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Thursday 27 May, 2010

Daily Mail & General

Half-yearly Report


                     Daily Mail and General Trust plc

Half Yearly Financial Report for the six months ended 4th April,2010

Financial Highlights

                     Adjusted results*           Statutory results~
                     2010      2009     Change    2010       2009
                            (restated)+                   (restated)+

Revenue               £974m    £1,085 m   -10%      £958m    £1,059 m
Operating             £144m      £114 m   +26%       £73m    £(137) m
profit/(loss)
Profit/(loss)         £110m       £77 m   +42%       £36m    £(222) m
before tax
Earnings/(loss) per   21.1p      14.2 p   +48%      24.3p    (46.0) p
share
Dividend per share                                   5.0p       4.8 p

*(before amortisation and impairment of intangible assets and
exceptional items; see Consolidated Income Statement and reconciliation in
Note 9). These adjusted results are for total operations, including those
treated as discontinued.

+ restated for the change of presentation of the IAS 19 finance
item from operating profit to net finance costs; see Note 1.

~ These statutory highlights are for continuing operations only
(excluding DMG Radio up to 16th December, 2009), other than for earnings /
(loss) per share which is the total statutory figure.


STRONG REBOUND IN FIRST HALF PROFITABILITY

- Underlying operating profit* increase of approximately 20% on
equivalent revenue decline of 3%.

- Continued growth from our B2B operations excluding events,
delivering overall underlying profit* growth of 15%.

- Profitability* of our UK consumer businesses more than doubled,
with recovering advertising trends.

- Margin* improvements from all divisions.

- Net debt reduced by £31 million, due to strong cash flow
management and disposals.

- Dividend increased by 4%.

Martin Morgan, Chief Executive, said:

"Trading in the first half of the year was ahead of our
expectations. Our business-to-business companies have delivered excellent
profit* growth, demonstrating strength and resilience across the portfolio.
Our UK consumer businesses have achieved a sharp improvement in profitability*
reflecting the actions taken to reduce costs and to eliminate loss-making
activities, but also thanks to an improved advertising market. We remain
focused on driving profitable organic growth across the Group.

The strong half year results reflect our focus on execution as well
as the benefits of DMGT's diversified international portfolio of
market-leading businesses in both B2B and consumer markets. Whilst we remain
cautious about the outlook, particularly in the UK, we are increasingly well
positioned to weather current economic uncertainties and to take advantage of
improved conditions as they materialise."

A live webcast of the Half Year Results presentation to City
analysts will be available on our website at 9.30 a.m. on 27th May, 2010 at
http://www.dmgt.co.uk.


Enquiries

Peter Williams                        Tel: 020 7938 6631

Nicholas Jennings                     Tel: 020 7938 6625

Andrew Honnor, Tulchan Communications Tel: 020 7353 4200


Contents

Interim Management Report

Condensed Consolidated Income Statement

Condensed Consolidated Statement of Comprehensive Income

Condensed Consolidated Statement of Changes in Equity

Condensed Consolidated Cash Flow Statement

Condensed Consolidated Balance Sheet

Notes to the Condensed Consolidated Financial Statements

Independent review report by the external auditors

Shareholder Information

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. A discussion 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. In the statutory results, the
Group's radio division is shown within discontinued operations for the period
to 16 December 2009. The adjusted results are summarised below:

Adjusted results*                    2010        2009    Change†
                                       £m (restated)+
                                                   £m

Revenue                               974       1,085       -10%
Operating profit                      144         114       +26%
Income from joint ventures
and associates                          2         (1)        N/A
Net finance costs                    (36)        (36)         0%
Profit before tax                     110     77            +42%
 
Tax charge                           (19)        (15)       -19%
Minority interest                    (10)         (8)       -26%
Group profit                           81          54       +51%
 
Adjusted earnings per share         21.1p       14.2p       +48%

*Adjusted results are stated before amortisation and impairment of
intangible assets and exceptional items. For a reconciliation of Group profit
to adjusted Group profit, see Note 9. These adjusted results are for total
operations, including those treated as discontinued.

#Underlying revenue or profit* is revenue or profit* on a like for
like basis, adjusted for acquisitions, disposals and closures made in the
current and prior year and at constant exchange rates. For A&N Media, the
underlying percentage movements exclude the Evening Standard, London Lite, the
discontinued television activities of Teletext, the digital dating and data
businesses and the Slovakian print production companies.

+ Operating profit* and net finance costs for the prior period have
been restated for the transfer of an IAS 19 pension finance credit of £2.3
million from corporate costs into net finance costs; see Note 1.

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

Summary

Group revenue for the six months to 4th April, 2010 was £974 million, compared
with £1,085 million for the prior year, representing a fall of 10% but only an
underlying# fall of 3%. Operating profit* was up 26% on the equivalent figure
for the previous half year at £144 million, an underlying# increase of
approximately 20%. This increase was due to margin improvements across our
portfolio, but particularly in our consumer businesses.

The Group's B2B companies increased their overall profit* by 11%,
an underlying# increase of 15%. The profits* of A&N Media were significantly
higher, up 132%, due to cost efficiencies and the elimination of loss-making
activities. As a consequence, 71% of this half year's operating profit* was
generated from B2B, compared to 81% for the prior half year.

Adjusted profit* before tax rose by 42% to £110 million. The
statutory profit before tax for the period was £36 million, after charging £37
million of amortisation charges and impairment losses and £37 million of net
exceptional charges.

Outlook

We expect to achieve growth in the rest of the year from B2B,
driven by solid subscription revenues and good cost control.

Within our UK national consumer media business, the impact of cost
reductions, portfolio changes and the current advertising trends will have a
continuing positive effect on profitability*, though we remain cautious on the
outlook for advertising. In our UK local media operations, the impact of cost
reductions remains beneficial and advertising trends are gradually improving.
They should move into year on year growth during the second half, unless a new
downward trend emerges.

As a result, the Board currently expects to achieve good growth in
earnings* per share for the full year.

Divisional Review

Business to business (B2B)

Revenues from the B2B group totalled £380 million, 13% lower than
last year, with an underlying# fall of just 1%. Adjusted operating profits*
increased by £10 million (11%) to £103 million with increases from all
companies other than dmg: events. The underlying# increase was 15% reflecting
prior year disposals within dmg: information and dmg: events outweighing the
impact of a small increase in the average sterling: US dollar exchange rate.
Margin* rose from 21% to 27% with increases by each company.

Risk Management Solutions

                  2010            2009            Movement
 
                  £m              £m              %
Revenue           71              69              +4%
Operating profit* 23              20              +18%
Operating margin* 33%             29%

RMS increased its revenues by 4% and its operating profit* by 18%. Its
underlying# revenue increased by 9%, which, combined with continuing expense
management efforts, resulted in underlying# operating profit* growth of 15%.
Client retention, renewal increases and new licence sales were strong relative
to a year ago, particularly in the Natural Catastrophe & Portfolio Solutions,
Underwriting and Data Solutions businesses. There was also strong demand for
catastrophe bond services, driven by the recovery in capital markets.

The strength of RMS's business model has preserved margins whilst
accommodating continued investment in key growth areas for the long-term
including the next generation software platform, peril models and the data
solutions initiative. RMS remains on track to deliver 10% underlying# revenue
growth for the full year.

dmg: information

                  2010            2009            Movement
 
                  £m              £m              %
Revenue           103             107             -3%
Operating profit* 18              11              +56%
Operating margin* 17%             10%

dmgi increased its operating profit* by 56%, with revenues 3% lower.
Underlying# revenues increased by 6% and underlying# operating profits* rose
by £7.5 million or 75%.

Property Information

Operating profit* from the property information companies increased by 30% to
£8.6 million, with revenues 6% lower at £39 million, due to the effect of
disposing of PPR in 2009. Underlying# revenues and operating profits*
increased by 12% and 70% respectively.

Landmark Information Group benefited from an improvement in
residential transaction volumes in the UK in the first quarter, whilst the
last few months have been stable. They remain significantly below normal long
term prior levels. EDR profits* improved significantly with the full benefit
of last year's cost saving initiatives coming through and revenues increased
modestly.

Other markets

Operating profit* from dmgi's non-property related companies in the Financial,
Education, Energy and Geospatial markets increased by 61% to £11.0 million,
though revenues were 2% lower at £64 million. Underlying# operating profits*
increased by 56% on underlying# revenues that were 2% higher.

Across the Financial, Education and Energy markets, underlying#
revenues increased by 13%. Conditions remained tough, however, in the
Geospatial market with Sanborn seeing an underlying# revenue decline of 32%.

In the financial information market, both Trepp and the products
offered by Lewtan to investors of asset backed securities continued to grow
and margins* improved further.

Hobsons, the education information company, grew its revenues
strongly and broke even in the first half of the year, compared with a first
half loss* in 2009 due to the timing of revenue recognition.

Genscape, the leading provider of real-time information to the
energy trading markets, generated double-digit revenue growth and continues
aggressively to expand its product offerings.

Over the full year, dmgi expects to achieve high single digit
growth in its underlying# revenues and an improvement in margins*. The
portfolio continues to strengthen its market positions through the enhancement
and development of products across all its markets.

dmg: events (formerly DMG World Media)

                  2010            2009            Movement
 
                  £m              £m              %
Revenue           58              102             -43%
Operating profit* 17              25              -31%
Operating margin* 30%             24%

dmg: events revenue and operating profit* were down 43% and 31%
respectively, due in large part to the divestment of businesses last year so
as to focus our strategy on the B2B sector. The results also reflect the
absence of one large biennial event in the half, ADIPEC. The divestment
programme is now completed and we have a portfolio of strong, market-leading
exhibitions and conferences.

dmg: events' underlying# revenue was down 13% and underlying
operating profit* fell by only 17%, despite the high operating leverage of
exhibitions due to cost saving initiatives.

Events are a late cycle media and hence in the first half of the
year many were still reporting anticipated year-on-year reductions in revenue
as the impact of the economic recession filters through. Attendances are now
improving, however, and shows have been performing in line with our
expectations.

The outlook for the two major events in the second half, the Global
Petroleum Show to be held in Calgary in June and the New York International
Gift Fair in August, is moderately encouraging and together with launches,
particularly in Evanta and Digital Marketing, will contribute to improving
growth rates.

Euromoney Institutional Investor

                  2010            2009            Movement
 
                  £m              £m              %
Revenue           148             161             -8%
Operating profit* 45              36              +22%
Operating margin* 30%             23%

Euromoney announced its record first half results last week which
highlight the success of its strategy to build a more robust and higher
quality information business. It responded early to the financial crisis,
cutting costs and acting to protect its margins*.

This strategy has continued to drive strong bottom line performance
in the period, in spite of an 8% fall in revenues. The underlying# fall was
6%. Euromoney's operating profit* increased by 22% due to the benefits from
last year's cost cuts, helped by the delayed benefit from the strengthening of
the US dollar against sterling in 2009.

While tight margin management was maintained throughout the period,
the focus of the strategy has shifted to positioning the business for growth,
both from existing products as markets recover, and from investment in
technology and new products as part of the migration to an online information
business.

Revenues from subscription-based products declined as the lag
effect of cuts in headcount and information buying by customers during the
first half of 2009 worked their way through into revenues. Subscription
revenues fell by 7%, but at constant currency the rate of decline appears to
have bottomed out in the first quarter, earlier than expected, and recent
trends in renewal rates and new orders have both been positive.

Advertising, which was the first revenue stream to be hit by the
credit crisis, began to show signs of recovery in the first quarter and this
was confirmed in the second as customers, particularly global financial
institutions, began to increase their marketing spend.

Revenues from events and training continued to suffer in the first
quarter from the tight controls on discretionary spending first imposed by
customers at the end of 2008, as well as Euromoney's deliberate strategy to
eliminate low margin events. In contrast, there has been a gradual recovery in
sponsor and delegate revenues since the start of the calendar year.

Emerging markets, which account for more than a third of
Euromoney's revenues, continue to hold up reasonably well, with growth in
Latin America and Asia offsetting weakness in Eastern Europe and the Middle
East.

The gradual recovery in sales since the start of the calendar year
accelerated in March and April to the point where there are prospects for a
return to revenue growth in the third quarter. Whilst the sovereign debt
crisis in Europe and the possible fallout may affect Euromoney's ability to
grow as quickly as it would wish, the immediate outlook is encouraging.

Consumer media

Revenues from the Group's consumer operations for the period
totalled £594 million, 8% lower than last year, with an underlying# fall of
3%. Adjusted operating profits* increased by £33 million (127%) to £58
million. A&N Media's margins* rose from 4% to 9%. The improving performance
was accentuated by easier comparatives in the quarter to March, given the
state of the markets a year ago.

Whilst A&N Media has seen improving advertising revenue trends
since the start of the calendar year, the Group remains focused on cost
control. Headcount fell by 680 (8%) in the period, including the closure of
London Lite in November 2009, most of the television activities of Teletext in
December 2009 and a further regional printing plant at Plymouth in February
2010. As a consequence, an exceptional restructuring charge of £28 million was
made.

Associated Newspapers

                  2010            2009            Movement
 
                  £m              £m              %
Revenue           427             455             -6%
Operating profit* 42              18              +135%
Operating margin* 10%             4%

Associated's results benefited from the impact of the significant
cost reductions made in the prior year, together with further cost savings
made in the current year and from the actions taken to eliminate loss-making
activities. These actions offset the effect of a slight decline in circulation
revenues. Advertising revenues were little changed, but with an improving
trend that has continued into May: for the half year they were up 1% on an
underlying# basis (quarter 1 - down 7%, quarter 2 - up 11%).

Newspaper operations

Underlying# circulation revenues fell by 3% to £175 million. Whilst
circulation of the Daily Mail fell by 1.7% in the period and that of The Mail
on Sunday by 3.2%, both titles increased their market share. Our sustained
subscription/home delivery initiative contributed to this improved competitive
position with the Daily Mail's share of the national market exceeding 20%
throughout the period. The upfront cost of this investment is charged against
circulation revenues. Promotional activity continued to be directed away from
CD and DVD giveaways.

