Britain's Daily Mail owner cuts outlook for Information unit
LONDON, Jan 26 (Reuters) - The owner of the Daily Mail newspaper cut the revenue outlook for its Information division on Thursday, saying the unit had been hit by a slowdown in the British property market.
Shares (Berlin: DI6.BE - news) in Daily Mail and General Trust fell 7 percent after it reduced its revenue forecast for the Information unit to mid-single digit growth, from a previous forecast of high-single digit growth.
Daily Mail said its overall profit outlook for the year was unchanged and that it was otherwise trading in line with its expectations. First (Other OTC: FSTC - news) quarter revenue came in at 520 million pounds ($657 million), in line with last year on an underlying basis.
The group also said that it had reduced its stake in Euromoney, a separate business information company, from around 67 percent to around 49 percent.
Euromoney added that it was trading was in-line with the board's expectations, though underlying revenues fell by 5 percent. ($1 = 0.7914 pounds) (Reporting by Alistair Smout; editing by Kate Holton)