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DAILY MAIL & GENERAL TRUST PLC - DMGT Half Year Preliminary Results

Thursday, May 23, 2013 2:00 AM


DAILY MAIL & GENERAL TRUST PLC - DMGT Half Year Preliminary Results

23 May 2013

             Daily Mail and General Trust plc (`DMGT')

Half Yearly Financial Report for the six months ended 31 March 2013 Good underlying performance - Full Year outlook unchanged

                                Adjusted Results*                   

Statutory Results

                  (from continuing and discontinued operations)
                  Half Year   Half Year    Reported   Underlying  Half Year  Half Year
                    2013         2012      Change~     Change~      2013       2012
                             (restated)+                                    (restated)+
Revenue             £915m       £974m        -6%         +2%        £866m      £866m
Operating profit    £146m       £133m        +10%        +7%        £97m       £68m
Profit before       £137m       £105m        +30%                   £97m       £37m
tax
Earnings per        25.8p       19.6p        +32%                   28.2p      15.8p
share
Dividend per                                                        5.9p       5.6p
share

Half Year Financial Highlights:

- DMGT underlying# revenue up 2%; underlying# operating profit up 7%

- Adjusted profit before tax of £137m, up 30%

- Good performance from B2B; underlying# revenue up 6% and underlying# profit* up 5%

- Underlying# revenue decline of 2% at dmg media; improved profit margin driven by cost efficiencies, resulting in underlying profit* up 7%

- Active portfolio management; bolt-on acquisitions and disposal of non-core assets

- Net debt up £111m to £724m; net debt:EBITDA ratio of 1.85

- Share buy back programme progressing well

- Dividend increased by 5%

- Outlook for the full year unchanged

Martin Morgan, Chief Executive, said:

"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. As expected, reported operating profit increased despite a decline in
reported revenue resulting from recent disposals.
Our international B2B companies have increased their underlying revenues and
profits* by 6% and 5% respectively. Our UK consumer business, dmg media,
continued to experience challenging conditions and underlying revenues were
slightly down, although the increase in digital revenues more than offset the
decline in print advertising revenues and the business delivered a 7%
underlying increase in operating profit*.
We have continued to actively manage our portfolio of businesses and have made
several acquisitions and disposals during the period and into the second half,
to improve the overall quality and growth prospects of the Group.
Relative to last year, the first half of the year benefited from the timing of
biennial events and the absence of a bond redemption premium. Conversely we
expect the comparatives in the second half of the year to be adversely
impacted by the timing of biennial events and the Olympics, which were one-off
benefits for us in the second half of the last financial year. Overall, the
outlook for the full year remains unchanged."

For further information

For analyst and institutional enquiries: +44 20 3615 2902 Stephen Daintith, Finance Director Adam Webster, Head of Management

                 +44 20 3615 2903

Information and Investor Relations

For media enquiries:                             +44 20 7404 5959

Kim Fletcher/Will Carnwath, Brunswick Group

Half Year Results presentation

A presentation of the Half Year Results will be given to investors and analysts at 9.30am on 23 May 2013, at the London Stock Exchange, 10 Paternoster Square, London, EC4M 7LS. There will also be a live webcast available on our website, http://www.dmgt.com.

About DMGT

DMGT is an international business built on entrepreneurship and innovation. We bring together leading companies and talented people to provide businesses and consumers with high-quality analysis & insight, information, news and entertainment.

Notes

* Before exceptional items, other gains and losses, impairment of goodwill and intangible assets, and amortisation of intangible assets arising on business combinations.

~ Percentages are calculated on actual numbers to one decimal place.

# Underlying revenue or profit* is revenue or profit* on a
like-for-like basis, adjusted for constant exchange rates, disposals,
closures, non-annual events occurring in the current and prior year and, with
the exception of Euromoney, acquisitions; see pages 17 and 18. For dmg events,
the comparisons are between events held in the year and the same events held
the previous time, and exclude Evanta. For Euromoney underlying revenue
excludes biennial events that did not occur this year and underlying profit
excludes the benefit in both FY 2012 and FY 2013 of the historic acceleration
of its CAP charge. For dmg media, underlying comparisons exclude low margin
contract printing revenue, the effects of the sale of Teletext Holidays and
motors.co.uk last year, the disposal of the central and eastern European
businesses this year, and the merger of the Digital Property Group and Zoopla
at the end of May 2012, and include the organic growth from Jobrapido.
Northcliffe Media and dmg radio Australia are excluded from the DMGT Group
underlying comparisons.
+ Restated for the change in accounting treatment for the
recognition of licence revenues at Hobsons, dmg information's education
business, to recognise revenue on a subscription basis which is consistent
with the treatment for the full year FY 2012. In January 2013, the
International Financial Reporting Standards Interpretations Committee (IFRIC)
clarified the accounting treatment of contingent consideration contained
within IFRS 3 "Business Combinations" and as a result prior year deferred
consideration payments of £3.4 million, of which £0.4 million occurred in the
first half of the year, have been re-stated as exceptional operating costs.
Prior year results are also restated to reflect Northcliffe Media and dmg
radio Australia being treated as discontinued operations; see Note 2.

Daily Mail and General Trust plc

Northcliffe House, 2 Derry Street,

London, W8 5TT

www.dmgt.co.uk

Registered in England and Wales No. 184594

Contents

Page

Interim Management Report 5-20

Independent review report by the external auditor
21-22

Shareholder Information 23

Condensed Consolidated Income Statement 24

Condensed Consolidated Statement of Comprehensive Income 25

Condensed Consolidated Statement of Changes in
Equity 26
Condensed Consolidated Statement of Financial
Position 27 - 28
Condensed Consolidated Cash Flow Statement 29 -
30
Notes to the Condensed Consolidated Financial
Statements 31 - 50

Interim Management Report

This interim management report focuses principally on the adjusted results to give a more comparable indication of the Group's underlying business performance. All year-on-year comparisons are on a like-for-like basis. The reported results include Northcliffe Media until its disposal on 30 December 2012.

An explanation of restructuring and impairment charges and other items included in the statutory results is set out after the divisional performance review and in the segmental note (Note 2). The adjusted results are summarised below:

Adjusted results*                 Half Year  Half Year  Change~  Full Year
(from continuing and discontinued   2013       2012                2012
operations)                          £m         £m                  £m
                                            (restated)+         (restated)+
Revenue                              915        974       -6%      1,960
Operating profit                     146        133      +10%       300
Income from joint ventures and
associates                            8          3       +159%      13
Net finance costs                   (18)       (32)      +43%      (58)
Profit before tax                    137        105      +30%       255
Tax charge                          (25)       (17)      -47%      (39)
Minority interest                   (13)       (12)       -7%      (27)
Group profit                         98         75       +30%       189
Adjusted earnings per share         25.8p      19.6p     +32%      49.4p

Amounts are stated rounded to the nearest million pounds, consequently totals may not equal the sum of the component integers.

Notes

* Adjusted results are stated before exceptional items, other gains and losses, impairment of goodwill and intangible assets, and amortisation of intangible assets arising on business combinations. For a reconciliation of Group profit to adjusted Group profit, see Note 9.

# Underlying revenue or profit* is revenue or profit* on a
like-for-like basis, adjusted for constant exchange rates, disposals,
closures, non-annual events occurring in the current and prior year and, with
the exception of Euromoney, acquisitions; see pages 17 and 18. For dmg events,
the comparisons are between events held in the year and the same events held
the previous time, and exclude Evanta. For Euromoney underlying revenue
excludes biennial events that did not occur this year and underlying profit
excludes the benefit in both FY 2012 and FY 2013 of the historic acceleration
of its CAP charge. For dmg media, underlying comparisons exclude low margin
contract printing revenue, the effects of the sale of Teletext Holidays and
motors.co.uk last year, the disposal of the central and eastern European
businesses this year, and the merger of the Digital Property Group and Zoopla
at the end of May 2012, and include the organic growth from Jobrapido.
Northcliffe Media and dmg radio Australia are excluded from the DMGT Group
underlying comparisons.

~ Percentages are calculated on actual numbers to one decimal place.

+ Restated for the change in accounting treatment for the
recognition of licence revenues at Hobsons, dmg information's education
business, to recognise revenue on a subscription basis which is consistent
with the treatment for the full year FY 2012. In January 2013, the
International Financial Reporting Standards Interpretations Committee (IFRIC)
clarified the accounting treatment of contingent consideration contained
within IFRS 3 "Business Combinations" and as a result prior year deferred
consideration payments of £3.4 million, of which £0.4 million occurred in the
first half of the year, have been re-stated as exceptional operating costs.
Prior year results are also restated to reflect Northcliffe Media and dmg
radio Australia being treated as discontinued operations; see Note 2.

The average £: US$ exchange rate for the first half of the year was £1:$1.58 (against £1:$1.57 last year). The rate at the half year end was $1.52 (2012: $1.60), compared to $1.62 at the previous year end.

All references to profit or margin in this interim management report are to adjusted profit or margin, except where reference is made to statutory profit.

Summary

Group revenue for the six months to 31 March 2013 was £915 million, compared
with £974 million for the prior half year. This represents an underlying
increase of 2%, but a decrease of 6% on a reported basis, largely driven by
the disposal of Northcliffe. There was good underlying growth in several
revenue categories, particularly subscriptions and digital advertising. Print
advertising and circulation revenue declined although the Daily Mail's
February 2013 cover price increase will help support circulation revenues over
the remainder of the year.

Performance across our B2B businesses and our consumer business, dmg media, on a reported and underlying basis is summarised below.

Revenue growth                 Reported          Underlying
Year-on-year change
Group revenue                    -6%                 +2%
B2B                              +7%                 +6%
RMS                              +4%                 +5%
dmg information                  +14%               +11%
dmg events                       +27%               +12%
Euromoney                        -1%                 +1%
dmg media                        -7%                 -2%
Operating profit* of £146 million was up 10% on the figure for the previous
half year. Aside from the growth in underlying trading, the increase was
partly due to there being two biennial events in this half year, compared with
none in the first half of the prior year, and the underlying increase in
operating profit* was 7%.
The Group's B2B companies' operating profits* were up 12% on a
reported basis, an underlying increase of 5%. The operating profits* of dmg
media were up 6%, and 7% on an underlying basis. B2B businesses generated 77%
of this half year's operating profit* with 23% generated by consumer media,
compared to 76% and 24% for the prior half year. These percentages have all
been calculated after allocating head office costs on the basis of revenues.
Nearly two thirds of the Group's operating profits* were again derived from
outside the UK.
Adjusted profit* before tax increased by 30% to £137 million. This
reflected the changes in operating profit* described above, increased income
from joint ventures and associates, notably Zoopla Property Group and Local
World, and reduced net finance costs due to lower average net debt levels and
the absence of a one-off £6 million early bond redemption charge incurred in
the prior half year. The statutory profit before tax, excluding discontinued
operations, for the period was £97 million after charging £21 million of
amortisation and impairment and £22 million of net exceptional charges.
Adjusted Group profit* after tax and minority interests was up 30% to £98
million.

Active portfolio management

Active portfolio management has continued throughout the period
with acquisitions totalling £71 million and disposals totalling £94 million.
The principal acquisitions during the period were strategic bolt-ons for dmg
information and Euromoney. Within dmg information, Environmental Data
Resources (EDR) acquired FirstSearch, a provider of environmental
contamination risk assessment products to the US commercial real estate
market, and Hobsons acquired Beat the GMAT, the world's largest social network
for MBA applicants, and Edumate, an Australian provider of technologies for
the schools market. Euromoney acquired Insider Publishing, a leading news
business covering the international insurance and reinsurance markets, and TTI
Vanguard, an organisation for senior executives who lead technology
innovation.

Since the period end, dmg information's Genscape has acquired Vessel Tracker, which, by monitoring ship movements at ports and using satellite tracking, provides real-time tracking of around 100,000 vessels, and Euromoney has acquired a 75% stake in the Centre for Investor Education, an Australian provider of events for asset managers.

During the period, Northcliffe Media was sold to Local World, a newly formed entity in which the Group has acquired a 38.7% stake, and dmg media disposed of its central and eastern European print and digital consumer businesses.

Outlook

While the Group's first half performance has been good, this has to some extent been influenced by various one-off factors. We expect the comparatives in the second half of the year to be adversely impacted by the timing of biennial events and the Olympics, both of which provided one-off gains in the second half of FY 2012. Our outlook for the Full Year, as provided in November 2012, remains unchanged. Although we expect Full Year revenues to be lower, as a result of disposals, we expect to deliver solid growth in adjusted profit before tax for the full financial year.

Business Review
Business to business (B2B)
                   Half Year    Half Year   Movement    Full Year
                      2013        2012          %          2012
                       £m          £m                       £m
Revenue               461          431         +7%         899
Operating profit*     113          101        +12%         218
Operating margin*     25%          23%                     24%

These results are stated after allocating Group corporate costs on the basis of B2B's share of Group revenues.

Revenues from the B2B group totalled £461 million, up 7% on the prior half year, with an underlying increase of 6%. Operating profits* were 12% higher at £113 million with increases from each division, notably dmg events which benefited from two biennial events in the half year. The underlying operating profit, including allocated Group corporate costs, increased by 5% and the overall B2B margin* increased to 25%.

Risk Management Solutions (RMS)

                   Half Year    Half Year   Movement    Full Year
                      2013        2012          %          2012
                       £m          £m                       £m
Revenue                85          81          +4%         163
Operating profit*      31          30          +4%          56
Operating margin*     36%          36%                     34%
RMS increased its revenues by 4%, on a reported basis, and by 5% on
an underlying basis, adjusting for constant exchange rates. Operating profit*
rose by 4%, an underlying increase of 5%. The operating margin of 36% was in
line with the first half of the prior year.
The majority of the underlying revenue increase came from the
Natural Catastrophe and Underwriting Solutions businesses through contract
renewal increases as a result of continuing strong demand. The development of
the new platform, RMS(one), in conjunction with RMS's four joint development
partners, continues to progress well and in line with expectations. Earlier
this month RMS hosted a client event, attended by over 700 paying delegates,
which included previews and demonstrations of RMS(one) ahead of the launch
scheduled for April 2014. RMS has signed client agreements with four joint
development partners and twelve early access partners as well as agreements
with three third-party model providers who will be implementing their models
on RMS(one).
Outlook

Operating expenses are expected to increase during the second half of the year, ahead of the launch of RMS(one) in 2014, and this will reduce margins. RMS is on track to deliver mid to high single digit underlying revenue growth for the full year with an operating margin of around 30%.

dmg information
                   Half Year    Half Year   Movement    Full Year
                      2013        2012          %          2012
                       £m          £m                       £m
Revenue               132          116        +14%         253
Operating profit*      19          18          +9%          48
Operating margin*     15%          15%                     19%

dmg information had a good first half, with underlying revenues up by 11%, 14% on a reported basis, with underlying double digit growth from the Property Information, Education and Energy businesses. Underlying operating profit increased by 6%, 9% on a reported basis, with growth being driven by the Property Information companies, partially offset by investment in the Education and Energy businesses.

Property Information
                   Half Year    Half Year   Movement    Full Year
                      2013        2012          %          2012
                       £m          £m                       £m
Revenue                57          50         +15%         106
Operating profit*      13          10         +23%          24
Our Property Information companies grew underlying revenues by 11%
despite the market conditions remaining largely unchanged from last year.
Landmark's German business grew particularly strongly and is now around a
third of the size of the UK business. In the US, EDR acquired FirstSearch, a
provider of environmental contamination risk assessment products to the
commercial real estate market. The acquisition enhances EDR's product suite,
provides opportunities to sell additional services to the two businesses'
existing client bases and is expected to deliver cost synergies. Operating
margins improved, relative to the first half of last year.

Education, Energy and Financial

                   Half Year    Half Year   Movement    Full Year
                      2013        2012          %          2012
                       £m          £m                       £m
Revenue                75          66         +13%         147
Operating profit*      9           10          -8%          28

Underlying revenues grew by 11%, with each of the three sectors (Education, Energy and Financial) contributing positively to the growth in the period.

Hobsons, serving the Education sector, continued its strong growth
with underlying revenues increasing by 16%. Hobsons also successfully
completed two bolt-on acquisitions in the period, Beat the GMAT, the world's
largest social network for MBA applicants, and Edumate, an Australian provider
of student management technologies for the schools market. Due to normal
seasonal elements of the business, Hobsons makes the majority of its profit in
the second half of the financial year. During the period, Hobsons invested in
a new service, enabling universities to completely outsource the marketing,
enrolment and student service management functions of their online programmes.
Our Energy information company, Genscape, increased underlying
revenues by 14% as a result of its expansion into the natural gas and biofuel
markets and the development of new products for smaller potential customers.
The number of subscribing clients is up by more than 40% compared to the end
of the first half of last year. As expected, this growth strategy has required
an increase in operating costs, which has reduced operating margins for the
first half of the year. In April, Genscape acquired Vessel Tracker, a German
based business which, by monitoring ship movements at ports and using
satellite tracking, provides real-time tracking of around 100,000 vessels at
any given time. The movements of maritime cargoes impact the trading prices of
oil, gas and agricultural commodities and this acquisition enables Genscape to
further develop its product suite for energy traders.

The Financial information market continues to see considerable change, as participants enter and exit the Commercial Mortgage-Backed Securities (CMBS) market served by Trepp and the broader Asset-Backed Securities market served by Lewtan. In a challenging environment we are pleased that both Trepp and Lewtan were able to increase underlying revenues and that profits grew from this sector.

Outlook

For the full year, dmg information remains on course to achieve
underlying revenue growth of approximately 10% with an operating margin of
around 20%.
dmg events
                   Half Year    Half Year   Movement    Full Year
                      2013        2012          %         2012
                       £m          £m                      £m
Revenue                57          45         +27%         89
Operating profit*      20          12         +74%         21
Operating margin*     35%          26%                     24%

dmg events' reported revenues were up, as expected, by 27% despite the sale of Evanta in September 2012. This was due to two of the three biennial events, ADIPEC and Gastech, taking place in the period with both events delivering strong performances. As a consequence, dmg events' operating profit* increased by 74% on a reported basis.

Adjusting for these factors, underlying revenue increased by an
encouraging 12% despite the Digital Marketing business suffering declining
revenues due to the impact of hurricane Sandy on the New York ad:tech event.
Underlying profits* were up 13%. All three of our major events have taken
place in the first half, namely Gastech, Big 5 and ADIPEC and consequently a
significant majority of the full year revenue has now been secured.

Outlook

Due to the timing of biennial events we expect revenues in the
second half of this year to be approximately half those in the first half and
the second half margin to be considerably lower. For the full year, dmg events
continues to expect underlying revenue growth of approximately 10% and to
deliver an operating margin* in the region of 25%.

Euromoney Institutional Investor

                   Half Year    Half Year   Movement    Full Year
                      2013        2012          %         2012
                       £m          £m                      £m
Revenue               187          189         -1%         394
Operating profit*      53          52          +3%         112
Operating margin*     28%          27%                     28%
Euromoney announced its first half results last week. Revenue
declined by 1% on a reported basis but increased by 1% on an underlying basis
after adjusting for event timing differences. Subscriptions, which accounted
for 53% of revenue in the period, returned to 3% growth in the second quarter
having declined by 3% in the first quarter. Underlying event revenues were
broadly flat whilst advertising revenues, which accounted for only 12% of
total revenues, remained weak.