Underlying# advertising revenues were up 1% at £181 million, driven by a
strong performance by Metro. Underlying# display advertising was up 2% to £148
million. Retail, our largest category, performed particularly well, up 18%,
driven by strong advertising by supermarkets. Underlying# classified
advertising fell by 5% to £27 million. Underlying# digital revenue from the
newspaper titles' companion sites increased by 20% to £5.4 million due to the
growing success of MailOnline.

The results include losses* made by London Lite and the discontinued
television activities of Teletext prior to their closure.

Associated Northcliffe Digital

AND's revenues from its portfolio of core digital businesses in
jobs, property, travel and motors rose by 5% to £41 million, compared to the
first half of last year. All sectors increased their revenues, other than the
Jobs businesses which continued to experience a decline due to the depressed
recruitment market. Operating profit* improved by £3.8 million to £2.2
million. This was due mainly to lower marketing costs at Jobsite compared to
the first half of last year, when a significant brand-building campaign took
place. AND disposed of its dating and data businesses in the period.

Northcliffe Media

                  2010            2009            Movement
 
                  £m              £m              %
Revenue           150             166             -9%
Operating profit* 14              6               +121%
Operating margin* 9%              4%

UK

Northcliffe increased its UK operating profits* by £8.9 million (262%) to
£12.3 million. Revenues were down 7% to £132 million, with advertising
revenues down by 9% to £93 million (quarter one - down 13%, quarter two - down
5%).

By category, property revenues were up 1%, but all other major
categories fell with retail down 4%, recruitment down 24%, notices down 8% and
motors down by 6%. All other categories combined contracted by 9%. UK digital
revenues for the period were £9 million, up 13%, despite recruitment revenues
being down 14%.

UK circulation revenues fell by 7% to £33 million. In the July to December
2009 ABC period, circulation of both daily and weekly titles, down 8% and 6%
respectively, were in line with industry trends. Nine daily titles increased
their cover prices during the period. In contrast with the loss of print
circulation, the number of visitors across our entire digital network rose by
16% in March 2010, compared to March 2009.

Operating costs were 15% lower than in the previous period, with lower
newsprint and other production costs, staff and distribution costs in
particular. Headcount was reduced by a further 143 (4%) in the period.

Trading during April and the first three weeks of May has seen advertising
revenues 4% below last year. Property (up 9%) and recruitment (up 2%: first
growth for over two years) have performed well, retail continues to show
single digit declines, whereas notices are finding market conditions
challenging.

Central Europe

A&N International's operating profits* fell by £1.5 million (56%) to £1.2
million on revenues down 20% to £19 million. Underlying revenues# fell by 17%
with market conditions difficult for motors and retail advertising. Two loss
making print publishing companies in Slovakia, Perex a.s. and Avizo s.r.o.
were disposed of. Underlying# headcount has been reduced by 35 (7%) during the
period.

Other income statement items

- Net finance costs

                     2010            2009            Movement
 
                     £m              (restated)      %
 
                                     £m
Net interest payable (35)            (38)            -9%
and similar charges
Pension finance item (1)             2               N/A
Total                (36)            (36)            0%

Net interest payable and similar charges (including deemed finance
charges and interest receivable) fell by £3 million to £35 million with the
higher sterling value of interest on fixed US$ liabilities offset by lower
average floating rate debt.

The IAS 19 pension finance charge has been reported within net
finance costs, rather than within Group operations as in previous reporting
periods. The prior period comparative has been restated. The pension finance
item increased by £3 million due to the movement in the pension fund deficit
and the discount rate used. This has needed to be recalculated from that
previously thought to be required and the full year increase is now expected
to be £6 million, £9 million lower than previously indicated.

- Other items

The Group's share of the results* of its joint ventures and associates
improved by £2.2 million to £2.0 million. It includes income, net of interest
costs, from DMG Radio Australia (DMGRA) since it became a 50% joint venture on
16th December 2009. This was offset by our share of the losses of India Today.
The results of DMGRA have been reported as discontinued operations up to 16th
December, 2009, as required by IFRS 5.

The Group has charged £33 million as exceptional operating costs.
This charge comprised impairment of property, plant and equipment of £17
million and reorganisation costs of £16 million principally within A&N Media.

The charge for amortisation of intangible assets fell by £6 million
to £39 million due mainly to the disposal of 50% of DMGRA.

The Group recorded other net gains of £2 million, compared to net
losses of £6 million in the prior period.

- Taxation

The adjusted tax charge of £19 million (2009 £15 million) is stated
after adjusting for the effect of exceptional items. The adjusted tax rate for
the half year fell to 16.8% from 22.1% in the 2009 full year. The continued
low rate reflects tax reductions from tax-efficient financing and tax
deductible amortisation in the USA that are expected to recur. In addition,
the Group recognised previously unrecognised tax losses and this largely
accounts for the lower rate, compared with last year.

There were net exceptional credits of £50 million, being the write
back of provisions arising from the agreement of certain prior year open
issues with tax authorities (£41 million), deferred tax credits on goodwill
and intangible assets, (£3 million) and tax credits on exceptional items (£6
million).

Pensions

The deficit on the Group's defined benefit pension schemes fell from £430
million at the beginning of the year to £250 million at the half year
(calculated in accordance with IAS 19). This improvement is due both to an
increase in the market value of the schemes' assets coupled with an experience
gain actuarial movement which has decreased the value attributed to its
liabilities. The Company has begun funding discussions with the trustees as
part of the process associated with the triennial actuarial valuation of the
main schemes as at 31st March, 2010. The valuation and funding agreement are
expected to be completed by June 2011, within the statutory period.

Net debt and cash flow

Net debt at the end of the period was £1,018 million, a reduction
of £31 million since the year end, despite a £13 million increase arising from
the depreciation of sterling against the US dollar. The Group generated
operating cash flows of £132 million and disposals of £73 million. These
funded total acquisition spend of £28 million, capital expenditure £23
million, taxation £5 million, interest £36 million and dividends totalling £42
million.

Acquisitions were largely pre-contracted earn-out payments and
other deferred consideration. Disposals were of properties and businesses,
principally the sale of 50% of DMGRA in December.

Net debt is usually at its peak around the half year due to the
timing of dividend and other annual payments. A steady reduction in net debt
is expected in the second half of the year.

In December 2009, the Group extended the maturity of its bond debt
by issuing further 5.75% Bonds due 2018 in exchange for £144 million of 7.5%
Bonds due 2013, reducing its 2013 bond maturities to £156 million. As
previously reported, we expect no difficulties in meeting our banking
covenants and have adequate committed facilities for our present requirements.
£180 million of our facilities of £420 million expire in September 2011, with
the balance available until 2013.

Other financing

The Group acquired 1.9 million of its `A' Ordinary shares for £8
million, using them to settle exercised share options in a subsidiary. DMGT's
weighted average number of shares in issue for the full year is currently
estimated at 382.9 million (2009 382.9 million).

DMGT took its share of the final dividend from Euromoney in the
form of a scrip. This enabled it to offset the dilutive effect of the vesting
of the final tranche of Euromoney's capital appreciation plan, thereby
maintaining its equity interest at around 66%. It is the Board's current
intention also to take Euromoney's forthcoming interim dividend in the form of
a scrip.

Dividend

The Board has declared an interim dividend of 5.00 pence per
Ordinary and `A' Ordinary Non-Voting share (2009 4.80 pence) which will be
paid on 9th July, 2010 to shareholders on the register at the close of
business on 11th June, 2010.

Principal risks and uncertainties

The principal risks and uncertainties that affect the Group on an
ongoing basis are described in our 2009 Annual Report at www.dmgt.co.uk. These
are still considered to be the most relevant risks and uncertainties at this
time. The risks that could potentially have a specific impact on the Group's
performance over the remaining six months of the financial year are "Exposure
to changes in the global economy and customer spending patterns" and "Impact
of a major disaster". The impact of these risks could cause actual results to
differ from expected and historical results.

Where a risk that was disclosed in the Annual Report is unchanged or is not
expected to have a specific impact in the remaining period, a summary of the
disclosure given in the Annual Report has been included.

Risks specific to the remaining six month period of the year

Exposure to changes in the global economy and customer spending
patterns

The speed and extent of the recovery in the global economy and
especially the UK and US economies, remains uncertain. A slower than expected,
or "double dip," recovery gives rise to a risk that the Group's forecast
results will not be achieved. Management of costs over the last 18 months has
reduced the Group's cost base and therefore put us in a strong position should
the recovery falter. Trading in the period up to 4th April 2010 has continued
to be ahead of our expectations, though we remain cautious about the rest of
the year, particularly in the light of economic uncertainty in the UK.

Impact of a major disaster

The recent closure of European airspace as a result of the eruption
of the Eyjafjallajökull volcano in Iceland has highlighted the potential
impact that restrictions to air travel could have on our events and training
businesses. This closure had minimal financial impact on the Group's
activities, though it remains unclear whether further significant airspace
closures may be required. Disruptions to international travel for any reason
could lead to events and training courses being postponed or cancelled.
Contingency plans are in place to minimise the disruption from travel
restrictions, and abandonment insurance is in place for certain key events.

Other risks disclosed in the Annual Report

The following is a summary of the other risks and uncertainties
that were disclosed in the 2009 Annual Report.

The impact of technological and market changes on our competitive
advantage

Our businesses operate in highly competitive environments that can
be subject to rapid change. Our products and services, and their means of
delivery, are affected by technological innovations, changing legislation,
competitor activity or changing customer behaviour. Our strategy of
diversification and willingness to take a long-term view helps us react to
these challenges and opportunities.

Pension scheme shortfalls

We operate defined benefit schemes for our newspaper divisions and
certain senior executives. Reported earnings may be adversely affected by
changes in our pension costs and funding requirements due to lower than
expected investment returns, changes in bond yields and changes in
demographics, particularly longer life expectancy. The schemes remain neutral
in cash flow terms and so do not currently need to sell assets. The next
triennial valuation of the schemes as at 31st March 2010 will be completed in
early 2011.

Impact of a major disaster

Any disaster, such as a geopolitical event, terrorist attack, or a
natural disaster, which significantly affects the wider environment or
infrastructure in a sector where the Group has material operations, could
adversely affect the Group. Plans and procedures are in place to manage the
impact of such risks.

Impact of a major outbreak of disease

The first and second wave of the H1N1 influenza pandemic were not
as severe as first predicted and had only a limited impact. The World Health
Organisation has, however maintained the pandemic threat level at six. A more
severe wave of pandemic influenza, arising from a mutation of the existing
virus could still affect the Group's ability to produce and deliver its
products, reduce the demand for them, or affect our cost base. Our planning in
advance of the recent events and since has allowed our businesses to be well
prepared and to respond quickly to this threat.

Reliance on key management and staff

In order to pursue our strategy, we are reliant on key management
and staff across all our businesses. We cannot predict with certainty that we
will enjoy continued success in our recruitment and retention of high quality
management and creative talent. Our Group Human Resources Director continues
to work with divisional and executive management on talent management and
succession planning.

Commercial Relationships including volatility of newsprint

DMGT is reliant on a number of commercial relationships with key
suppliers and third parties. A significant change to the commercial terms or a
loss of any of these key relationships could have a material impact on the
Group's financial results and ability to trade. An example of this is
newsprint which represents a significant proportion of our costs within the
newspaper divisions. Significant time and resources are committed to
developing these relationships to ensure they continue to operate
satisfactorily. The Group's newsprint requirements are also monitored by the
board of Harmsworth Printing.

Acquisition and disposal risk

A number of risks are inherent within any strategy to acquire.
However, the majority of acquisitions considered are smaller add-on
businesses, which reduces the size of the risk of each acquisition to the
Group. There are also risks to our ability to achieve optimal value from
disposals. These are monitored and managed by each divisional board with
oversight from the DMGT Board.

Reliance on IT infrastructure

All of our businesses are dependent on technology to some degree.
Information systems are critical for the effective management and provision of
services around the Group. Disruption to our information technology
infrastructure, or failure to implement new systems effectively, could result
in lost revenue and damage our reputation. Dedicated project management teams
are used to manage the risk in any change project and business continuity
plans are in place in each division to protect existing systems.

Information security

Information security continues to be an important issue,
particularly in light of rapid technological change. A Group-wide policy has
been set and the Risk Committee have overseen the implementation of this
policy in all divisions.

Climate change

The risks associated with climate change include the introduction
of, or increase in, legislation and regulation of the environmental impact of
our operations. In the longer term, the physical impact of climate change
could affect our business locations, distribution routes or third party
suppliers.

Treasury Risk

The Group's financing and treasury operations manage a number of
risks including currency exchange rate fluctuations, liquidity risk and
interest rate risk. The recent problems in global financial markets and the
global recession heighten the uncertainty in this area. The Group renegotiated
its bank debt prior to the 2008 financial year end.

Tax risk

The Group operates within many jurisdictions; our earnings are
therefore subject to taxation at differing rates across these jurisdictions
and, due to an ever more complex international tax environment, there will
always be a level of uncertainty when provisioning for our tax liabilities.
Working with divisional management and external experts we have a team of
in-house specialists who review all tax arrangements within the Group and keep
abreast of changing legislation.

Legal and regulatory

DMGT businesses are subject to varying legislation and regulation
across several jurisdictions. A breach of legislation or regulations could
affect the results and future trading of the business.

For further details of these risks and mitigating controls which
are in place, please refer to the 2009 Annual Report.

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, this
condensed set of financial statements which should be read in conjunction with
the annual financial statements for the year ended 4th October, 2009:

a) has been prepared in accordance with IAS 34 `Interim financial
reporting' as adopted by the European Union; and

b) 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
26th May, 2010

*References to operating profit or loss or share of the results of
joint ventures and associates in the narrative above are to adjusted operating
profit or loss or adjusted share of the results of joint ventures and
associates before amortisation and impairment of intangible assets and
exceptional items); see notes 2 and 3. These adjusted results are for total
operations, including those treated as discontinued.

