Daily Mail cautiously optimistic for year of growth

UK newspaper publisher Daily Mail & General Trust said sales rose 2% in the year to end-September, in line with market expectations, and it was cautiously optimistic for another year of underlying growth.
National advertising revenue rose 9% in the first seven weeks of the current fiscal year, continuing a trend of recovery, but regional advertising revenue fell 7% and was not expected to improve this quarter, DMGT said on Thursday.
"Although we remain cautious about the medium term outlook, particularly given continuing economic uncertainties, we are well placed to continue investing in our businesses," Chief Executive Martin Morgan said in a statement.
Underlying operating profit rose about 10% to 320 mln pounds, beating expectations, driven by cost-cutting in UK consumer media and continuing strength in its business-to-business operations. Sales were 1.98 bln pounds.
The market had expected sales of 1.99 bln pounds and EBIT of 278 mln pounds, according to StarMine SmartEstimates, which weight analysts' forecasts according to their past accuracy.
DMGT makes most of its profits from B2B activities such as risk management and financial information, and from international sales. Its flagship publication is the Daily Mail, Britain's most popular mid-market tabloid.
The company said it would raise its full-year dividend by 9% to 16 pence per share.