Mecom Group Plc (MEC.L), a European consumer publishing company, in its trading update for the year ended December 31, 2012, reported 9 percent lower revenues and said its full-year results will be in line with its earlier expectations.
As announced earlier on June 6 and confirmed on October 18, the company still estimates on-going 2012 EBITDA of about 89 million euros and total Group EBITDA of about 105 million euros, after taking into account Edda Media for the period until its disposal in June 2012.
The Group expects adjusted earnings per share from on-going operations to be about 24 euro cents, and it plans a final dividend in line with its dividend policy, which is approximately three times covered by net adjusted earnings.
Revenues for the year slid 9 percent year-over-year, as the Group continued to experience advertising revenue declines in all territories. Total advertising revenue fell 17 per cent for the full year.
Total operating costs were 7 per cent lower in 2012, owing to the on-going restructuring programme.
The group added that all trading performance figures and comparisons quoted in this statement are based on its on-going operations, i.e. excluding the Edda Media and Presspublica operations.
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by RTT Staff Writer
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