Daily Mail & General Trust's share price fell by nearly 10% in trading this morning after the group revealed that it expects full-year results to hit the bottom of analyst expectations.

DMGT, which revealed that regional operation Northcliffe Media suffered a 24% year-on-year slump in advertising in September, fell 9.4% to 303p at 9am this morning.

The group, which closed last night at 334.5p, has since clawed back some ground to 310.5p, a 24p or 7.17% fall as at 11:35pm.

DMGT, owner of titles including the Daily Mail and 100 regional titles including the Hull Daily Mail, said that the financial turmoil of the past few weeks would not have a "material impact" on its full-year results.

Issuing a pre-close trading statement for the 11 months to the end of August, DMGT reported year-on-year underlying revenue growth of 2% and expects adjusted full-year pre-tax profits to come in about the "high" £250m mark.

The company said that worsening economic conditions hit ad revenues and its property information businesses; however, DMGT's business-to-business operation had shown some growth.

DMGT said tough ad conditions at its national division Associated Newspapers, which includes titles such as the Daily Mail, London Lite and the London Evening Standard, had seen total advertising down 3% in July, August and "broadly continuing" into September.

Newspaper advertising revenues were down 2.6% in July and August, with display ads down 0.9% and classified ads down 15% year on year.

Associated Newspapers' total revenues for the 11 months to the end of August increased by 1%, with circulation revenues up 1% year on year thanks to raised cover prices earlier this year.

Total ad revenue for the period was up 0.4% year on year for the 11-month period - when an 11% year-on-year ad revenue boost from its extensive Associated Northcliffe Digital operation are factored in.

Advertising revenue for the newspaper operation for the 11-month period was up 1%, with display ads up 2% and classified advertising down 11%.
Associated Newspapers' full-year operating profits are expected to fall year on year, due to weak ad revenue and the costs of full-colour printing.

"Inevitably, the worsening economic conditions are having an impact on our newspaper and property businesses but the business-to-business divisions have continued to perform well," said the DMGT chairman, Lord Rothermere. "The recent events experienced by financial markets and institutions will have no material impact on this year's results."

Regional newspaper operation Northcliffe Media saw total revenues down 5% year-on-year for the 11 months to the end of August. Underlying revenues were down 4%.

UK ad revenue for the period was down 9% year on year, with "all major categories" lower than the same period last year.

Property advertising was down 19% year on year; recruitment suffered a fall of 9%; retail was down 3%; and automotive down 12%.

July and August saw a year–on-year fall of 22% in ad revenue, particularly in property and recruitment advertising.

For those two months property revenues were 45% below the same period last year and recruitment revenues were down 28%.

September has seen a "slight further deterioration", the company said, with advertising down 24% year on year.

UK digital revenues have "grown strongly" although the pace of growth has slowed.

Digital revenues are up 46% year on year for the 11 months to the end of August, accounting for 6% of total ad revenue.

Online recruitment ads were up 27% year on year, representing 62% of all digital revenue.

UK circulation revenues were 2% down year on year.

Full-year operating profits will "inevitably reflect the worsening advertising revenue conditions", the company said.

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