More financial gloom at Northcliffe

UK operating profits at Northcliffe Media, have fallen by 91 per cent (£33 million) to £3.2 million, with advertising revenue down by 31 per cent to £103m, according to the Daily Mail and General Trust's half-year results for the six months to 29 March, announced today.
Recruitment advertising was down 47 per cent, property fell 54 per cent and motors were down by 23 per cent. Operating margins dropped from 18 per cent to 4 per cent.
UK digital revenues for the period were in line with the same period last year with recruitment revenues down 33 per cent, but other categories up 66 per cent.
Unique visitor levels to Northcliffe’s network of “this is” websites in March 2009 totalled 4.2 million and were 42 per cent higher than the corresponding period last year.
UK circulation revenues fell by 6 per cent to £35 million. In the July to December 2008 ABC period, weekly titles outperformed the industry whereas daily titles were slightly below the industry average.
Northcliffe staff have been cut by 500 (11 per cent). April trading has seen advertising revenues remaining at 36 per cent below last year.