#Underlying revenue or profit* is revenue or profit* on a like for
like basis, adjusted for acquisitions, disposals and closures made in the
current and prior year and at constant exchange rates. For A&N Media, the
results are for 26 weeks, both in the current and prior half year and the
underlying percentage movements exclude the Evening Standard, London Lite, the
discontinued television activities of Teletext, the digital dating and data
businesses and the Slovakian print companies.

The average £: US$ exchange rate for the half year was £1: $1.59 (against
£1:$1.51 for the first half of last year). The rate at the half year year end
was $1.53 (against the 2009 year end rate of $1.59).

For further information

For analyst and institutional enquiries:

Peter Williams                        020 7938 6631

Nicholas Jennings                     020 7938 6625

For media enquiries:

Andrew Honnor, Tulchan Communications 020 7353 4200

Analysts' presentation and webcast

A presentation of the Half Year results will be given to investors
and analysts at 9.30 a.m. on 27th May, 2010 at the Brewery, Chiswell Street,
London, EC1Y 4SD. There will also be a live webcast available on our website:
http://www.dmgt.co.uk.

Next trading update

The Group's next scheduled announcement of financial information
will be its third quarter interim management statement on 27th July, 2010.

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.


DMGT plc
Condensed Consolidated Income Statement
For the 26 weeks ending ended 4th April, 2010
                                                    Unaudited 26 Unaudited 26   Audited 53
                                                    weeks ending weeks ending        weeks
                                                             4th  29th March,   ending 4th
                                                     April, 2010         2009     October,
                                                                     Restated         2009
                                                                     (note 1)     Restated
                                                                                  (note 1)

                                               Note           £m           £m           £m
CONTINUING OPERATIONS
Revenue                                           2        957.7      1,059.0      2,062.4
 
Operating profit before exceptional operating     2        141.4        112.5        269.1
costs and amortisation and
impairment of goodwill and intangible assets
Exceptional operating costs and impairment of     2       (32.5)       (49.1)       (99.0)
property, plant and equipment
Amortisation and impairment of goodwill and       2       (35.5)      (200.1)      (331.3)
intangible assets
 
Operating profit/(loss) before share of           2         73.4      (136.7)      (161.2)
results of joint ventures and associates
Share of results of joint ventures and            3        (1.5)        (5.1)        (9.2)
associates
Total operating profit/(loss)                               71.9      (141.8)      (170.4)
 
Other gains and losses                            4          1.4        (6.3)       (23.5)
Profit/(loss) before net finance costs and tax              73.3      (148.1)      (193.9)
 
Investment revenue                                5          1.4          3.1          7.0
Finance costs                                     6       (38.7)       (76.8)      (113.8)
Net finance costs                                         (37.3)       (73.7)      (106.8)
 
Profit/(loss) before tax                                    36.0      (221.8)      (300.7)
Tax                                               7         33.9         56.9         80.3
Profit/(loss) after tax from continuing                     69.9      (164.9)      (220.4)
operations
 
DISCONTINUED OPERATIONS
Profit/(loss) from discontinued operations       19         32.2       (13.9)       (85.0)
 
PROFIT/(LOSS) FOR THE PERIOD                               102.1      (178.8)      (305.4)
 
Attributable to :
Owners of the company                                       92.7      (172.9)      (303.4)
Non-controlling interests *                                  9.4        (5.9)        (2.0)
Profit/(loss) for the period                               102.1      (178.8)      (305.4)
 
Earnings/(loss) per share                        10
From continuing operations
Basic                                                      15.9p      (42.0)p      (57.4)p
Diluted                                                    15.9p      (42.0)p      (57.4)p
From discontinued operations
Basic                                                       8.4p       (4.0)p      (22.4)p
Diluted                                                     8.4p       (3.9)p      (22.4)p
From continuing and discontinued operations
Basic                                                      24.3p      (46.0)p      (79.8)p
Diluted                                                    24.3p      (45.9)p      (79.8)p
Adjusted earnings per share
Basic                                                      21.1p        14.2p        37.2p
Diluted                                                    21.1p        14.3p        37.2p
* All attributable to continuing operations


DMGT plc
Condensed Consolidated Statement of Comprehensive Income
For the 26 weeks ending ended 4th April, 2010
                                                    Unaudited 26 Unaudited 26   Audited 53
                                                weeks ending 4th weeks ending        weeks
                                                     April, 2010  29th March,   ending 4th
                                                                         2009     October,
                                                                                      2009
                                        Note                  £m           £m           £m
Profit/(loss) for the period                               102.1      (178.8)      (305.4)
Fair value movements on available                            0.2            -          1.4
-for-sale investments
Gains/(losses) on hedges of net investments                  0.7      (119.9)       (41.9)
in foreign operations
Cash flow hedges :                                                          -            -
Gains/(losses) arising during the period                   (9.5)       (30.6)        (4.5)
Transfer of gains on cash flow hedges from                   2.6          1.9          3.5
translation reserve to Income
Statement
Share of associates other comprehensive                        -            -        (2.4)
income items
Translation reserves recycled to          18              (42.9)            -          0.9
Income Statement on disposals
Foreign exchange differences on translation                 34.4        111.0         39.8
of foreign operations
Actuarial gain/(loss) on defined benefit                   182.9      (186.7)      (424.5)
pension schemes
 
Other comprehensive income/(loss)                          168.4      (224.3)      (427.7)
Tax relating to components of other                       (50.8)         59.1        120.6
comprehensive income/(loss)
 
Other comprehensive income/                                117.6      (165.2)      (307.1)
(loss) for the period
 
Total comprehensive income/                                219.7      (344.0)      (612.5)
(loss) for the period
 
Attributable to :
Owners of the Company                                      207.4      (339.6)      (613.9)
Non-controlling interests                                   12.3        (4.4)          1.4
                                                           219.7      (344.0)      (612.5)


DMGT plc
Condensed Consolidated Statement of Changes in Equity
For the 26 weeks ending ended 4th April,2010


                 Called    Share    Capital Revaluation   Shares Translation Retained   Total        Non-   Total
                     up  premium redemption     reserve  held in     reserve earnings         controlling  equity
                  share  account    reserve             treasury                                interests
                capital
                     £m       £m         £m          £m       £m          £m       £m      £m          £m      £m

Balance as at      49.1     12.4        1.1        39.5   (93.5)        22.2    479.1   509.9        38.7   548.6
28th
September, 2008

Loss for the          -        -          -           -        -           -  (172.9) (172.9)       (5.9) (178.8)
period

Other                 -        -          -           -        -      (39.1)  (127.6) (166.7)         1.5 (165.2)
comprehensive
income/(loss)
for the
period

Total                 -        -          -           -        -      (39.1)  (300.5) (339.6)       (4.4) (344.0)
comprehensive
loss for the
period

Dividends             -        -          -           -        -           -   (37.1)  (37.1)       (7.1)  (44.2)

Own shares            -        -          -           -     33.1           -        -    33.1           -    33.1
released
on vesting of
share
options

Transfer to           -        -          -      (35.9)        -           -     35.9       -           -       -
retained
earnings
realised
gain on GCap
Media
plc shares

Exercise of           -        -          -           -        -           -     13.7    13.7         6.9    20.6
acquisition put
option
commitments

Other                 -        -          -           -        -         2.4    (1.9)     0.5         3.1     3.6
transactions
with
non-controlling
interests

Adjustment to         -        -          -           -        -           -    (4.2)   (4.2)           -   (4.2)
equity
following
increased stake
in
controlled
entity

Credit to             -        -          -           -        -           -      5.3     5.3           -     5.3
equity for
equity settled
share
based payments

Settlement of         -        -          -           -        -           -   (36.0)  (36.0)           -  (36.0)
exercised share
options of
subsidiary
 
Balance as at      49.1     12.4        1.1         3.6   (60.4)      (14.5)    154.3   145.6        37.2   182.8
29th
March, 2009
 
Balance as at      49.1     12.4        1.1        39.5   (93.5)        22.2    479.1   509.9        38.7   548.6
28th
September, 2008

Loss for the          -        -          -           -        -           -  (303.4) (303.4)       (2.0) (305.4)
period

Other                 -        -          -         1.4        -      (11.6)  (300.3) (310.5)         3.4 (307.1)
comprehensive
income/(loss)
for the
period

Total                 -        -          -         1.4        -      (11.6)  (603.7) (613.9)         1.4 (612.5)
comprehensive
income/(loss)
for the
period

Issue of share        -        -          -           -        -           -        -       -         0.2     0.2
capital

Dividends             -        -          -           -        -           -   (55.3)  (55.3)       (9.3)  (64.6)

Own shares            -        -          -           -    (5.6)           -        -   (5.6)           -   (5.6)
acquired
in the period

Own shares            -        -          -           -     52.3           -        -    52.3           -    52.3
released
on vesting of
share
options

Transfer to           -        -          -      (36.8)        -           -     36.8       -           -       -
retained
earnings
realised
gain on GCap
Media
plc shares

Exercise of           -        -          -           -        -           -     20.2    20.2         6.9    27.1
acquisition put
option
commitments

Other                 -        -          -           -        -       (0.8)    (6.2)   (7.0)         7.9     0.9
transactions
with
non-controlling
interests

Adjustment to         -        -          -           -        -           -    (3.1)   (3.1)           -   (3.1)
equity
following
increased stake
in
controlled
entity

Credit to             -        -          -           -        -           -     11.4    11.4         1.0    12.4
equity for
equity settled
share
based payments

Settlement of         -        -          -           -        -           -   (43.2)  (43.2)           -  (43.2)
exercised share
options of
subsidiary
 
Balance as at      49.1     12.4        1.1         4.1   (46.8)         9.8  (164.0) (134.3)        46.8  (87.5)
4th

October, 2009

Profit for the        -        -          -           -        -           -     92.7    92.7         9.4   102.1
period

Other                 -        -          -         0.2        -      - 17.4    131.9   114.7         2.9   117.6
comprehensive
income for the
period

Total                 -        -          -         0.2        -      (17.4)    224.6   207.4        12.3   219.7
comprehensive
income for the
period

Issue of share        -        -          -           -        -           -        -       -         1.0     1.0
capital
Dividends             -        -          -           -        -           -   (37.9)  (37.9)       (3.9)  (41.8)
Own shares            -        -          -           -    (7.9)           -        -   (7.9)           -   (7.9)
acquired in the
period

Own shares            -        -          -           -      9.8           -        -     9.8           -     9.8
released on
vesting
of share
options

Exercise of           -        -          -           -        -           -      2.0     2.0       (1.1)     0.9
acquisition put
option
commitments

Other                 -        -          -           -        -           -      2.9     2.9       (2.1)     0.8
transactions
with
non-controlling
interests

Adjustment to         -        -          -           -        -           -      6.3     6.3       (6.3)       -
equity
following
increased stake
in
controlled
entity

Adjustment to         -        -          -           -        -           -    (1.3)   (1.3)         1.3       -
equity
following
decreased stake
in
controlled
entity

Credit to             -        -          -           -        -           -      5.7     5.7         0.2     5.9
equity for
equity settled
share
based payments

Settlement of         -        -          -           -        -           -    (9.6)   (9.6)           -   (9.6)
exercised share
options of
subsidiary

Deferred tax on       -        -          -           -        -           -    (0.6)   (0.6)       (0.2)   (0.8)
share based
payment
transactions
 
Balance as at      49.1     12.4        1.1         4.3   (44.9)       (7.6)     28.1    42.5        48.0    90.5
4th
April, 2010
 

DMGT plc
Condensed Consolidated Cash Flow Statement
For the 26 weeks ending ended 4th April, 2010
                                                                        Unaudited 26   Unaudited Audited 53
                                                                               weeks    26 weeks      weeks
                                                                          ending 4th ending 29th ending 4th
                                                                         April, 2010      March,   October,
                                                                                            2009       2009
                                                                Note              £m          £m         £m
Operating profit/(loss) before share of results of joint           2            73.4     (136.7)    (161.2)
ventures
and associates - continuing operations
Operating profit/(loss) before share of results of joint          19             0.7      (18.0)    (100.9)
ventures
and associates - discontinued operations
Adjustments for :
Share-based payments                                                             5.9         5.3       12.5
Pension curtailments                                              20           (0.4)           -     (27.4)
Depreciation                                                       2            26.5        32.1       61.7
Impairment of property, plant and equipment                        2            17.0        12.8       25.4
Impairment of goodwill and intangible assets                       2             0.6       175.4      346.6
Amortisation of intangible assets                                  2            36.7        44.2       89.1
 
Operating cash flows before movements in working capital                       160.4       115.1      245.8
 
(Increase)/decrease in inventories                                             (3.4)       (1.5)        5.8
(Increase)/decrease in trade and other receivables                            (27.8)        58.5      109.4
Decrease in trade and other payables                                           (7.1)      (91.6)     (88.0)
(Decrease)/increase in provisions                                              (6.5)         4.7       24.2
Additional payment into pension schemes                           20               -           -      (4.2)
 
Cash generated by operations                                                   115.6        85.2      293.0
 
Taxation paid                                                                 (12.4)      (20.2)     (32.3)
Taxation received                                                                7.2         6.9       18.3
 
Net cash from operating activities                                             110.4        71.9      279.0
 
Investing activities
 
Interest received                                                                0.8         5.5        5.7
Dividends received from joint ventures and associates                            2.3         2.1        2.1
Dividends received from available-for-sale investments                           0.4         1.3        0.2
Purchase of property, plant and equipment                         12          (15.8)      (22.6)     (39.6)
Expenditure on internally generated intangible fixed assets                    (7.6)       (8.0)     (17.8)
Purchase of available-for-sale investments                                     (1.1)       (1.2)      (2.5)
Proceeds on disposal of property, plant and equipment             12             1.7         3.3       20.5
Proceeds on disposal of available-for-sale investments                             -           -        1.3
Purchase of subsidiaries                                          17          (10.0)      (16.6)     (22.0)
Purchase of additional interests in controlled entities                       (12.8)      (20.4)     (24.1)
Treasury derivative activities                                                 (3.5)      (68.2)     (58.7)
Investment in joint ventures and associates                                    (3.8)       (1.5)      (5.4)
Loans to joint ventures and associates repaid                                   64.7         0.2        0.4
Proceeds on disposal of businesses                                18             3.1         3.0        4.7
 
