In a trading statement, DMGT said that it is expecting to report exceptional charges of £10m for the year, owing to reorganisation and redundancy costs. Details about where these cuts will be made have not been released.
Across the group, advertising revenues are described as "volatile". At the Evening Standard, where there has been a large number of staff departures since Veronica Wadley began editing the paper, recruitment advertising is down 25% compared with the last year. The Daily Mail has recorded solid circulation figures, but display advertising is down by 9% for the year.
Northcliffe Newspapers, the local newspaper division, is achieving "modest growth in revenues" with circulation and advertising revenues both showing increases.
DMGT's share price fluctuated wildly today, recording an increase of around 10p when the market opened, before falling back as much as 17p. At 11.25am, shares were valued at 488p, down 10.5p on the opening price.
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