Sales slump leads to media job cuts
21 May 2009 16:48
Profits for the media group fell by 47 per cent in the first half of the year up to March 29th, leading to the decision.
An announcement was made on March 23rd that the group would cut 1,000 jobs but that figure is now set to rise to 1,500, according to the Times.
Overall revenue at DMGT fell seven per cent over the period from £1,168 million in 2008 to £1,085 million.
DMGT chief executive Martin Morgan said: "The overall first half result has been badly affected by the impact of the recession on our consumer media advertising revenues."
He added: "Decisive action taken to defend profitability, along with the continued management of our cost base, will help to offset the effect of continued weak trading conditions in the second half of the year."
The media group's current portfolio includes the Daily Mail, the London Lite and the London Evening Standard.
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