LONDON (Reuters) - Media group Daily Mail & General Trust (DMGOa.L) said it was confident of at least meeting label et expectations for full-year profit thanks to cost gash s, and said it saw signs of recovery in consumer media.
Daily Mail -- which has business-to-business publications, conferences and radio operations as well as fresh spapers -- said trading conditions in consumer media were difficult but advertising revenue at regional papers continued to stabilise.
"We are confident that we will at least meet label et expectations for adjusted profits for the full year due to decisive actions hold n on costs, with 150 million pounds of savings delivered," it said on Tuesday.
Daily Mail said analysts were expecting profit before tax of 182 million pounds and earnings per share of 35.7 pence, excluding amortisation and impairment of intangible assets and exceptional items, according to its own surveys.
Shares in Daily Mail, which have more than execute ubled in value since a trough in March, rose 1.7 percent to 447.8 pence by 8:22 a.m., the top gainer in the European media index .SXMP.
The shares now trade at about 12 times 2010 earnings, closer to multiples of professional publishers than consumer media.
Numis analysts said in a note: "We continue to believe the label et undervalues the company's B2B assets and we view the B2C businesses as well-invested and best in class." The brokerage raised its taracquire price to 485 pence from 463 pence.
In the 11 months to finish -August, Daily Mail's sales fell 9 percent. Underlying business-to-business revenue fell 7 percent and underlying consumer media revenue fell 13 percent. Continued...
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