Mail group falls to operating loss as events take hit
Circulation of the papers also fell
The owner of the Daily Mail fell to an adjusted operating loss in the last three months as its events business suffered the impact of the coronavirus.
Daily Mail & General Trust reported a loss of £2m in the third quarter against a £22m profit for the same period last year.
Circulation revenue for its newspapers decreased an underlying 7% over the nine months, including a 12% fall in the third quarter.
Adjusted operating profit fell by 44% to £63m (9m 2019: £112m) in the nine months to the end of June.
Revenue fell 7% to £934m over the nine month period and by 23% to £241m in the three months April-June.
It said Covid-19 disruption has significantly affected UK Property Information, Events & Exhibitions and Consumer Media
All businesses, other than events, operated profitably in June 2020.
Underlying advertising growth rates for the nine months include a 7% decrease across the Mail titles, with a 22% underlying decline in print advertising partly offset by 3% underlying growth from MailOnline.
The underlying decrease in total advertising revenues in the third quarter includes a 33% decrease across the Mail titles, with a 55% decline in print and 18% decrease from MailOnline.