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Housing market slowdown hits shares in Daily Mail publishers

A slowdown in the housing market has hit the Daily Mail General Trust, publishers of the Daily Mail.

The company’s property data division – which includes businesses such as SearchFlow, Landmark, Metropix and estate agency compliance specialist ETSOS – has seen reduced demand.

DMGT said in a trading update that the businesses which last year accounted for revenues of £498m, more than a quarter of the company’s total, will not grow as fast this year as had been expected.

DMGT cut the division’s growth from high-single digits to mid-single digits.

The update resulted in an 8.4% fall in the DMGT share price to 687p. At close of business on Friday the shares were still down, finishing at 680p.

In November, it was announced that all the property services businesses owned by DMGT would unite as a single division called Landmark Estate Agency Services. Altogether, there are nine businesses in the division, which is headed up by Phil Natusch.

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Source:: Housing market slowdown hits shares in Daily Mail publishers