first independent listener survey as a completed network, Nova was the Number One station in its targeted Under 40 demographic in every market. 16 Daily Mail and General Trust plc

19 OPERATING AND FINANCIAL REVIEW FINANCIAL AND TREASURY REVIEW THE PURPOSE OF THIS REVIEW IS TO OUTLINE KEY ASPECTS OF THE GROUP S PERFORMANCE OVER THE LAST YEAR AND OF ITS FINANCIAL POSITION. Peter Williams Finance Director Accounts There have been no changes this year to the basis on which the Accounts have been prepared, which for the last time is under U.K. accounting standards. From the financial year to 1st October, 2006, the Group will be required to prepare its Accounts in accordance with International Financial Reporting Standards (IFRS). IFRS A project has been undertaken to restate our numbers for the year ended 2nd October, 2005 as comparative information for the IFRS-compliant 2006 Accounts. A reconciliation of the adjustments required to convert these 2005 figures from U.K. accounting standards is set out in an appendix on pages 87 to 90 of this Annual Report. These adjustments, which are still subject to audit, are mainly in respect of employment benefits (pensions), share-based payments, goodwill, dividends and deferred tax. DMGT will be taking advantage of all of the transitional arrangements available under IFRS 1, First-time adoption of IFRS, and, in particular, will not be adopting IAS 39, Financial instruments: recognition and measurement, early; this will be applied from 2005/06. Overall we expect the impact of IFRS will be to reduce our 2005 profit* before tax by 17 million (7%) to 236 million. Net assets in DMGT s opening balance sheet at 4th October, 2004 are expected to be reduced by 223 million mainly due to the impact of IAS 19, Employee Benefits, principally pensions. There will be no impact on cash flows, although the presentation of the Cash Flow Statement will change; nor should there be any impact on historic net debt. Key figures +2% Underlying turnover grew by 2%. +5% Operating profit * grew by 5%. +9% Earnings per share* grew by 9%. *Adjusted (before exceptional items and amortisation and impairment of intangible assets) We expect to publish audited summary IFRS primary statements for the year ended 2nd October, 2005 as part of our Interim Report in May Whilst IFRS will alter the format of those statements, we will continue to present adjusted numbers in addition to statutory figures because we believe the alternative measures give a more comparable indication of the Group s underlying business performance. Turnover The Group s turnover in the year of 2,138 million was 1% higher than the previous year. For our newspaper divisions, we report each year to the Sunday nearest 30th September; this means that we have included fifty two weeks trading in the current year s results, as against fifty three weeks in There was turnover growth from nearly all of our divisions, with the principal exception of broadcasting. Taking out the effect of this extra week last year and excluding the impact of acquisitions and disposals, we estimate underlying turnover growth was 2%. The analysis of turnover by activity, illustrated in graph 1, shows that there has been little overall change in the shape of the Group in terms of revenues. Graph 2 shows the geographic split of turnover. Operating Profit The Group s operating profit* amounted to 297 million, an increase of 5% on the equivalent figure for last year. This figure is stated before charging 14 million of exceptional operating costs as a consequence of reorganisation and redundancy programmes at Associated, Northcliffe and Teletext. The major costs arose at Northcliffe as a result of its cost reduction programme. The charge for amortisation of intangible assets fell by 6 million to 81 million and an impairment charge was made of 6 million. After deducting these charges, the Group s statutory operating profit rose by 14% to 207 million. The analysis of operating profit* by activity is shown in graph 3. This shows excellent growth from our business-to-business information division and from Euromoney Institutional Investor, increases at our national and regional newspaper divisions and a fall in central costs. These increases totalling 33 million were offset partly by a fall of 18 million from the broadcasting division and a small reduction at exhibitions which experienced a low year in its cycle. Within broadcasting, Teletext s profits fell sharply as a consequence of structural changes in its market, whilst as expected DMG Radio in Australia made a small loss, following the sale of its regional business in September 2004 and the launch of new stations during the year. 17 Daily Mail and General Trust plc

20 OPERATING AND FINANCIAL REVIEW FINANCIAL AND TREASURY REVIEW CONTINUED Profit before Tax The Group s share of net adjusted operating profits* of its joint ventures and associates fell by 1.8 million. The fall was due to the change in status of our U.K. radio investment in May. Whereas DMGT had a 29.9% stake in GWR Group plc and treated it as an associate, the merger with Capital Radio plc reduced our stake to 14.3%. Since then, we have taken in dividends received and not our share of their profits. Nearly all of the Group s other interests including GLM, the North American gift exhibition organiser in which the Group increased its stake from 25% to 40% in January, showed improved results. Income from fixed asset investments fell by 0.8 million to 2.6 million due mainly to a lower distribution from the Press Association, offset by a first dividend from GCap Media plc. The fall in net interest payable and similar charges of 8.2 million was due mainly to swap premia on overseas financing arrangements and to lower average net debt. At the profit before interest level, continued growth by the Group s newer businesses means that 44% of this year s profit* has been generated by its nonnewspaper operations (including the digital operations of the newspaper divisions), up from 41% last year. Profits on sale of fixed assets arose mainly from the sale of shares in Reuters Group plc. Profits on disposal of businesses arose mainly from the sale of the Group s stake in California Market Center, and of Hot 91, its radio station operating on the Sunshine Coast of Australia. These profits were offset by losses on the sale of DMG Broadcasting s Performance Channel, Euromoney s Business Traveller and one of dmg world media s French antique shows. A review of the Group s unlisted investments led to a write-down of 2.5 million. The statutory profit before tax of 163 million was 31% higher than last year s figure. Excluding amortisation and impairment and exceptional items, the adjusted profit* before tax figure was 253 million, up 8% on last year. Taxation The tax charge of 53 million represents 32.5% of profit before tax and 21.2% of profit before amortisation and impairment. The underlying tax on adjusted profits* before significant non-recurring or prior year items, amounted to 57 million and the resulting rate is 24.1%, down from 26.6% last year due to a higher proportion of profits coming from the United States, where the Group pays little tax because it has carried forward losses. This is well below the U.K. corporate tax rate, where the Group currently makes most of its profit. The Group s effective tax rate in the U.K. is higher than this due to expenditure disallowed for tax purposes. Cash Flow and Net Debt Net debt at the end of the financial year was 766 million, a decrease of 13 million over last year. The fall in debt was due to strong trading cash flows which, with the proceeds of disposals, exceeded the outflow from capital expenditure, acquisitions, taxation, interest and dividends. Graph 1 Turnover by activity ( million) National newspapers and related activities Regional newspapers and related activities Business-to-business information and careers Euromoney Institutional Investor Exhibitions and related activities Broadcasting Graph 4 summarises the Group s sources and use of funds during the year. The net cash inflow from trading was 359 million, which represented 95% of operating profit before depreciation and amortisation and impairment. In general, the Group s profits are converted rapidly into cash. Capital expenditure of 95 million was lower than last year s level, reflecting the completion of the 2001/04 press expansion programme in November Acquisitions and investments cost 138 million, the largest item being the purchase of Lewtan. Disposal proceeds amounted to 38 million Graph 2 Turnover by geographic area ( million) U.K. Rest of Europe North America Rest of the world *Adjusted (before exceptional items and amortisation and impairment of intangible assets) 18 Daily Mail and General Trust plc