Net cash generated by/(used in) investing activities                            18.4     (123.1)    (135.2)
 

DMGT plc
Condensed Consolidated Cash Flow Statement (continued)
For the 26 weeks ending ended 4th April, 2010
                                                                        Unaudited 26   Unaudited Audited 53
                                                                               weeks    26 weeks      weeks
                                                                          ending 4th ending 29th ending 4th
                                                                         April, 2010      March,   October,
                                                                                            2009       2009
                                                                Note              £m          £m         £m
Financing activities
Equity dividends paid                                              8          (37.9)      (37.1)     (55.3)
Dividends paid to minority interests                                           (3.9)       (7.1)      (9.3)
Issue of shares by Group companies to non-controlling interests                  1.0           -        0.2
Purchase of own shares                                                         (7.9)           -      (5.6)
Receipt/(payment) on exercise/settlement of subsidiary share                     2.0       (2.9)        5.2
options
Interest paid                                                                 (33.9)      (17.7)     (77.0)
Bond issue costs                                                               (0.4)           -          -
Loan notes repaid                                                              (4.0)       (8.3)     (14.4)
Sale and lease back finance receipts                                               -           -       25.0
Repayments of obligations under hire purchase agreements                       (2.4)           -          -
(Decrease)/increase in bank borrowings                                        (19.9)       117.6     (16.1)
 
Net cash (used in)/generated by financing activities                         (107.3)        44.5    (147.3)
 
Net increase/(decrease) in cash and cash equivalents                            21.5       (6.7)      (3.5)
 
Cash and cash equivalents at beginning of period                                46.9        44.3       44.3
Exchange gain on cash and cash equivalents                                       1.5         7.1        6.1
 
Net cash and cash equivalents at end of period                    11            69.9        44.7       46.9


DMGT plc
Condensed Consolidated Balance Sheet
As at 4th April, 2010
                                                                 Unaudited as at Unaudited as at  Audited as at
                                                                             4th            29th            4th
                                                                     April, 2010     March, 2009  October, 2009
                                                                                        Restated Restated (note
                                                                                        (note 1)             1)
                                                           Note               £m              £m             £m
ASSETS
Non-current assets
Goodwill                                                                   747.1           849.0          734.2
Other intangible assets                                                    388.4           641.8          460.9
Property, plant and equipment                                12            395.9           482.9          440.4
Investments
Joint ventures                                                              23.7            16.2           16.8
Associates                                                                   5.1             2.6            5.4
 
Available-for-sale investments                                              21.1             4.6           18.1
Trade and other receivables                                                 30.9            23.6           17.6
Derivative financial assets                                                  6.1             5.3            5.5
Retirement benefit assets                                    20              0.6             0.6              -
Deferred tax assets                                                        123.7            78.6          164.6
 
                                                                         1,742.6         2,105.2        1,863.5
Current assets
Inventories                                                                 27.5            31.6           23.6
Trade and other receivables                                                386.9           436.4          377.5
Current tax receivable                                                         -               -           12.8
Derivative financial assets                                                  9.2             3.3           17.9
Cash and cash equivalents                                                   70.8            45.3           47.4
 
                                                                           494.4           516.6          479.2
 
Total assets                                                             2,237.0         2,621.8        2,342.7
 
LIABILITIES
Current liabilities
Trade and other payables                                                 (625.0)         (655.1)        (640.1)
Current tax payable                                                       (57.2)          (88.2)         (97.0)
Acquisition put option commitments                           13            (1.1)          (19.5)         (11.2)
Borrowings                                                   14           (17.1)          (19.0)         (20.5)
Derivative financial liabilities                                           (6.8)          (38.6)          (9.5)
Provisions                                                                (29.0)          (27.5)         (38.7)
 
                                                                         (736.2)         (847.9)        (817.0)
 
Non-current liabilities
Trade and other payables                                                   (0.4)           (1.0)          (0.6)
Acquisition put option commitments                           13                -           (0.4)          (0.7)
Borrowings                                                   14        (1,024.3)       (1,168.9)      (1,040.7)
Derivative financial liabilities                                          (79.1)         (140.8)         (82.2)
Retirement benefit obligations                               20          (251.0)         (220.7)        (430.4)
Provisions                                                                (32.0)          (30.3)         (34.4)
Deferred tax liabilities                                                  (23.5)          (29.0)         (24.2)
 
                                                                       (1,410.3)       (1,591.1)      (1,613.2)
 
Total liabilities                                                      (2,146.5)       (2,439.0)      (2,430.2)
 
Net assets/(liabilities)                                                    90.5           182.8         (87.5)


DMGT plc
Condensed Consolidated Balance Sheet (continued)
As at 4th April, 2010
                                                                 Unaudited as at Unaudited as at  Audited as at
                                                                             4th            29th            4th
                                                                     April, 2010     March, 2009  October, 2009
                                                                                        Restated Restated (note
                                                                                        (note 1)             1)
                                                           Note               £m              £m             £m
SHAREHOLDERS' EQUITY
 
As at 4th April, 2010
Called up share capital                                                     49.1            49.1           49.1
Share premium account                                                       12.4            12.4           12.4
Share capital                                                16             61.5            61.5           61.5
 
Capital redemption reserve                                                   1.1             1.1            1.1
Revaluation reserve                                                          4.3             3.6            4.1
Shares held in treasury                                                   (44.9)          (60.4)         (46.8)
Translation reserve                                                        (7.6)          (14.5)            9.8
Retained earnings/(deficit)                                                 28.1           154.3        (164.0)
 
Equity attributable to owners of the company                                42.5           145.6        (134.3)
Non-controlling interests                                                   48.0            37.2           46.8
 
                                                                            90.5           182.8         (87.5)
 
Approved by the Board of Directors on 26th May, 2010
  

DMGT plc
  
For the 26 weeks ending ended 4th April, 2010
  
NOTES

1 BASIS OF PREPARATION
  The information for the 26 weeks ended 4th April, 2010 and 29th March, 2009 and for the
  53 weeks ended 4th October, 2009 does not constitute statutory accounts for the
  purposes of section 435 of the Companies Act 2006. A copy of the accounts for the 53
  weeks ended 4th October, 2009 has been delivered to the Registrar of Companies. The
  auditors' 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 ending 4th April, 2010,
  26 weeks ending 29th March, 2009 and 53 weeks ending 4th October, 2009. 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 31st March and 30th September. As a result
  the information presented for the 53 week period ended 4th October, 2009 is not
  directly comparable with that presented for the half year periods in respect of the
  national and local media divisions.

  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 53 week period ending 4th
  October, 2009 have been included on a voluntary basis. The comparative information has
  been updated in line with the requirements of IFRS 5, Non-current assets held for sale
  and discontinued operations, to present the results of discontinued operations on a
  basis comparable with the current period. Further details of discontinued operations
  are shown in note 19.

  These condensed financial statements have been prepared in accordance with the
  accounting policies set out in the 2009 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
  ending 3rd October, 2010.
 
  Change in accounting policy

  The Group's defined benefit pension scheme charge under IAS 19, Employee Benefits,
  contains financing components which comprise the expected return on scheme assets and
  an interest cost on scheme liabilities. In order to provide a more relevant
  presentation to assist the user of these accounts to understand the components of the
  Group's defined benefit pension scheme charge, the Group has presented these financing
  elements within net Finance costs. Previously these were included within operating
  profit along with the service charge element. Accordingly the comparatives presented in
  these consolidated condensed financial statements have been restated.

  This change in accounting policy has resulted in a reclassification of a return on
  scheme assets of £57.8 million and an interest cost of £55.5 million from operating
  profit to net Finance costs in the 26 weeks to 29th March, 2009 and a reclassification
  of a return on scheme assets of £116.2 million and an interest cost of £111.4 million
  from operating profit to net Finance costs in the 53 weeks to 4th October, 2009.

  Reclassification of loans to joint ventures and associates

  The Group has reclassified loans to joint ventures and associates from investment in
  joint ventures and associates to trade and other receivables. The amount reclassified
  in respect of joint ventures at 4th October, 2009 was £7.5 million (29th March, 2009
  £7.2 million) the amount reclassified in respect of associates as at 4th October, 2009
  was £5.9 million (29th March, 2009 £4.9 million). This reclassification aligns the
  Group's presentation more closely with the requirements of the relevant accounting
  standards.

  Impact of new accounting standards

  The following new and revised Standards and Interpretations have been adopted in the
  current year. The adoption of these standards and interpretations on the amounts
  reported in the condensed consolidated financial information as follows :
  - IAS 1 (2007) Presentation of Financial Statements
  IAS 1 (2007) requires the presentation of a Statement of Changes in Equity as a primary
  statement, separate from the Income Statement and Statement of Comprehensive Income. As
  a result, a Condensed Consolidated Statement of Changes in Equity has been included in
  the primary statements, showing changes in each component of equity for each period
  presented.
  - IFRS 3 (2008) Business Combinations and IAS 27 (2008) Consolidated and Separate
  Financial Statements.

  As a consequence of the adoption of the above standards, the Group has applied the
  following policies on a prospective basis with regard to business combinations and
  purchases and sales of shares in a controlled entity effected on or after October 5th,
  2009. Such transactions which completed prior to October 5th, 2009 have not been
  restated and remain as previously reported.

  Business combinations

  The acquisition of subsidiaries and businesses are accounted for using the acquisition
  method. The consideration for each acquisition is measured at the aggregate of fair
  values of assets given, liabilities incurred or assumed, and equity instruments issued
  by the Group in exchange for control of the acquiree. Acquisition related costs are now
  recognised in the Income Statement as incurred.

  Where applicable, the consideration for the acquisition includes any asset or liability
  resulting from a contingent arrangement, measured at its acquisition date fair value.
  Subsequent changes in such fair values are adjusted through the Income Statement. All
  other changes in the fair value of contingent consideration classified as an asset or
  liability are accounted for in accordance with relevant IFRSs. Changes in the fair
  value of contingent consideration classified as equity are not recognised.

  If the initial accounting for a business combination is incomplete by the end of the
  reporting period in which the combination occurs, the Group reports provisional amounts
  for the items for which the accounting is incomplete. Those provisional amounts are
  adjusted during the measurement period, or additional assets or liabilities are
  recognised, to reflect new information obtained about facts and circumstances that
  existed as of the date of the acquisition date that, if known, would have affected the
  amounts recognised as of that date.

  The measurement period is the period from the date of acquisition to the date the Group
  obtains complete information about facts and circumstances that existed as of the
  acquisition date and is a maximum of one year.

  Business combinations achieved in stages

  Where a business combination is achieved in stages, the Group's previously held
  interests in the acquired entity are remeasured to fair value at the date the Group
  attains control and the resulting gain or loss is recognised in the Income Statement.
  Amounts arising from interests in the acquiree prior to the acquisition date that were
  recognised in other comprehensive income are reclassified to the Income Statement where
  such treatment would be appropriate if the interest were disposed of.

  Purchases and sales of shares in a controlled entity

  Where the Group's interest in a controlled entity increases, the non controlling
  interests' share of net assets, excluding any allocation of goodwill, is transferred to
  retained earnings. Any difference between the cost of the additional interest and the
  existing carrying value of the non controlling interests' share of net assets is
  recorded in retained earnings.

  Where the Group's interest in a controlled entity decreases, but the Group retains
  control, the share of net assets disposed, excluding any allocation of goodwill, is
  transferred to the non controlling interest. Any difference between the proceeds of the
  disposal and the existing carrying value of the net assets or liabilities transferred
  to the non controlling interests is recorded in retained earnings.

  Disposal of controlling interests where stake retained

  Where the Group disposes of a controlling interest but retains a stake in the business,
  the Group accounts for the disposal of a subsidiary and the subsequent acquisition of a
  joint venture, associate or available-for-sale asset at fair value on initial
  recognition. On disposal of a subsidiary all amounts deferred in equity are recycled to
  the Income Statement.

2 BASIS OF PREPARATION (Continued)

  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 consolidated financial statements :

  Impairment of goodwill and intangible assets

  Determining whether goodwill and intangible assets are impaired 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. Key judgements include the
  growth rate of the applicable businesses and the discount rate applied to those cash
  flows. The carrying amount of goodwill and intangible assets at the balance sheet date
  was £1,135.5 million (29 March, 2009 £1,490.8 million 4th October, 2009 £1,195.1
  million) after an impairment loss on continuing operations of £0.3 million (26 weeks to
  29 March, 2009 £160.8 million 53 weeks to 4th October, 2009 £253.4 million) was
  recognised during the year (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. In
  determining the fair value of assets, liabilities and contingent liabilities acquired
  significant estimates and assumptions, including assumptions with respect to cash flows
  and unprovided liabilities and commitments, particularly 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.

  Acquisition option commitments

  Written put options to acquire further stakes in subsidiaries, associates and joint
  ventures written at the time of business combinations, unless so deeply in the money
  that they represent in-substance ownership interests, are considered financial
  instruments under IAS 32 and IAS 39. Put options over a minority stake in a subsidiary
  give rise to a financial liability under IAS 32. Put options over an associate are
  within the scope of IAS 39 and are accounted for as derivatives at fair value through
  profit and loss. Where put options over associates have a fair value of £nil, no
  accounting is required. Written put options are classified within current liabilities
  if exercisable within one year.

