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Facsimile Template 24 July 2014 Daily Mail and General Trust plc (‘DMGT’) Interim Management Statement This Interim Management Statement (‘IMS’) covers the third quarter of DMGT’s financial year to 30 June 2014. It describes the Group’s financial position and performance during the period, updated to the latest practicable date. Trading in line with our expectations; Group outlook for the year unchanged: Revenue for the third quarter of £457 million, underlying# growth of 3% on last year Continued good underlying# growth of 6% from our B2B businesses with a strong performance from dmg information and dmg events dmg media’s underlying# revenue down 1% on last year, with good advertising revenue growth of 5% offsetting the expected declining circulation revenues Continued active portfolio management including Zoopla Property Group IPO Net debt decreased by £243 million to £550 million, in line with our expectations Outlook for the year unchanged and in line with market expectations~ Revenue Growth v Prior Year Q3 Year to date (3 months to end June 2014) (9 months to end June 2014) Reported Underlying# Reported Underlying# Group revenue+ +2% +3% +2% +5% B2B +9% +6% +13% +9% RMS -4% +4% +1% +6% dmg information +34% +11% +37% +14% dmg events +28% +13% +19% +24% Euromoney -6% 0% +1% +2% dmg media -7% -1% -1% +1% Business to Business (B2B) Our reported revenues benefited from strategic bolt-on acquisitions and from one of the large biennial events being held in June 2014 but were adversely impacted by the stronger British pound relative to the US dollar. Risk Management Solutions (RMS): reported revenues were £43 million, with underlying growth of 4%, in line with expectations as the core business continues to perform well. RMS continues to engage with clients and develop RMS(one) although, as indicated at the half year results presentation on 22 May 2014, the project is around a year behind previous expectations. dmg information: revenues grew strongly to £103 million with underlying growth of 11%. Genscape (our energy business) grew underlying revenues by a particularly strong 23% in the quarter with good performances delivered elsewhere across the portfolio. dmg events: reported revenues were £22 million, with underlying growth of 13% in the quarter, and include the Global Petroleum Show (GPS) which occurred in June 2014 but did not take place in 2013. GPS grew its revenue by an encouraging 17% compared to the previous event held in June 2012. 1 Euromoney Institutional Investor’s reported revenues of £107 million were adversely impacted by the strong pound, but underlying revenues were in line with last year. Euromoney released its IMS on 16 July 2014. dmg media Revenue Growth v Prior Year Reported Underlying# Q1 Q2 Q3 YTD Q1 Q2 Q3 YTD dmg media -2% -2% -7% -3% +2% +1% -1% +1% Advertising +3% 0% -4% 0% +7% +3% +5% +5% Circulation -4% -5% -6% -5% -2% -5% -6% -4% Reported revenues were £183 million, with underlying# revenues down 1% on last year. Circulation revenues were down 6% for the quarter due to lower sales volumes, although the Daily Mail and The Mail on Sunday continue to report increases in market share, reaching 22.7% and 21.8% respectively in June*. Total underlying# advertising revenues across dmg media were up 5% in the quarter, with newspapers down 3%, newspaper companion websites (mainly MailOnline) up 43% and other digital advertising (Wowcher and Jobsite) up 17%. MailOnline’s digital advertising revenue growth of £5 million (up 49%) to £15 million for the quarter exceeded the decline of £3 million (down 5%) in print advertising revenues, to £46 million, at the Daily Mail and The Mail on Sunday for the same period. Underlying# advertising revenues across the combined print and digital Mail businesses were consequently up 4%. MailOnline’s global monthly unique browsers in June stood at 169 million, up 39% on last year, and average global daily unique browsers were 11.0 million, an increase of 34% on last year. Within other digital advertising, Wowcher delivered a particularly strong performance with revenues of £6 million (up 58%) and it now has a substantial database of 5.5 million subscribers. For the three weeks since 29 June 2014, total underlying# advertising revenues are up 9% on last year. Net debt / financing Net debt at 30 June 2014 was £550 million, down from £793 million at 31 March 2014. In the period there were disposal proceeds of £233 million, acquisition payments of £7 million, interest payments of £25 million, tax payments of £10 million and £7 million was used to buy back DMGT shares. The £100 million share buy back programme resumed in May 2014 and total repurchases to 23 July 2014, including purchases during the prior financial year, stood at £83 million. On 23 July 2014, DMGT received a £9 million dividend from the Press Association, following its disposal of MeteoGroup in December 2013. 