MORE THAN YOU D EXPECT...

MORE THAN YOU D EXPECT... MORE THAN YOU D EXPECT... Daily Mail and General Trust plc Annual Report and Accounts 3rd October, 2004 Daily Mail and General Trust plc Annual Report and Accounts 3rd October, 2004 DMGT'S ORIGINS DATE

More information

Daily Mail and General Trust plc. Annual Report, 4th October, 2009. Short-term actions. Long-term perspective

Daily Mail and General Trust plc. Annual Report, 4th October, 2009. Short-term actions. Long-term perspective Daily Mail and General Trust plc Annual Report, 4th October, 2009 Short-term actions 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 Long-term perspective DMGT Corporate

More information

FOR IMMEDIATE RELEASE 17 September 2013 BOND INTERNATIONAL SOFTWARE PLC UNAUDITED INTERIM RESULTS

FOR IMMEDIATE RELEASE 17 September 2013 BOND INTERNATIONAL SOFTWARE PLC UNAUDITED INTERIM RESULTS FOR IMMEDIATE RELEASE 17 September 2013 BOND INTERNATIONAL SOFTWARE PLC UNAUDITED INTERIM RESULTS Bond International Software Plc ( the Group ), the specialist provider of software for the international

More information

Halma has a very long record of growing its dividend, increasing it by 5% or more for every one of the last 35 years.

Halma has a very long record of growing its dividend, increasing it by 5% or more for every one of the last 35 years. Financial Review Long-term model delivering widespread growth This is another set of record results with widespread growth in all sectors and all regions. High returns were maintained and good cash generation

More information

AssetCo plc ( AssetCo or the Company ) Results for the six-month period ended 31 March 2012

AssetCo plc ( AssetCo or the Company ) Results for the six-month period ended 31 March 2012 Issued on behalf of AssetCo plc Date: Friday 29 June 2012 Immediate Release Statement by the Chairman, Tudor Davies AssetCo plc ( AssetCo or the Company ) Results for the six-month period ended 31 March

More information

Financial Information

Financial Information Financial Information Solid results with in all key financial metrics of 23.6 bn, up 0.4% like-for like Adjusted EBITA margin up 0.3 pt on organic basis Net profit up +4% to 1.9 bn Record Free Cash Flow

More information

Net cash balances at the year-end were 2.87 million (2014: 2.15 million) and total capital expenditure during the year was 626,000 (2014: 386,000).

Net cash balances at the year-end were 2.87 million (2014: 2.15 million) and total capital expenditure during the year was 626,000 (2014: 386,000). Preliminary Announcement for the year ended 30 September 2015 Chairman s Statement The result for the year to 30 September 2015 is a net Profit before Taxation of 1,869,000 (2014: 1,333,000), on Revenues

More information

N Brown Group plc Interim Report 2013

N Brown Group plc Interim Report 2013 N Brown Group plc Interim Report 2013 2013 4CUSTOMER CENTRIC SEGMENTS FINANCIAL SUMMARY Financial Highlights 2013 2012 Revenue 409.6m 379.3m Operating profit 48.4m 45.7m Adjusted profit before taxation*

More information

Sportingbet Plc. Unaudited results for the first quarter ended 31 October 2010

Sportingbet Plc. Unaudited results for the first quarter ended 31 October 2010 Unaudited results for the first quarter ended 31 October 2010 Sportingbet Plc, a leading online sports betting and gaming group, announces its results for the quarter ended 31 October 2010. Key Highlights

More information

Disclaimer. Summary information. Not financial product advice. Past performance. Future performance

Disclaimer. Summary information. Not financial product advice. Past performance. Future performance Disclaimer Summary information This presentation contains summary information about Fairfax Media Limited and its activities current as at 22 August 2013. The information in this presentation is of a general

More information

FOR IMMEDIATE RELEASE 28 September 2015 BOND INTERNATIONAL SOFTWARE PLC UNAUDITED INTERIM RESULTS

FOR IMMEDIATE RELEASE 28 September 2015 BOND INTERNATIONAL SOFTWARE PLC UNAUDITED INTERIM RESULTS FOR IMMEDIATE RELEASE 28 September 2015 BOND INTERNATIONAL SOFTWARE PLC UNAUDITED INTERIM RESULTS Bond International Software Plc ( the Group ), the specialist provider of software for the international