Operating profit* rose 3% to £53 million, including the cost of Euromoney's management incentive Capital Appreciation Plan (CAP). An additional accelerated charge in respect of the CAP was recognised in 2011, and both last year's and this year's profits benefit from the earlier acceleration of that charge. Excluding this benefit, underlying operating profit* is up 1% on last year. Costs, particularly headcount, have been tightly controlled, and Euromoney has continued to invest in technology and new products as part of its global online growth strategy.

During the period Euromoney acquired Insider Publishing, a leading
information source and events provider for the international insurance and
reinsurance markets, and TTI/Vanguard, the California-based private membership
organisation for executives who lead technology innovation in global
organisations. In April, Euromoney acquired a 75% stake in the Centre for
Investor Education, the leading Australian provider of investment forums for
senior executives of superannuation funds and global asset management firms.
Also in April, Euromoney signed a binding agreement with HSBC to acquire its
index calculation operation, Quantitative Techniques (QT). Completion of the
sale is expected to take place in approximately six months and gives Euromoney
the opportunity to build a new business providing independent index
compilation services.

Outlook

Uncertainties over the Eurozone remain and financial institutions
continue to cut costs, particularly in headcount. The recent strong
performance of equity markets masks tougher trading conditions for Euromoney's
customers. Sentiment for US markets is more positive, while emerging markets
continue to be an important growth driver.
Recent subscription sales trends, combined with more new products
being launched, should help drive subscription growth in the second half.
Advertising remains weak whilst recent sales for the events business are
encouraging. In the second half, Euromoney will continue to invest in
technology and new products and, in general, trading remains in line with
expectations.
Consumer media
                   Half Year    Half Year   Movement    Full Year
                      2013        2012          %          2012
                       £m          £m                       £m
Revenue               454          542        -16%        1,060
Operating profit*      33          32          +2%          81
Operating margin*      7%          6%                       8%

These results are stated after allocating Group corporate costs on the basis of Consumer media's share of Group revenues.

The reported results for the Consumer businesses were impacted by the disposal of Northcliffe Media, effective 30 December 2012. Following the disposal, the Group's remaining consumer media businesses sit within dmg media, formerly known as Associated Newspapers.

The Group owns stakes in Zoopla Property Group, the digital
property business, and Local World, the local media publisher. DMGT's share of
profits of these businesses is included within joint ventures and associates.
dmg media
                                Half Year  Half Year  Movement Full Year
                                  2013       2012        %       2012
                                   £m         £m                  £m
Revenue:
Daily Mail / The Mail on Sunday    287        305       -6%       590
MailOnline                         20         12        +61%      28
Metro, 7 Days                      40         44        -8%       89
Evenbase                           39         22        +80%      59
Other                              20         51        -62%      82
Total Revenue                      406        435       -7%       848
Operating profit*                  36         34        +6%       78
Operating margin*                  9%         8%                  9%

These results are stated before the allocation of Group corporate costs. Amounts are stated rounded to the nearest million pounds, consequently totals may not equal the sum of the component integers.

Summary

Underlying revenues declined by 2% compared to the first half of
the prior year. Reported revenues declined by 7%, primarily due to the
creation of the Zoopla Property Group in May 2012, which is now accounted for
as a joint venture, as well as the disposal of dmg media's central and eastern
European operations during the period.

The underlying increase in digital advertising revenues across the dmg media portfolio exceeded the ongoing decline in print advertising revenues®. This is a significant inflection point for the business. Circulation volumes and revenue continued to decline, with the February 2013 increase in the cover price of the Monday to Friday editions of the Daily Mail, from 55p to 60p, impacting less than two months' of revenues in the period.

Operating profit* for the period increased by 6% to £36 million and the underlying increase was 7%, with lower costs, notably production and newsprint more than offsetting increased investment in MailOnline and Wowcher, contributing to the increase in operating margin* from 8% to 9%.

The investment of £54m in the purpose built printing plant at
Thurrock has resulted in one of the most efficient newspaper production
facilities in the country. The first press started running in November 2012
and the full site will be operational in July of this year. The closure of our
Stoke plant in December 2012 and the sale of our Surrey Quays site, expected
to complete later this year, will finalise the rationalisation from eight
plants in 2008 to two by the end of this financial year. Year-on-year
production cost savings during the period primarily resulted from the closure
of the Derby plant in February 2012 and the Stoke plant in December 2012.
Although the second half of the year will continue to benefit from the Stoke
closure, there will be dual production costs for both Surrey Quays and
Thurrock until the new site is fully operational in July.

Mail Franchise

Revenue for the combined newspapers and website businesses (Daily
Mail, The Mail on Sunday and MailOnline) declined by 4% to £306 million due to
an 8% decline in print advertising revenue and a 6% decline in circulation
revenue. This was mitigated in part by revenue growth for MailOnline of 61% in
the period. The Daily Mail's circulation volumes continued to decline, partly
due to reductions in high production cost foreign copies. The strength of the
Mail brand, however, enabled a continued increase in the Daily Mail's market
share to 22.1% in March 2013, compared to 21.5% in March 2012, despite the
weekday cover price increase from 55p to 60p. The Mail on Sunday also
increased market share, to 21.0% in March 2013, compared to 19.7% in March
2012.
MailOnline continues to grow strongly, with 117 million average
monthly unique visitors in the quarter to March 2013, 26% higher than for the
corresponding period to March 2012. MailOnline continues to focus on
increasing the size and engagement level of its global audience and, in
particular, is investing in its US editorial and sales presence. Home page
entry to the site, a key measure of audience engagement, accounted for 53% of
UK traffic and 22% of US traffic during the period, compared to 49% and 17%
last year.

Metro (including 7 days)

Revenue at Metro declined 8%, partly due to Olympic brands having
already started to advertise during the first half of FY 2012 and to there
being two fewer editions this year. Metro continues to invest in its digital
strategy, and more than half of its global digital audience of 769,000 average
daily unique visitors in the quarter to March 2013 came from mobile devices,
with average daily mobile visitors of nearly 400,000 during March. Digital
advertising revenue increased by 26% compared to the first half of last year.

Evenbase

Evenbase, the digital recruitment business, benefited from the acquisition of Jobrapido in April 2012 and delivered a revenue increase of 80%. Underlying revenue growth was 19%, with particularly strong organic growth from Jobrapido and Broadbean. We expect a stronger performance and higher margin during the second half of the year, as was the case last year.

Other dmg media businesses

Wowcher has grown rapidly since its launch in April 2011 and by
March 2013 had an estimated 22% share of the growing UK online discounted
deals market. Wowcher has grown its database to 2.4 million customers, notably
affluent, urban females. The cost of adding new subscribers continues to
decline and the lifetime value to increase, with approximately 80% of activity
now from repeat customers. Wowcher's net revenue in the period was £5 million,
more than treble the first half of last year. Wowcher is currently in
investment phase, with the ambition of scaling its database of affluent
females further over the next year. The business is targeting to achieve
run-rate break-even in the second half of FY 2014.

Reported revenues from other businesses, including Wowcher, were 62% lower than last year. This is due to the Digital Property Group being merged into Zoopla Property Group, which is reported as a joint venture, in May 2012 and the disposals of the Teletext and Motors businesses. The central and eastern European publishing businesses were also disposed of during the period, increasing the focus on the higher growth businesses within the dmg media portfolio.

Outlook

Trading during the seven weeks since the period end has seen underlying
advertising revenues up 2%, with underlying circulation revenues down 2%.
Overall for the full year, dmg media's reported revenues are expected to show
a mid-single digit percentage decline while underlying revenues, adjusting for
disposals, mergers and acquisitions, are expected to be broadly in line with
last year. The comparatives during the second half of the year will be more
challenging due to the benefit of the 2012 Olympics and the significant
production cost savings which were realised during the second half of last
year. Operating margins for the full year are expected to be in line with, or
marginally up on, last year.

Northcliffe Media

                   Half Year    Half Year   Movement    Full Year
                      2013        2012          %          2012
                       £m          £m                       £m
Revenue                49          108        -55%         213
Operating profit*      7           11         -33%          26
Operating margin*     15%          10%                     12%

Northcliffe Media was sold to Local World, a company in which the Group now owns a 38.7% stake, at the end of December 2012. Consequently the results in the period only include three months' trading. Underlying revenues during the quarter to December declined by 5% but the operating margin improved to 15%.

Other income statement items

- Income from joint ventures and associates

The Group's share of the pre tax results* of its joint ventures and associates
increased by £5 million to £8 million. The largest components were Zoopla
Property Group, which was formed in May 2012 and in which DMGT owns a 50.8%
stake, and the 38.7% share of Local World's profits since it commenced trading
at the end of December 2012. The FY 2012 results included dmg Radio Australia,
which was sold in September 2012.

Zoopla Property Group continues to deliver encouraging growth and to generate a high number of sales leads to its clients. Local World delivered a strong operating margin in its first quarter of trading to March.

- Net finance costs
                                         Half Year Half Year Movement Full Year
                                           2013      2012       %       2012
                                            £m        £m                 £m
Net interest payable and similar charges   (27)      (30)      +13%     (61)
Premium on bond buy back                     -        (6)                (6)
Pension finance item                         7         4                  9
Investment income                            2         1                  1
Total                                      (18)      (32)      +43%     (57)

Amounts are stated rounded to the nearest million pounds, consequently totals may not equal the sum of the component integers.

Net finance costs decreased by £14 million to £18 million, partly
due to last year's charge including a £6 million premium charge on the early
redemption of bonds. There was also a £3 million increase in the pension
finance credit to £7 million due to the reduction in the pension fund deficit
over the year to 30 September 2012.

Other investment income increased by £1 million due to a dividend from the Press Association. Net interest payable and similar charges fell by 13% to £27 million due to lower average net debt.

- Other items

The Group has charged £18 million as exceptional operating costs, of which £12 million were cash items. This charge includes £3 million in respect of earn-out costs for acquisitions, which historically would not have been recognised in the income statement but which are now, following the clarification by the International Financial Reporting Standards Interpretations Committee in January 2013 in respect of the accounting treatment of contingent consideration, contained within IFRS3, "Business Combinations". The cash items also include reorganisation, redundancy and consultancy costs of £9 million, principally at dmg media.

Exceptional operating costs include accelerated depreciation and impairment of property, plant and equipment of £9 million relating to the closure of the printing facilities in Stoke and Surrey Quays and the move to Thurrock. There was also a £4 million non-cash benefit within exceptional operating costs in respect of the curtailment of the Northcliffe defined benefit pension plan.

The charge for amortisation of intangible assets fell by £4 million to £16 million. The Group also made an impairment charge of £5 million, principally relating to dmg information's remaining investment in Sanborn.

The Group recorded gains on disposals of £61 million, compared to £1 million in the prior period. The gains primarily related to the disposals of Northcliffe Media and dmg media's central and eastern European businesses.

- Taxation

The adjusted tax charge of £25 million (2012 £17 million) is stated
after adjusting for the effect of exceptional items. The adjusted tax rate for
the half year is 18.4% (2012 16.4%). The continued low rate reflects tax
reductions from tax-efficient financing and tax deductible amortisation in the
US, though the effective tax rate is expected to increase to over 20% in two
to three years.

There were net exceptional tax charges of £4 million, due to the reversal and write off of deferred tax assets relating to the Northcliffe business of £7 million and relief of £3 million in respect of amortisation and impairment of intangible fixed assets.

Pensions

The deficit on the Group's defined benefit pension schemes
decreased from £324 million at the beginning of the year to £292 million at
the half year (calculated in accordance with IAS 19), with the increase in the
value of assets exceeding the increase in the value of the defined benefit
obligation. Funding payments into the main schemes during the period were £29
million, including £15 million in January 2013 following the disposal of
Northcliffe Media. These schemes are closed to new employees.

Net debt and cash flow

Net debt at the end of the period was £724 million, an increase of
£111 million since the year end, and the net debt:EBITDA ratio was 1.85. The
Group generated operating cash flows of £88 million. Operating cash flows are
stated after capital expenditure of £26 million, excluding £20 million of
expenditure in respect of Thurrock and RMS(one). There were net disposal
proceeds of £23 million, £33 million spent on the share buy back programme,
taxation of £23 million, interest payments of £19 million, pension funding of
£29 million and dividends totalling £55 million. The change in value of
derivatives gave rise to an increase in net debt of £44 million, notably due
to the weakening of the pound relative to the US dollar (£1:$1.52 at 31 March
2013, £1:$1.62 at 30 September 2012).
Net debt is usually at its peak around the half year due to the
timing of the prior year's final dividend and other annual payments. Allowing
for the continuation of the share buy back programme and assuming no major new
acquisitions, the ratio of net debt to EBITDA is expected to be 2.0 or less at
the year end.

In early April 2013, £47 million of 7.5% Bonds matured and were redeemed using available cash funds.

The Directors consider that the Group has adequate resources to continue in operational existence for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing the half yearly report.

Financing

During the first half of the year, the Group acquired 5.5 million
`A' Ordinary shares for £33 million under a share buy back programme. The
Group acquired a further 4.7 million `A' Ordinary shares for £26 million in
order to meet obligations to provide shares under its incentive plans. It also
utilised 4.7 million shares out of Treasury to provide shares under various
incentive plans valued at £26 million. As at 31 March 2013, DMGT had 377.6
million shares in issue, together with 15.7 million `A' Ordinary shares held
in Treasury.

During the first half year, DMGT maintained its interest in Euromoney at 68.1% at a cost of £11 million. This action was taken in order to enable it to offset the dilutive effect of the vesting of Euromoney's CAP.

Dividend

The Board has declared an interim dividend of 5.9 pence per
Ordinary and `A' Ordinary Non-Voting share (2012 5.6 pence) which will be paid
on 5 July 2013 to shareholders on the register at the close of business on
7
June 2013.
                        Underlying analysis - revenues
£m             % Underlying  M&A Other HY13 Underlying   M&A Exchange Other HY12
B2B
RMS          +5%         85    -     -   85         81     -        -     -   81
Dmg
information +11%        133    2     -  132        120     5      (1)     -  116
dmg events  +12%         57    -     -   57         50   (9)        -    15   45
Euromoney    +1%        187    -     -  187        186     -      (1)   (3)  189
             +6%        462    -     -  461        437   (3)      (2)    11  431
Consumer
dmg media   (2%)        399  (7)     -  406        406  (23)        -   (6)  435
Northcliffe
Media                     - (49)     -   49          - (108)        -     -  108
            (2%)        399 (56)     -  454        406 (131)        -   (6)  542
Total        +2%        861 (54)     -  915        843 (134)      (2)     5  974

Note: M&A adjustments are for disposals, including Evanta, Teletext Holidays and dmg media's central and eastern European operations; the merger of The Digital Property Group to form the Zoopla Property Group; and acquisitions, including Jobrapido and FirstSearch.

Amounts are stated rounded to the nearest million pounds, consequently totals may not equal the sum of the component integers.

               Underlying analysis - adjusted operating profit*
£m                        % Underlying M&A Other HY13 Underlying  M&A Exchange Other HY12
B2B
RMS                     +5%         31   -     -   31         30    -        -     -   30
dmg
information             +6%         20   1     -   19         19    2      (1)     -   18
dmg events             +13%         20   -     -   20         17  (3)        -     9   12
Euromoney               +1%         51   -   (2)   53         51    -        -   (1)   52
                        +4%        122   1   (2)  124        116  (1)      (1)     8  110
Consumer
dmg media               +7%         35 (1)     -   36         33  (1)        -     -   34
Northcliffe
Media                                - (7)     -    7          - (11)        -     -   11
                        +7%         35 (8)     -   43         33 (12)        -     -   45
Corporate costs         +6%       (21)   -     - (21)       (22)    -        -     - (22)
Operating profit        +7%        136 (8)   (2)  146        127 (14)      (1)     8  133
Joint ventures
and associates                       8   -     -    8          4    1        -     -    3
Net Finance
charges                           (25)   -   (7) (18)       (30)    -        -     2 (32)
Adjusted Profit before
Tax*                               119 (8)   (9)  137        101 (13)      (1)    10  105

Notes: B2B and Consumer underlying figures are stated pre the allocation of Corporate costs. Including Corporate costs, the underlying growth rate for B2B was +5%.

`Other' includes adjustments for the timing of events, the acceleration of Euromoney's CAP costs, the premium on the redemption of bonds and the pension finance credit.

Amounts are stated rounded to the nearest million pounds, consequently totals may not equal the sum of the component integers.

Principal risks and uncertainties

The principal risks and uncertainties that affect the Group on an
on-going basis are described in our 2012 Annual Report at www.dmgt.com. These
are still considered to be the most relevant risks and uncertainties at this
time.

Statement of Directors' responsibilities

The Directors are responsible for preparing the half-yearly financial report, in accordance with applicable law and regulations.

The Directors confirm that to the best of their knowledge:

a) this condensed set of financial statements which should be read in conjunction with the annual financial statements for the year ended 30 September 2012 and has been prepared in accordance with IAS 34 `Interim financial reporting' as adopted by the European Union; and

b) the interim management report includes a fair review of the information required by the Financial Services Authority's Disclosure and Transparency Rules 4.2.7R and 4.2.8R.

By order of the Board of Directors

The Viscount Rothermere
Chairman
22 May 2013

*Adjusted results are stated before exceptional items, other gains and losses, impairment of goodwill and intangible assets, and amortisation of intangible assets arising on business combinations. For a reconciliation of Group profit to adjusted Group profit, see Note 9.

# Underlying revenue or profit* is revenue or profit* on a
like-for-like basis, adjusted for constant exchange rates, disposals,
closures, non-annual events occurring in the current and prior year and, with
the exception of Euromoney, acquisitions; see pages 17 and 18. For dmg events,
the comparisons are between events held in the year and the same events held
the previous time, and exclude Evanta. For Euromoney underlying revenue
excludes biennial events that did not occur this year and underlying profit
excludes the benefit in both FY 2012 and FY 2013 of the historic acceleration
of its CAP charge. For dmg media, underlying comparisons exclude low margin
contract printing revenue, the effects of the sale of Teletext Holidays and
motors.co.uk last year, the disposal of the central and eastern European
businesses this year, and the merger of the Digital Property Group and Zoopla
at the end of May 2012, and include the organic growth from Jobrapido.
Northcliffe Media and dmg radio Australia are excluded from the DMGT Group
underlying comparisons.

~ Percentages are calculated on actual numbers to one decimal place.

