Britain’s Daily Mail said it expected to deliver solid growth in full-year adjusted profit before tax after strength in its events division helped it to meet forecasts for the half year.

The company, which publishes the Daily Mail and Mail on Sunday tabloids, said operating profit for the group was up 7 per cent on an underlying basis in the first six months of the year, helped by growth from digital advertising, trade publishing and cost cuts.

The group has had to rely on its more stable business-to-business (B2B) division and events unit in recent years to withstand the pressures on the consumer division from falling advertising revenues.

It said its media unit had posted underlying profit growth, due to cost efficiencies and a solid performance in its digital advertising which improved margins.

“We have delivered a good underlying performance in the first half reflecting the strength of our B2B companies and the resilience of our national consumer titles,” chief executive Martin Morgan said.

“Overall, the outlook for the full year remains unchanged.”

Analysts welcomed the results and the optimistic commentary on the rest of the year.

“Daily Mail and General Trust is a key pick for us in 2013, we remain very comfortable with this stance on the back of this strong first half performance,” Numis said.

Reuters