More information

Crimson Tide plc. Preliminary Announcement of Results to 31 December 2010

Crimson Tide plc. Preliminary Announcement of Results to 31 December 2010 12 May 2011 Crimson Tide plc Preliminary Announcement of Results to 2010 Crimson Tide plc ( Crimson Tide or the Company ), a leading service provider of mobile data and software solutions for business,

More information

The ReThink Group plc ( ReThink Group or the Group ) Unaudited Interim Results. Profits double as strategy delivers continued improved performance

The ReThink Group plc ( ReThink Group or the Group ) Unaudited Interim Results. Profits double as strategy delivers continued improved performance The ReThink Group plc ( ReThink Group or the Group ) Unaudited Interim Results Profits double as strategy delivers continued improved performance The Group (AIM: RTG), one of the UK s leading recruitment

More information

NEWS RELEASE 16 July 2008. Wolseley plc Pre-Close Period Trading Statement for the eleven months ended 30 June 2008

NEWS RELEASE 16 July 2008. Wolseley plc Pre-Close Period Trading Statement for the eleven months ended 30 June 2008 NEWS RELEASE 16 July 2008 Wolseley plc Pre-Close Period Trading Statement for the eleven months ended 30 June 2008 Wolseley plc, the world s largest specialist trade distributor of plumbing and heating

More information

INTERIM RESULTS. For the six months ended 31 December 2014

INTERIM RESULTS. For the six months ended 31 December 2014 INTERIM RESULTS For the six months ended 31 December 1 CONTENTS Page Six Month Key Highlights 3 Overview 4-6 Consolidated Income Statement 7 Consolidated Statement of Comprehensive Income 8 Consolidated

More information

FORMATION GROUP PLC. ('Formation' or 'the Group') Preliminary Results for the year ended 31 August 2015

FORMATION GROUP PLC. ('Formation' or 'the Group') Preliminary Results for the year ended 31 August 2015 29 January 2016 FORMATION GROUP PLC ('Formation' or 'the Group') Preliminary Results for the year ended 31 August 2015 Formation Group (AIM: FRM), the property development and project management company,

More information

FTI Consulting +44 (0)20 3727 1340 Richard Mountain / Susanne Yule

FTI Consulting +44 (0)20 3727 1340 Richard Mountain / Susanne Yule 13 October 2015 THIRD QUARTER 2015 INTERIM MANAGEMENT STATEMENT Highlights* 10.2% Group gross profit growth, good contributions from all four regions FX lowered gross profit by c. 7m (c. 18m YTD) Double-digit

More information

Preliminary Results Announcement for the 53 weeks ended 3 January 2010

Preliminary Results Announcement for the 53 weeks ended 3 January 2010 4 March 2010 Preliminary Results Announcement for the 53 weeks ended 3 January 2010 Summary Group revenue (1) of 763.3 million (: 871.7 million) Digital revenue of 35.6 million (: 43.6 million) Operating

More information

Abbey plc ( Abbey or the Company ) Interim Statement for the six months ended 31 October 2007

Abbey plc ( Abbey or the Company ) Interim Statement for the six months ended 31 October 2007 Abbey plc ( Abbey or the Company ) Interim Statement for the six months ended 31 October 2007 The Board of Abbey plc reports a profit before taxation of 18.20m which compares with a profit of 22.57m for

More information

K3 BUSINESS TECHNOLOGY GROUP PLC ( K3 or the Group ) Announces. Unaudited Half Yearly Report For the six months to 30 June 2009.

K3 BUSINESS TECHNOLOGY GROUP PLC ( K3 or the Group ) Announces. Unaudited Half Yearly Report For the six months to 30 June 2009. KBT 2 September K3 BUSINESS TECHNOLOGY GROUP PLC ( K3 or the Group ) Announces Half Yearly Report For the six months Key Points Encouraging results in more difficult trading environment demonstrate resilience

More information

VODAFONE AGREES TO ACQUIRE CONTROL OF HUTCH ESSAR IN INDIA

VODAFONE AGREES TO ACQUIRE CONTROL OF HUTCH ESSAR IN INDIA 11 February 2007 VODAFONE AGREES TO ACQUIRE CONTROL OF HUTCH ESSAR IN INDIA Vodafone announces today that it has agreed to acquire a controlling interest in Hutchison Essar Limited ( Hutch Essar ), a leading

More information

MACQUARIE MEDIA GROUP AND FAIRFAX MEDIA ANNOUNCE AGREEMENTS TO ACQUIRE THE ASSETS OF SOUTHERN CROSS BROADCASTING

MACQUARIE MEDIA GROUP AND FAIRFAX MEDIA ANNOUNCE AGREEMENTS TO ACQUIRE THE ASSETS OF SOUTHERN CROSS BROADCASTING ASX / MEDIA RELEASE 3 July 2007, Sydney MACQUARIE MEDIA GROUP TM1 AND FAIRFAX MEDIA LIMITED MACQUARIE MEDIA GROUP AND FAIRFAX MEDIA ANNOUNCE AGREEMENTS TO ACQUIRE THE ASSETS OF SOUTHERN CROSS BROADCASTING

More information

Key Performance Indicators

Key Performance Indicators Vodafone Performance Key Performance Indicators The Board and the Executive Committee monitor Group and regional performance against budgets and forecasts using financial and non-financial metrics. In

More information

Publishing Technology plc

Publishing Technology plc Publishing Technology plc 23 March 2009 Publishing Technology plc Announces Preliminary Results for 2008 Significant EBITDA growth underlines strong trading performance Publishing Technology plc (PTO.L)

More information

SERVCORP LIMITED ABN 97 089 222 506 APPENDIX 4E. Preliminary Final Report for the financial year ended 30 June 2009

SERVCORP LIMITED ABN 97 089 222 506 APPENDIX 4E. Preliminary Final Report for the financial year ended 30 June 2009 SERVCORP LIMITED APPENDIX 4E Preliminary Final Report for the financial year ended The information in this document should be read in conjunction with the 2009 and any public announcements made during

