British media group Daily Mail & General Trust, publisher of London’s Evening Standard and midmarket national titles the Daily Mail and Mail on Sunday, has laid off 100 staff as it continues to suffer from the ad slump.
In a trading update, the group said profits for the twelve months to September 30 were likely to be flat due to a fall in adspend.
Display advertising at DMGT’s titles is down 9% over the period. Worst hit, however, is recruitment advertising, not least at the Evening Standard, where it fell 25%.
At Northcliffe Newspapers, the group’s regional paper arm, advertising was down in the south-east but held up well elsewhere in the country, posting a 3% decline in classifieds and a 1% rise in overall ad revenues.
“London is the toughest market in the country,” said DMGT finance director Peter Williams. “Basically, the further you get away from London, the more the business improves.”
The one success story in the capital was daily freesheet Metro, which is expected to post a small profit in the final quarter of its fiscal year.
Data sourced from: multiple sources; additional content by WARC staff