  The Group is party to a number of put and call options over the remaining minority
  interests in some of its subsidiaries. IAS 39 requires the fair value of these
  acquisition option commitments to be recognised as a liability on the Balance Sheet
  with a corresponding decrease in reserves. Subsequent changes in the fair value of the
  liability are reflected in the Income Statement. On exercise and settlement of the put
  option liability, cumulative amounts are removed from retained earnings along with the
  derecognition of the minority interest and recognition of additional goodwill. Key
  areas of judgement in calculating the fair value of the options are the expected future
  cash flows and earnings of the business and the discount rate. As at 4th April, 2010
  the fair value of these acquisition option commitments is £1.1 million (29th March,
  2009 £19.9 million 4th October, 2009 £11.9 million).

  Contingent consideration

  Estimates are required in respect of the amount of contingent consideration payable,
  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 balance date, the major assumption being the level of future profits of the
  acquired business. As at 4th April, 2010 the Group has outstanding contingent
  consideration payable amounting to £21.3 million (29th March, 2009 £31.1 million, 4th
  October 2009 £23.5 million).

  Contingent consideration is discounted to its fair value in accordance with IFRS 3 and
  IAS 37. For acquisitions completed prior to October 4th, 2009, the difference between
  the fair value of these liabilities and the actual amounts payable is charged to the
  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 charged to Financing.

  Adjusted profits and exceptional items

  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 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. See note 9 for a reconciliation of
  profit before tax to adjusted profit. Exceptional tax items, together with tax on these
  adjustments is also adjusted in arriving at adjusted earnings per share.

  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

  The Group forecasts its expected underlying full year tax charge or credit on a
  territorial basis in order to calculate forecast effective tax rates for each
  territory, before applying these rates to actual interim profits in accordance with IAS
  34 to arrive at the underlying interim tax charge or credit. Tax charges and credits
  relating to discrete and non-recurring items are then overlaid in arriving at the
  Group's total interim tax charge or credit. 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
  takes a conservative view of unresolved issues, 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.

  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 Income Statement and the amounts of actuarial gains and losses
  recognised in the Statement of Changes in Equity. The carrying amount of the retirement
  benefit obligation as at 4th April, 2010 was a deficit of £250.4 million (29th March,
  2009 £220.1 million 4th October, 2009 £430.4 million). Further details are given in
  note 20.

2 SEGMENT ANALYSIS
  Within these consolidated condensed financial statements the Group's Radio operating
  segment (up to December 16th, 2009) has been treated as discontinued operations.
  Further details are set out in note 19.
  The Group's business activities are split into seven operating divisions - RMS,
  business information, events (previously known as exhibitions), Euromoney, national
  media, local media and radio. These divisions are the basis on which information is
  reported to 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 interim management review on pages 5 to 10.
  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 from the national media to the local media division which is at cost to the
  Group. The amount of newsprint sold during the year amounted to £11.2 million (2009
  £13.9 million).


Unaudited 26 weeks                    External Inter-segment        Total      Segment         Less Group profit
ending 4th April, 2010                 revenue       revenue      revenue       result    operating       before
                                                                                          profit of  exceptional
                                                                                              joint    operating
                                                                                       ventures and        costs
                                                                                         associates          and
                                                                                           (Note i) amortisation
                                                                                                             and
                                                                                                      impairment
                                                                                                     of goodwill
                                                                                                             and
                                                                                                      intangible
                                                                                                          assets
                              Note          £m            £m           £m           £m           £m           £m

RMS                                       71.3           0.7         72.0         23.3            -         23.3
Business information                     103.1           0.1        103.2         17.5            -         17.5
Events                                    57.8             -         57.8         17.2            -         17.2
Euromoney                                147.8             -        147.8         44.8          0.1         44.7
National media                           427.3          34.3        461.6         42.3            -         42.3
Local media                              150.4           0.5        150.9         13.7          0.2         13.5
Radio                         (ii)        15.9             -         15.9          4.2          1.7          2.5
                                         973.6          35.6      1,009.2        163.0          2.0        161.0
Corporate costs                                                                                           (17.1)
Discontinued operations   19, (ii)      (15.9)                                                             (2.5)
                                         957.7
Operating profit before                                                                                    141.4
exceptional operating
costs and amortisation
and impairment of
goodwill and intangible
assets
Exceptional operating                                                                                     (32.5)
costs including
impairment of property
plant and equipment
Impairment of goodwill                                                                                     (0.3)
and intangible assets
Amortisation of                                                                                           (35.2)
intangible assets
Operating profit before                                                                                     73.4
share of results of joint
ventures and associates
Share of result of joint                                                                                   (1.5)
ventures and associates
Total operating profit                                                                                      71.9
Other gains and losses                                                                                       1.4
Profit before net                                                                                           73.3
finance costs and tax
Investment revenue                                                                                           1.4
Finance costs                                                                                             (38.7)
Profit before tax                                                                                           36.0
Tax                                                                                                         33.9
Profit from discontinued        19                                                                          32.2
operations
Profit for the period                                                                                      102.1

(i)  The operating profit of joint ventures and associates deducted in reconciling the Group
     profit before exceptional operating costs and amortisation and impairment of goodwill
     and intangible assets includes the results of the radio operating segment from December
     17th, 2009 from which date the business is accounted for as a joint venture.
(ii) Revenue and Group profit before exceptional operating costs and amortisation and
     impairment of goodwill and intangible assets relating to the discontinued operations of
     Radio has been deducted in order to reconcile to Group profit before tax from
     continuing operations.
     Included within unallocated central costs is a charge of £1.3 million which adjusts the
     pensions charge recorded in each operating segment from a cash rate to actuarial
     accrual rate in accordance with IAS 19, Employee benefits.
     An analysis of the amortisation and impairment of goodwill and intangible assets,
     depreciation and impairment of property, plant and equipment, exceptional operating
     costs, investment income and finance costs by segment is as follows :


Unaudited     Amortisation  Impairment Exceptional   Impairment Depreciation Investment     Finance
26 weeks                of          of   operating           of           of     income       costs
ending 4th      intangible    goodwill       costs    property,    property,
April, 2010         assets         and                    plant        plant
                            intangible                      and          and
                                assets                equipment    equipment
                        £m          £m          £m           £m           £m         £m          £m
RMS                  (1.0)           -           -            -        (1.9)        0.1           -
Business             (6.0)           -       (0.3)            -        (3.8)          -       (0.4)
information
Events               (5.4)           -       (0.7)            -        (0.7)        0.1           -
Euromoney            (8.1)           -         1.8        (0.2)        (1.2)        0.2       (1.4)
National            (12.3)       (0.3)       (8.6)        (9.8)       (12.5)        0.4       (1.5)
media
Local media          (2.4)           -       (3.0)        (7.0)        (5.1)        0.1           -
Radio                (1.5)       (0.3)           -            -        (0.6)          -           -
                    (36.7)       (0.6)      (10.8)       (17.0)       (25.8)        0.9       (3.3)
Corporate                -           -       (4.7)            -        (0.7)        0.5      (35.4)
costs
                    (36.7)       (0.6)      (15.5)       (17.0)       (26.5)        1.4      (38.7)
Relating to            1.5         0.3           -            -          0.6          -           -
discontinued
operations
Continuing          (35.2)       (0.3)      (15.5)       (17.0)       (25.9)        1.4      (38.7)
operations

The Group's exceptional operating costs represent closure and reorganisation
costs in business information, events, national media and local media. In
Euromoney the exceptional operating income is represented by restructuring
charges of £0.6 million following further reductions in headcount and an
exceptional credit of £2.2 million following the successful resolution of a US
legal dispute. The Group's tax charge includes a related credit of £6.0
million in relation to these items.

Unaudited 26 weeks                  External Inter-segment       Total     Segment         Less Group profit
ending 29th March, 2009              revenue       revenue     revenue      result    operating       before
Restated (note 1)                                                                     profit of  exceptional
                                                                                          joint    operating
                                                                                   ventures and    costs and
                                                                                     associates amortisation
                                                                                       (Note i)          and
                                                                                                  impairment
                                                                                                          of
                                                                                                goodwill and
                                                                                                  intangible
                                                                                                      assets
                               Note       £m            £m          £m          £m           £m           £m

RMS                                     68.7           1.0        69.7        19.6        (0.2)         19.8
Business information                   106.7           0.2       106.9        11.1        (0.1)         11.2
Events                                 101.8             -       101.8        24.8        (0.1)         24.9
Euromoney                              160.7             -       160.7        36.4          0.1         36.3
National media                         455.3          31.9       487.2        18.3          0.3         18.0
Local media                            165.8           0.6       166.4         1.0        (5.1)          6.1
Radio                           (i)     26.3             -        26.3         2.0          0.4          1.6
                                     1,085.3          33.7     1,119.0       113.2        (4.7)        117.9
Corporate costs                                                                                        (3.8)
Discontinued operations     19, (i)   (26.3)                                                           (1.6)
                                     1,059.0
Operating profit before                                                                                112.5
exceptional operating
costs and amortisation
and impairment of
goodwill and intangible
assets
Exceptional operating                                                                                 (49.1)
costs including
impairment of property,
plant and equipment
Impairment of goodwill                                                                               (160.8)
and intangible assets
Amortisation of intangible                                                                            (39.3)
assets
Operating loss before                                                                                (136.7)
share of results of joint
ventures and associates
Share of results of joint                                                                              (5.1)
ventures and associates
Total operating loss                                                                                 (141.8)
Other gains and losses                                                                                 (6.3)
Loss before net finance                                                                              (148.1)
costs and tax
Investment revenue                                                                                       3.1
Finance costs                                                                                         (76.8)
Loss before tax                                                                                      (221.8)
Tax                                                                                                     56.9
Loss from discontinued           19                                                                   (13.9)
operations
Loss for the year                                                                                    (178.8)

(i) Revenue and Group profit before exceptional operating costs and amortisation and
    impairment of goodwill and intangible assets relating to the discontinued operations of
    Radio has been deducted in order to reconcile to Group profit before tax from continuing
    operations.
    Included within unallocated central costs is a credit of £2.0 million which adjusts the
    pensions charge recorded in each operating segment from a cash rate to actuarial accrual
    rate in accordance with IAS 19, Employee Benefits.
    An analysis of the amortisation and impairment of goodwill and intangible assets,
    depreciation and impairment of property, plant and equipment, exceptional operating
    costs, investment income and finance costs by segment is as follows :


Unaudited 26       Amortisation   Impairment  Exceptional  Impairment Depreciation Investment    Finance
weeks ending                 of           of    operating          of           of     income      costs
29th March, 2009     intangible goodwill and        costs   property,    property,
Restated (note 1)        assets   intangible                    plant        plant
                                      assets                      and          and
                                                            equipment    equipment
                             £m           £m           £m          £m           £m         £m         £m

RMS                       (0.9)            -            -           -        (1.6)        0.1          -
Business                  (6.0)            -        (0.6)           -        (4.0)          -      (0.7)
information
Events                    (7.1)       (61.2)        (1.3)           -        (1.0)        0.3          -
Euromoney                 (8.1)       (21.9)        (9.1)       (1.4)        (1.3)        0.2     (32.2)
National media           (13.1)        (9.4)       (19.6)       (9.7)        (4.5)        0.1      (0.4)
Local media               (4.1)       (68.3)        (6.7)       (1.7)       (17.9)          -          -
Radio                     (4.9)       (14.6)        (0.1)           -        (1.0)          -          -
                         (44.2)      (175.4)       (37.4)      (12.8)       (31.3)        0.7     (33.3)
Corporate costs               -            -          1.0           -        (0.8)        2.4     (43.5)
                         (44.2)      (175.4)       (36.4)      (12.8)       (32.1)        3.1     (76.8)
Relating to                 4.9         14.6          0.1           -          1.0          -          -
discontinued
operations
Continuing               (39.3)      (160.8)       (36.3)      (12.8)       (31.1)        3.1     (76.8)
operations

The Group's exceptional operating costs comprise reorganisation and
restructuring costs together with charges relating to a rationalisation of the
Group's property portfolio. Exceptional gains within Group operations
represent curtailment gains of £1.3 million net of professional fees of £0.3
million. There is a related current tax credit of £6.4 million and a related
deferred tax credit of £0.5 million associated with the total exceptional
operating costs.

