UK's Daily Mail Q1 revenue rises 5 percent

Daily Mail, whose flagship newspaper is Britain's top-selling mid-market tabloid the Daily Mail, said on Wednesday trading was in line with its expectations, adding it had little insight into momentum in advertising markets.

“We remain cautious about the medium-term outlook, given the external economic environment. Our focus will remain on investment to drive organic growth, while continuing to seek to improve operational efficiency and to reduce debt,” it said.

Daily Mail shares were down 2.4 percent to 580 British pence by 0820 GMT, underperforming a flat European media index.

UBS analyst Alastair Reid said while overall sales of 497 million pounds (US$799 million) were in line with consensus, the results were a “mixed bag,” highlighting slower growth at some B2B units.

Advertising revenue at Daily Mail's national titles rose 6 percent in the quarter but only 2 percent in January. Regional ad revenue fell 6 percent in the quarter and in January.

Local media have suffered from persistent weakness through the downturn as recruitment and property advertising have dropped off. The government has been considering liberalizing cross-media ownership restrictions to help the sector.

Daily Mail chief executive Martin Morgan reiterated that his company had no ambitions to be an acquirer but might be prepared to sell its regional titles.

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