More information

Zebra Technologies Announces Record Sales for Second Quarter of 2006

Zebra Technologies Announces Record Sales for Second Quarter of 2006 FOR IMMEDIATE RELEASE Zebra Technologies Announces Record Sales for Second Quarter of 2006 Vernon Hills, IL, July 26, 2006 Zebra Technologies Corporation (NASDAQ: ZBRA) today announced that net income

More information

Sportingbet.com (UK) PLC

Sportingbet.com (UK) PLC Sportingbet.com (UK) PLC Unaudited preliminary results for the three months 30 June 2001 Turnover 111.5m (2000: 39.1m). Highlights Gross margin 3.8m (2000: 1.2m), comprising 3.6% on sports betting (2000:

More information

COMPUTERSHARE LIMITED (ASX:CPU) FINANCIAL RESULTS FOR THE FULL YEAR ENDED 30 JUNE 2014. 13 August 2014

COMPUTERSHARE LIMITED (ASX:CPU) FINANCIAL RESULTS FOR THE FULL YEAR ENDED 30 JUNE 2014. 13 August 2014 COMPUTERSHARE LIMITED (ASX:CPU) FINANCIAL RESULTS FOR THE FULL YEAR ENDED 30 JUNE 2014 13 August 2014 NOTE: All figures (including comparatives) are presented in US Dollars (unless otherwise stated). The

More information

Reed Elsevier Results 2013 Erik Engstrom, CEO Duncan Palmer, CFO

Reed Elsevier Results 2013 Erik Engstrom, CEO Duncan Palmer, CFO Reed Elsevier Results Erik Engstrom, CEO Duncan Palmer, CFO FORWARD-LOOKING STATEMENTS This presentation contains forward-looking statements within the meaning of Section 27A of the US Securities Act of

More information

Trinity Mirror plc. 2015 ANNUAL RESULTS 29 February 2016

Trinity Mirror plc. 2015 ANNUAL RESULTS 29 February 2016 2015 ANNUAL RESULTS 29 February 2016 Today s agenda Highlights Financial update Simon Fox Vijay Vaghela Strategic and operational update Simon Fox 1 Highlights Group financial performance (a) Group revenue

More information

FOR IMMEDIATE RELEASE 23 September 2010 UNAUDITED INTERIM RESULTS. Commenting on the results, Group Chief Executive Steve Russell said:

FOR IMMEDIATE RELEASE 23 September 2010 UNAUDITED INTERIM RESULTS. Commenting on the results, Group Chief Executive Steve Russell said: FOR IMMEDIATE RELEASE 23 September 2010 UNAUDITED INTERIM RESULTS Bond International Software plc ( the Group ), the specialist provider of software for the international recruitment and human resources

More information

Secure Trust Bank PLC. 2014 YEAR END RESULTS 19th March 2015

Secure Trust Bank PLC. 2014 YEAR END RESULTS 19th March 2015 Secure Trust Bank PLC 2014 YEAR END RESULTS 19th March 2015 Introduction PAUL LYNAM Chief Executive Officer Strategy Continues to Deliver Maximise shareholder value by: To maximise shareholder value through

More information

EMPRESARIA GROUP PLC

EMPRESARIA GROUP PLC 5 September EMPRESARIA GROUP PLC Half Yearly Results for the six months ended Empresaria Group plc ( Empresaria or the Group, AIM: EMR), the international specialist staffing group announces its unaudited

More information

Kingfisher plc, Europe and Asia s leading home improvement retail group, today announces its Q3 trading update for the 13 weeks ended 1 November 2008

Kingfisher plc, Europe and Asia s leading home improvement retail group, today announces its Q3 trading update for the 13 weeks ended 1 November 2008 Thursday 27 November 2008 Kingfisher plc, Europe and Asia s leading home improvement retail group, today announces its Q3 trading update for the 13 weeks ended 1 November 2008 Group Financial Summary (Continuing

More information

ST IVES PLC HALF YEAR REPORT 2014

ST IVES PLC HALF YEAR REPORT 2014 ST IVES PLC HALF YEAR REPORT 2014 ST IVES PLC HALF YEAR REPORT 2014 CONTENTS Overview 01 Highlights 02 Group at a Glance 04 Chief Executive s Statement 02 04 Group at a glance Our business operates in

More information

AIB Group (UK) p.l.c. Highlights of 2015 Business and Financial Performance. For the year ended 31 December 2015. Company number: NI018800

AIB Group (UK) p.l.c. Highlights of 2015 Business and Financial Performance. For the year ended 31 December 2015. Company number: NI018800 AIB Group (UK) p.l.c. Highlights of 2015 Business and Financial Performance For the year ended 31 December 2015 Company number: NI018800 Contents Page Financial and Business review 1. 2015 Performance

More information

Financial results for the six months ended 30 June 2007

Financial results for the six months ended 30 June 2007 13 August 2007 Fleet Place House 2 Fleet Place, Holborn Viaduct London EC4M 7RF Tel: +44 (0)20 7710 5000 Fax: +44 (0)20 7710 5001 www.mcgplc.com Financial results for the six months 2007 Management Consulting

More information

INTERIM RESULTS ANNOUNCEMENT SIX MONTHS ENDED 28 AUGUST 2010

INTERIM RESULTS ANNOUNCEMENT SIX MONTHS ENDED 28 AUGUST 2010 12 October 2010 N Brown Group plc INTERIM RESULTS ANNOUNCEMENT SIX MONTHS ENDED 28 AUGUST 2010 N Brown Group plc, the internet and catalogue home shopping company, today announces its interim results for

More information

The Board of Directors of Class Editori SpA met today and approved the consolidated results for the first three months of the year.

