Daily Mail and General Trust, the company that owns the Daily Mail, has reported flat revenue growth in the first quarter amid falling print advertising revenue.
The firm, which also owns the Mail on Sunday, Metro and the MailOnline website, posted revenues of £520m ($657m) for the three months ended 31 December – unchanged from the revenue reported for the same period in 2015.
Revenue at DMG Media fell 1% on an underlying basis, largely due to an 11% fall in print advertising revenue. In contrast, digital advertising revenues were up 10%.
Circulation revenues were up 3%, with cover price increases offsetting declining volumes.
MailOnline's advertising revenues increased by 38% to £32m, helped by the stronger US dollar. Average daily unique visitors to the website were up 5% on the previous year to 14.4 million.
Elsewhere, DMGT's business-to-business division reported a 1% increase in underlying revenues.
The company said it expected DMG Media to deliver revenues in the -2% to +2% range for the full year.