This Interim Management Statement covers the third quarter of DMGT's financial year to 4th July 2010 and describes the Group's financial position and performance during the period, updated to the latest practicable date.
Summary of the period:
• Revenue for the third quarter £508 million, down 2% on last year, but up 6% on an underlying# basis.
• Trading ahead of our expectations, with underlying growth from both B2B and consumer media businesses.
• Continuing focus on cost control.
• On track towards our target of 2.5 times net debt: EBITDA by the financial year end.
Martin Morgan (pictured), Chief Executive, said: "Trading in the third quarter has continued to reflect the generally positive trends in our international B2B and UK consumer media businesses, although we remain wary about the medium term outlook, particularly in the UK. Our significant exposure to non-UK markets leaves us well positioned to continue to deliver profitable organic growth over the longer-term."