The Board of Directors of Class Editori SpA met today and approved the consolidated results for the first three months of the year. Board of Directors approves consolidated quarterly report at 31 March 2015. Revenues of 18.79 million euro Ebitda improves by 1.02 million to -0.91 million euro Milan, 14 May 2015 The Board of Directors

More information

RISK MANAGEMENt AND INtERNAL CONtROL

RISK MANAGEMENt AND INtERNAL CONtROL RISK MANAGEMENt AND INtERNAL CONtROL Overview 02-09 Internal control the Board meets regularly throughout the year and has adopted a schedule of matters which are required to be brought to it for decision.

More information

The following is the text of an announcement made today by HSBC Bank Malta p.l.c., a 70.03 per cent indirectly held subsidiary of HSBC Holdings plc.

The following is the text of an announcement made today by HSBC Bank Malta p.l.c., a 70.03 per cent indirectly held subsidiary of HSBC Holdings plc. We only advise on our own life assurance, pensions and unit trusts The following is the text of an announcement made today by HSBC Bank Malta p.l.c., a 70.03 per cent indirectly held subsidiary of HSBC

More information

TORSTAR CORPORATION REPORTS SECOND QUARTER RESULTS

TORSTAR CORPORATION REPORTS SECOND QUARTER RESULTS PRESS RELEASE TORSTAR CORPORATION REPORTS SECOND QUARTER RESULTS TORONTO, ONTARIO (Marketwired July 30, 2014) Torstar Corporation (TSX:TS.B) today reported financial results for the second quarter ended

More information

Fairpoint Group plc. Interim Results for the six months ended 30 June 2011

Fairpoint Group plc. Interim Results for the six months ended 30 June 2011 Fairpoint Group plc Interim Results for the six months ended 30 June 2011 13 September 2011 Fairpoint Group plc ( Fairpoint or the Group ) today announces its interim results for the six months ended 30

More information

Financial information for the 9 days to 30 June 2007 and proforma financial information for the 6 months to 30 June 2007

Financial information for the 9 days to 30 June 2007 and proforma financial information for the 6 months to 30 June 2007 Financial information for the 9 days to 30 June 2007 and proforma financial information for the 6 months to 30 June 2007 Highlights Moneysupermarket.com Group PLC ( Moneysupermarket.com ), the UK s leading

More information

PwC FY 2013 Global Revenues Grow to US$32.1 billion

PwC FY 2013 Global Revenues Grow to US$32.1 billion Press release Date EMBARGO 08:00 New York time Tuesday 1 October 2013 Contact Mike Davies + 44 20 7804 2378 Email: mike.davies@uk.pwc.com Mike Ascolese Tel: +1 646 471 8106 Email: mike.ascolese@us.pwc.com

More information

APPENDIX 4E ANNUAL REPORT THORN GROUP LIMITED ACN 072 507 147 YEAR ENDED 31 MARCH 2015. Page 1 of 7

APPENDIX 4E ANNUAL REPORT THORN GROUP LIMITED ACN 072 507 147 YEAR ENDED 31 MARCH 2015. Page 1 of 7 APPENDIX 4E ANNUAL REPORT THORN GROUP LIMITED ACN 072 507 147 YEAR ENDED 31 MARCH 2015 1 Details of the reporting period and the previous corresponding period Current period: 1 April 2014 to 31 March 2015

More information

IAG delivers sound underlying improvement in first half

IAG delivers sound underlying improvement in first half MEDIA RELEASE 26 FEBRUARY 2009 IAG delivers sound underlying improvement in first half Insurance Australia Group Limited (IAG) today announced an insurance profit of $227 million for the six months ended

More information

QBE INSURANCE GROUP Annual General Meeting 2009. All amounts in Australian dollars unless otherwise stated.

QBE INSURANCE GROUP Annual General Meeting 2009. All amounts in Australian dollars unless otherwise stated. Annual General Meeting 2009 All amounts in Australian dollars unless otherwise stated. John Cloney Chairman 2 Results of proxy voting A total of 4,874 valid proxy forms were received. The respective votes

More information

Interim Report 2002/3

Interim Report 2002/3 Interim Report 2002/3 Highlights Financial results Turnover increased by 42% to 111.7m (2001: 78.6m) Profit before tax, goodwill and exceptional item increased by 2% to 15.3m (2001: 15.1m) Earnings per

More information

Interim Financial Report 2012. Euromoney Institutional Investor PLC

Interim Financial Report 2012. Euromoney Institutional Investor PLC Interim Financial Report 2012 Euromoney Institutional Investor PLC Contents Chairman s Statement 2 Appendix to Chairman's Statement - Reconciliation of Condensed Consolidated Income Statement to the Adjusted

More information

Opening doors to new ideas. Interim Report 2007/08

Opening doors to new ideas. Interim Report 2007/08 Opening doors to new ideas Interim Report 2007/08 SPG Media Group Plc Interim Report 2007/08 Contents 2 Chairman s Statement 4 Consolidated Interim Income Statement 5 Consolidated Interim Balance Sheet

More information

Press release Regulated information

Press release Regulated information Press release Regulated information 26 February 2010 Annual results 2009 Press Katelijn Bohez T +32 56 23 05 71 Investor Relations Jacques Anckaert T +32 56 23 05 72 www.bekaert.com www.bekaert.mobi Bekaert

More information

I know it s a busy day as HSBC are also reporting. and we re doing the same again today. with the equivalent period in 2008

I know it s a busy day as HSBC are also reporting. and we re doing the same again today. with the equivalent period in 2008 Barclays Interim Management Statement 10 November 2009 Chris Lucas Good morning and thanks for joining us I know it s a busy day as HSBC are also reporting so I m going to talk for about fifteen minutes

More information

Global Investment Trends Survey May 2015. A study into global investment trends and saver intentions in 2015

Global Investment Trends Survey May 2015. A study into global investment trends and saver intentions in 2015 May 2015 A study into global investment trends and saver intentions in 2015 Global highlights Schroders at a glance Schroders at a glance At Schroders, asset management is our only business and our goals

More information

Section 3. The growth of digital television 3

Section 3. The growth of digital television 3 Section 3 The growth of digital television 3 Section 3 The growth of digital television Section 3 The growth of digital television 3.1 More than one in every two UK households now have digital TV. Reaching

More information

30 January 1998 FOR IMMEDIATE RELEASE

30 January 1998 FOR IMMEDIATE RELEASE Proposed acquisition of LGT Asset Management Division and Preliminary Results for the year ended ember 1997 30 January 1998 FOR IMMEDIATE RELEASE The Board of AMVESCAP PLC has entered into an agreement

More information

I am Takeshi Okazaki, Group Senior Vice President and CFO at Fast Retailing.