+ restated for the change in accounting treatment for the
recognition of licence revenues at Hobsons, dmg information's education
business, to recognise on a subscription basis which is consistent with the
treatment for the full year FY 2012. In January 2013, the International
Financial Reporting Standards Interpretations Committee (IFRIC) clarified the
accounting treatment of contingent consideration contained within IFRS 3
"Business Combinations" and as a result prior year deferred consideration
payments of £3.4 million, of which £0.4m occurred in the first half of the
year, have been re-stated as exceptional operating costs. Prior year results
are also restated to reflect Northcliffe Media and dmg radio Australia being
treated as discontinued operations; see Note 2.
® The underlying increase in digital advertising revenues across
the dmg media portfolio exceeded the ongoing decline in print advertising
revenues. Print advertising includes revenue from the Daily Mail, The Mail on
Sunday and Metro, whilst digital advertising includes revenue from MailOnline,
Evenbase (excluding Broadbean and including the year-on-year growth from
Jobrapido), Wowcher, Metro's digital assets, Villarenters and other smaller
revenue streams. Zoopla Property Group is a joint venture and consequently its
revenues are excluded from dmg media's revenues.

The average £: US$ exchange rate for the year was £1:$1.58 (against £1:$1.57 last year). The rate at the half year end was $1.52 (2012: $1.60), compared to $1.62 at the previous year end.

For further information

For analyst and institutional enquiries:
Stephen Daintith, Finance Director, DMGT        +44 20 3615 2902
Adam Webster, Head of Management
Information and Investor Relations, DMGT       + 44 20 3615 2903

For media enquiries Kim Fletcher / Will Carnwath, Brunswick +44 20 7404 5959 Group

Analysts' presentation and webcast

A presentation of the Half Year results will be given to investors and analysts at 9.30am on 23 May 2013 at the London Stock Exchange, 10 Paternoster Square, London, EC4M 7LS. There will also be a live webcast available on our website: http://www.dmgt.com.

Next trading update

The Group's next scheduled announcement of financial information will be its third quarter interim management statement on 25 July 2013.

This Interim Management Report (IMR) is prepared for and addressed
only to the Group's shareholders as a whole and to no other person. The Group,
its directors, employees, agents or advisers do not accept or assume
responsibility to any other person to whom IMR is shown or into whose hands it
may come and any such responsibility or liability is expressly disclaimed.
Statements contained in this IMR are based on the knowledge and information
available to the Group's Directors at the date it was prepared and therefore
the facts stated and views expressed may change after that date. By their
nature, the statements concerning the risks and uncertainties facing the Group
in this IMR involve uncertainty since future events and circumstances can
cause results and developments to differ materially from those anticipated. To
the extent that this IMR contains any statement dealing with any time after
the date of its preparation such statement is merely predictive and
speculative as it relates to events and circumstances which are yet to occur.
The Group undertakes no obligation to update these forward-looking statements.

Independent review report to Daily Mail and General Trust plc

We have been engaged by the company to review the condensed set of financial
statements in the half-yearly financial report for the 26 weeks ended 31 March
2013 which comprise the condensed consolidated income statement, the condensed
consolidated statement of comprehensive income, the condensed consolidated
statement of changes in equity, the condensed consolidated cash flow
statement, the condensed consolidated statement of financial position, and
related notes 1 to 24. We have read the other information contained in the
half-yearly financial report and considered whether it contains any apparent
misstatements or material inconsistencies with the information in the
condensed set of financial statements.
This report is made solely to the Company in accordance with
International Standard on Review Engagements (UK and Ireland) 2410 "Review of
Interim Financial Information Performed by the Independent Auditor of the
Entity" issued by the Auditing Practices Board. Our work has been undertaken
so that we might state to the Company those matters we are required to state
to them in an independent review report and for no other purpose. To the
fullest extent permitted by law, we do not accept or assume responsibility to
anyone other than the company, for our review work, for this report, or for
the conclusions we have formed.

Directors' responsibilities

The half-yearly financial report is the responsibility of, and has been approved by, the Directors. The Directors are responsible for preparing the half-yearly financial report in accordance with the Disclosure and Transparency Rules of the United Kingdom's Financial Services Authority.

As disclosed in note 1, the annual financial statements of the
Group are prepared in accordance with IFRSs as adopted by the European Union.
The condensed set of financial statements included in this half-yearly
financial report has been prepared in accordance with International Accounting
Standard 34, "Interim Financial Reporting," as adopted by the European Union.

Our responsibility

Our responsibility is to express to the Company a conclusion on the condensed set of financial statements in the half-yearly financial report based on our review.

Scope of Review

We conducted our review in accordance with International Standard
on Review Engagements (UK and Ireland) 2410, "Review of Interim Financial
Information Performed by the Independent Auditor of the Entity" issued by the
Auditing Practices Board for use in the United Kingdom. A review of interim
financial information consists of making inquiries, primarily of persons
responsible for financial and accounting matters, and applying analytical and
other review procedures. A review is substantially less in scope than an audit
conducted in accordance with International Standards on Auditing (UK and
Ireland) and consequently does not enable us to obtain assurance that we would
become aware of all significant matters that might be identified in an audit.
Accordingly, we do not express an audit opinion.

Conclusion

Based on our review, nothing has come to our attention that causes us to believe that the condensed set of financial statements in the half-yearly financial report for the 26 weeks ended 31 March 2013 is not prepared, in all material respects, in accordance with International Accounting Standard 34 as adopted by the European Union and the Disclosure and Transparency Rules of the United Kingdom's Financial Services Authority.

Deloitte LLP

Chartered Accountants and Statutory Auditor

22 May 2013
London
United Kingdom
Shareholder Information

Financial Calendar (provisional)

2013

23rd May Half Yearly Financial Report published

5th June Interim ex-dividend date

7th June Interim record date

5th July Payment of interim dividend

25th July Interim management statement

25th September Pre-close trading update

29th September Year end

30th September Payment of interest on loan notes

21st November Annual results and final dividend announced

27th November Ex-dividend date

29th November Record date

Contacts

Daily Mail and General Trust plc                         Auditor
Northcliffe House                                   Deloitte LLP
2 Derry Street,                              2 New Street Square
London                                                    London
W8 5TT                                                  EC4A 3BZ
Telephone: +44 20 7938 6000
Email: investor.relations@dmgt.com
Stockbrokers                                          Registrars
Credit Suisse Securities (Europe)                       Equiniti
Limited                                             Aspect House
One Cabot Square                                    Spencer Road
London                                                   Lancing
E14 4QJ                                              West Sussex
                                                        BN99 6DA
Numis Securities Limited
The London Stock Exchange Building
10 Paternoster Square
London
EC4M 7LT

For further investor information and contacts, please visit the Company's website at:

http://www.dmgt.com

Copies of this Half Yearly Financial Report are available electronically from the Company's website at www.dmgt.com or from the Secretary upon request.

DMGT plc
Condensed Consolidated Income
Statement
For the 26 weeks ending 31 March
2013
                                        Unaudited 26 Unaudited 26   Audited 52
                                        weeks ending weeks ending weeks ending
                                       31 March 2013 1 April 2012 30 September
                                                                          2012
                                                       Restated     Restated
                                                       (Note 1)     (Note 1)
                                  Note            £m           £m           £m
CONTINUING OPERATIONS
Revenue                            2           866.0        866.0      1,746.8
Operating profit before            2           139.0        122.3        273.7
exceptional
operating costs, amortisation and
impairment of goodwill and
acquired
intangible assets
Exceptional operating costs,       2          (21.5)       (33.9)       (76.5)
impairment of internally
generated and
acquired computer software,
investment property and property,
plant
and equipment
Amortisation and impairment of     2          (20.9)       (20.9)       (53.6)
goodwill and acquired intangible
assets
arising on business combinations
Operating profit before share of   2            96.6         67.5        

143.6

results

of joint ventures and associates
Share of results of joint          3           (1.2)        (0.5)        (1.8)
ventures and
associates
Total operating profit                          95.4         67.0        141.8
Other gains and losses             4            22.4          0.5        114.4
Profit before net finance costs                117.8         67.5        256.2
and tax
Investment revenue                 5             9.6          6.1         10.8
Finance costs                      6          (30.5)       (36.9)       (64.1)
Net finance costs                             (20.9)       (30.8)       (53.3)
Profit before tax                               96.9         36.7        202.9
Tax                                7          (21.7)         27.4         18.8
Profit after tax from continuing                75.2         64.1        221.7
operations
DISCONTINUED OPERATIONS
Profit from discontinued           19           42.1          5.4         54.8
operations
PROFIT FOR THE PERIOD                          117.3         69.5        276.5
Attributable to:
Owners of the Company                          107.1         60.3        253.8
Non-controlling interests *                     10.2          9.2         22.7
Profit for the period                          117.3         69.5        276.5
Earnings per share                 10
From continuing operations
Basic                                          17.1p        14.4p        52.0p
Diluted                                        16.7p        14.4p        50.5p
From discontinued operations
Basic                                          11.1p         1.4p        14.3p
Diluted                                        10.8p         1.4p        13.9p
From continuing and discontinued
operations
Basic                                          28.2p        15.8p        66.3p
Diluted                                        27.4p        15.8p        64.2p
Adjusted earnings per share
Basic                                          25.8p        19.6p        49.4p
Diluted                                        25.1p        19.6p        47.9p
* All attributable to continuing
operations
DMGT plc
Condensed Consolidated Statement of
Comprehensive Income
For the 26 weeks ending 31 March 2013
                                                  Unaudited 26 Unaudited 26     Audited 52
                                                  weeks ending weeks ending   weeks ending
                                                 31 March 2013 1 April 2012   30 September
                                                                                      2012
                                                                   Restated       Restated
                                                                   (Note 1)       (Note 1)
                                                            £m           £m             £m
Profit for the period                                    117.3         69.5          276.5
Items that will not be reclassified to profit or
loss
Actuarial loss on defined benefit pension                (8.3)       (76.1)

(61.8)

schemes

Tax relating to items that will not be                     2.0         14.0            5.6

reclassified to profit or loss

Total items that will not be reclassified to             (6.3)       (62.1)

(56.2)

profit or loss

Items that may be reclassified subsequently
to profit or loss
(Losses)/gains on hedges of net investments             (45.2)         20.0

31.3

in foreign operations
Cash flow hedges:
(Losses)/gains arising during the period                 (7.8)          2.4            3.1
Transfer of loss on cash flow hedges from                  1.4          2.8            3.6
translation reserve to
Condensed Consolidated Income
Statement
Translation reserves recycled to Condensed               (2.8)            -

(0.9)

Consolidated Income Statement on
disposals
Foreign exchange differences on                           49.9       (14.4)

(26.4)

translation of foreign operations
Tax relating to items that may be                          1.2            -              -

reclassified to profit or loss

Total items that may be reclassified                     (3.3)         10.8

10.7

subsequently to profit or loss

Other comprehensive expense for the                      (9.6)       (51.3)

(45.5)

period

Total comprehensive income for the period                107.7         18.2          231.0
Attributable to:
Owners of the Company                                     94.3          8.8          208.4
Non-controlling interests                                 13.4          9.4           22.6
                                                         107.7         18.2          231.0
DMGT plc
Condensed
Consolidated
Statement of
Changes in Equity
For the 26 weeks
ending ending 31
March 2013
                         Called   Share    Capital Revaluation   Shares Translation Retained  Total        Non-  Total
                            -up premium redemption     reserve     held     reserve earnings        controlling equity
                          share account    reserve                   in                               interests
                        capital                                treasury
                             £m      £m         £m          £m       £m          £m       £m     £m          £m     £m
At 2 October 2011
restated (Note 1)          49.1    12.7        1.1         3.3   (46.3)      (42.5)     49.6   27.0        80.3  107.3
Profit for the                -       -          -           -        -           -     60.3   60.3         9.2   69.5
period restated
(Note 1)
Other                         -       -          -           -        -        10.3   (61.8) (51.5)         0.2 (51.3)
comprehensive
income for the
period restated
(Note 1)
Total                         -       -          -           -        -        10.3    (1.5)    8.8         9.4   18.2
comprehensive
income for the
period restated
(Note 1)
Issue of share                -     0.7          -           -        -           -        -    0.7         0.9    1.6
capital
Dividends                     -       -          -           -        -           -   (44.8) (44.8)       (6.3) (51.1)
Own shares                    -       -          -           -   (30.1)           -        - (30.1)           - (30.1)
acquired in the
period
Own shares                    -       -          -           -     32.4           -        -   32.4           -   32.4
released on
vesting of share
options
Exercise of                   -       -          -           -        -           -      0.1    0.1           -    0.1
acquisition put
option
commitments
Adjustment to                 -       -          -           -        -           -   (12.0) (12.0)       (1.6) (13.6)
equity following
increased stake in
controlled entity
Credit to equity              -       -          -           -        -           -      8.0    8.0         0.7    8.7
for share-based
payments
Settlement of                 -       -          -           -        -           -   (14.6) (14.6)           - (14.6)
exercised share
options of
subsidiaries
Deferred tax on               -       -          -           -        -           -    (0.1)  (0.1)       (0.2)  (0.3)
other items
recognised in
equity
At 1 April 2012            49.1    13.4        1.1         3.3   (44.0)      (32.2)   (15.3) (24.6)        83.2   58.6
restated (Note 1)
At 2 October 2011
restated (Note 1)          49.1    12.7        1.1         3.3   (46.3)      (42.5)     49.6   27.0        80.3  107.3
Profit for the                -       -          -           -        -           -    253.8  253.8        22.7  276.5
period restated
(Note 1)
Other                         -       -          -           -        -         9.9   (55.3) (45.4)       (0.1) (45.5)
comprehensive
income for the
period restated
(Note 1)
Total                         -       -          -           -        -         9.9    198.5  208.4        22.6  231.0
comprehensive
income for the
period restated
(Note 1)
Issue of share                -     0.8          -           -        -           -        -    0.8         1.5    2.3
capital
Dividends                     -       -          -           -        -           -   (66.2) (66.2)       (9.6) (75.8)
Own shares                    -       -          -           -   (30.1)           -        - (30.1)           - (30.1)
acquired in the
period
Own shares                    -       -          -           -     32.6           -        -   32.6           -   32.6
released on
vesting of share
options
Transfer to                   -       -          -       (3.3)        -           -      3.3      -           -      -
retained earnings
on disposal of
revalued
properties
Other transactions            -       -          -           -        -           -        -      -         0.9    0.9
with non-
controlling
interests
Adjustment to                 -       -          -           -        -           -   (13.5) (13.5)       (0.6) (14.1)
equity following
increased stake in
controlled entity
Adjustment to                 -       -          -           -        -           -      0.1    0.1       (0.1)      -
equity following
decreased stake
in controlled entity
Credit to equity              -       -          -           -        -           -     12.5   12.5         0.7   13.2
for share-based
payments
Settlement of                 -       -          -           -        -           -   (15.6) (15.6)           - (15.6)
exercised share
options of
subsidiaries
Corporation tax               -       -          -           -        -           -      0.4    0.4         0.2    0.6
on share-based payments
Deferred tax on               -       -          -           -        -           -        -      -       (0.6)  (0.6)
other items
recognised in
equity
At 1 October 2012          49.1    13.5        1.1           -   (43.8)      (32.6)    169.1  156.4        95.3  251.7
Profit for the                -       -          -           -        -           -    107.1  107.1        10.2  117.3
period
Other                         -       -          -           -        -       (7.6)    (5.2) (12.8)         3.2  (9.6)
comprehensive
income for the
period
Total                         -       -          -           -        -       (7.6)    101.9   94.3        13.4  107.7
comprehensive
income for the
period
Issue of share              0.1     1.3          -           -        -           -        -    1.4         0.8    2.2
capital
Dividends                     -       -          -           -        -           -   (47.5) (47.5)       (7.0) (54.5)
Own shares                    -       -          -           -   (58.8)           -        - (58.8)           - (58.8)
acquired in the
period
Financial liability           -       -          -           -   (20.0)           -        - (20.0)           - (20.0)
for closed period
purchases
Own shares                    -       -          -           -     21.2           -        -   21.2           -   21.2
released on
vesting of share
options
Exercise of                   -       -          -           -        -           -      0.1    0.1       (0.1)      -
acquisition put
option
commitments
Other transactions            -       -          -           -        -           -        -      -         0.4    0.4
with non-
controlling
interests
Adjustment to                 -       -          -           -        -           -   (13.3) (13.3)       (2.4) (15.7)
equity following
increased stake in
controlled entity
Credit to equity for          -       -          -           -        -           -     11.1   11.1         0.3   11.4
share-based
payments
Settlement of                 -       -          -           -        -           -    (9.4)  (9.4)           -  (9.4)
exercised share
options of
subsidiaries
Initial recording of          -       -          -           -        -           -    (0.3)  (0.3)       (0.1)  (0.4)
put options
granted to non-
controlling
interests in
subsidiaries
Corporation tax               -       -          -           -        -           -      1.1    1.1         0.5    1.6
on share-based
payments
Deferred tax on               -       -          -           -        -           -      2.3    2.3         0.2    2.5
other items
recognised in
equity
At 31 March 2013           49.2    14.8        1.1           -  (101.4)      (40.2)    215.1  138.6       101.3  239.9

