Daily Mail online sales accelerate

In the three months ended 31 December, DMGT posted a 2% year-on-year increase in group underlying revenues as a 3% decline in circulation revenues from its consumer media business, which is responsible for the likes of the Daily Mail, the Mail on Sunday and the Metro, mostly wiped out the gains seen elsewhere. Print advertising revenues fell 1% in the quarter, with DMGT saying it had taken market share.

DMGT's total online revenue increased 14% on the back of increased network licensing revenues for DailyMailTV, while online advertising revenues improved 10% from mid-single-digits before.

The publisher's business-to-business segments, which now accounts for 55% of revenue, turned in a 5% increase in underlying revenues as a result of a large increase in its education technology business. Property Information was up 1% with the Insurance Risk also up 1%.

Net cash contracted 12.8% quarter-on-quarter to £203m due to "the usual seasonal cash outflows".

DMGT assured investors its first-quarter results were "in line with expectations" as it kept its outlook for 2019 unchanged.

As of 1300 GMT, DMGT shares had grown 1.73% to 588p.

Broker Liberum said the surprise was that print advertising revenues only fell 1%, "which is a remarkable performance in the context".

Analysts felt there was a high likelihood of acquisitions, facilitated the net cash position.