I am Takeshi Okazaki, Group Senior Vice President and CFO at Fast Retailing. I am Takeshi Okazaki, Group Senior Vice President and CFO at Fast Retailing. I would like to run through Fast Retailing Group s business performance over the full business year through end August 2013,

More information

Investor Presentation Final Results 12 MONTHS ENDED 30 June 2012

Investor Presentation Final Results 12 MONTHS ENDED 30 June 2012 Investor Presentation Final Results 12 MONTHS ENDED 30 June 2012 Page 2 Cash Converters Overview Background 28 Years in Business. Cash Converters established first retail outlet in 1984 Deep and Experienced

More information

iomart Group plc Interim Report 6 months ended 30 June 2001

iomart Group plc Interim Report 6 months ended 30 June 2001 iomart Group plc Interim Report 6 months ended 30 June 2001 Interim Report 6 months ended 30 June 2001 iomart Group plc ("iomart"), the Glasgow based internet services business, presents its consolidated

More information

Charteris plc Interim Report 2007

Charteris plc Interim Report 2007 Charteris plc Interim Report 2007 Charteris plc, the business and IT consultancy, announces its interim results for the six months to 31 January 2007. HIGHLIGHTS Trading for the first half in line with

More information

Aspen Group Records Strong 2008 Financial Result

Aspen Group Records Strong 2008 Financial Result Aspen Group Limited ABN 50 004 160 927 Aspen Property Trust ARSN 104 807 767 Level 8, Septimus Roe Square 256 Adelaide Terrace, Perth Western Australia, 6000 Telephone: 08 9220 8400 Facsimile: 08 9220

More information

Sustainable delivery. Q4 & FY 2014 Results Update 2015. 23 February 2015. 23 February 2015

Sustainable delivery. Q4 & FY 2014 Results Update 2015. 23 February 2015. 23 February 2015 Sustainable delivery 23 February 2015 Q4 & FY 2014 Results Update 2015 23 February 2015 Market leadership shown in continuous innovation Foodbox Next generation sorting machine Sunday delivery City logistics

More information

FURTHER PROFIT GROWTH IN FIRST-HALF 2015

FURTHER PROFIT GROWTH IN FIRST-HALF 2015 FURTHER PROFIT GROWTH IN FIRST-HALF 2015 Net sales of 37.7bn, up +5.2% (+2.9% on an organic basis) Growth in Recurring Operating Income: 726m, +2.6% at constant rates Strong growth in adjusted net income,

More information

NEWCASTLE BUILDING SOCIETY ANNOUNCES FINANCIAL RESULTS FOR THE YEAR ENDED 31 DECEMBER 2013

NEWCASTLE BUILDING SOCIETY ANNOUNCES FINANCIAL RESULTS FOR THE YEAR ENDED 31 DECEMBER 2013 Stock Exchange Announcement Strictly embargoed until 9.00 a.m. Tuesday 25 th February 2014 NEWCASTLE BUILDING SOCIETY ANNOUNCES FINANCIAL RESULTS FOR THE YEAR ENDED 31 DECEMBER 2013 Newcastle Building

More information

*See note 4 to our Summary Financial Information table below concerning our current operational and reporting structure

*See note 4 to our Summary Financial Information table below concerning our current operational and reporting structure INTERIM REPORT 1(39) Nokia Corporation Interim Report for Q1 2014 FINANCIAL AND OPERATING HIGHLIGHTS First quarter 2014 highlights for continuing operations*: Nokia s non-ifrs diluted EPS in Q1 2014 of

More information

RTL Group reports strong digital growth and a record fourth quarter EBITA in 2014

RTL Group reports strong digital growth and a record fourth quarter EBITA in 2014 RTL Group reports strong digital growth and a record fourth quarter EBITA in 2014 Q4/2014: EBITA up 7.1 per cent to 466 million, driven by Mediengruppe RTL Deutschland and Groupe M6 Full-year revenue and

More information

Our brands and our businesses outside the UK continue to perform well and we are determined to create a stronger foundation for profitable growth.

Our brands and our businesses outside the UK continue to perform well and we are determined to create a stronger foundation for profitable growth. 3 August 2011 Thomas Cook Group plc Interim Management Statement Underlying operating profit was 20.1m for the three months to 30 June 2011 (2010: 25.8m). Group results impacted by weak performance in

More information

file:///c:/users/el/downloads/draftannouncement404380.html

file:///c:/users/el/downloads/draftannouncement404380.html Page 1 of 5 28 July 2015 Marechale Capital plc ("Marechale" or the "Company") Consolidated Financial Statements for the year ended 31 March 2015. Marechale is pleased to announce its final results for

More information

Cash Flow Statements

Cash Flow Statements Compiled Accounting Standard AASB 107 Cash Flow Statements This compiled Standard applies to annual reporting periods beginning on or after 1 July 2007. Early application is permitted. It incorporates

More information

Gross Margin improves 58% from first to second half of year - from 32% to 51% Cash at hand Snakk s regions - Southeast Asia revenue accelerating