Audited 53 weeks ending 4th             External Inter-segment      Total Segment         Less Group profit
October, 2009 Restated                   revenue       revenue    revenue  result    operating       before
(note 1)                                                                             profit of  exceptional
                                                                                         joint    operating
                                                                                  ventures and        costs
                                                                                    associates          and
                                                                                      (Note i) amortisation
                                                                                                        and
                                                                                                 impairment
                                                                                                of goodwill
                                                                                                        and
                                                                                                 intangible
                                                                                                     assets
                                              £m            £m         £m      £m           £m           £m
RMS                                        136.5           1.8      138.3    42.2            -         42.2
Business information                       229.8           0.3      230.1    46.4          0.2         46.2
Events                                     174.6             -      174.6    37.1            -         37.1
Euromoney                                  317.6             -      317.6    77.3          0.3         77.0
National media                             876.0          61.1      937.1    57.9        (3.8)         61.7
Local media                                327.9           2.7      330.6    24.5          0.5         24.0
Radio                               (i)     55.1             -       55.1     5.6          1.9          3.7
                                         2,117.5          65.9    2,183.4   291.0        (0.9)        291.9
Corporate costs                                                                                      (19.1)
Discontinued operations         19, (i)   (55.1)                                                      (3.7)
                                         2,062.4
Operating profit before                                                                               269.1
exceptional operating costs
and amortisation and
impairment of goodwill and
intangible assets
Exceptional operating costs                                                                          (99.0)
including impairment of
property, plant and equipment
Impairment of goodwill and                                                                          (253.4)
intangible assets
Amortisation of intangible                                                                           (77.9)
assets
Operating loss before share of                                                                      (161.2)
results of joint ventures and
associates
Share of results of joint                                                                             (9.2)
ventures and associates
Total operating loss                                                                                (170.4)
Other gains and losses                                                                               (23.5)
Loss before net finance costs                                                                       (193.9)
and tax
Investment revenue                                                                                      7.0
Finance costs                                                                                       (113.8)
Loss before tax                                                                                     (300.7)
Tax                                                                                                    80.3
Loss from discontinued               19                                                              (85.0)
operations
Loss for the year                                                                                   (305.4)

(i) Revenue and Group profit before exceptional operating costs and amortisation and
    impairment of goodwill and intangible assets relating to the discontinued operations
    of Radio has been deducted in order to reconcile to Group profit before tax from
    continuing operations.
    Included within unallocated central costs is a credit of £0.2 million which adjusts
    the pensions charge recorded in each operating segment from a cash rate to actuarial
    accrual rate in accordance with IAS 19, Employee Benefits.
    An analysis of the amortisation and impairment of goodwill and intangible assets,
    depreciation and impairment of property, plant and equipment, exceptional operating
    costs, investment income and finance costs by segment is as follows :


Audited 53 weeks   Amortisation  Impairment  Exceptional  Impairment Depreciation Investment     Finance
ending 4th                   of          of    operating          of           of     income       costs
October, 2009        intangible    goodwill        costs   property,    property,
Restated (note 1)        assets         and                    plant        plant
                                 intangible                      and          and
                                     assets                equipment    equipment
                             £m          £m           £m          £m           £m         £m          £m

RMS                       (1.9)           -            -           -        (3.3)        0.2       (0.3)
Business                 (12.1)       (0.5)        (1.2)           -        (8.1)          -       (1.1)
information
Events                   (13.2)      (88.8)       (10.0)           -        (1.8)        0.5           -
Euromoney                (17.1)      (21.9)        (9.8)       (1.2)        (2.5)        0.3      (30.7)
National media           (26.5)      (48.1)       (63.2)      (21.9)       (29.1)        1.0       (0.3)
Local media               (7.1)      (94.1)       (13.8)       (1.7)       (13.0)          -           -
Radio                    (11.2)      (93.1)        (0.2)           -        (2.2)          -           -
                         (89.1)     (346.5)       (98.2)      (24.8)       (60.0)        2.0      (32.4)
Corporate costs               -           -         24.4       (0.6)        (1.7)        5.0      (81.4)
                         (89.1)     (346.5)       (73.8)      (25.4)       (61.7)        7.0     (113.8)
Relating to                11.2        93.1          0.2           -          2.2          -         0.0
discontinued
operations
Continuing               (77.9)     (253.4)       (73.6)      (25.4)       (59.5)        7.0     (113.8)
operations

The Group's exceptional operating costs represent reorganisation costs of
£83.3 million, charges relating to a rationalisation of the Group's property
portfolio of £3.7 million together with exceptional provisions of £10.5
million in the national media division and £1.0 million in the local media
divisions for a bad debt offset by pension curtailments of £24.7 million in
corporate costs. There is a related current tax credit of £5.1 million
associated with the total exceptional operating costs.

The Group's revenue comprises sales excluding value added tax, less discounts
and commission, where applicable, and is analysed as follows :

Unaudited 26 weeks ending 4th April, 2010        Total   Discontinued Inter-segment     Continuing
                                                           operations                   operations
                                                            (note 19)
                                                    £m             £m            £m             £m
Sale of goods                                    349.9              -             -          349.9
Rendering of services                            659.3         (15.9)        (35.6)          607.8
                                               1,009.2         (15.9)        (35.6)          957.7
 
Unaudited 26 weeks ending 29th March, 2009       Total   Discontinued Inter-segment     Continuing
                                                           operations                   operations
                                                            (note 19)
                                                    £m             £m            £m             £m
Sale of goods                                    366.9              -             -          366.9
Rendering of services                            752.1         (26.3)        (33.7)          692.1
                                               1,119.0         (26.3)        (33.7)        1,059.0
 
Audited 53 weeks ending 4th October, 2009        Total   Discontinued Inter-segment     Continuing
                                                           operations                   operations
                                                            (note 19)
                                                    £m             £m            £m             £m
Sale of goods                                    727.4              -             -          727.4
Rendering of services                          1,456.0         (55.1)        (65.9)        1,335.0
                                               2,183.4         (55.1)        (65.9)        2,062.4

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 26 weeks ending 4th April, 2010        Total    Discontinued      Continuing
                                                            operations      operations
                                                    £m              £m              £m
UK                                               647.2               -           647.2
Rest of Europe                                    26.9               -            26.9
North America                                    236.3               -           236.3
Australia                                         20.2          (15.9)             4.3
Rest of the World                                 43.0               -            43.0
                                                 973.6          (15.9)           957.7
 
Unaudited 26 weeks ending 29th March, 2009       Total    Discontinued      Continuing
                                                            operations      operations
                                                    £m              £m              £m
UK                                               695.4               -           695.4
Rest of Europe                                    29.3               -            29.3
North America                                    267.5               -           267.5
Australia                                         28.7          (26.3)             2.4
Rest of the World                                 64.4               -            64.4
                                               1,085.3          (26.3)         1,059.0
 
Audited 53 weeks ending 4th October, 2009        Total    Discontinued      Continuing
                                                            operations      operations
                                                    £m              £m              £m
UK                                             1,369.2               -         1,369.2
Rest of Europe                                    56.9               -            56.9
North America                                    530.0               -           530.0
Australia                                         65.7          (55.1)            10.6
Rest of the World                                 95.7               -            95.7
                                               2,117.5          (55.1)         2,062.4
The closing net book value of goodwill, intangible assets and property, plant
and equipment is analysed by geographic area as follows :

Unaudited as at 4th April, 2010      Closing net  Closing net  Closing net     TOTAL
                                            book         book         book
                                        value of     value of     value of
                                        goodwill   intangible    property,
                                                       assets    plant and
                                                                 equipment
                                              £m           £m           £m        £m
UK                                         274.3        108.9        343.4     726.6
Rest of Europe                               1.1          4.7         18.2      24.0
North America                              450.0        263.3         28.6     741.9
Australia                                    1.6          0.8          0.3       2.7
Rest of the World                           20.1         10.7          5.4      36.2
                                           747.1        388.4        395.9   1,531.4
 
Unaudited as at 29th March, 2009     Closing net  Closing net  Closing net     TOTAL
                                            book         book         book
                                        value of     value of     value of
                                        goodwill   intangible    property,
                                                       assets    plant and
                                                                 equipment
                                              £m           £m           £m        £m
UK                                         293.2        141.5        414.0     848.7
Rest of Europe                               8.7         18.4         18.3      45.4
North America                              507.9        331.4         30.4     869.7
Australia                                    1.8        137.4         14.7     153.9
Rest of the World                           37.4         13.1          5.5      56.0
                                           849.0        641.8        482.9   1,973.7
 
Audited as at 4th October, 2009      Closing net  Closing net  Closing net     TOTAL
                                            book         book         book
                                        value of     value of     value of
                                        goodwill   intangible    property,
                                                       assets    plant and
                                                                 equipment
                                              £m           £m           £m        £m
UK                                         294.4        114.3        374.9     783.6
Rest of Europe                               3.9         15.2         19.9      39.0
North America                              413.4        263.3         25.2     701.9
Australia                                    1.9         57.2         15.6      74.7
Rest of the World                           20.6         10.9          4.8      36.3
                                           734.2        460.9        440.4   1,635.5

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 £0.3 million (2009
£160.8 million). The impairment charge for the period relates to the national media
division in relation to their jobs sector businesses. There is no tax associated
with this impairment charge.

The total impairment charge recognised for the prior period was £160.8 million. Of
the impairment charge for the period, £21.9 million relates to Euromoney, mostly in
connection with its structured finance event businesses, £61.2 million relates to
the events division in relation to their gift sector businesses following a further
downturn in the gift sector markets they serve, £9.4 million relates to the national
media division and £68.3 million relates to the local media division. There is a
deferred tax credit amounting to £28.0 million in relation to these impairment
charges.

When testing for impairment, the recoverable amounts for all 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 discount
rates used by the Group in its impairment tests range from 10.0% to 11.0% (2009 9.6%
to 11.1%), the choice of rates depending on the market and maturity of the CGU. The
growth rates used in the projections range between 0% and 5.0% (2009 0% and 5.0%)
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.

3 SHARE OF RESULTS OF JOINT VENTURES AND ASSOCIATES
                                                                Unaudited 26    Unaudited 26      Audited 53
                                                                       weeks           weeks           weeks
                                                                  ending 4th     ending 29th      ending 4th
                                                                 April, 2010          March,        October,
                                                                                        2009            2009
                                                         Note             £m              £m              £m
Share of profits/(losses) from operations of joint                       0.6           (1.4)           (1.5)
ventures
Share of profits/(losses) from operations of                             0.8           (0.1)           (1.3)
associates
Operating profits/(losses) from joint ventures and                       1.4           (1.5)           (2.8)
associates
Share of joint ventures' other gains and losses                            -               -               -
Share of associates' other gains and losses                                -               -               -
Share of profits/(losses) before amortisation,                           1.4           (1.5)           (2.8)
impairment of goodwill, interest and tax
Share of amortisation of intangibles of joint ventures                 (0.5)               -               -
Share of amortisation of intangibles of associates                     (0.1)               -               -
Share of joint ventures' interest payable                              (0.4)               -               -
Share of associates' interest payable                                      -           (0.2)           (0.2)
Share of joint ventures' tax                                             0.2             0.1               -
Share of associates' tax                                               (0.1)           (0.2)           (0.2)
Impairment of carrying value of joint venture             (i)          (0.1)               -           (2.4)
Impairment of carrying value of associate                (ii)          (1.9)           (3.3)           (3.6)
                                                                       (1.5)           (5.1)           (9.2)
Share of associates items recognised in equity                             -               -           (2.4)
                                                                       (1.5)           (5.1)          (11.6)
 
Share of results from operations of joint ventures                     (0.1)           (1.3)           (1.5)
Share of results from operations of associates                           0.6           (0.5)           (1.7)
Impairment of carrying value of joint ventures                         (0.1)               -           (2.4)
Impairment of carrying value of associates                             (1.9)           (3.3)           (3.6)
                                                                       (1.5)           (5.1)           (9.2)
Share of associates' items recognised in equity                            -               -           (2.4)
                                                                       (1.5)           (5.1)          (11.6)

(i)  Represents a write down in the carrying value of the Group's investment in Mail
     Today Newspapers Pvt. Limited.
(ii) Represents a write down in the carrying value of the Group's investment in
     InfoStud, Fortune Green Limited and Inview Interactive Limited. In the 26 week
     period ending 29th March, 2009 this represented a write down in the value of the
     Group's investment in ITN and Inview Interactive Limited.


4 OTHER GAINS AND LOSSES
                                                                                Unaudited 26 Unaudited 26 Audited 53
                                                                                       weeks        weeks      weeks
                                                                                  ending 4th  ending 29th ending 4th
                                                                                 April, 2010  March, 2009   October,
                                                                                                                2009
                                                                        Note              £m           £m         £m
Profit on sale of available-for-sale investments                                           -          0.1          -
Impairment of available-for-sale assets                                  (i)               -        (8.8)      (8.7)
Profit on sale of property, plant and equipment                                            -            -        1.5
Amounts provided against deferred consideration receivable on disposal                     -            -      (5.6)
Profit/(loss) on sale of businesses                                     (ii)             1.3          4.8      (8.3)
Loss on deemed part disposal of Euromoney Institutional Investor plc                       -        (2.4)      (2.4)
Profit on sale of joint ventures and associates                                          0.1            -          -
                                                                                         1.4        (6.3)     (23.5)

(i)  In the prior 26 week period to 29th March, 2009, the impairment of
     available-for-sale assets represented an impairment charge of the Group's
     investment in Spot Runner Inc., an advertising services company.
(ii) The profit on sale of businesses mainly comprises the profit on sale of various
     exhibition businesses in the events division.
     In the prior 26 week period ended 29th March, 2009 the profit on sale of businesses
     mainly comprised a £2.7 million curtailment gain within the national media division
     associated with the Group's sale of a 75.1 % interest in the Evening Standard
     together with profits within the exhibitions division in relation to the sale of
     Metropress. There was a deferred tax charge of £0.8 million in relation to the
     curtailment gain.


