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Daily Mail owner DMGT's shares plunge

Daily Mail owner DMGT's shares plunge

Business
Shares in Daily Mail publisher DMGT have fallen by 25% to hit a near five-year low.It came after full-year profit dropped 13% to £226m, and broker Liberum downgraded DMGT from "buy" to "hold" over consumer media concerns.DMGT said it may be "adversely affected by recent disposals and challenging conditions" in some sectors next year.They also warned that advertising market conditions were "likely to remain volatile".Its financial results revealed it was also hit by a £206m impairment charge against its Genscape, Xceligent and SiteCompli businesses.Chief executive Paul Zwillenberg said DMGT had delivered a "resilient underlying performance during the year".He said that website MailOnline had continued to grow its revenue strongly, "moving into operating profit during the final quarter".DMGT
Next week's Royal Mail strike blocked by court

Next week's Royal Mail strike blocked by court

Business
Royal Mail has won a High Court injunction preventing next week's 48-hour strike by postal workers.Around 110,000 members of the Communications Workers Union (CWU) were set to walk out from 19 October in what would have been the first national postal strike since Royal Mail was privatised in 2013.Staff had voted overwhelmingly earlier this month in favour of industrial action in a long-running dispute over pensions, pay and jobs.Union leaders say they have been trying to find a solution to the impasse for 18 months.But a High Court judge supported Royal Mail's case that the CWU was breaking its contract by calling a strike before outside mediation, which began on 5 October, is completed.The injunction is necessary to prevent hundreds of thousands of people across the UK being deliberately ...
Royal Mail to be relegated from FTSE 100

Royal Mail to be relegated from FTSE 100

Business
Royal Mail is to be relegated from the FTSE 100 nearly four years after its controversial privatisation.Shares in the delivery business have fallen more than 15% so far this year as it faces a cocktail of headaches including declining letter volumes and rumblings of industrial action.Its price was up nearly 1% in Wednesday trading and, at just over 390p, was still worth more than the 330p the Government sold the stock for in October 2013.But that was not enough to save it from the axe as it has not kept pace with the increasing value of its top-flight counterparts.An official stock market review means that, together with troubled doorstep lender Provident Financial, it will drop into the FTSE 250 Index after close of trading on 15 September.Nicholas Hyett, equity analyst at Hargreaves Lans...