Daily Mail owner cuts 400 jobs as profits fall
Daily Mail & General Trust's (DMGT) Associated and Northcliffe newspaper divisions have already cut 400 jobs in the past two months as part of a £100m cost-cutting drive.
The group, which also announced that pre-tax profits for the full year had fallen 9pc to £262m, said it had already made most of its planned job cuts and was seeking other means of cost savings.
The decision last month to increase the Saturday cover price of the Daily Mail from 70p to 80p is understood to have been worth an extra £10m a year to the group.
"As far as possible, we will seek to achieve the remainder by not replacing people who leave and not filling vacancies," said Peter Williams, the finance director of DMGT.
The group said it had seen a 10pc slump in advertising revenues across Associated, the publisher of the Daily Mail, Metro, Evening Standard and London Lite, in October, although it said but it is difficult to predict trading performance for the rest of the first quarter. |