5 INVESTMENT REVENUE
                                                          Unaudited 26     Unaudited 26 Audited 53 weeks
                                                                 weeks            weeks           ending
                                                            ending 4th      ending 29th     4th October,
                                                           April, 2010      March, 2009             2009
                                                                         Restated (note   Restated (note
                                                                                     1)               1)
                                                 Note               £m               £m               £m

Expected return on pension scheme                   1                -              2.3              4.8
assets less interest on pension scheme
liabilities
Dividend income                                                    0.4                -              0.2
Profit on derivatives, or portions                                 0.2                -                -
thereof, not designated for hedge
accounting
Interest receivable from short-term                                0.8              0.8              2.0
deposits
                                                                   1.4              3.1              7.0
6 FINANCE COSTS
                                                          Unaudited 26     Unaudited 26 Audited 53 weeks
                                                                 weeks            weeks           ending
                                                            ending 4th      ending 29th     4th October,
                                                           April, 2010      March, 2009             2009
                                                                         Restated (note   Restated (note
                                                                                     1)               1)
                                                 Note               £m               £m               £m

Interest on pension scheme liabilities less         1            (1.0)                -                -
expected return on pension scheme assets
Interest, arrangement and commitment fees                       (35.5)           (39.4)           (76.1)
payable on bonds, bank loans and loan notes
Loss on derivatives, or portions thereof, not                    (0.2)           (26.1)           (28.0)
designated for hedge accounting
Finance charge on discounting of deferred         (i)            (0.5)            (0.8)            (1.7)
consideration
Other                                                            (1.5)           (10.5)            (8.0)
                                                                (38.7)           (76.8)          (113.8)
 
Analysed as follows :
Interest, arrangement and commitment fees                       (35.6)           (39.4)           (76.1)
payable on bonds, bank loans and loan notes
Pension scheme finance charge                                    (1.0)                -                -
Finance charge on discounting of deferred                        (0.5)            (0.8)            (1.7)
consideration
Change in fair value of non-designated                               -                -            (2.0)
portion of derivatives designated as net
investment hedges
Change in fair value of interest rate caps not                   (0.2)            (0.4)                -
designated for hedge accounting
Change in fair value of derivative hedge of                        0.1              6.8              9.0
bond
Change in fair value of hedged portion of                        (0.1)            (6.8)            (9.0)
bond
                                                                (37.3)           (40.6)           (79.8)
Tax equalisation swap income                                         -              0.9              0.8
Non foreign exchange gain on tax                                     -              0.5              1.1
equalisation options
                                                 (ii)                -              1.4              1.9
Foreign exchange loss on tax equalisation                            -           (27.1)           (27.9)
arrangements
Foreign exchange loss on intra-group                                 -                -            (6.2)
financing
Foreign exchange loss on restructured           (iii)                -            (7.3)                -
hedging arrangements
Change in fair value of acquisition put option                   (1.4)            (3.2)            (1.8)
commitments
Premium on repurchase of bonds                     14                -                -                -
Fair value of short life options                                     -                -                -
                                                                 (1.4)           (37.6)           (35.9)
                                                                (38.7)           (76.8)          (113.8)

(i)   The finance charge on the discounting of contingent consideration arises from the
      requirement under IFRS 3, Business Combinations, to discount contingent
      consideration back to current values.
(ii)  Tax equalisation swap income and the gain from tax equalisation options totalling
      £nil (2009 £1.4 million), arises from the economic hedging of tax on foreign
      exchange movements. The foreign exchange loss on tax equalisation arrangements of
      £nil (2009 £27.1 million) is excluded from adjusted profit since it is equal to a
      reduced tax charge (see note 11). In addition, the foreign exchange loss on intra
      group financing, premium on repurchase of bonds, on restructured hedging
      arrangements and the change in fair value of acquisition put options are also
      excluded from adjusted profits.
(iii) The foreign exchange losses on restructured hedging arrangements of £nil (2009 £7.3
      million) arise from forward contracts classified as ineffective under IAS 39,
      Financial instruments, following the directors' review of the Group's US dollar
      revenue capacity in its UK based businesses.


7 TAX
                                                          Unaudited 26     Unaudited 26 Audited 53 weeks
                                                                 weeks            weeks           ending
                                                            ending 4th      ending 29th     4th October,
                                                           April, 2010      March, 2009             2009
                                                 Note               £m               £m               £m
The credit on the profit/(loss) for the period
consists of :
UK tax
Corporation tax at 28% (2009 28%)                                (1.7)                -                -
Adjustments in respect of prior years             (i)             30.7             14.6             26.4
                                                                  29.0             14.6             26.4
Overseas tax
Corporation tax                                                  (7.6)             11.6            (1.0)
Adjustments in respect of prior years             (i)              1.2            (0.3)              1.6
Total current tax                                                 22.6             25.9             27.0
Deferred tax
Origination and reversals of timing differences                    1.8             30.9             49.1
Adjustments in respect of prior years             (i)              9.5              0.1              4.2
Total deferred tax                                                11.3             31.0             53.3
Total Group tax - continuing operations                           33.9             56.9             80.3

(i) The net prior year credit of £41.4 million (2009 £14.4 million) arose largely from the
    agreement of certain prior year open issues with tax authorities and a reassessment of
    the level of tax provisions required.
    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 £18.4 million (2009 £15.5 million) and the resulting rate is 16.8% (2009 20.0%). The
    differences between the tax credit and the adjusted tax charge are shown in the
    reconciliation below :
                                                          Unaudited 26     Unaudited 26 Audited 53 weeks
                                                                 weeks            weeks           ending
                                                            ending 4th      ending 29th     4th October,
                                                           April, 2010      March, 2009             2009
                                                                    £m               £m               £m

Total tax credit on the profit/(loss) for                         33.9             56.9             80.3
the year
Tax (charge)/credit on discontinued                              (1.4)              3.7             14.2
operations
Deferred tax on intangible assets and                            (3.3)           (30.4)           (52.4)
goodwill
Current tax on foreign exchange tax                                  -           (27.1)           (27.9)
equalisation contracts
Agreement of open issues with tax                               (41.5)           (13.7)           (34.4)
authorities
Tax on other exceptional items                                   (6.1)            (4.9)           (24.1)
Adjusted tax charge on the profit/(loss)                        (18.4)           (15.5)           (44.3)
for the period

In calculating the adjusted tax rate, the Group excludes the potential future
deferred tax effects of intangible assets and goodwill as it prefers to give the
readers of its accounts a view of the tax charge based on the current status of
such items.
A credit of £nil relating to tax on foreign exchange losses (2009 £27.1 million)
has been treated as exceptional as it matches foreign exchange losses of £nil
(2009 £27.1 million) on tax equalisation swaps included within finance costs (see
note 6).


8 DIVIDENDS PAID
                             Unaudited    Unaudited 26    Unaudited 26    Unaudited 26      Audited 53    Audited 53
                              26 weeks    weeks ending    weeks ending    weeks ending    weeks ending  weeks ending
                            ending 4th      4th April,     29th March,     29th March,    4th October,  4th October,
                           April, 2010            2010            2009            2009            2009          2009
                                 Pence                           Pence                           Pence
                             per share              £m       per share              £m       per share            £m

Amounts recognisable as
distributions to equity
holders in the period
Ordinary shares - interim            -               -               -               -               -             -
dividend for the year
ending 3rd October,
2010

`A' Ordinary Non-Voting              -               -               -               -               -             -
shares - interim dividend
for the year ending 3rd
October, 2010

Ordinary shares - final           9.90             2.0               -               -               -             -
dividend for the year
ended 4th October, 2009

`A' Ordinary Non-Voting           9.90            35.9               -               -               -             -
shares - final dividend
for the year ended 4th
October, 2009

Ordinary shares - final              -               -            9.90             2.0            9.90           2.0
dividend for the year
ended 28th September,
2008

`A' Ordinary Non-Voting              -               -            9.90            35.1            9.90          35.1
shares - final dividend
for the year ended 28th
September, 2008
                                                  37.9                            37.1                          37.1

Ordinary shares - interim            -               -               -               -            4.80           1.0
dividend for the year
ended 4th October, 2009

`A' Ordinary Non-Voting              -               -               -               -            4.80          17.2
shares - interim dividend
for the year ended 4th
October, 2009
                                                     -                               -                          18.2

                                  9.90            37.9            9.90            37.1           14.70          55.3
 

9 ADJUSTED PROFIT (BEFORE EXCEPTIONAL OPERATING COSTS AND AMORTISATION AND IMPAIRMENT OF GOODWILL AND INTANGIBLE
ASSETS, OTHER GAINS AND LOSSES AND EXCEPTIONAL FINANCING COSTS, AFTER TAXATION AND NON-CONTROLLING INTERESTS)

                                                   Unaudited Unaudited  Audited
                                                    26 weeks  26 weeks 53 weeks
                                                      ending    ending   ending
                                                         4th      29th      4th
                                                      April,    March, October,
                                                        2010      2009     2009
                                                          £m        £m       £m

Profit/(loss) before tax -                              36.0   (221.8)  (300.7)
continuing operations
Profit/(loss) before tax -                              33.6    (17.6)   (99.2)
discontinued operations
Add back :
Amortisation of intangible                              37.3      44.6     89.9
assets in Group profit from operations
and in joint ventures and associates
Impairment of goodwill and intangible assets             0.6     175.4    346.6
Exceptional operating costs and                         32.5      49.2     99.2
impairment of
property, plant and equipment
Share of associates' other gains                           -         -        -
Impairment of carrying value of joint venture            0.1         -      2.4
Impairment of carrying value of associate                1.9       3.3      3.6
Other gains and losses :
Profit on sale of available-for-sale investments           -     (0.1)        -
Profit on sale of property,                                -         -    (1.5)
plant and equipment
Amounts provided against deferred                          -         -      5.6
consideration receivable on disposal
(Profit)/loss on sale of businesses                    (1.3)     (4.8)      8.3
Impairment of available-for-sale assets                    -       8.8      8.7
Loss on deemed part disposal of                            -       2.4      2.4
Euromoney Institutional Investor plc
Profit on sale of joint ventures                       (0.1)         -        -
and associates
Profit on sale of discontinued operations                  -         -    (1.2)
Finance costs :
Foreign exchange loss on tax                               -      27.1     27.9
equalisation arrangements
Foreign exchange loss on                                   -         -      6.2
intra-group financing
Foreign exchange loss on restructured                      -       7.3      1.8
hedging arrangements
Change in fair value of acquisition                      1.4       3.2        -
put option commitments
Premium on repurchase of bonds                             -         -        -
Fair value of short life options                           -         -        -
Tax :
Share of tax in joint ventures                         (0.1)       0.2      0.8
and associates
Profit on sale of discontinued operations             (32.3)         -        -
Profit before exceptional operating costs              109.6      77.2    200.8
, amortisation and impairment of
goodwill and intangible assets, other
gains and losses and exceptional
financing costs, taxation and
non-controlling interests
Total tax credit on the profit for the period           32.5      60.6     94.5
Adjust for :
Deferred tax on intangible assets                      (3.3)    (30.4)   (52.4)
and goodwill
Current tax on foreign exchange on tax                     -    (27.1)   (27.9)
equalisation arrangements
Agreed open issues with tax authorities               (41.5)    (13.7)   (34.4)
Tax on other exceptional items                         (6.1)     (4.9)   (24.1)
Non-controlling interests                             (10.3)     (8.2)   (15.8)
Adjusted profit before exceptional
operating costs, amortisation and
impairment of goodwill and
intangible assets, other gains and
losses and exceptional financing
costs after taxation and
non-controlling interests                               80.9      53.5    140.7

The adjusted minority share of profits for the period of £10.3 million (2009
£8.2 million) is stated after eliminating a credit of £0.9 million (2009 £14.1
million), being the minority share of exceptional items.


10 EARNINGS/(LOSS) PER SHARE

Basic earnings per share of 24.3 p (2009 loss 46.0 p) and diluted earnings per
share of 24.3 p (2009 loss 45.9 p) are calculated, in accordance with IAS 33,
Earnings per share, on Group profit for the financial period of £92.7 million
(2009 loss £172.9 million) and on the weighted average number of ordinary
shares in issue during the year, 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 21.1 p (2009 14.2 p) are calculated on profit for
continuing and discontinued operations before exceptional operating costs,
amortisation and impairment of goodwill and intangible assets, after charging
the taxation and non-controlling interests associated with those profits, of
£80.9 million (2009 £53.5 million), as set out in note 9 above, and on the
basic weighted average number of ordinary shares in issue during the year.

                                                Unaudited         Unaudited           Audited
                                          26 weeks ending   26 weeks ending   53 weeks ending
                                          4th April, 2010              29th               4th
                                                                March, 2009     October, 2009
                                                    Basic             Basic             Basic
                                                    pence             pence             pence
                                                per share         per share         per share

Profit/(loss) per share from                         15.9            (42.0)            (57.4)
continuing operations
Adjustment to include                                 8.4             (4.0)            (22.4)
earnings of discontinued operations
Basic earnings/(loss) per                            24.3            (46.0)            (79.8)
share from continuing and
discontinued operations
Add back:
Amortisation of intangible assets in                  9.7              11.9              23.7
Group profit from operations and in
joint ventures and associates
Impairment of goodwill and intangible                 0.2              46.7              91.5
assets
Exceptional operating costs and                       8.4              13.1              26.2
impairment of property, plant and
equipment
Impairment of carrying value of joint                   -                 -               0.6
venture
Impairment of carrying value of                       0.5               0.9               1.0
associate
Other gains and losses :
Profit on sale of property, plant and                   -                 -             (0.4)
equipment
Amounts provided against deferred                       -                 -               1.5
consideration receivable on disposal
(Profit)/loss on sale of businesses                 (0.4)             (1.3)               2.2
Impairment of available-for-sale assets                 -               2.3               2.3
Loss on deemed part disposal of                         -               0.6               0.6
Euromoney Institutional Investor plc
Profit on sale of discontinued operations               -                 -             (0.3)
Finance costs :
Foreign exchange loss on tax                            -               7.2               7.4
equalisation arrangements
Foreign exchange loss on intra-group                    -                 -               1.6
financing
Foreign exchange loss on restructured                   -               1.9                 -
hedging arrangements
Change in fair value of acquisition put               0.4               0.9               0.5
option commitments
Tax :
Share of tax in joint ventures and                      -               0.1               0.2
associates
Profit on sale of discontinued operations           (8.5)                 -                 -
Profit before exceptional operating                  34.6              38.3              78.8
costs, amortisation and impairment of
goodwill and intangible assets, other
gains and losses and exceptional
financing costs, taxation and non-
controlling interests
Adjust for:
Deferred tax on intangible assets and               (0.9)             (8.1)            (13.9)
goodwill
Current tax on foreign exchange on tax                  -             (7.2)             (7.4)
equalisation arrangements
Agreed open issues with tax                        (10.8)             (3.6)             (9.1)
authorities
Tax on other exceptional items                      (1.6)             (1.3)             (6.4)
Non-controlling interests                           (0.2)             (3.9)             (4.8)
Adjusted earnings
per share (before
exceptional operating costs,
amortisation and impairment
of goodwill and intangible
assets, other gains and losses
and exceptional financing
costs after taxation and non-
controlling interests)                               21.1              14.2              37.2


10 EARNINGS/(LOSS) PER SHARE - CONTINUED
                                                                               Unaudited Unaudited   Audited
                                                                                26 weeks  26 weeks  53 weeks
                                                                                  ending    ending    ending
                                                                                     4th      29th       4th
                                                                                  April,    March,  October,
                                                                                    2010      2009      2009
                                                                                 Diluted   Diluted   Diluted
                                                                                   pence     pence     pence
                                                                               per share per share per share

