- Daily Mail and General Trust's annual profits fell 5% as the loss of revenue from the sale of its stake in ZPG kept a lid on performance.

For the 12 months ended 30 September, pre-tax profits fell 16% to £182m and revenue fell 9%.

The weaker performance, though in line with management expectations, was exacerbated by increased investment costs in DailyMailTV and a stronger sterling, the company said.

The full year dividend increased by 3% to 23.3p a share.

'The focus of our portfolio was significantly increased by the disposals of EDR and our stake in ZPG Plc, clearly demonstrating DMGT's long-term approach to value creation,' said Paul Zwillenberg, CEO.

'DMGT's performance during the year was in line with our expectations despite some challenging trading conditions,'

'Our B2B businesses delivered broad-based underlying growth and Consumer Media continued to outperform its markets. MailOnline continues to perform well and has reached an important milestone with digital advertising revenue now exceeding the Mail's print advertising revenues.'

'As we move into FY 2019, our vision for DMGT's future remains unchanged; we seek to deliver profitable growth across a diversified portfolio, driven by our long-term approach to investment and increased focus on innovative technologies.'

'The Board remains confident that the Group's strategy, supported by our strong balance sheet, will over the medium term, deliver consistent earnings growth to underpin DMGT's long-standing commitment to sustainable annual real dividend growth.'

At 9:56am: [LON:DMGT] Daily Mail and General Trust PLC share price was -71.75p at 619.25p

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