Gross Margin improves 58% from first to second half of year - from 32% to 51% Cash at hand Snakk s regions - Southeast Asia revenue accelerating SNK: FLLYR 12 June 2015 Snakk grows annual sales revenue by 40%, spurred on by Asia Gross margin improves by over 58% in year s second half AUCKLAND, New Zealand, 12 June 2015 Today mobile advertising

More information

Watpac Limited. 30 June 2013 Full Year Results Presentation. 28 August 2013

Watpac Limited. 30 June 2013 Full Year Results Presentation. 28 August 2013 Watpac Limited 30 June 2013 Full Year Results Presentation 28 August 2013 1 Disclaimer This presentation contains summary information about Watpac Limited and its subsidiaries ( Watpac ), and should be

More information

IMMEDIA GROUP PLC. ( Immedia or the Company ) INTERIM RESULTS

IMMEDIA GROUP PLC. ( Immedia or the Company ) INTERIM RESULTS IMMEDIA GROUP PLC ( Immedia or the Company ) INTERIM RESULTS Immedia Group Plc (AIM: IME), which provides bespoke digital networks, music strategies and brand conversation, today announces its interim

More information

for Analysing Listed Private Equity Companies

for Analysing Listed Private Equity Companies 8 Steps for Analysing Listed Private Equity Companies Important Notice This document is for information only and does not constitute a recommendation or solicitation to subscribe or purchase any products.

More information

K3 Business Technology Group plc. Unaudited Half Yearly Report for the six months to 31 December 2014

K3 Business Technology Group plc. Unaudited Half Yearly Report for the six months to 31 December 2014 K3 Business Technology Group plc Unaudited Half Yearly Report for the six months to 31 December 2014 World World Class Class Software. Software. World World Class Class Service. Service. K3 Business Technology

More information

FOR IMMEDIATE RELEASE

FOR IMMEDIATE RELEASE FOR IMMEDIATE RELEASE CITIGROUP REPORTS FIRST QUARTER CORE INCOME OF $3.66 BILLION ($0.71 PER SHARE, DILUTED) VS. $3.94 BILLION ($0.76 PER SHARE, DILUTED) IN THE FIRST QUARTER OF 2000 INCOME FROM INVESTMENT

More information

PRESS RELEASE. Loyal customers grew by 1.2 million, to 13.8 million, and digitally active customers by 2.5 million, to 16.6 million.

PRESS RELEASE. Loyal customers grew by 1.2 million, to 13.8 million, and digitally active customers by 2.5 million, to 16.6 million. 2015 RESULTS Banco Santander delivers on its targets and earns EUR 5.966 million (+3%), with strong underlying performance of 13% based on increasing customer satisfaction and loyalty PRESS RELEASE In

More information

FOR THE SIXTEEN WEEKS ENDED 17 JANUARY 2015. Strong Online and Multichannel Growth

FOR THE SIXTEEN WEEKS ENDED 17 JANUARY 2015. Strong Online and Multichannel Growth FINANCIAL RESULTS FOR THE SIXTEEN WEEKS ENDED 17 JANUARY 2015 Strong Online and Multichannel Growth HIGHLIGHTS Total Group Opco EBITDA {1/2} 6.8m or 11% ahead of last year Online EBITDA {1} 19% ahead (53%

More information

Europe: Growth of +7.8% in Recurring Operating Income France: New half of improved profitability

Europe: Growth of +7.8% in Recurring Operating Income France: New half of improved profitability 2014 FIRST HALF RESULTS: CONTINUED GROWTH Organic sales growth of 4.3% Increase in Recurring Operating Income of +13.8% Strong increase in adjusted net income, Group share of +16.7% Strong profit growth

More information

EARNINGS RELEASE FOR THE QUARTER ENDED SEPTEMBER 30, 2015

EARNINGS RELEASE FOR THE QUARTER ENDED SEPTEMBER 30, 2015 21ST CENTURY FOX REPORTS FIRST QUARTER INCOME FROM CONTINUING OPERATIONS PER SHARE OF $0.34 AND FIRST QUARTER TOTAL SEGMENT OPERATING INCOME BEFORE DEPRECIATION AND AMORTIZATION OF $1.54 BILLION ON TOTAL

More information

McCLATCHY REPORTS FOURTH QUARTER 2015 RESULTS

McCLATCHY REPORTS FOURTH QUARTER 2015 RESULTS McCLATCHY REPORTS FOURTH QUARTER 2015 RESULTS Adjusted earnings grew 57% to $17.3 million in Q4 2015 and 70% to $11.8 million in full-year 2015 Digital-only gross advertising revenues grew 14.3% in Q4

More information

Performance in line; outlook for the full year remains unchanged

Performance in line; outlook for the full year remains unchanged CPPGROUP PLC 26 OCTOBER 2012 INTERIM MANAGEMENT STATEMENT Performance in line; outlook for the full year remains unchanged CPPGroup Plc ("CPP" or the "Group") today publishes its Interim Management Statement

More information

Midas Capital announces preliminary results for the year to 31 December 2009

Midas Capital announces preliminary results for the year to 31 December 2009 News Release 31 March 2010 Midas Capital announces preliminary results for the year to 31 December 2009 Midas Capital plc, the AIM quoted company Fund Management company, announces its preliminary results

More information

Significantly improved cash flow from operations of 1.3m (2013: outflow 1.3m)

Significantly improved cash flow from operations of 1.3m (2013: outflow 1.3m) Thu, 24th Jul 2014 07:00 RNS Number : 1728N RTC Group PLC 24 July 2014 RTC Group Plc ("RTC", "the Company" or "the Group") Interim results for the six months June 2014 RTC Group Plc,the business services

More information

Sportingbet.com (UK) PLC

Sportingbet.com (UK) PLC Sportingbet.com (UK) PLC Unaudited preliminary results for the twelve months ended 31 March 2001 Highlights Turnover 324.7m (2000: 27.4m). Gross margin 14.7m (2000: 0.8m), comprising 5.6% on sports betting