DMGT plc
Condensed Consolidated Statement of
Financial Position
As at 31 March 2013
                                                   Unaudited as   Unaudited as Audited as at
                                                    at 31 March     at 1 April  30 September
                                                           2013           2012          2012
                                                                      Restated      Restated
                                                                      (Note 1)      (Note 1)
                                              Note           £m             £m            £m
ASSETS
Non-current assets
Goodwill                                                  746.5          754.5         687.1
Other intangible assets                                   316.8          278.6         281.4
Property, plant and equipment                   12        221.4          294.2         238.1
Investment property                                        10.7           20.2           6.8
Investments in joint ventures                             136.3           20.0         137.3
Investments in associates                                  41.4           12.2          11.5
Available-for-sale investments                              1.3           
1.7           1.5
Trade and other receivables                                11.4           35.9          14.6
Derivative financial assets                                23.2            7.2          24.6
Deferred tax assets                                       202.5          213.7         204.7
                                                        1,711.5        1,638.2       1,607.6
Current assets
Inventories                                                24.7           31.1          28.3
Trade and other receivables                               371.6          348.8         328.7
Current tax receivable                                      6.7            6.4           3.6
Derivative financial assets                                 2.1            6.7           8.9
Cash and cash equivalents                                  62.4           55.6         104.7
Total assets of businesses held-for-sale        13            -            
 -          71.7
                                                          467.5          448.6         545.9
Total assets                                            2,179.0        2,086.8       2,153.5
LIABILITIES
Current liabilities
Trade and other payables                                (671.2)        (649.5)       (656.8)
Current tax payable                                      (14.2)         (18.3)        (20.8)
Acquisition put option commitments                        (0.5)          (5.3)         (4.5)
Borrowings                                      14       (50.0)         (81.0)        (49.9)
Derivative financial liabilities                         (29.5)         (17.3)        (14.1)
Provisions                                               (59.9)         (47.4)        (34.2)
Total liabilities of businesses held-for-sale   13            -            
 -        (33.6)
                                                        (825.3)        (818.8)       (813.9)
Non-current liabilities
Trade and other payables                                  (3.4)          (7.2)         (8.1)
Acquisition put option commitments                       (11.2)          (5.8)         (4.1)
Borrowings                                      14      (711.4)        (760.9)       (678.1)
Derivative financial liabilities                         (37.9)         (32.8)        (34.9)
Retirement benefit obligations                  20      (292.5)        (369.6)       (324.4)
Provisions                                               (32.5)         (10.3)        (14.4)
Deferred tax liabilities                                 (24.9)         (22.8)        (23.9)
                                                      (1,113.8)      (1,209.4)     (1,087.9)
Total liabilities                                     (1,939.1)      (2,028.2)     (1,901.8)
Net assets                                                239.9           58.6         251.7
DMGT plc
Condensed Consolidated Statement
of Financial Position (continued)
As at 31 March 2013
                                                  Unaudited as   Unaudited as Audited as at
                                                   at 31 March     at 1 April  30 September
                                                          2013           2012          2012
                                                                     Restated      Restated
                                                                     (Note 1)      (Note 1)
                                             Note           £m             £m            £m
SHAREHOLDERS' EQUITY
Called-up share capital                                   49.2           49.1          49.1
Share premium account                                     14.8           13.4          13.5
Share capital                                  16         64.0           62.5          62.6
Capital redemption reserve                                 1.1            1.1           1.1
Revaluation reserve                                          -            3.3             -
Shares held in treasury                                (101.4)         (44.0)        (43.8)
Translation reserve                                     (40.2)         (32.2)        (32.6)
Retained earnings                                        215.1         (15.3)         169.1
Equity attributable to owners of the company             138.6         (24.6)         156.4
Non-controlling interests                                101.3           83.2          95.3
                                                         239.9           58.6         251.7
Approved by the Board of Directors on 22
May 2013
DMGT plc
Condensed Consolidated Cash Flow Statement
For the 26 weeks ending 31 March 2013
                                                            Unaudited 26 Unaudited 26   Audited 52
                                                            weeks ending weeks ending weeks ending
                                                           31 March 2013 1 April 2012 30 September
                                                                                              2012
                                                                             Restated     Restated
                                                                             (Note 1)     (Note 1)
                                                      Note            £m           £m           £m
Operating profit before share of results of joint        2          96.6         67.5        143.6
ventures and associates - continuing operations
Operating profit before share of results of joint       19          11.0          5.5         15.3
ventures and associates - discontinued operations
Adjustments for:
Share-based payments                                                11.4          8.7         13.2
Pension curtailment                                                (3.8)            -            -
Pension charge less than cash contributions                        (0.4)        (1.3)        (1.3)
Depreciation                                             2          28.9         30.5         83.4
Impairment of property, plant and equipment and          2           0.3          8.7          7.2
investment property
Impairment of goodwill and impairment charge of          2           4.6          3.4         19.4
intangible assets
arising on business combinations
Amortisation of intangible assets not arising on         2           6.4         10.1         20.4
business combinations
Amortisation of intangible assets arising on business    2          16.3         17.7         34.5
combinations
Operating cash flows before movements in                           171.3        150.8        335.7
working capital
Decrease/(increase) in inventories                                   4.3        (8.3)        (7.6)
Increase in trade and other receivables                           (27.2)        (5.7)        (9.6)
(Decrease)/increase in trade and other payables                   (47.2)        (8.4)         40.0
Increase/(decrease) in provisions                                    1.9        (0.9)        (7.2)
Additional payments into pension schemes                          (28.9)   
   (37.1)       (63.8)
Cash generated by operations                                        74.2         90.4        287.5
Taxation paid                                                     (26.7)       (11.7)       (37.8)
Taxation received                                                    3.8          1.4          4.3
 
Net cash from operating activities                                  51.3   
     80.1        254.0
Investing activities
Interest received                                                    1.5          1.4          1.5
Dividends received from joint ventures and                             -          0.4          4.3
associates
Dividends received from available-for-sale                           1.7          0.7          0.8
investments
Purchase of property, plant and equipment               12        (15.6)       (29.3)       (60.2)
Expenditure on internally generated intangible fixed              (25.0)       (17.1)       (37.8)
assets
Purchase of available-for-sale investments                         (0.4)            -        (0.2)
Proceeds on disposal of property, plant and             12           0.9          0.8         33.1
equipment
Proceeds on disposal of available-for-sale                           0.7          2.0          2.0
investments
Purchase of subsidiaries                                17        (45.9)       (21.0)       (48.8)
Treasury derivative activities                                    (12.3)          2.4        (7.3)
Investment in joint ventures and associates                        (4.2)        (6.5)       (11.5)
Proceeds on disposal of businesses                      18         103.4          1.5         57.6
Proceeds on disposal of joint ventures and                             -            -         54.4
associates
Net cash generated by/(used in) investing activities                 4.8       (64.7)       (12.1)
DMGT plc
Condensed Consolidated Cash Flow Statement
(continued)
For the 26 weeks ending 31 March 2013
                                                        Unaudited 26 Unaudited 26   Audited 52
                                                        weeks ending weeks ending weeks ending
                                                       31 March 2013 1 April 2012 30 September
                                                                                          2012
                                                                         Restated     Restated
                                                                         (Note 1)     (Note 1)
                                                  Note            £m           £m           £m
Financing activities
Purchase of additional interests in controlled      17        (15.8)       (14.7)       (14.8)
entities
Equity dividends paid                                8        (47.5)       (44.8)       (66.2)
Dividends paid to non-controlling interests                    (7.0)        (6.3)        (9.6)
Issue of share capital                              16           1.4          0.7          0.8
Issue of shares by Group companies to non-                       0.8          0.9          1.5
controlling interests
Receipt from non-controlling interests                             -            -          1.8
Purchase of own shares                              16        (58.8)       (30.1)       (30.1)
Net receipt on exercise/settlement of subsidiary                11.8         17.9         16.1
share options
Interest paid                                                 (19.8)       (31.9)       (64.0)
Premium on redemption of bonds                                     -       
(6.1)        (6.1)
Bonds redeemed                                                     -      (110.0)      (110.0)
Loan notes repaid                                                  -        (0.1)        (0.7)
Increase/(decrease) in bank borrowings                          31.8       

93.0 (23.4)

Net cash used in financing activities                        (103.1)      

(131.5) (304.7)

Net decrease in cash and cash equivalents                     (47.0)      

(116.1) (62.8)

Cash and cash equivalents at beginning of period               107.3        171.7        171.7
Exchange gain/(loss) on cash and cash equivalents                2.0       

(0.6) (1.6)

Net cash and cash equivalents at end of period 11 62.3

55.0 107.3

DMGT plc

For the 26 weeks ending 31 March 2013

NOTES

1 BASIS OF PREPARATION

The information for the 26 weeks ended 31 March 2013 and 1 April 2012 and for

the 52 weeks ended 30 September 2012 does not constitute statutory accounts for

the purposes of section 435 of the Companies Act 2006. A copy of the accounts

for the 52 weeks ended 30 September 2012 has been delivered to the Registrar of

Companies. The auditor's report on those accounts was not qualified and did not

contain statements under section 498 (2) or (3) of the Companies Act 2006.

The Group's business activities, together with the factors likely to affect its

future development, performance and position are set out in the interim

management report. The financial position of the Group, its cash flows,

liquidity position and borrowing facilities are described in the condensed

financial statements and notes. After making enquiries, the Directors have a

reasonable expectation that the Group has adequate resources to continue in

operational existence for the foreseeable future. Accordingly, they continue to

adopt the going concern basis in preparing the half yearly report.

This financial information has been prepared for the 26 weeks ended 31 March

2013, 26 weeks ended 1 April 2012 and 52 weeks ended 30 September 2012. The

Group, and its national and local media divisions, prepare financial

information for a period ending on a Sunday near to the end of March or

September; all other divisions prepare financial information for periods ending

on 31 March and 30 September.

The Group considers whether there have been any significant transactions or

events between the end of the financial period of the divisions other than the

national and local media divisions and the end of the Group's financial period

and makes any material adjustments as appropriate.

The Annual Report and Accounts of DMGT plc are prepared in accordance with

International Financial Reporting Standards (IFRS) issued by the International

Accounting Standards Board as adopted by the European Union. These condensed

financial statements have been prepared in accordance with International

Accounting Standard 34 Interim Financial Reporting as adopted by the European

Union.

Although not required by IAS 34, comparative figures for the Condensed

Consolidated Income Statement for the 52 week period ended 30 September 2012

and the Condensed Consolidated Statement of Financial Position as at 1 April

2012 have been included on a voluntary basis.

These Group Condensed Financial Statements have been prepared in accordance

with the accounting policies set out in the 2012 Annual Report and Accounts

with the exception of the changes in accounting policy described below, and as

amended by the application of certain new accounting standards in the period.

These policies are expected to be followed in the preparation of the full

financial statements for the financial year ended 30 September 2013.

NOTES

1 BASIS OF PREPARATION (Continued)

Restatement of results

The adjusted and reported results of the Group have been restated to reflect a

refinement of Hobsons' approach to revenue recognition. Hobsons' business model

has evolved such that the provision of its Enrolment Management Technology

(EMT) software services (currently around 47 % of its annual revenues of

approximately £64.0 million) is now predominantly provided in conjunction with

a hosting service. To better reflect the underlying nature of the revenue

contracts, software services provided in conjunction with a hosting service

will now be recognised over the contract service period, rather than at the

contract date of sale of the software licence. The recognition of revenue from

existing hosting services will continue to be recognised over the contract

service period. This change of accounting treatment was reflected in the

Group's Consolidated Financial Statements for the 52 weeks ended 30 September

2012 and the impact on the unaudited Condensed Consolidated Income Statement

for the 26 weeks ended 1 April 2012 and the Group's Condensed Consolidated

  Statement of Financial Position as at 1 April 2012 is as follows :

                                                         Unaudited 26 weeks
                                                                     ending
                                                               1 April 2012
                                                                         £m
Impact on Condensed
Consolidated Income
Statement
Increase in                                                             0.3
revenue
Increase in                                                             0.3
operating profit
Increase in profit                                                      0.2
after tax
                                                                          p
Increase in earnings per share
from continuing operations
Basic                                                                   0.1
Diluted                                                                 0.1
Adjusted                                                                0.1
                                                                         £m
Impact on Condensed Consolidated
Statement of Financial Position
Reduction in                                                         (26.9)
accrued income
assets
Increase in prepaid                                                     1.3
commission assets
Increase in                                                             9.5
deferred tax
asset
  In January 2013, the International Financial
  Reporting Standards Interpretations Committee
  (IFRIC) clarified the accounting treatment of
  contingent consideration contained within IFRS 3
  "Business Combinations". Following this
  clarification, contingent consideration for
  acquired subsidiaries, where the selling
  shareholders continue to be employed by the Group,
  but which is automatically forfeited upon
  termination of employment, is now required to be
  classified as remuneration for post-combination
  services. Prior to this revised guidance, the
  contingent consideration could be treated for
  accounting purposes as either consideration or
  remuneration depending on the substance of the
  transaction. The Group reached an overall
  conclusion based on a balanced assessment of all
  indicators, including whether payments were
  dependent on continuing employment and in two such
  instances determined that these amounts were
  consideration in nature rather than remuneration.
  Nevertheless the Group has now changed its
  accounting policy to conform with the revised
  guidance, and the half and full year comparatives
  have been restated. Since we consider these
  payments in substance to be an element of the cost
  of the investment they are excluded from our
  adjusted profit measure.
  This change of accounting treatment has been
  reflected in the Group's Condensed Consolidated
  Financial Statements retrospectively and the impact
  on the Condensed Consolidated Income Statement for
  the 26 weeks ended 1 April 2012 and 52 weeks ended
  30 September 2012 and Condensed Consolidated
  Statement of Financial Position as at 1 April 2012
  and 30 September 2012 is as follows :
                                                       Unaudited 26         Audited 52
                                                       weeks ending       weeks ending
                                                       1 April 2012  30 September 2012
                                                                 £m                 £m
Impact on Condensed
Consolidated Income
Statement
Reduction in                                                  (0.4)              (3.4)
operating profit
Reduction in                                                  (0.4)              (3.4)
profit after tax
                                                                  p                  p
Reduction in earnings per share
from continuing operations
Basic                                                         (0.1)              (0.9)
Diluted                                                       (0.1)              (0.9)
Adjusted                                                          -                  -
                                                                 £m                 £m
Impact on Condensed Consolidated
Statement of Financial Position
Reduction in                                                  (1.1)             (17.5)
goodwill
Increase in creditors                                           0.2                1.7
due in less than
one year
Decrease in provisions                                            -             (14.9)
due in more than one
year

1 BASIS OF PREPARATION (Continued)

Impact of new accounting standards

Standards not affecting the reported results or the financial position:

The Group has adopted an amendment to IAS 1, Presentation of items of Other

Comprehensive Income, and has grouped items of other comprehensive income into

those that may be reclassified to profit and loss in subsequent periods and

those items which will not be reclassified to profit and loss.

Critical accounting judgements and key sources of estimation uncertainty

In addition to the judgement taken by management in selecting and applying the

accounting policies set out above, management has made the following judgements

concerning the amounts recognised in the condensed consolidated financial

statements :

Forecasting

The Group prepares medium-term forecasts based on Board approved budgets and

three year outlooks. These are used to support judgements made in the

preparation of the Group's financial statements including the recognition of

deferred tax assets in different jurisdictions, the Group's going concern

assessment and for the purposes of impairment reviews. Longer-term forecasts

use long-term growth rates applicable to the relevant businesses.

Impairment of goodwill and intangible assets

Determining whether goodwill and intangible assets are impaired or whether a

reversal of impairment of intangible assets should be recorded requires an

estimation of the value in use of the relevant cash-generating units. The value

in use calculation requires management to estimate the future cash flows

expected to arise from the cash generating unit and compare the net present

value of these cash flows using a suitable discount rate to determine if any

impairment has occurred. A key area of judgement is deciding the long-term

growth rate of the applicable businesses and the discount rate applied to those

cash flows. The carrying amount of goodwill and intangible assets as at 31

March 2013 was £1,063.3 million (1 April 2012 £1,033.1 million, 30 September

2012 £968.5 million) after an impairment loss on continuing operations of £4.6

million (26 weeks to 1 April 2012 £3.4 million, 52 weeks to 30 September 2012

£19.4 million) was recognised during the period (note 2).

Acquisitions and intangible assets

The Group's accounting policy on the acquisition of subsidiaries is to allocate

purchase consideration to the fair value of identifiable assets, liabilities

and contingent liabilities acquired with any excess consideration representing

goodwill. Determining the fair value of assets, liabilities and contingent

liabilities acquired requires significant estimates and assumptions, including

assumptions with respect to cash flows and unprovided liabilities and

commitments, including in respect to tax, are often used. The Group recognises

intangible assets acquired as part of a business combination at fair values at

the date of the acquisition. The determination of these fair values is based

upon management's judgement and includes assumptions on the timing and amount

of future cash flows generated by the assets and the selection of an

appropriate discount rate. Additionally, management must estimate the expected

useful economic lives of intangible assets and charge amortisation on these

assets accordingly.

Contingent consideration payable

Estimates are required in respect of the amount of contingent consideration

payable on acquisitions, which is determined according to formulae agreed at

the time of the business combination, and normally related to the future

earnings of the acquired business. The Directors review the amount of

contingent consideration likely to become payable at each period end date, the

major assumption being the level of future profits of the acquired business. As

at 31 March 2013 the Group had outstanding contingent consideration payable

amounting to £12.1 million (1 April 2012 £7.2 million, 30 September 2012 £24.2

million).

Contingent consideration payable is discounted to its fair value in accordance

with applicable International Financial Reporting Standards. For acquisitions

completed prior to 4 October 2009, the difference between the fair value of

these liabilities and the actual amounts payable is charged to the Condensed

Consolidated Income Statement as notional finance costs with remeasurement of

the liability being recorded against goodwill. For acquisitions completed in

the current period, movements in the fair value of these liabilities are

recorded in the Condensed Consolidated Income Statement in Financing.

Contingent consideration receivable

Estimates are required in respect of the amount of contingent consideration

receivable on disposals, which is determined according to formulae agreed at

the time of the disposal and is normally related to the future earnings of the

disposed business. The Directors review the amount of contingent consideration

likely to be receivable at each period end date, the major assumption being the

level of future profits of the disposed business. As at 31 March 2013 the Group

had outstanding contingent consideration receivable amounting to £1.0 million

  (1 April 2012 £1.2 million, 30 September 2012 £1.2 million).
  Contingent consideration receivable is discounted to its fair value in
  accordance with applicable International Financial Reporting Standards.
  Adjusted profit
  The Group presents adjusted earnings by making adjustments for costs and

profits which management believe to be exceptional in nature by virtue of their

size or incidence or have a distortive effect on current year earnings. Such

items would include costs associated with business combinations, one-off gains

and losses on disposal of businesses, properties and similar items of a

non-recurring nature together with reorganisation costs and similar charges,

tax and by adding back impairment of goodwill and amortisation and impairment

of intangible assets arising on business combinations. See note 9 for a

reconciliation of profit before tax to adjusted profit.

Share-based payments

The Group makes share-based payments to certain employees. These payments are

measured at their estimated fair value at the date of grant, calculated using

an appropriate option pricing model. The fair value determined at the grant

date is expensed on a straight-line basis over the vesting period, based on the

estimate of the number of shares that will eventually vest. The key assumptions

used in calculating the fair value of the options are the discount rate, the

Group's share price volatility, dividend yield, risk free rate of return, and

expected option lives. Management regularly perform a true-up of the estimate

of the number of shares that are expected to vest, this is dependent on the

anticipated number of leavers.

Taxation

Being a multinational Group with tax affairs in many geographic locations

inherently leads to a highly complex tax structure which makes the degree of

estimation and judgement more challenging. The resolution of issues is not

always within the control of the Group and is often dependent on the efficiency

of legal processes. Such issues can take several years to resolve. The Group

accounts for unresolved issues based on its best estimate of the final outcome,

however, the inherent uncertainty regarding these items means that the eventual

resolution could differ significantly from the accounting estimates and,

therefore, impact the Group's results and future cash flows. As described

above, the Group makes estimates regarding the recoverability of deferred tax

assets relating to losses based on forecasts of future taxable profits which

are, by their nature, uncertain.

Retirement benefit obligations

The cost of defined benefit pension plans is determined using actuarial

valuations prepared by the Group's actuaries. This involves making certain

assumptions concerning discount rates, expected rates of return on assets,

future salary increases, mortality rates and future pension increases. Due to

the long-term nature of these plans, such estimates are subject to significant

uncertainty. The assumptions and the resulting estimates are reviewed annually

and, when appropriate, changes are made which affect the actuarial valuations

and, hence, the amount of retirement benefit expense recognised in the

Condensed Consolidated Income Statement and the amounts of actuarial gains and

losses recognised in the Condensed Consolidated Statement of Changes in Equity.

The carrying amount of the retirement benefit obligation as at 31 March 2013

was a deficit of £292.5 million (1 April 2012 £369.6 million, 30 September 2012

£324.4 million). Further details are given in note 20.

2 SEGMENT ANALYSIS

The Group's business activities are split into six operating divisions: RMS,

business information, events, Euromoney, national media and local media. These

divisions are the basis on which information is reported to the Group's Chief

Operating Decision Maker, which has been determined to be the Group Board. The

segment result is the measure used for the purposes of resource allocation and

assessment and represents profit earned by each segment, including share of

results from joint ventures and associates but before exceptional operating

costs, amortisation and impairment charges, other gains and losses, net finance

costs and taxation.

