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In a trading statement issued this morning, DMGT said there was much uncertainty in some of its markets for economic and political reasons.

Overall, DMGT said growth of 2.4% was achieved for the five months to February 28 2003. By category, it said retail and travel performed well, but that the financial sector continued to be weak.

"Associated's advertising revenue performance has slowed from the levels achieved in October and November against weak comparatives. The Evening Standard's recruitment advertising is still declining year on year, albeit now by only about 10%. All titles have improved yields," it said in its statement.

Associated said that its newspaper circulations performed well, with the Daily Mail, the Mail on Sunday and the Evening Standard all achieving year-on-year growth in recent months.

The circulation increases have come despite coverprice rises at the Standard and the Mail on Sunday. It said Associated had made substantial investment during this half-year in redesigning the Evening Standard, which it said had led to the higher reported sales.

Its London freesheet Metro also performed well and Associated said that its Irish operations in Ireland on Sunday was doing well since its May 2002 relaunch.

IoS it said had returned to its original cover price and is recording circulation growth, backed by a strong series of promotions.

Its regional newspaper division Northcliffe Newspapers was showing what it described as robust performance, with circulation revenues for the half year set to be up by 5%.

"The group continues to improve the market positions of its businesses, although some are experiencing testing conditions. The group expects a satisfactory half-year result, but the full year's outcome will inevitably depend to some extent on events outside our control," it said.

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