More information

HARVEY NASH GROUP PLC ( Harvey Nash or the Group )

HARVEY NASH GROUP PLC ( Harvey Nash or the Group ) HARVEY NASH GROUP PLC ( Harvey Nash or the Group ) Harvey Nash, the international executive recruitment and IT outsourcing group, announces strong results and an increased dividend for the year ended 31

More information

Half Year 2015 Results

Half Year 2015 Results Half Year 2015 Results Letter to shareholders LifeWatch First Half Highlights Revenue growth of 9.1% to USD 52.5 million Above-market growth of over 12% in core monitoring services resulting in market

More information

Insurance Market Outlook

Insurance Market Outlook Munich Re Economic Research May 2014 Premium growth is again slowly gathering momentum After a rather restrained 2013 (according to partly preliminary data), we expect growth in global primary insurance

More information

NEWS CORPORATION REPORTS SECOND QUARTER RESULTS FOR FISCAL 2016

NEWS CORPORATION REPORTS SECOND QUARTER RESULTS FOR FISCAL 2016 NEWS CORPORATION REPORTS SECOND QUARTER RESULTS FOR FISCAL 2016 FISCAL 2016 SECOND QUARTER KEY FINANCIAL HIGHLIGHTS Revenues of $2.16 billion compared to $2.26 billion in the prior year; Excluding the

More information

NEWS RELEASE. IAG strengthens UK claim reserves and revises FY10 insurance margin guidance 2 JUNE 2010

NEWS RELEASE. IAG strengthens UK claim reserves and revises FY10 insurance margin guidance 2 JUNE 2010 NEWS RELEASE 2 JUNE 2010 IAG strengthens UK claim reserves and revises FY10 insurance margin guidance Insurance Australia Group (IAG) today announced that due to a significant deterioration in UK claim

More information

Santander delivers 6 th year of double digit profit growth

Santander delivers 6 th year of double digit profit growth Santander delivers 6 th year of double digit profit growth London, 3 rd February 2011 This statement provides a summary of the unaudited business and financial trends for the year ended 31 December 2010.

More information

Frequently Asked Questions Q3 2006

Frequently Asked Questions Q3 2006 Frequently Asked Questions Q3 2006 1. Were there any unusual or one-time items in your Q3 results? CIBC s reported diluted earnings per share (EPS) for the third quarter were $1.86. Our EPS was increased

More information

Thomas A. Bessant, Jr. (817) 335-1100

Thomas A. Bessant, Jr. (817) 335-1100 Additional Information: Thomas A. Bessant, Jr. (817) 335-1100 For Immediate Release ********************************************************************************** CASH AMERICA FIRST QUARTER NET INCOME

More information

Results PostNL Q1 2015

Results PostNL Q1 2015 Results PostNL Q1 2015 On track to achieve full year 2015 outlook Financial highlights Q1 2015 Revenue at 1,058 million (Q1 2014: 1,033 million) Underlying cash operating income at 68 million (Q1 2014:

More information

Secure Trust Bank PLC. 2015 INTERIM RESULTS 21st July 2015

Secure Trust Bank PLC. 2015 INTERIM RESULTS 21st July 2015 Secure Trust Bank PLC 2015 INTERIM RESULTS 21st July 2015 Introduction & business review PAUL LYNAM Chief Executive Officer Strategy continues to deliver Maximise shareholder value: To maximise shareholder

More information

Risks and uncertainties

Risks and uncertainties Risks and uncertainties Our risk management approach We have a well-established risk management methodology which we use throughout the business to allow us to identify and manage the principal risks that

More information

Preliminary Results. 3 March 2015

Preliminary Results. 3 March 2015 Preliminary Results 3 March 2015 Matthew Price Chief Financial Officer Trading strongly & investing in technology Revenue EBITDA (adjusted) EPS (adjusted) 248M 95M 12.3p 10% 13% 14% Capital Investment

More information

Interim Statement For the half year to 30 September 2005 HIGHLIGHTS

Interim Statement For the half year to 30 September 2005 HIGHLIGHTS Interim Statement For the half year to 30 September 2005 HIGHLIGHTS STRONG GROUP PROFIT PERFORMANCE Profit before Tax +28% Basic Earnings Per Share +30% Underlying Profit before Tax +8% Underlying Earnings

More information

COLUMBUS, Georgia July 24, 2012 Aflac Incorporated today reported its second quarter results.

COLUMBUS, Georgia July 24, 2012 Aflac Incorporated today reported its second quarter results. News Release FOR IMMEDIATE RELEASE AFLAC INCORPORATED ANNOUNCES SECOND QUARTER RESULTS, RAISES AFLAC JAPAN SALES OUTLOOK, AFFIRMS 2012 AND 2013 OPERATING EPS TARGETS, DECLARES THIRD QUARTER CASH DIVIDEND

More information

CHAIRMAN S ADDRESS PAPERLINX LIMITED ANNUAL GENERAL MEETING, MELBOURNE 23 OCTOBER, 2002

CHAIRMAN S ADDRESS PAPERLINX LIMITED ANNUAL GENERAL MEETING, MELBOURNE 23 OCTOBER, 2002 CHAIRMAN S ADDRESS PAPERLINX LIMITED ANNUAL GENERAL MEETING, MELBOURNE 23 OCTOBER, 2002 INTRODUCTION: PaperlinX is now established as a substantial independent public company and has delivered sound returns

More information

*Adjusted basic earnings per share is defined as profit attributable to shareholders before restructuring expenses net of tax

*Adjusted basic earnings per share is defined as profit attributable to shareholders before restructuring expenses net of tax RNS Number : 0981D Tangent Communications PLC November 2010 Results Tangent Communications plc, a leading integrator of technology and marketing strategy, today announces interim results for the period

More information