Details of the types of products and services from which each segment derives its

revenues are included within the business review on pages 7 to 14.

The accounting policies applied in preparing the management information for each

of the reportable segments are the same as the Group's accounting policies

described in note 1.

Inter-segment sales are charged at prevailing market prices other than the sale

of newsprint and related services from the national media to the local media

division which is at cost to the Group plus a margin where relevant. The amount

  of newsprint sold between segments during the period amounted to £4.3 million
  (2012 £10.9 million).

Unaudited 26                             External  Inter-   Total Segment       Less    Operating
weeks ending                              revenue segment revenue  result  operating       profit
31 March 2013                                     revenue                  profit of       before
                                                                               joint  exceptional
                                                                            ventures    operating
                                                                                 and       costs,
                                                                          associates amortisation
                                                                                              and
                                                                                       impairment
                                                                                      of goodwill
                                                                                              and
                                                                                         acquired
                                                                                       intangible
                                                                                           assets
                                    Note       £m      £m      £m      £m         £m           £m
RMS                                          84.9     0.2    85.1    30.8      (0.2)         31.0
Business                                    131.6       -   131.6    17.3      (1.9)         19.2
information
Events                                       56.7       -    56.7    20.0          -         20.0
Euromoney                                   187.3       -   187.3    53.6        0.3         53.3
National media                              405.5    11.7   417.2    42.9        6.7         36.2
Local media                                  48.9       -    48.9    10.6        3.4          7.2
                                            914.9    11.9   926.8   175.2        8.3        166.9
Corporate costs                                                                            (20.7)
Discontinued                     19, (i)   (48.9)                                           (7.2)
operations
                                            866.0
Operating profit before exceptional operating                                               139.0
costs, amortisation and impairment of
goodwill and acquired intangible assets
Exceptional operating costs, impairment of                                                 (21.5)
internally generated and acquired
computer software, investment property
and property, plant and equipment
Impairment of                                                                               (4.6)
goodwill and
intangible assets
Amortisation of acquired                                                                   (16.3)
intangible assets arising on
business combinations
Operating profit before                                                                      96.6
share of results of joint
ventures and associates
Share of result of                     3                                                    (1.2)
joint ventures and
associates
Total operating                                                                              95.4
profit
Other gains and                        4                                                     22.4
losses
Profit before net                                                                           117.8
finance costs and
tax
Investment                             5                                                      9.6
revenue
Finance costs                          6                                                   (30.5)
Profit before tax                                                                            96.9
Tax                                    7                                                   (21.7)
Profit from                           19                                                     42.1
discontinued
operations
Profit for the                                                                              117.3
period

(i) Revenue and Group profit before exceptional operating costs and amortisation and

impairment of goodwill and intangible assets relating to the discontinued operations

of local media have been deducted in order to reconcile to Group profit before tax

from continuing operations.

Included within corporate costs is a credit of £0.4 million which adjusts the

pensions charge recorded in each operating segment from a cash rate to the net

service cost in accordance with IAS 19, Employee Benefits.

An analysis of the amortisation and impairment of goodwill and intangible assets,

depreciation and impairment of investment property, property, plant and equipment,

exceptional operating costs, investment income and finance costs by segment is as

    follows :

Unaudited       Amortisation Amortisation Impairment Exceptional  Exceptional Depreciation Investment Finance
26 weeks                  of           of         of   operating depreciation           of    revenue   costs
ending            intangible   intangible   goodwill      costs,           of     property
31 March              assets       assets        and  impairment     property      , plant
2013                     not      arising intangible          of      , plant          and
                     arising           on     assets  investment          and    equipment
                          on     business               property    equipment
                    business combinations                    and
                combinations                          impairment
                                                              of
                                                       property,
                                                           plant
                                                             and
                                                       equipment
           Note           £m           £m         £m          £m           £m           £m         £m      £m
RMS                    (0.6)            -          -           -            -        (2.6)          -       -
Business               (4.0)        (4.8)          -       (0.4)            -        (3.1)        0.4   (1.3)
information
Events                     -        (2.1)          -           -            -        (0.2)        0.2       -
Euromoney              (0.2)        (7.5)          -       (0.5)            -        (1.8)        0.1   (2.2)
National               (1.6)        (1.9)      (4.6)      (11.2)        (9.1)       (11.2)          -       -
media
Local media                -            -          -         3.8            -            -          -       -
                       (6.4)       (16.3)      (4.6)       (8.3)        (9.1)       (18.9)        0.7   (3.5)
Corporate costs            -            -          -       (0.3)            -        (0.9)        8.9  (27.0)
Total and              (6.4)       (16.3)      (4.6)       (8.6)        (9.1)       (19.8)        9.6  (30.5)
continuing
operations
Relating to                -            -          -       (3.8)            -            -          -       -
discontinued
operations
19
Continuing             (6.4)       (16.3)      (4.6)      (12.4)        (9.1)       (19.8)        9.6  (30.5)
operations

The Group's exceptional operating costs in the business information segment of £0.4 million relate to contingent

consideration required to be treated as remuneration. In Euromoney, exceptional charges comprise acquisition costs of

£0.7 million offset by a credit of £0.2 million following the release of previously accrued restructuring costs. In the

national media segment reorganisation and restructuring charges of £8.5 million together with a charge amounting to

£2.7 million relating to contingent consideration required to be treated as remuneration. In the local media segment

the £3.8 million credit relates to a pension curtailment gain following the disposal of Northcliffe Media. The Group's

 tax charge includes a related credit of £1.0 million in relation to these items.
2 SEGMENT ANALYSIS - CONTINUED
Unaudited 26                          External Inter-  Total    Segment  Less          Operating
weeks ending 1                        revenue  segment revenue  result   operating     profit
April 2012                                     revenue                   profit/(loss) before
                                                                         of joint      exceptional
                                                                         ventures      operating
                                                                         and           costs,
                                                                         associates    amortisation
                                                                                       and
                                                                                       impairment
                                                                                       of
                                                                                       goodwill
                                                                                       and
                                                                                       acquired
                                                                                       intangible
                                                                                       assets
                                      Restated         Restated Restated               Restated
                                      (Note 1)         (Note 1) (Note 1)               (Note 1)
                           Note       £m       £m      £m       £m       £m            £m
RMS                                   81.4     0.2     81.6     29.7     -             29.7
Business                              115.9    -       115.9    17.2     (0.4)         17.6
information
Events                                44.7     -       44.7     11.5     -             11.5
Euromoney                             189.4    -       189.4    52.0     0.4           51.6
National                              434.6    19.4    454.0    33.5     (0.5)         34.0
media
Local                                 107.7    1.4     109.1    10.8     -             10.8
media
Radio                                 -        -       -        3.7      3.7           -
                                      973.7    21.0    994.7    158.4    3.2           155.2
Corporate                                                                              (22.1)
costs
Discontinued               19, (i)    (107.7)                                          (10.8)
operations
                                      866.0
Operating profit before                                                                122.3
exceptional operating
costs, amortisation and
impairment of
goodwill and acquired
intangible assets
Exceptional                                                                            (33.9)
operating costs, impairment
of internally generated and
acquired computer
software, investment property and
property, plant and equipment
Impairment of                                                                          (3.4)
goodwill and
intangible assets
Amortisation of acquired                                                               (17.5)
intangible assets arising on
business combinations
Operating profit before                                                                67.5
share of results of joint
ventures and associates
Share of                   3                                                           (0.5)
result of
joint ventures
and
associates
Total                                                                                  67.0
operating
profit
Other gains and            4                                                           0.5
losses
Profit                                                                                 67.5
before net
finance costs
and tax
Investment                 5                                                           6.1
revenue
Finance                    6                                                           (36.9)
costs
Profit                                                                                 36.7
before tax
Tax                        7                                                           27.4
Profit from                19                                                          5.4
discontinued
operations
Profit for                                                                             69.5
the
period

(i) Revenue and Group profit before exceptional operating costs and amortisation and

impairment of goodwill and intangible assets relating to the discontinued

operations of local media have been deducted in order to reconcile to Group

profit before tax from continuing operations.

Included within corporate costs is a charge of £1.0 million which adjusts the

pensions charge recorded in each operating segment from a cash rate to the net

service cost in accordance with IAS 19, Employee Benefits.

An analysis of the amortisation and impairment of goodwill and intangible

assets, depreciation and impairment of investment property, property, plant and

equipment, exceptional operating costs, investment income and finance costs by

segment is as follows :


Unaudited 26   Amortisation Amortisation Impairment Exceptional  Exceptional Depreciation Investment Finance
weeks ending 1           of           of         of   operating depreciation           of    revenue   costs
April 2012       intangible   intangible   goodwill      costs,           of    property,
                     assets       assets        and  impairment    property,        plant
                        not      arising intangible          of        plant          and
                    arising           on     assets  investment          and    equipment
                         on     business               property    equipment
                   business combinations                    and
               combinations                          impairment
                                                             of
                                                      property,
                                                          plant
                                                            and
                                                      equipment
                                                       Restated
                                                       (Note 1)
          Note           £m           £m         £m          £m           £m           £m         £m      £m
RMS                   (0.7)            -          -           -            -        (2.6)          -       -
Business              (4.4)        (4.5)          -       (0.5)            -        (2.8)          -       -
information
Events                    -        (2.7)          -           -            -        (0.3)        1.0       -
Euromoney             (0.2)        (8.2)          -       (0.5)        (0.1)        (1.7)          -   (1.0)
National              (4.8)        (2.1)      (3.4)      (18.8)        (7.8)       (11.1)          -       -
media
Local                     -        (0.2)          -       (4.8)        (0.3)        (0.9)        0.1       -
media
Radio                     -            -          -           -            -            -          -   (0.8)
                     (10.1)       (17.7)      (3.4)      (24.6)        (8.2)       (19.4)        1.1   (1.8)
Corporate                 -            -          -       (6.2)            -        (2.9)        5.0  (35.1)
costs
                     (10.1)       (17.7)      (3.4)      (30.8)        (8.2)       (22.3)        6.1  (36.9)
Relating to               -          0.2          -         4.8          0.3          0.9          -       -
discontinued
operations
19
Continuing           (10.1)       (17.5)      (3.4)      (26.0)        (7.9)       (21.4)        6.1  (36.9)
operations

The Group's exceptional operating costs represent closure and reorganisation costs in the national and local media

segments amounting to £14.4 million and an impairment charge of £9.3 million on the closure of a print site. In

Euromoney, restructuring costs amount to £0.5 million following the reorganisation of certain group functions and

recently acquired businesses. Included in corporate costs is a charge of £6.8 million relating to consultancy services

offset by an impairment write back of £0.6 million relating to investment property. The Group's tax charge includes a

related credit of £1.2 million in relation to these items.

DMGT plc

For the 26 weeks ending 31 March 2013

NOTES

2 SEGMENT ANALYSIS - CONTINUED
Audited                                                        External Inter-  Total   Segment Less        Operating
52 weeks ending                                                revenue  segment revenue result  operating   profit
30 September 2012                                                       revenue                 profit/     before
                                                                                                (loss)      exceptional
                                                                                                of joint    operating
                                                                                                ventures    costs
                                                                                                and         ,
                                                                                                associates  amortisation
                                                                                                            and
                                                                                                            impairment
                                                                                                            of goodwill
                                                                                                            and
                                                                                                            acquired
                                                                                                            intangible
                                                                                                            assets
                                                                                                            Restated
                                                                                                            (Note 1)
                                                          Note       £m      £m      £m      £m          £m           £m
RMS                                                               163.2     0.3   163.5    55.9       (0.2)         56.1
Business information                                              253.2       -   253.2    47.1       (0.8)         47.9
Events                                                             88.8       -    88.8    21.2         0.1         21.1
Euromoney                                                         394.1     0.1   394.2   112.5         0.6        111.9
National media                                                    847.5    33.4   880.9    81.3         3.8         77.5
Local media                                                       212.7     0.1   212.8    26.0           -         26.0
Radio                                                                 -       -       -     9.5         9.5            -
                                                                1,959.5    33.9 1,993.4   353.5        13.0        340.5
Corporate costs                                                                                                   (40.8)
Discontinued                                           19, (i)  (212.7)                                           (26.0)
operations
                                                                1,746.8
Operating profit before                                                                                            273.7
exceptional operating costs
, amortisation and impairment
of goodwill and acquired
intangible assets
Exceptional operating costs,                                                                                      (76.5)

impairment

of internally generated and
acquired
computer software, investment property
and property, plant and equipment
Impairment of goodwill                                                                                            (19.4)
and intangible assets
Amortisation of acquired                                                                                          (34.2)
intangible assets
arising on business combinations
Operating profit                                                                                                   143.6
before share of results of
joint ventures and associates
Share of result                                              3                                                     (1.8)
of joint ventures
and associates
Total operating                                                                                                    141.8
profit
Other gains                                                  4                                                     114.4
and losses
Profit before net finance                                                                                          256.2
costs and tax
Investment revenue                                           5                                                      10.8
Finance costs                                                6                                                    (64.1)
Profit before tax                                                                                                  202.9
Tax                                                          7                                                      18.8
Profit from                                                 19                                                      54.8
discontinued
operations
Profit for the                                                                                                     276.5
period

(i) Revenue and Group profit before exceptional operating costs and amortisation and impairment of goodwill and

intangible assets relating to the discontinued operations of local media have been deducted in order to reconcile to

Group profit before tax from continuing operations.

Included within corporate costs is a credit of £1.3 million which adjusts the pensions charge recorded in each

operating segment from a cash rate to the net service cost in accordance with IAS 19, Employee Benefits.

An analysis of the amortisation and impairment of goodwill and intangible assets, depreciation and impairment of

investment property, property, plant and equipment, exceptional operating costs, investment income and finance costs

by segment is as follows :

Audited 52 weeks Amortisation Amortisation Impairment Exceptional Exceptional Depreciation Investment Finance ending 30 September of intangible

               of    of good    operating depreciation of property,    revenue   costs
2012                   assets not intangible asset   will and       costs,

of property, plant and

                       arising on     s arising on intangible   impairment    plant and    equipment
                         business         business     assets           of    equipment
                     combinations     combinations              investment
                                                              property and
                                                                impairment
                                                              of property,
                                                                 plant and
                                                                 equipment
                                                                  Restated
                                                                  (Note 1)
Note                           £m               £m         £m           £m           £m           £m         £m      £m
RMS                         (1.2)                -          -            -            -        (5.2)          -       -
Business                    (8.2)            (8.8)     (16.0)        (1.4)            -        (5.9)        0.1   (0.1)
information
Events                          -            (5.5)          -        (0.9)            -        (0.5)        1.2       -
Euromoney                   (0.3)           (15.7)          -        (1.6)        (0.1)        (3.3)        0.2     1.0
National media             (10.7)            (4.2)      (3.4)       (25.2)       (38.4)       (22.0)        0.1       -
Local media                     -            (0.3)          -        (9.9)        (0.5)        (1.8)          -       -
                           (20.4)           (34.5)     (19.4)       (39.0)       (39.0)       (38.7)        1.6     0.9
Corporate costs                 -                -          -        (8.9)            -        (5.7)        9.2  (65.0)
                           (20.4)           (34.5)     (19.4)       (47.9)       (39.0)       (44.4)       10.8  (64.1)
Relating to                     -              0.3          -          9.9          0.5          1.8          -       -
discontinued
operations
19
Continuing                 (20.4)           (34.2)     (19.4)       (38.0)       (38.5)       (42.6)       10.8  (64.1)
operations
The Group's exceptional operating costs represent closure and reorganisation costs in the national and local media
segments amounting to £25.6 million and an impairment charge of £6.5 million on the closure of a print site. In
Euromoney, restructuring costs amount to £1.6 million following the reorganisation of certain group functions and
recently acquired businesses. Included in corporate costs is a charge of £8.2 million relating to consultancy services
and an impairment charge of £0.7 million relating to investment property. The Group's tax charge includes a related
credit of £19.4 million in relation to these items.

DMGT plc

For the 26 weeks ending 31 March 2013

NOTES

2 SEGMENT ANALYSIS - CONTINUED

The Group's revenue comprises sales excluding value added tax, less discounts and commission, where

applicable, and is analysed as follows:

 Unaudited 26 weeks       Total Discontinued  Inter- Continuing
 ending 31 March 2013             operations segment operations
                                     Note 19
                             £m           £m      £m         £m
 Sale of goods            372.6            -       -      372.6
 Rendering of             554.2       (48.9)  (11.9)      493.4
 services
                          926.8       (48.9)  (11.9)      866.0
 Unaudited 26 weeks        Total   Discontinued Inter-  Continuing
 ending 1 April 2012                operations  segment operations
                          Restated   Note 19             Restated
                          (Note 1)                       (Note 1)
                                £m           £m      £m         £m
 Sale of goods               440.5            -       -      440.5
 Rendering of                554.2      (107.7)  (21.0)      425.5
 services
                             994.7      (107.7)  (21.0)      866.0
 Audited 52                 Total Discontinued  Inter- Continuing
 weeks ending                       operations segment operations
 30 September 2012
                                       Note 19
                               £m           £m      £m         £m
 Sale of goods              786.0            -       -      786.0
 Rendering of             1,207.4      (212.7)  (33.9)      960.8
 services
                          1,993.4      (212.7)  (33.9)    1,746.8
 

The Group includes circulation and subscriptions

revenue within sales of goods, the remainder of the

Group's revenue, excluding investment revenue is

included within rendering of services. Investment

revenue is shown in note 5.

By geographic area

The majority of the Group's operations are located

in the United Kingdom, the rest of Europe, North

America and Australia.

The geographic analysis below is based on the

location of companies in these regions. Export

sales and related profits are included in the areas

from which those sales are made. Revenue in each

geographic market in which customers are located is

not disclosed as there is no material difference

between the two.

