Daily Mail publisher cuts profit outlook on lower ad revenues

The publisher of the Daily Mail has lowered its profits guidance after continued falls in print advertising revenues.

The Daily Mail and General Trust (DMGT) said its full-year results would come in at the lower end of market expectations.

The company blamed a "marked deterioration in the UK print advertising market".

Shares in DMGT fell more than 8% in morning trading on Thursday.

DMG Media, which includes the Daily Mail and Mail on Sunday, saw revenues fall 3% in the third quarter.

This follows falls in revenue of 6% and 7% in the first two quarters respectively.

The group said MailOnline digital advertising revenue growth of £1m in the third quarter - an 8% rise - had partly offset a £7m decline in Daily Mail and Mail on Sunday revenues.

"Given the weaker than anticipated UK print advertising market for DMG media and the more challenging market conditions for B2B [business to business publishing], the outlook for the group's full year results is now towards the lower end of market expectations," it said in a statement.

City analysts expects DMGT to report revenues of between £1.82bn and £1.93bn and pretax profit of between £275m and £292m.

DMGT join rivals Trinity Mirror and Johnston Press in warning of weaker ad markets.