2 Active portfolio management As a result of the IPO of Zoopla Property Group (ZPG) in June 2014, DMGT has received net proceeds to date of £179 million and its stake in the business has been reduced from 52.1% to 31.8%. The disposal of dmg media’s remaining digital recruitment businesses, Jobrapido and Jobsite, were announced in the quarter and the Jobsite transaction is expected to complete in the final quarter of calendar 2014. Acquisition activity during the quarter included dmg information investing in businesses in the energy and property information sectors. On 16 July 2014, Euromoney announced the acquisition of the trade and certain assets of the Mining Investment Events Division of Summit Professional Networks for £45 million. The principal asset, the Investing in African Mining Indaba brand, is the leading investment forum and trade event for African mining. Euromoney already has a strong presence in the commodities markets and with investors, in particular through its Metal Bulletin and Institutional Investor brands, and the acquisition provides Euromoney with an excellent opportunity to expand its position in these markets. For further information For analyst and institutional enquiries: Stephen Daintith, Finance Director +44 20 3615 2902 Adam Webster, Head of Management Information and Investor Relations +44 20 3615 2903 For media enquiries: Charlie Potter / Simone Selzer, Brunswick Group +44 20 7404 5959 Conference call A conference call will be held with City analysts at 8.00 am on 24 July 2014. The dial- in number is +44 (0)1452 555 566; conference code: 73480160. A replay of the call will be available on DMGT’s website at www.dmgt.com. Next trading update The Group’s next scheduled announcement of financial information will be a pre- close trading update, provisionally scheduled for 17 September 2014. The Group will be holding an Investor Briefing on 18 September 2014, including presentations on RMS, Euromoney and MailOnline. About DMGT DMGT is an international business built on entrepreneurship and innovation. We bring together leading companies and talented people to provide businesses and consumers with high-quality analysis & insight, information, news and entertainment. 3 Notes # Underlying revenue is revenue on a like for like basis, adjusted for constant exchange rates, disposals, closures, non-annual events occurring in the current and prior year and acquisitions. For dmg information, underlying growth includes the year-on-year organic growth from acquisitions. For dmg events, the comparisons are between events held in the year and the same events held the previous time other than ADIPEC, which became an annual event in November 2013, which is compared to 50% of the revenues of the biennial November 2012 event. For Euromoney, no adjustments are made for the timing of events but acquisitions are excluded completely. For dmg media, underlying comparisons exclude contract printing revenue, which ceased last year, the central and eastern European businesses, which were disposed of last year, Villarenters, OilCareers, Broadbean and Jobrapido which were disposed of this year and distribution services revenue, which ceased earlier this year. The disposal of Jobsite, formerly part of dmg media’s Evenbase business, is expected to complete in the final quarter of calendar 2014 and Jobsite is still included in the underlying figures. Northcliffe Media is excluded from the DMGT Group underlying comparisons. + DMGT Group reported revenues include Northcliffe Media, which was disposed of at the end of December 2012, up to the date of its sale. Excluding Northcliffe Media, year to date DMGT Group reported revenues were up 6% on last year. ~ Current City analyst expectations of adjusted profit before tax for 2014 range from £277 million to £304 million and adjusted earnings per share from 51.7 pence to 58.0 pence with a consensus of £286 million and 54.4 pence. Adjusted results are from continuing and discontinued operations and are stated before exceptional items, other gains and losses, impairment of goodwill and intangible assets, pension finance charges, premiums on bond redemptions and amortisation of intangible assets arising on business combinations. * Daily Mail 22.7%, a record level, compared to 22.2% last year and The Mail on Sunday 21.8% compared to 20.9% last year. Circulation market share figures are calculated using ABC’s June 2013 and June 2014 National Newspapers Reports. The average £:$ exchange rate for the nine months was £1:$1.65 (against £1:$1.57 in the same period last year). This IMS is prepared for and addressed only to the Company’s shareholders as a whole and to no other person. The Company, its Directors, employees, agents and advisers accept and assume no liability to any person in respect of this IMS save as would arise under English law. This document and any materials distributed in connection with it may include forward-looking statements, beliefs, opinions or statements concerning risks and uncertainties, including statements with respect to the Group’s business, financial condition and results of operations.
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