Revenue is analysed by geographic area as follows :

 Unaudited                  Total Discontinued Continuing
 26 weeks ending                    operations operations
 31 March 2013
                                       Note 19
                               £m           £m         £m
 UK                         540.2       (48.9)      491.3
 Rest of Europe              36.6            -       36.6
 North America              267.8            -      267.8
 Australia                    5.3            -        5.3
 Rest of the World           65.0            -       65.0
                            914.9       (48.9)      866.0
 Unaudited                     Total Discontinued Continuing
 26 weeks ending                       operations operations
 1 April 2012
                            Restated      Note 19   Restated
                            (Note 1)                (Note 1)
                                  £m           £m         £m
 UK                            627.7      (107.7)      520.0
 Rest of Europe                 29.0            -       29.0
 North America                 263.5            -      263.5
 Australia                       4.8            -        4.8
 Rest of the World              48.7            -       48.7
                               973.7      (107.7)      866.0
 Audited 52                    Total Discontinued Continuing
 weeks ending                          operations operations
 30 September 2012
                                          Note 19
                                  £m           £m         £m
 UK                          1,234.9      (212.7)    1,022.2
 Rest of Europe                 68.2            -       68.2
 North America                 556.4            -      556.4
 Australia                      13.5            -       13.5
 Rest of the World              86.5            -       86.5
                             1,959.5      (212.7)    1,746.8
  DMGT plc

For the 26 weeks ending 31 March 2013

NOTES

2 SEGMENT ANALYSIS - CONTINUED

The closing net book value of goodwill, intangible assets,

plant and equipment and investment property

is analysed by geographic area as follows :

Unaudited as at Closing net Closing net Closing net book Closing net book value TOTAL

31 March 2013 book value book value of value of property, of investment property

                   of goodwill    intangible          plant and
                                      assets          equipment
                            £m            £m                 £m                     £m      £m
 UK                      225.9          54.9              187.5                   10.7   479.0
 Rest of Europe           16.2          35.9                1.1                      -    53.2
 North America           481.0         218.8               30.5                      -   730.3
 Australia                 4.2           2.7                0.3                      -     7.2
 Rest of the World        19.2           4.5                2.0                      -    25.7
                         746.5         316.8              221.4                   10.7 1,295.4
 

Unaudited as at Closing net book Closing net Closing net book Closing net book TOTAL

 1 April 2012    value of goodwill book value of value of property, value of investment
                                      intangible          plant and            property
                                          assets          equipment
                          Restated
                          (Note 1)
                                £m            £m                 £m                  £m      £m
 UK                          257.7          67.7              248.4                20.2   594.0
 Rest of Europe               14.6           5.0               13.4                   -    33.0
 North America               462.1         199.3               30.1                   -   691.5
 Australia                     1.6           0.8                0.3                   -     2.7
 Rest of the                  18.5           5.8                2.0                   -    26.3
 World
                             754.5         278.6              294.2                20.2 1,347.5
 

Audited as at Closing net Closing net Closing net book value Closing net book TOTAL

30 September 2012 book value of book value of of property, plant and

      value
                        goodwill    intangible              equipment    of investment
                                        assets                                property
                        Restated
                        (Note 1)
                              £m            £m                     £m               £m      £m
 UK                        210.9          57.8                  207.1              6.8   482.6
 Rest of Europe             16.6          26.7                    1.1                -    44.4
 North America             439.8         191.2                   27.7                -   658.7
 Australia                   1.5           0.7                    0.3                -     2.5
 Rest of the                18.3           5.0                    1.9                -    25.2
 World
                           687.1         281.4                  238.1              6.8 1,213.4
 

The Group tests goodwill annually for impairment, or more frequently if there are indicators that goodwill might be

impaired. Intangible assets, all of which have finite lives, are tested separately from goodwill only where impairment

indicators exist. The total impairment charge recognised for the period was £4.6 million which relates to internally

generated assets and computer software in the national media segment. There is a £1.0 million tax credit associated

with this impairment charge.

The total impairment charge recognised for the prior period was £3.4 million which relates to internally generated and

acquired computer software in the national media segment. There was a £0.9 million tax credit associated with this

impairment charge.

When testing for impairment, the recoverable amounts for all of the Group's cash-generating units (CGUs) are measured

at the higher of value in use and fair value less costs to sell. Value in use is calculated by discounting future

expected cash flows. These calculations use cash flow projections based on management approved budgets and projections

which reflect management's current experience and future expectations of the markets in which the CGU operates. Risk

adjusted post tax discount rates used by the Group in its impairment tests range from 9.0 % to 10.0 % (2012 9.0 % to

10.0 %), the choice of rates depending on the market and maturity of the CGU. The Group's estimate of the weighted

average cost of capital is unchanged from the previous year. The projections consist of Board approved budgets for the

following year, three year plans and growth rates beyond this period. The long-term growth rates range between 0.0% and

3.0% (2012 0.0 % and 3.0 %) and vary with management's view of the CGU's market position, maturity of the relevant

market and do not exceed the long-term average growth rate for the market in which it operates.

DMGT plc

For the 26 weeks ending 31 March 2013

NOTES

3 SHARE OF RESULTS OF JOINT VENTURES AND ASSOCIATES

                                                                                        Unaudited    Unaudited   Audited
                                                                                         26 weeks     26 weeks  52 weeks
                                                                                           ending       ending    ending
                                                                                    31 March 2013 1 April 2012        30
                                                                                                               September
                                                                                                                    2012
                                                                              Note             £m           £m        £m
 Share of profits/(losses) from                                               (i)             6.7        (0.8)       3.2

operations of joint ventures

 Share of profits from                                                        (ii)            1.6          0.3       0.3

operations of associates

 Share of profits/(losses) before                                                             8.3        (0.5)       3.5

exceptional operating costs,

amortisation, impairment of goodwill,

interest and tax

 Share of exceptional operating                                                                 -            -     (1.9)

costs of joint ventures

 Share of exceptional operating                                                             (0.1)            -     (0.5)

costs of associates

 Share of amortisation of                                                                   (1.6)            -     (1.2)

intangibles of joint ventures

 Share of amortisation o                                                                    (0.7)        (0.1)     (0.3)

f intangibles of associates

 Share of associates' interest                                                              (0.2)            -     (0.1)

payable

 Share of joint ventures' tax                                                               (0.9)            -         -
 Share of associates' tax                                                                   (0.4)          0.1         -
 Impairment of carrying value                                                 (iii)         (5.5)            -         -

of joint ventures

 Impairment of carrying value                                              
                (0.1)            -     (1.3)
 of associates
                                                                                            (1.2)        (0.5)     (1.8)
 
 Share of results from operations                                                             4.2        (0.8)       0.1

of joint ventures

 Share of results from operations                                          
                  0.2          0.3     (0.6)
 of associates
 Impairment of carrying value                                                               (5.5)            -         -
 of joint venture
 Impairment of carrying                                                                     (0.1)            -     (1.3)
 value of associates
                                                                                            (1.2)        (0.5)     (1.8)

(i) Share of operating profits from joint ventures includes £7.6 million (2012 £nil) from the Group's interest in

Zoopla in the national media segment. (ii) Share of operating profits from associates includes £3.3 million (2012 £nil) from the Group's interest in Local

World in the local media segment. (iii) Represents a write down in the carrying value of The Sanborn Map Company in the business information segment.

4 OTHER GAINS AND LOSSES

                                                                                       Unaudited     Unaudited   Audited
                                                                                 26 weeks ending      26 weeks  52 weeks
                                                                                   31 March 2013        ending    ending
                                                                                                  1 April 2012        30
                                                                                                               September
                                                                                                                    2012
                                                                            Note              £m            £m        £m
  Profit/(loss) on disposal of available-for-sale investments                                0.1         (0.4)     (0.6)
  Impairment of available-for-sale assets                                                      -             -     (0.3)
  Loss/(profit) on disposal of property, plant and equipment                               (0.7)             -       2.0
  Profit on disposal of businesses                                       18, (i)            23.0           0.8     113.3
  Profit on disposal of joint ventures and associates                                          -           0.1         -
                                                                                            22.4           0.5     114.4

(i) Largely represented by the profit on sale of Central and Eastern European print and digital assets by the national

media segment of £16.5 million together with proceeds from previously unrecognised deferred consideration following

the sale of North American home shows amounting to £5.4 million in the events segment. In the prior period the

profit on disposal of businesses mainly comprises a £0.4 million profit on disposal of the motors businesses in the

national media segment, £0.3 million profit on sale of various exhibition businesses in the events segment and

    various assets in the local media segment.
5 INVESTMENT REVENUE
                                                                  Unaudited       Unaudited        Audited 52
                                                            26 weeks ending 26 weeks ending      weeks ending
                                                              31 March 2013

1 April 2012 30 September 2012

                                                                         £m              £m                £m
  Expected return on defined benefit                                    6.9             4.3               8.5

pension scheme assets

less interest on defined benefit

pension scheme liabilities

  Dividend income                                                       1.7             0.7               0.8
  Interest receivable from short-term deposits                          1.0             1.1               1.5
                                                                        9.6             6.1              10.8
 DMGT plc

For the 26 weeks ending 31 March 2013

 NOTES
6 FINANCE COSTS
                                                               Unaudited       Unaudited           Audited
                                                         26 weeks ending 26 weeks ending   52 weeks ending
                                                           31 March 2013   

1 April 2012 30 September 2012

                                                    Note              £m              £m                £m
  Interest, arrangement and commitment fees payable               (27.4)          (30.6)            (59.5)

on bonds, bank loans and loan notes

  Premium on bond redemption                                           -           (6.1)             (6.1)
  Change in fair value of derivative hedge of bond                   0.3           (0.6)               2.2
  Change in fair value of hedged portion of bond                   (0.3)             0.6             (2.2)
  Profit on derivatives, or portions thereof, not                    0.2             0.2             (0.4)

designated for hedge accounting

  Finance charge on discounting of contingent        (i)           (0.1)           (0.1)             (0.3)

consideration

  Fair value movement of contingent consideration                  (1.2)             0.2               0.2
  Change in fair value of acquisition put options                  (2.0)           (0.5)               2.0
                                                                  (30.5)          (36.9)            (64.1)

(i) The finance charge on the discounting of contingent consideration arises from the requirement under IFRS 3 (2008),

Business Combinations, to record contingent consideration at fair value using a discounted cash flow approach.

7 TAX
                                                     Unaudited         Unaudited           Audited
                                               26 weeks ending   26 weeks ending   52 weeks ending
                                                 31 March 2013      1 April 2012 30 September 2012
                                                               Restated (Note 1)
                                          Note              £m                £m                £m
 The credit on the profit for
 the period consists of:
 Corporation tax at 23.5 %                               (4.6)             (4.1)             (4.3)
 (2012 25.0 %)
 Adjustments in respect of                               (1.8)              38.8              43.0
 prior periods
                                                         (6.4)              34.7              38.7
 Overseas tax
 Corporation tax                                         (8.1)            (12.5)            (31.9)
 Adjustments in respect of                               (0.4)             (0.3)            (12.4)
 prior periods
                                                         (8.5)            (12.8)            (44.3)
 Total current tax                                      (14.9)              21.9             (5.6)
 Deferred tax
 Origination and reversals                              (15.4)               1.3            (24.0)
 of temporary differences
 Adjustments in respect                                    1.0               0.9              39.1
 of prior periods
 Total deferred tax                                     (14.4)               2.2              15.1
 Total tax (charge)/credit                              (29.3)              24.1               9.5
 Tax charge relating to                     19             7.6               3.3               9.3
 discontinued operations
                                                        (21.7)              27.4              18.8
 

Adjusted tax on profits before amortisation and impairment of intangible assets, restructuring costs and non-recurring

items (adjusted tax charge) amounted to a charge of £25.2 million (2012 £17.2 million) and the resulting rate is 18.4 %

(2012 16.4 %). The differences between the tax credit and the adjusted tax charge are shown in the reconciliation below

 :
                                                       Unaudited        Unaudited            Audited
                                                        26 weeks  26 weeks ending    52 weeks ending
                                                          ending     1 April 2012  30 September 2012
                                                   31 March 2013
                                                                         Restated
                                                                         (Note 1)
                                                              £m               £m                 £m
 Total tax (charge)/credit on                             (29.3)             24.1                9.5
 the profit for the period
 Share of tax in joint ventures                                -           
  2.5                  -
 and associates
 Deferred tax on intangible                                (2.6)            (0.8)              (2.8)
 assets and goodwill
 Agreement of open issues                                      -           (38.6)             (41.6)
 with tax authorities
 Tax on other exceptional items                              6.7           
(4.4)              (4.1)
 Adjusted tax charge on the                               (25.2)           (17.2)             (39.0)
 profit for the period
 

In calculating the adjusted tax rate, the Group excludes the potential future deferred tax effects of intangible assets

and goodwill (other than internally generated and acquired computer software) as it prefers to give the users of its

accounts a view of the tax charge based on the current status of such items.

DMGT plc

For the 26 weeks ending 31 March 2013

  NOTES

8 DIVIDENDS PAID
                                                Unaudited Unaudited    Unaudited    Unaudited       Audited 52   Audited
                                                 26 weeks  26 weeks     26 weeks     26 weeks     weeks ending        52
                                                   ending    ending       ending       ending     30 September     weeks
                                                 31 March  31 March 1 April 2012 1 April 2012             2012    ending
                                                     2013      2013                                                   30
                                                                                                               September
                                                                                                                    2012
                                                    Pence
                                                      per                  Pence                         Pence
                                                    share        £m    per share           £m        per share        £m
Amounts recognisable
as distributions
to equity holders in
the period
Ordinary shares                                      12.4       2.5            -            -                -         -
- final dividend
for the year ended
30 September 2012
`A' Ordinary                                         12.4      45.0            -            -                -         -
Non-Voting shares - final
dividend for the year ended 30
September 2012
Ordinary shares - final                                 -         -         11.7          2.5             11.7       2.5
dividend for the year ended
2 October 2011
`A' Ordinary Non-Voting                                 -         -         11.7         42.3             11.7      42.3
shares - final dividend
for the year ended 2
October 2011
                                                               47.5                      44.8                       44.8
Ordinary shares - interim                               -         -            -            -              5.6       1.1
dividend for the
year ended 30
September 2012
`A' Ordinary Non-Voting                                 -         -            -            -              5.6      20.3
shares - interim
dividend for the year
ended 30 September 2012
                                                                  -                         -                       21.4
                                                     12.4      47.5         11.7         44.8             17.3      66.2

The Board has declared an interim dividend of 5.9 p per Ordinary / `A' Ordinary Non-Voting share (2012 5.6 p) which

will absorb an estimated £22.0 million of shareholders' funds for which no liability has been recognised in these

financial statements. It will be paid on 5 July 2013 to shareholders on the register at the close of business on 7 June

2013.

9 ADJUSTED PROFIT AND EBITDA

                                                                                     Unaudited Unaudited     Audited
                                                                                      26 weeks  26 weeks    52 weeks
                                                                                        ending    ending      ending
                                                                                      31 March   1 April          30
                                                                                          2013      2012   September
                                                                                                                2012
                                                                                                Restated    Restated
                                                                                                (Note 1)    (Note 1)
                                                                                            £m        £m          £m
Profit before                                                                             96.9      36.7       202.9
tax -
continuing
operations
Profit before                                                                             11.0       8.7        21.1
tax -
discontinued
operations
Add back:
Amortisation of                                                                           16.3      17.5        34.2
intangible assets in
Group profit from
operations arising
on business combinations
- continuing operations
Amortisation of intangible                                                                   -       0.2         0.3
assets in Group profit from
operations arising on business
combinations
- discontinued operations
Amortisation                                                                               2.3       0.1         1.5
of intangible assets in
joint ventures and
associates arising on
business combinations
- continuing operations
Amortisation of                                                                              -       1.8         3.2
intangible assets in
joint ventures and associates
arising on
business combination
s - discontinued operations
Impairment of goodwill and                                                                 4.6       3.4        19.4
intangible assets arising
on business combinations
- continuing operations
Exceptional operating                                                                     21.5      33.9        76.5
costs, impairment of internally
generated and acquired
computer software, investment
property and property, plant and equipment
- continuing operations
Exceptional operating                                                                    (3.8)       5.1        10.4
(gains)/costs, impairment
of internally generated
and acquired computer software
, investment property
and property, plant and
equipment - discontinued operations
Share of exceptional operating                                                               -         -         1.9
costs of joint ventures
Share of exceptional operating                                                             0.1         -         0.5
costs of associates
Impairment of carrying value                                                               5.5         -           -
of joint venture net of fair value
adjustment on acquisition
Impairment of carrying value of associate                                                  0.1         -         1.3
e - continuing operations
Impairment of carrying value of associate                                                    -         -         0.3
- discontinued operations
Other gains and losses:
                               (Profit)/loss                                             (0.1)       0.4         0.6
                               on disposal of
                               available
                               -for-sale investments
                               Loss/(profit) on                                            0.7         -       (2.0)
                               disposal of property,
                               plant and equipment
                               Profit on                                                (23.0)     (0.8)     (113.3)
                               disposal of
                               businesses
                               Impairment                                                    -         -         0.3
                               of available
                               -for-sale assets
                               Profit on                                                     -     (0.1)           -
                               disposal of joint
                               ventures and
                               associates
                               Loss on disposal                                              -       0.1         0.1
                               of businesses
                               within discontinued
                               operations
Finance costs:
                               Change                                                      2.0       0.5       (2.0)
                               in fair value of
                               acquisition put
                               options
                               Fair value                                                  1.2     (0.2)       (0.2)
                               movement of
                               contingent
                               consideration
Tax:
                               Share of tax in joint                                       1.3     (0.1)           -
                               ventures and associates
                               - continuing operations
                               Share of tax in joint                                         -     (2.4)       (1.6)
                               ventures and associates -
                               discontinued operations
Adjusted profit before tax                                                                         104.8       255.4
and non-controlling interests                                                            136.6
Total tax credit on the                                                                 (29.3)      24.1         9.5
profit for the period
Adjust for:
                               Share of tax in                                               -       2.5           -
                               joint
                               ventures and
                               associates
                               Deferred tax on                                           (2.6)     (0.8)       (2.8)
                               intangible assets
                               and goodwill
                               Agreed open                                                   -    (38.6)      (41.6)
                               issues with tax
                               authorities
                               Tax on other                                                6.7     (4.4)       (4.1)
                               exceptional
                               items
Non-controlling interests                                                               (13.1)    (12.2)      (27.3)
Adjusted profit after taxation and
non-controlling interests                                                                 98.3      75.4       189.1

The adjusted non-controlling interests' share of profits for the period of £13.1 million (2012 £12.2 million) is stated

after eliminating a credit of £2.9 million (2012 £3.0 million), being the non-controlling interests' share of adjusting

items.

EARNINGS BEFORE INTEREST, DEPRECIATION, AMORTISATION AND EXCEPTIONAL ITEMS (EBITDA)

The Group defines EBITDA as operating profit before exceptional operating costs, amortisation and impairment of

goodwill and intangible assets, depreciation and impairment of property, plant and equipment and investment property.

EBITDA is broadly used by analysts, rating agencies, investors and the Group's banks to assess the Group's performance.

A reconciliation of EBITDA from operating profit is shown below and the ratio of net debt to EBITDA is disclosed in

note 15 :

Unaudited Unaudited Audited

26 weeks ending 26 weeks ending 52 weeks

                                                                              31 March 2013    1 April 2012       ending
                                                                                                            30 September
                                                                                                                    2012
                                                                                                   Restated     Restated
                                                                                                   (Note 1)     (Note 1)
                                                                       Note              £m              £m           £m
Continuing operations
Operating profit before exceptional                                                   139.0           122.3        273.7
operating costs, amortisation and
impairment of goodwill and acquired
intangible assets
Non exceptional depreciation                                              2
           19.8            21.4         42.6
charge
Amortisation of                                                           2             6.4            10.1         20.4
internally generated and
acquired computer software
Operating profits/(losses) from                                           3             8.3           (0.5)          3.5
joint ventures and associates
Dividend income                                                           5             1.7             0.7          0.8
Discontinued operations
Operating profit before exceptiona                                       19             7.2            10.8         26.0
l operating costs, amortisation and
impairment of goodwill and acquired
intangible assets
Non exceptional                                                          19               -             0.9          1.8
depreciation charge
Share of profits from                                                    19
              -             3.7          9.5
operations of
joint ventures
EBITDA                                                                                182.4           169.4        378.3
 DMGT plc

For the 26 weeks ending 31 March 2013

NOTES

10 EARNINGS PER SHARE

Basic earnings per share of 28.2p (2012 15.8p) and diluted earnings per share of 27.4p (2012 15.8p) are calculated,

in accordance with IAS 33, Earnings per share, on Group profit for the financial period of £65.0 million (2012 £54.9

million) as adjusted for the effect of dilutive ordinary shares of £0.2 million (2012 £nil) and earnings from

discontinued operations of £42.1 million (2012 £5.4 million) and on the weighted average number of ordinary shares in

issue during the period, as set out below.

As in previous years, adjusted earnings per share have also been disclosed since the Directors consider that this

alternative measure gives a more comparable indication of the Group's underlying trading performance. Adjusted earnings

per share of 25.8p (2012 19.6p) are calculated on profit for continuing and discontinued operations before exceptional

operating costs, impairment of goodwill and intangible assets, amortisation of intangible assets arising on business

combinations, other gains and losses and exceptional financing costs after taxation and non-controlling interests

associated with those profits, of £98.3 million (2012 £75.4 million), as set out in note 9 above, and on the basic

weighted average number of ordinary shares in issue during the period.

                        Unaudited       Unaudited   Audited 52 Unaudited 

Unaudited Audited

                         26 weeks 26 weeks ending weeks ending  26 weeks  

26 weeks 52 weeks ending

                           ending         1 April 30 September    ending    

ending 30 September

                         31 March            2012         2012  31 March   1 April            2012
                             2013                                   2013      2012
                                         Restated     Restated            Restated        Restated
                                         (Note 1)     (Note 1)            (Note 1)        (Note 1)
                          Diluted         Diluted      Diluted     Basic     Basic           Basic
                         earnings        earnings     earnings  earnings  earnings        earnings
                               £m              £m           £m        £m        £m              £m
Earnings from                65.0            54.9        199.0      65.0      54.9           199.0
continuing operations
Effect of dilutive          (0.2)               -        (0.6)         -         -               -
ordinary shares
Earnings from                42.1             5.4         54.8      42.1       5.4            54.8
discontinued operations
                            106.9            60.3        253.2     107.1      60.3           253.8
                                                    Unaudited Unaudited     

Audited Unaudited Unaudited Audited

                                                     26 weeks  26 weeks     

52 weeks 26 weeks 26 weeks 52 weeks

                                                       ending    ending       ending    ending    ending       ending
                                                     31 March   1 April 30 September  31 March   1 April 30 September
                                                         2013      2012         2012      2013      2012         2012
                                                               Restated     Restated            Restated     Restated
                                                               (Note 1)     (Note 1)            (Note 1)     (Note 1)
                                                      Diluted   Diluted      Diluted     Basic     Basic        Basic
                                                        pence     pence        pence     pence     pence        pence
                                                    per share per share    per share per share per share    per share
Earnings per share from                                  16.7      14.4         50.5      17.1      14.4         52.0
continuing operations
Effect of dilutive ordinary                             (0.1)         -        (0.2)         -         -            -

shares

Earnings per share from                                  10.8       1.4         13.9      11.1       1.4         14.3
discontinued
operations
Basic earnings per share                                 27.4      15.8         64.2      28.2      15.8         66.3
from continuing and discontinued
operations
                                                                          

Unaudited 26 weeks Unaudited Audited 52

                                                                                      ending  26 weeks      weeks ending
                                                                               31 March 2013    ending 30 September 2012
                                                                                               1 April
                                                                                                  2012
                                                                                              Restated          Restated
                                                                                              (Note 1)          (Note 1)
                                                                                       Basic     Basic             Basic
                                                                                       pence     pence             pence
                                                                                   per share per share         per share
Profit before tax                                                                       25.5       9.7              53.0
- continuing operations
Profit before tax                                                                        2.9       2.3               5.5
- discontinued operations
Add back:
Amortisation of                                                                          4.4       4.6               8.9
intangible assets in Group
profit from
operations arising on
business combinations
- continuing operations
Amortisation of intangible                                                                 -       0.1               0.1
assets in Group profit from
operations arising on business
combinations - discontinued
operations
Amortisation of intangible                                                               0.6         -               0.4
assets in joint ventures
and associates arising on
business combinations
- continuing operations
Amortisation of intangible                                                                 -       0.5               0.8
assets in joint ventures
and associates arising on
business combinations
- discontinued operations
Impairment of goodwill and                                                               1.2       0.9               5.1
intangible assets
arising on business combinations
- continuing operations
Exceptional operating costs,                                                             5.8       8.7              20.0
impairment of internally generated
and acquired computer software,
investment property and property,
plant and equipment - continuing operations
Exceptional operating (gains)/costs                                                    (1.0)       1.3               2.7
, impairment of internally generated
and acquired computer software, investment
property and property, plant
and equipment - discontinued operations
Share of exceptional operating                                                             -         -               0.5
costs of joint ventures
Share of exceptional operating                                             
               -         -               0.1
costs of associates
Impairment of carrying                                                                   1.5         -                 -
value of joint venture net
of fair value adjustment on
acquisition
Impairment of carrying                                                                     -         -               0.3
value of associate
- continuing operations
Impairment of carrying                                                                     -         -               0.1
value of associate
- discontinued operations
Other gains and losses:
                            Loss on disposal of                                            -       0.1               0.2
                            available-for-sale
                            investments
                            Loss/(profit) on disposal                                    0.2         -             (0.5)
                            of property, plant and
                            equipment
                            Profit on disposal of                                      (6.0)     (0.2)            (29.6)
                            businesses
                            On change in control                                           -         -               0.1
Finance costs:
                            Change in fair value of                                      0.5       0.1             (0.5)
                            acquisition
                            put options
                            Fair value movement of                                       0.3     (0.1)             (0.1)
                            contingent
                            consideration
Tax:
                            Share of tax in joint                                        0.3         -                 -
                            ventures and associates
                            - continuing
                            operations
                            Share of tax                                                   -     (0.7)             (0.4)
                            in joint
                            ventures and
                            associates
                            - discontinued
                            operations
Adjusted profit before tax                                                              36.2      27.3              66.7
and non-controlling interests
Total tax credit on                                                                    (7.7)       6.3               2.5
the profit for the
period
Adjust for:
                            Share of tax                                                   -       0.7                 -
                            in joint
                            ventures and
                            associates
                            Deferred tax on                                            (1.0)     (0.2)             (0.7)
                            intangible assets and
                            goodwill
                            Agreed open                                                    -    (10.2)            (10.9)
                            issues
                            with tax authorities
                            Tax on other                                                 1.8     (1.1)             (1.1)
                            exceptional items
Non-controlling                                                                        (3.5)     (3.2)             (7.1)
interests
Adjusted profit after taxation and
non-controlling interests                                                               25.8      19.6              49.4

DMGT plc

For the 26 weeks ending 31 March 2013

NOTES

10 EARNINGS PER SHARE - CONTINUED

                                                                                 Unaudited Unaudited        Audited 52
                                                                                  26 weeks  26 weeks      weeks ending
                                                                                    ending    ending 30 September 2012
                                                                                  31 March   1 April
                                                                                      2013      2012
                                                                                            Restated          Restated
                                                                                            (Note 1)          (Note 1)
                                                                                   Diluted   Diluted           Diluted
                                                                                     pence     pence             pence
                                                                                 per share per share         per share
Profit before tax -                                                                   24.8       9.6              51.5
continuing operations
Effect of dilutive                                                                   (0.1)         -             (0.2)
ordinary shares
Profit before tax -                                                                    2.8       2.3               5.4
discontinued operations
Add back:
Amortisation                                                                           4.2       4.5               8.7
of intangible assets in Group profit from
operations arising on business
combinations - continuing operations
Amortisation of intangible                                                               -       0.1               0.1
assets in Group profit from
operations arising on business
combinations - discontinued operations
Amortisation of intangible                                                             0.6         -               0.4
assets in joint ventures and
associates arising on business
combinations - continuing operations
Amortisation of intangible                                                               -       0.5               0.8
assets in joint ventures and
associates arising on business
combinations - discontinued operations
Impairment of goodwill and                                                             1.2       0.9               4.9
intangible assets arising on
business combinations -
continuing operations
Exceptional operating costs,                                                           5.5       8.8              19.5
impairment of internally generated
and acquired computer software,
investment property and property,
plant and equipment - continuing operations
Exceptional operating (gains)/costs                                                  (1.0)       1.3               2.6
, impairment of internally generated
and acquired computer software
, investment property and property,
plant and equipment - discontinued operations
Share of exceptional operating                                                           -         -               0.5
costs of joint ventures
Share of exceptional operating                                             
             -         -               0.1
costs of associates
Impairment of carrying                                                                 1.4         -                 -
value of joint venture net
of fair value adjustment
on acquisition
Impairment of carrying                                                                   -         -               0.3
value of associate
- continuing operations
Impairment of                                                                            -         -               0.1
carrying value of associate
- discontinued operations
Other gains and losses:
                               Loss on disposal of                                       -       0.1               0.2
                               available-for-sale
                               investments
                               Loss/(profit) on                                        0.2         -             (0.5)
                               disposal of property,
                               plant and equipment
                               Profit on disposal                                    (5.7)     (0.2)            (28.8)
                               of businesses
                               On change in control                                      -         -               0.1
Finance costs:
                               Change in fair                                          0.5       0.1             (0.5)
                               value of
                               acquisition put
                               options
                               Fair value movement of                                  0.3     (0.1)             (0.1)
                               contingent consideration
Tax:
                               Share of tax in joint                                   0.3         -                 -
                               ventures and associates -
                               continuing
                               operations
                               Share of tax in joint                                     -     (0.7)             (0.4)
                               ventures and associates -
                               discontinued operations
Adjusted profit before tax and                                                        35.0      27.2              64.7
non-controlling interests
Total tax credit on the profit                                             
         (7.5)       6.3               2.4
for the period
Adjust for:
                               Share of tax in joint                                     -       0.7                 -
                               ventures and associates
                               Deferred tax on                                       (0.7)     (0.2)             (0.7)
                               intangible assets and goodwill
                               Agreed open issues with tax                               -    (10.1)            (10.6)
                               authorities
                               Tax on other                                            1.7     (1.1)             (1.0)
                               exceptional items
Non-controlling interests                                                            (3.4)     (3.2)             (6.9)
Adjusted profit after                                                                 25.1
taxation and
non-controlling interests                                                                       19.6              47.9
 DMGT

For the 26 weeks ending 31 March 2013

NOTES

10 EARNINGS PER SHARE - CONTINUED

The weighted average number of ordinary shares in issue during the period for the purpose of

these calculations is as follows :

                                              Unaudited       Unaudited         Audited
                                        26 weeks ending 26 weeks ending 52 weeks ending
                                               31 March         1 April    30 September
                                                   2013            2012            2012
                                               Number m        Number m        Number m
Number of Ordinary shares in issue                393.1           392.6    

392.7

Shares held in Treasury                          (12.5)           (9.8)    

(9.9)

Basic earnings per share denominator              380.6           382.8    

382.8

Effect of dilutive share options                    9.7             1.2    

10.9

Dilutive earnings per share denominator           390.3           384.0    

393.7

11 ANALYSIS OF NET DEBT

   The analysis of net debt below is
   calculated using period end exchange
   rates. The Group's bank facilities
   require net debt to be measured
   using average rates for the period,
   resulting in net debt for bank
   covenant purposes of £704.1 million
   (2012 £817.3 million).
                                                                               Unaudited       Unaudited         Audited
                                                                                26 weeks 26 weeks ending 52 weeks ending
                                                                                  ending         1 April    30 September
                                                                                31 March            2012            2012
                                                                                    2013
                                                                                      £m              £m              £m
Net debt at start of period                                                      (620.7)         (687.0)         (687.0)
Cash flow                                                                         (78.8)          (99.0)            71.2
Fair value hedging arrangements                                            
       (0.3)             0.6           (2.1)
Foreign exchange movements                                                           1.7           (0.3)           (1.6)
Other non-cash movements                                                           (0.9)           (0.6)           (1.2)
Net debt at period end                                                           (699.0)         (786.3)         (620.7)
Analysed as:
Cash and cash equivalents                                                           62.4            55.6           107.3
Unsecured bank overdrafts                                                          (0.1)           (0.6)               -
Cash and cash equivalents in the Condensed                                          62.3            55.0           107.3
Consolidated Cash Flow Statement
Debt due within one year:
Bonds                                                                             (47.3)          (47.3)          (47.3)
Bank loans                                                                             -          (29.9)               -
Loan notes                                                                         (2.6)           (3.2)           (2.6)
Debt due in more than one year:
Bonds                                                                            (679.3)         (674.7)         (678.1)
Bank loans                                                                        (32.1)          (86.2)               -
Net debt at period end                                                           (699.0)         (786.3)         (620.7)
Effect of derivatives on bank loans                                               (25.3)          (22.8)             7.7
Net debt including derivatives - closing rate                                    (724.3)         (809.1)         (613.0)
Net debt including derivatives - average rate                              
     (704.1)         (817.3)         (623.4)
 The net cash
 outflow of £78.8
 million (2012
 £99.0 million)
 includes a cash
 outflow of £9.1
 million (2012
 £14.9 million) in
 respect of
 operating
 exceptional items.
 

12 PROPERTY, PLANT AND EQUIPMENT

   During the period the Group spent £15.6
   million (2012 £29.3 million) on property,
   plant and equipment.
   The Group also disposed of certain of its
   property, plant and equipment with a carrying
   value of £1.6 million (2012 £0.8 million) for
   proceeds of £0.9 million (2012 £0.8 million).
 

13 TOTAL ASSETS AND LIABILITIES OF BUSINESSES HELD-FOR-SALE

   In November 2012 the Group announced it had reached an agreement to
   sell its local media segment to Local World, a newly formed media
   group that combined the Group's local media titles with those of
   Iliffe News and Media Limited. In addition, several of the Group's
   Central and Eastern European print and digital businesses were sold
   shortly after 30 September 2012. Accordingly the assets and
   liabilities of these businesses were disclosed separately on the
   face of the Condensed Consolidated Statement of Financial Position.
14 BORROWINGS
                                 Unaudited       Unaudited         Audited
                           26 weeks ending 26 weeks ending 52 weeks ending
                                  31 March         1 April    30 September
                                      2013            2012            2012
                                        £m              £m              £m
   Current liabilities
   Bank overdrafts                     0.1             0.6               -
   Bonds                              47.3            47.3            47.3
   Bank loans                            -            29.9               -
   Loan notes                          2.6             3.2             2.6
                                      50.0            81.0            49.9
   Non-current liabilities
   Bonds                             679.3           674.7           678.1
   Bank loans                         32.1            86.2               -
                                     711.4           760.9           678.1

During the prior period the Group bought back £110.0 million nominal of its 2013 bonds. The total consideration paid

was £121.8 million which included accrued interest of £5.7 million. The resulting premium on redemption was £6.1

million (note 6).

DMGT

For the 26 weeks ending 31 March 2013

 NOTES
15 BANK LOANS
   The Group's bank loans
   bear interest charged at
   LIBOR plus a margin based
   on the Group's ratio of
   net debt to EBITDA.
   Additionally each facility
   contains a covenant based
   on a minimum interest
   cover ratio. EBITDA for
   these purposes is defined
   as the aggregate of the
   Group's consolidated
   operating profit before
   share of results of joint
   ventures and associates
   before deducting
   depreciation, amortisation
   and impairment of
   goodwill, intangible and
   tangible assets, before
   exceptional items and
   before interest and
   finance charges and is
   calculated in note 9
   above. These covenants
   were met at the relevant
   test dates during the
   period.
   On a bank covenant basis,
   using average exchange
   rates to calculate net
   debt and EBITDA, the
   Group's net debt to EBITDA
   ratio as at 31 March 2013
   was 1.80 times (1 April
   2012 2.30 times, 30
   September 2012 1.65
   times).
   The Group's facilities and
   their maturity dates are
   as follows :
                                                                 Unaudited Unaudited      Audited
                                                                  26 weeks  26 weeks     52 weeks
                                                                    ending    ending       ending
                                                                  31 March   1 April 30 September
                                                                      2013      2012         2012
                                                                        £m        £m           £m
 Expiring in one year or less                                            -      30.0            -
 Expiring in more than one year but not more than two years              -      60.0            -

Expiring in more than three years but not more than four years 313.6

- 300.7

 Expiring in more than four years but not more than five years           -     303.1            -
 Total bank facilities                                               313.6     393.1        300.7
 The
 following
 undrawn
 committed
 borrowing
 facilities
 were
 available
 to the
 Group in
 respect of
 which all
 conditions
 precedent
 had been
 met :
                                                                          Unaudited Unaudited      Audited
                                                                           26 weeks  26 weeks     52 weeks
                                                                             ending    ending       ending
                                                                          

31 March 1 April 30 September

2013 2012 2012

                                                                                 £m        £m           £m
 Expiring in one year or less                                                     -       0.1            -
 Expiring in more than one year but not more than two years                       -      14.8            -
 Expiring in more than three years but not more than four years            

280.6 - 298.3

 Expiring in more than four years but not more than five years                    -     209.3            -
 Total undrawn committed bank facilities                                   

280.6 224.2 298.3

16 SHARE CAPITAL AND RESERVES

   Share capital as at 31 March 2013 amounted
   to £49.2 million (2012 £49.1 million).
   During the year the Company disposed of
   4,684,729 `A' Ordinary Non-Voting shares,
   in order to satisfy incentive schemes.
   This represented 1.3% of the called up `A'
   Ordinary Non-Voting share capital at 31
   March 2013.
   The Company also purchased 4,682,258 `A'
   Ordinary Non-Voting shares having a
   nominal value of £0.6 million to match
   obligations under incentive plans and
   5,479,770 `A' Ordinary Non-Voting shares
   having a nominal value of £0.7 million as
   part of a £100.0 million share buy back
   programme. The consideration paid for
   these shares was £58.8 million. Shares
   repurchased during the period represented
   1.3% of the called up `A' Ordinary
   Non-Voting share capital at 31 March 2013.
   At 31 March 2013 options were outstanding
   under the terms of the Company's 1997 and
   2006 Executive Share Option Schemes,
   together with nil cost options, over a
   total of 4,314,493 (2012 4,929,968 2011
   5,399,633) `A' Ordinary Non-Voting shares.
   The Company has entered into an agreement
   with its brokers to acquire DMGT plc `A'
   Ordinary Non-Voting shares during the
   Group's close period up to a maximum value
   of £20.0 million. This amount has been
   treated as a provision as at 31 March 2013
   with a corresponding deduction in equity.
   As at 22 May 2013 the Company has bought
   £14.8 million DMGT plc `A' Ordinary
   Non-Voting shares since 31 March 2013.
   DMGT
   For the 26 weeks ending 31 March 2013
   NOTES

17 SUMMARY OF THE EFFECTS OF ACQUISITIONS

A summary of notable acquisitions completed during the period were as follows:

 Name of acquisition     Segment           Business             %        

Date of Consideration Intangible Goodwill

                                          description         voting    acquisition      paid      fixed assets arising
                                                              rights                                 acquired
                                                             acquired
                                                                                          £m            £m         £m
 TTI Technologies, LLC Euromoney   Private                    87.2%    December 2012      5.0          2.9        2.5
                                   membership
                                   organisation
                                   for executives
                                   leading
                                   technology
                                   innovation in
                                   global
                                   businesses
 Insider Publishing    Euromoney   International              100.0%   

March 2013 20.7 9.4 13.5

 Limited                           insurance and reinsurance
 Beat the GMAT,        Business    Forum for on               100.0%   October 2012       1.6          0.6        1.2
 LLC                   information line business
                                   school
                                   applicants
 Renaissance           Business    Environmental              100.0%   November 2012      0.9          0.3        0.6
 Environment           information risk
 Limited                           management
                                   service
                                   provider
 Excido Pty            Business    Provider of an             100.0%   February 2013      3.9          2.1        2.5
 Limited               information on line student
 (Edumate)                         learning and
                                   management
                                   system
 FirstSearch           Business    Provider of                100.0%   December 2012     22.1          7.5        13.8
                       information environmental
                                   reports

Provisional fair value of net assets acquired with all acquisitions:

                                                       Book            Provisional Provisional
                                                      value fair value adjustments  fair value
                                                         £m                     £m          £m
 Goodwill                                                 -                   34.1        34.1
 Intangible assets                                        -                   22.8        22.8
 Trade and other receivables                            1.5                
     -         1.5
 Cash and cash equivalents                              5.6                      -         5.6
 Trade and other payables                             (6.4)                      -       (6.4)
 Corporation tax                                      (0.4)                      -       (0.4)
 Deferred tax                                             -                  (2.7)       (2.7)
 Net assets acquired                                    0.3                   54.2        54.5
 Cost of acquisitions:
                                                   Non-cash           Cash paid in       Total
                                                                    current period
                                                         £m                     £m          £m
 Contingent consideration                               7.1                      -         7.1
 Cash                                                     -                   47.4        47.4
 Total consideration at fair value                      7.1                

47.4 54.5

The amount of goodwill which is deductible for the

purposes of calculating the Group's tax charge

amounts to £nil.

If all acquisitions had been completed on the first

day of the financial period, Group revenues for the

period would have been £870.7 million and Group

profit attributable to equity holders of the parent

would have been £108.3 million. This information

takes into account the amortisation of acquired

intangible assets together with related income tax

effects but excludes any pre-acquisition finance

costs and should not be viewed as indicative of the

results of operations that would have occurred if

the acquisitions had actually been completed on the

first day of the financial period.

Total profits attributable to equity holders of the

parent since the date of acquisition for companies

acquired during the period amounted to £0.3 million.

Goodwill arising on the acquisitions is principally

attributable to the anticipated profitability

relating to the distribution of the Group's products

in new and existing markets and anticipated

operating synergies from the business combinations.

DMGT

For the 26 weeks ending 31 March 2013

NOTES

17 SUMMARY OF THE EFFECTS OF ACQUISITIONS - CONTINUED

Purchase of additional shares in controlled entities

                                                    Unaudited Unaudited      Audited
                                                     26 weeks  26 weeks     52 weeks
                                                       ending    ending       ending
                                                     31 March   1 April 30 September
                                                         2013      2012         2012
                                                           £m        £m           £m

Cash consideration excluding acquisition expenses 15.8 14.7

    14.8


During the period, the Group acquired additional shares in controlled entities amounting to £15.8 million (2012 £14.7
million) of which £11.3 million related to 1.2 million shares in Euromoney Institutional Investor PLC (Euromoney). In
addition, in the prior period the Group opted to receive a scrip dividend from Euromoney amounting to £10.1 million
acquiring a further 1.6 % of the issued ordinary share capital of Euromoney. Under the Group's accounting policy for the
acquisition of shares in controlled entities, no adjustment has been recorded to the fair value of assets and
liabilities already held on the Condensed Consolidated Statement of Financial Position. The difference between the cost
of the additional shares and the carrying value of the non-controlling interests share of net assets is adjusted in
retained earnings. The adjustment to retained earnings in the period was a credit of £0.1 million (2012 £1.7 million).

Reconciliation to purchase of subsidiaries as shown in the Condensed Consolidated Cash Flow Statement:

                                                           Unaudited Unaudited      Audited
                                                            26 weeks  26 weeks     52 weeks
                                                              ending    ending       ending
                                                            31 March   1 April 30 September
                                                                2013      2012         2012
                                                                  £m        £m           £m
 Cash consideration excluding acquisition                       47.4     

16.1 47.7

expenses

 Cash paid to settle contingent consideration                    4.1      

5.0 7.7

in respect of acquisitions

 Cash and cash equivalents acquired with                       (5.6)     

(0.1) (6.6)

subsidiaries

                                                                45.9      21.0         48.8
18 SUMMARY OF THE EFFECTS OF DISPOSALS
   In November 2012 the Group announced it had reached
   agreement to sell its local media segment to Local
   World, a newly formed media group that combined the
   Group's local media titles with those of Iliffe
   News and Media Limited. The Group received
   consideration of £52.5 million and a 38.7% share in
   Local World together with a working capital
   adjustment of £16.4 million.
   The net assets disposed were as follows :
                                                                   Note     £m
 Goodwill                                                                  6.0
 Intangible assets                                                        

3.5

 Property, plant and equipment                                            

6.1

 Trade and other receivables                                             
24.1
 Trade and other payables                                                (7.7)
 Deferred tax                                                            (0.2)
 Net assets disposed                                                      31.8
 Profit on sale of businesses                                        19  
38.7
                                                                          70.5
 Satisfied by :
 Cash received                                                            52.5
 Fair value of 38.7% investment in Local World                           

27.5

 Working capital adjustment                                              

16.4

 Provision for directly attributable costs                              

(20.8)

 Directly attributable costs paid                                        

(5.1)

70.5

During the period the local media segment absorbed £8.0 million of the Group's net operating cash flows, paid £nil in

respect of investing activities and paid £nil in respect of financing activities.

 A summary of other notable disposals completed during the period were as follows :
 Name of disposal                                                 Segment     Date of             Fair value of
                                                                              disposal            consideration
                                                                                                             £m
 Central and Eastern European print                               National    November                     37.2
 and digital businesses                                           media    

2012

The impact of all disposals of

businesses on net assets was :

                                                                                             Note            £m
 Goodwill                                                                                                  12.1
 Intangible assets                                                                                          3.8
 Property, plant and equipment                                                                             17.6
 Interests in joint ventures                                               
                                1.1
 Interests in associates                                                                                    0.5
 Inventories                                                                                                0.8
 Trade and other receivables                                               
                               26.9
 Cash at bank and in hand                                                                                   1.2
 Trade and other payables                                                                                (11.8)
 Deferred tax                                                                                             (0.2)
 Net assets disposed                                                                                       52.0

Profit on disposal of discontinued

 operations                                                                                  19            38.7
 Profit on disposal of businesses                                          
                 4             23.0
                                                                                                          113.7
 Satisfied by:
 Cash received                                                                                             96.0

Fair value of 38.7% investment in

 Local World                                                                                               27.5
 Working capital adjustment                                                                                16.4
 Recycled cumulative translation differences                                                                2.8
 Provision for directly attributable costs                                                               (21.2)
 Directly attributable costs paid                                                                         (7.8)
                                                                                                          113.7

There was no tax charge in respect of either of these disposals.

DMGT

For the 26 weeks ending 31 March 2013

NOTES

18 SUMMARY OF THE EFFECTS OF DISPOSALS - CONTINUED

Reconciliation to disposal of businesses as shown in the Condensed Consolidated Cash Flow Statement :

                                                                                      Unaudited Unaudited      Audited
                                                                                       26 weeks  26 weeks     52 weeks
                                                                                         ending    ending       ending
                                                                                       31 March   1 April 30 September
                                                                                           2013      2012         2012
                                                                                             £m        £m           £m
 Cash consideration net of disposal costs                                                  88.2       2.0         45.9
 Working capital adjustment                                                                16.4         -            -
 Cash received in the current year relating to                                                -         -
 businesses sold in the prior year                                                                                12.3
 Cash and cash equivalents disposed with subsidiaries                      
              (1.2)     (0.5)        (0.6)
                                                                                          103.4       1.5         57.6
 

The businesses disposed of during the year absorbed £9.0 million of the Group's net operating cash flows, had £nil

attributable to investing and £nil attributable to financing activities. 19 DISCONTINUED OPERATIONS

In August 2012 the Group disposed of its 50.0% joint venture investment in DMG Radio Investments Pty Ltd for proceeds

of A$86.2 million (£56.1 million). This business was one of the Group's operating segments and represented the only

operation in the radio segment.

In November 2012 the Group announced that it had reached an agreement to sell its local media segment to Local World,

a newly formed media group that will combine the Group's local media titles with those of Iliffe News and Media

Limited. The Group received consideration of £52.5 million and a 38.7% share in Local World together with a working

capital adjustment of £16.4 million.

The Group's Condensed Consolidated Income Statement includes the following results from these discontinued operations :


                                                                    Unaudited Unaudited      Audited
                                                                      26 weeks  26 weeks     52 weeks
                                                                        ending    ending       ending
                                                                      31 March   1 April 30 September
                                                                          2013      2012         2012
                                                                            £m        £m           £m
Revenue                                                                   48.9     107.7        212.7
Expenses                                                                (41.7)    (96.0)      (184.9)
Depreciation                                                                 -     (0.9)        (1.8)
Operating profit before exceptional                                        7.2      10.8         26.0
operating costs and amortisation
and impairment of goodwill
and intangible assets
Exceptional operating                                                      3.8     (5.1)       (10.4)
income/(costs)
Amortisation of                                                              -     (0.2)        (0.3)
intangible assets
Operating profit before                                                   11.0       5.5         15.3
share of results of
joint ventures and associates
Share of profits                                                             -       3.7          9.5
from operations
of joint ventures
Share of amortisation                                                        -     (1.8)        (3.2)
of intangibles of
joint ventures
Share of joint ventures'                                                     -     (1.0)        (1.7)
interest payable
Share of joint                                                               -       2.4          1.6
ventures' tax
Impairment of carrying                                                       -         -        (0.3)
value of associate
Total operating profit                                                    11.0       8.8         21.2
Other gains and losses                                                       -     (0.1)        (0.1)
Profit before tax                                                         11.0       8.7         21.1
Tax charge                                                               (7.6)     (3.3)        (9.3)
Profit after tax                                                           3.4       5.4         11.8
attributable to
discontinued operations
Profit on disposal                                                        38.7         -         43.0
of discontinued
operations
Profit attributable                                                       42.1       5.4         54.8
to discontinued
operations

Cash flows associated with discontinued operations comprises operating cash flows of £8.0 million (2012 £11.7

million), investing cash flows of £nil (2012 £nil) and financing cash flows of £nil (2012 £nil).

20 RETIREMENT BENEFIT OBLIGATIONS

   The Group operates a number of pension schemes
   under which contributions are paid by the
   employer and employees.
   The schemes include funded defined benefit
   pension arrangements, providing
   service-related benefits, in addition to a
   number of defined contribution pension
   arrangements. The defined benefit schemes in
   the UK, together with some defined
   contribution plans, are administered by
   trustees or trustee companies.
   The total net pension credit of the Group for
   the period ended 31 March 2013 was £0.4
   million (2012 charge £7.1 million).
   The defined benefit obligation is calculated
   on a year-to-date basis, using the latest
   actuarial valuation as at 31 March 2010. The
   assumptions used in the valuation are
   summarised below :
                                           Unaudited    Unaudited           Audited
                                            26 weeks     26 weeks          52 weeks
                                              ending       ending            ending
                                            31 March 1 April 2012 30 September 2012
                                                2013
                                                % pa         % pa              % pa
 Price inflation                                 3.2          3.1               2.4
 Salary increases                                3.0          3.0               2.4
 Pension increases                               3.0          3.0          

2.4

 Discount rate for scheme liabilities            4.5          4.8          

4.4

Expected overall rate of return on assets N/A N/A

6.0

21 CONTINGENT LIABILITIES

There have been no material changes in contingent liabilities since 1 October 2012.

The Group has issued stand by letters of credit in favour of the Trustees of the Group's

defined benefit pension fund amounting to £nil (2012 £45.2 million).

The Group is exposed to libel claims in the ordinary course of business and vigorously

defends against claims received. The Group makes provision for the estimated costs to defend

such claims when incurred and provides for any settlement costs when such an outcome is

judged probable.

Four writs claiming damages for libel were issued in Malaysia against the company and three

of its employees in respect of an article published in one of the company's magazines,

International Commercial Litigation, in November 1995. The writs were served on Euromoney

Institutional Investor PLC (Euromoney) on 22 October 1996. Two of these writs have been

discontinued. The total outstanding amount claimed on the two remaining writs is Malaysian

Ringgits 82.4 million (£17.5 million) (2012 Malaysian Ringgits 82.0 million (£16.8 million).

No provision has been made for these claims in these interim financial statements as the

Directors do not believe Euromoney has any material liability in respect of these writs.

DMGT

For the 26 weeks ending 31 March 2013

NOTES

22 ULTIMATE HOLDING COMPANY

The Company's ultimate holding company and immediate parent company is Rothermere

Continuation Limited, a company incorporated in Bermuda.

23 RELATED PARTY TRANSACTIONS

Transactions between the Company and its subsidiaries, which are related parties, have been

eliminated on consolidation and are not disclosed in this note. The transactions between the

Group and its joint ventures and associates are disclosed below.

The following transactions and arrangements are those which are considered to have had a

material effect on the financial performance and position of the Group for the period.

Ultimate Controlling Party

The Company's ultimate controlling party is the Viscount Rothermere, the Company's Chairman.

Transactions with Directors

Other than the purchase of 3.0% of the ordinary stock of Associated Newspapers North America

Inc. by the Company, for consideration of £0.1 million from the Company's ultimate

controlling party, there were no material transactions with Directors of the Company during

the period, except for those relating to remuneration.

For the purposes of IAS 24, Related Party Disclosures, Executives below the level of the

Company's Board are not regarded as related parties.

Transactions with joint ventures and associates

Daily Mail and General Holdings Limited (DMGH) has a 15.6% shareholding in The Press

Association. During the period the Group received a dividend of £1.6 million (2012 £nil) and

services amounting to £1.4 million (2012 £1.8 million). The net amount due from the Press

Association as at 31 March 2013 was £0.2 million (2012 £0.2 million).

DMGH has a 24.9% shareholding in the Evening Standard Limited. During the period, the Group

received revenue of £4.6 million (2012 £11.0 million) and incurred charges of £4.9 million

(2012 £4.8 million). The net amount due to the Group at 31 March 2013 was £1.2 million (2012

£3.8 million).

DMGH has a 38.7% shareholding in Local World Limited. During the period, the Group received

revenue of £5.0 million (2012 £nil) and incurred charges of £9.8 million (2012 £nil). The

net amount due to the Group as at 31 March 2013 was £1.9 million (2012 £nil). During the

period, the Group advanced £27.5 million (2012 £nil) to Local World Limited, which was fully

repaid as at 31 March 2013.

Northcliffe Media Holdings Limited has a 25.0% shareholding in Hold the Front Page.co.uk

Limited. The net amount due by the Group as at 31 March 2013 amounted to £0.1 million (2012

£nil).

Associated Newspapers Limited has a 33.0% shareholding in Fortune Green Limited. During the

period the Group received revenue for newsprint, computer and office services of £0.2

million (2012 £0.4 million). The amount due from Fortune Green Limited at 31 March 2013 was

£0.1 million (2012 £0.2 million).

Associated Newspapers Limited has a 12.5% shareholding in the Newspapers Licensing Agency

(NLA) from which royalty revenue of £1.7 million was received (2012 £1.6 million).

Commissions paid on this revenue total £0.7 million (2012 £0.4 million). The amount due to

the NLA on 31 March 2013 was £0.1 million (2012 £0.1 million). Interest bearing loans

totalling £0.4 million (2012 £0.4 million) are due to Associated Newspapers Limited as at 31

March 2013.

Associated Newspapers Limited has a 50.8% shareholding in Zoopla Property Group Ltd. During

the period, the Group received revenue of £0.2 million (2012 £nil) for listing services as

part of a revenue share agreement, with £nil (2012 £nil) remaining due to Zoopla Property

Group Limited as at 31 March 2013. Net services of £0.2 million (2012 £nil) was provided by

the Group for the period, with £nil (2012 £nil) due as at 31 March 2013.

During the period, Landmark Limited charged management fees of £0.2 million (2012 £0.2

million) to Point X Limited, a joint venture.As at 31 March 2013 Point XX Limited owed £0.1

million to Landmark Limited (2012 £0.1 million).

Transactions with joint ventures and associates

A&N Media Limited (A&N) has a 50.0 % shareholding in Teletext Holdings Ltd. During the

period, Teletext Holdings Limited received services totalling £nil (2012 £0.1 million) from

A&N, and the net amount due to A&N at 31 March 2013 was £0.1 million (2012 £0.1 million).

Proceeds of £6.0 million (2012 £6.0 million) on the sale of Teletext Holdings Limited is due

to A&N at the end of the period.

AN Mauritius Limited held a 26.0 % shareholding in Mail Today. During the period, additional

share capital of £0.3 million (2012 £1.7 million) was invested in Mail Today by AN Mauritius

Limited.

Associated Newspapers Limited has a 50.0 % shareholding in Artirix Limited (Artirix). At 31

March 2013 Artirix owed £0.8 million to various A&N Media companies (2012 £0.2 million).

During the period the Group received a dividend of £nil (2012 £0.4 million) from

Hasznaltauto kft, a joint venture.

Associated Newspapers Limited has a 50.0 % shareholding in Northprint Manchester Limited.

The net amount due to Associated Newspapers Limited of £5.8 million (2012 £5.8 million) has

been fully provided.

Associated Newspapers Limited has a 25.0 % shareholding in Extra Newspapers Limited to which

it provided funding of £nil (2012 £0.3 million) during the period. This amount is due to

Associated Newspapers Limited with repayments commencing June 2014.

The Group recharges its principal pension schemes with costs of investment management fees.

The total amount recharged during the period was £0.1 million (2012 £0.1 million).

Other related party disclosures

At 31 March 2013, the Group owed £1.0 million (2012 £1.6 million) to the pension schemes

which it operates. This amount comprised employees' and employer's contributions in respect

of March 2013 payrolls which were paid to the pension schemes in April 2013.

In July 2012, the Group entered into a new contingent asset partnership whereby a £150.0

million Loan Note guaranteed by certain companies in the Group has been used to commit £10.8

million of interest funding per annum to Harmsworth Pension Scheme. Interest payable to DMG

Pensions Partnership Limited Liability Partnership totalled £5.4 million (2012 £nil). As a

result of setting up the new partnership, letters of credit totalling £45.2 million were

released by the trustee of Harmsworth Pension Scheme during the period. 24 POST BALANCE SHEET EVENTS

There were no material post balance sheet events.

(Source: PR Newswire )
(Source: Quotemedia)

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The sector scan is based on 15-30 minutes delayed data. The Pattern scan is based on EOD data.