Profit/(loss) per share from continuing operations                                  15.9    (42.0)    (57.4)
Adjustment to include earnings of discontinued operations                            8.4     (3.9)    (22.4)
Basic earnings/(loss) per share from continuing and discontinued operations         24.3    (45.9)    (79.8)
Add back:
Amortisation of intangible assets in Group profit from operations and in joint       9.7      11.9      23.7
ventures and associates
Impairment of goodwill and intangible assets                                         0.2      46.7      91.5
Exceptional operating costs and impairment of property, plant and equipment          8.4      13.1      26.2
Impairment of carrying value of joint venture                                          -         -       0.6
Impairment of carrying value of associate                                            0.5       0.9       1.0
Other gains and losses :
Profit on sale of property, plant and equipment                                        -         -     (0.4)
Amounts provided against deferred consideration receivable on disposal                 -         -       1.5
(Profit)/loss on sale of businesses                                                (0.4)     (1.3)       2.2
Impairment of available-for-sale assets                                                -       2.3       2.3
Loss on deemed part disposal of Euromoney Institutional Investor plc                   -       0.6       0.6
Profit on sale of discontinued operations                                              -         -     (0.3)
Finance costs :
Foreign exchange loss on tax equalisation arrangements                                 -       7.2       7.4
Foreign exchange loss on intra-group financing                                         -         -       1.6
Foreign exchange loss on restructured hedging arrangements                             -       1.9         -
Change in fair value of acquisition put option commitments                           0.4       0.9       0.5
Tax :                                                                                  -
Share of tax in joint ventures and associates                                          -       0.1       0.2
Profit on sale of discontinued operations                                          (8.5)
Profit before exceptional operating                                                 34.6      38.4      78.8
costs, amortisation and impairment of
goodwill and intangible assets, other
gains and losses and exceptional financing
costs, taxation and non-controlling interests
Adjust for:
Deferred tax on intangible assets and goodwill                                     (0.9)     (8.1)    (13.9)
Current tax on foreign exchange on tax equalisation arrangements                       -     (7.2)     (7.4)
Agreed open issues with tax authorities                                           (10.8)     (3.6)     (9.1)
Tax on other exceptional items                                                     (1.6)     (1.3)     (6.4)
Non-controlling interests                                                          (0.2)     (3.9)     (4.8)
Adjusted earnings per share
(before exceptional operating costs,
amortisation and impairment of
goodwill and intangible assets, other
gains and losses and exceptional
financing costs after taxation and
non-controlling interests)                                                          21.1      14.3      37.2


10 EARNINGS/(LOSS) 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  26 weeks 53 weeks
                                             ending    ending   ending
                                                4th      29th      4th
                                             April,    March, October,
                                               2010      2009     2009
                                           Number m  Number m Number m
Number of ordinary shares in issue            392.8     391.3    392.6
Shares held in Treasury                       (9.6)    (15.6)   (14.0)
Basic earnings per share denominator          383.2     375.7    378.6
Effect of dilutive share options                0.3         -      0.1
Dilutive earnings per share denominator       383.5     375.7    378.7


11 ANALYSIS OF NET DEBT
                                                                     Unaudited Unaudited   Audited
                                                                      26 weeks  26 weeks  53 weeks
                                                                        ending    ending    ending
                                                                           4th      29th       4th
                                                                        April,    March,  October,
                                                                          2010      2009      2009
                                                                            £m        £m        £m

Net debt at start                                                    (1,013.8)   (984.9)   (984.9)
Cashflow                                                                  48.2   (122.3)       2.0
Foreign exchange movements                                               (2.7)     (0.5)    (17.4)
Other non-cash movements                                                 (2.3)    (34.9)    (13.5)
Net debt at year end                                                   (970.6) (1,142.6) (1,013.8)
 
Analysed as :
Cash and cash equivalents                                                 70.8      45.3      47.4
Unsecured bank overdrafts                                                (0.9)     (0.6)     (0.5)
Cash and cash equivalents in the cash flow statement                      69.9      44.7      46.9
Debt due within one year
Bank loans                                                               (0.5)     (0.6)     (0.5)
Loan notes                                                              (10.8)    (17.8)    (14.8)
Hire purchase obligations                                                (4.9)         -     (4.7)
Debt due in more than one year
Bonds                                                                  (848.1)   (845.2)   (847.1)
Hire purchase obligations                                               (17.7)         -    (20.3)
Loans                                                                  (158.5)   (323.7)   (173.3)
Net debt at year end                                                   (970.6) (1,142.6) (1,013.8)
Effect of derivatives on bank loans                                     (47.4)    (84.2)    (34.8)
Net debt including derivatives                                       (1,018.0) (1,226.8) (1,048.6)
 
The net cash inflow of £48.2 million includes a cash outflow of £14.0 million
in respect of operating exceptional items.


12 PROPERTY, PLANT AND EQUIPMENT

During the period the Group spent £15.8 million (2009 £22.6 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 (2009 £4.0 million) for proceeds of £1.7
million (2009 £3.3 million).


13 ACQUISITION PUT OPTION COMMITMENTS

                                                                      Unaudited Unaudited  Audited
                                                                      as at 4th as at 29th   as at
                                                                         April,     March,     4th
                                                                           2010      2009 October,
                                                                                              2009
                                                                             £m        £m       £m

  Current                                                                   1.1      19.5     11.2
  Non-current                                                                 -       0.4      0.7
                                                                            1.1      19.9     11.9
 
14 OTHER FINANCIAL LIABILITIES
                                                                      Unaudited Unaudited  Audited
                                                                      as at 4th     as at    as at
                                                                         April,      29th      4th
                                                                           2010    March, October,
                                                                                     2009     2009
                                                                             £m        £m       £m
   Current liabilities
   Bank overdrafts                                                          0.9       0.6      0.5
   Bank loans                                                               0.5       0.6      0.5
   Hire purchase obligations                                                4.9         -      4.7
   Loan notes                                                              10.8      17.8     14.8
                                                                           17.1      19.0     20.5
 
   Non-current liabilities
   Bonds                                                                  848.1     845.2    847.1
   Bank loans                                                             158.5     323.7    173.3
   Hire purchase obligations                                               17.7         -     20.3
                                                                        1,024.3   1,168.9  1,040.7
 
During the period the Group extended the maturity of £143.5 million of its
2013 bonds by exchanging these for new 2018 bonds. The new 2018 bonds formed a
single series with the existing 2018 bonds.

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.
These covenants were met at the relevant test dates during the period.

The Group's facilities and their maturity dates are as follows :

                                                                      Unaudited Unaudited  Audited
                                                                      as at 4th     as at    as at
                                                                         April,      29th      4th
                                                                           2010    March, October,
                                                                                     2009     2009
                                                                             £m        £m       £m
Expiring in one year or less                                                  -      70.0        -
Expiring in more than one year but not more than two years                180.0         -    180.0
Expiring in more than two years but not more than three years              30.0     180.0     30.0
Expiring in more than three years but not more than four years            210.0         -        -
Expiring in more than four years but not more than five years                 -     240.0    210.0
Total bank facilities                                                     420.0     490.0    420.0
 
The following undrawn committed borrowing
facilities were available to the Group in respect of which
all conditions precedent had been met :
                                                                      Unaudited Unaudited  Audited
                                                                      as at 4th     as at    as at
                                                                         April,      29th      4th
                                                                           2010    March, October,
                                                                                     2009     2009
                                                                             £m        £m       £m
Expiring in one year or less                                                  -       3.1        -
Expiring in more than one year                                             63.6         -    105.7
but not more than two years
Expiring in more than two years                                            30.0         -     30.0
but not more than three years
Expiring in more than three years                                         108.1       1.0        -
but not more than four years
Expiring in more than four years                                              -      46.1     68.2
but not more than five years
Expiring in more than five years                                              -      43.6        -
but not more than six years
Total undrawn committed bank facilities                                   201.7      93.8    203.9
16 SHARE CAPITAL AND RESERVES

Share capital as at 4th April, 2010 amounted to £49.1 million. During the
period 10,000 'A' Ordinary Non-Voting shares were allotted for aggregate
consideration of £24,975 under the terms of the Company's 2006 Executive Share
Option Scheme.

The Company disposed of 2,023,197 treasury shares, representing 0.54 % of the
called up 'A' Ordinary Non-Voting share capital, in order to satisfy incentive
schemes. It also acquired 1,943,783 'A' Ordinary shares within treasury,
representing 0.52% of the called up 'A' Ordinary share capital as at 4th
April, 2010.

At 4th April, 2010 options were outstanding under the terms of the Company's
1997 and 2006 Executive Share Option Schemes over a total of 5,715,422 (2009
6,543,567) 'A' Ordinary Non-Voting shares.


17 SUMMARY OF THE EFFECTS OF ACQUISITIONS

The Group has made several minor acquisitions during the period.

Provisional fair value of net assets acquired with acquisitions :

                                                              Accounting Provisional Provisional
                                                                  policy  fair value  fair value
                                                              alignments adjustments
 
                                                                      £m          £m          £m

Goodwill                                                               -         5.0         5.0
Intangible assets                                                      -         3.9         3.9
Property, plant and equipment                                          -           -         0.2
Current assets                                                         -           -         0.4
Cash and cash equivalents                                              -           -         0.3
Trade creditors and other payables                                     -           -       (1.4)
Deferred tax                                                           -       (0.9)       (0.9)
Net assets acquired                                                    -         8.0         7.5
Minority share of net assets acquired                                  -           -         0.1
Group share of net assets acquired                                     -         8.0         7.6
 
Cost of
acquisitions:
                                                               Cash paid   Cash paid       Total
                                                                in prior  in current
                                                                  period      period
                                                                      £m          £m          £m

Contingent consideration                                               -           -         3.5
Cash                                                                   -         4.1         4.1
Total consideration at fair value                                      -         4.1         7.6
 
If all acquisitions had been completed on the first day of the financial
year, Group revenues for the year would have been £957.9 million and Group
profit attributable to equity holders of the parent would have been £71.7
million. This information takes into account the amortisation of acquired
intangible assets for a full year, 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 year.

Total profit attributable to equity holders of the parent since the date
of acquisition for companies acquired during the period amounted to £nil.
The aggregate consideration for these and other businesses was £8.2
million, of which £4.7 million was paid in cash during the year, and an
estimated amount of £3.5 million payable in the form of contingent
consideration, depending upon trading results. This contingent
consideration has been discounted back to current values in accordance
with IFRS 3, Business Combinations. In each case, the Group has used
acquisition accounting to account for the purchase.

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.


17 SUMMARY OF THE EFFECTS OF ACQUISITIONS - CONTINUED
Purchase of additional shares in controlled entities
                                                          Unaudited Unaudited  Audited
                                                          as at 4th     as at    as at
                                                             April,      29th      4th
                                                               2010    March, October,
                                                                         2009     2009
                                                                 £m        £m       £m

Cash consideration (including acquisition                      12.8      20.4     24.1
expenses of £nil (2009 £0.1 million))

During the period, the Group acquired additional shares in controlled entities
amounting to £12.8 million (2009 £20.4 million). In addition, the Group opted
to receive a scrip dividend from Euromoney amounting to £5.9 million (2009
£9.3 million) thereby acquiring a further 0.3 % (2009 1.2 % ) 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
balance sheet. The difference between the cost of the additional shares and
the carrying value of the minority share of net assets is adjusted in retained
earnings. The adjustment to retained earnings in the period was a charge of
£1.8 million (2009 £1.1 million).

Reconciliation to purchase of subsidiaries as shown in the cash flow statement
:

                                              Unaudited   Unaudited  Audited
                                              as at 4th  as at 29th    as at
                                                 April, March, 2009      4th
                                                   2010             October,
                                                                        2009
                                                     £m          £m       £m

Cash consideration including acquisition            4.1         7.6      7.6
expenses of £nil (2009 £0.3 million)
Cash paid to settle contingent consideration        6.2         9.9     15.1
in respect of acquisitions
Cash and cash equivalents acquired with           (0.3)       (0.9)    (0.7)
subsidiaries
                                                   10.0        16.6     22.0
 
18 SUMMARY OF THE EFFECTS OF DISPOSALS

As referred to in note 19, the Group disposed of a 50.0% interest in dmg radio
Australia. As part of this disposal transaction the Group received A$112.5
million (£63.9 million) in repayment of amounts due to the Group arising from
a pre sale restructuring of the radio division.

The net assets disposed were as follows :

                                                                               £m
Goodwill                                                                        -
Intangible assets                                                            57.2
Property, plant and equipment                                                15.9
Interests in joint ventures                                                  24.7
Other                                                                           -
Trade and other receivables                                                  14.0
Cash at bank and in hand                                                      2.3
Deferred tax                                                                  1.4
Trade creditors and other payables                                         (87.6)
Total net assets disposed                                                    27.9
Profit on sale of businesses                                                 32.3
                                                                             60.2
 
Satisfied by :
Cash received                                                                   -
Loan in joint venture repaid                                                    -
Investment in DMG Radio                                                      21.3
Recycled cumulative translation differences                                  41.3
Directly attributable costs                                                 (2.4)
                                                                             60.2
 
During the period radio generated £0.7 million of the Group's net operating
cash flows, paid £nil in respect of investing activities and paid £nil in
respect of financing activities.

The other principal disposals completed during the period included the sale of
various exhibitions and events businesses in the events segment. The proceeds
received amounted to £5.4 million. In addition, the Group's interest in
Euromoney was diluted during the period by 1.0%. Under the Group's accounting
policy for the disposal of shares in controlled entities, no adjustment has
been recorded to the fair value of assets and liabilities already held on the
balance sheet. The difference between the Group's share of net assets before
and after this dilution is adjusted in retained earnings. The adjustment to
retained earnings in the period was a charge of £1.3 million.

The impact of all disposals of businesses on net assets was :
                                                                               £m
 
Goodwill                                                                      3.7
Intangible assets                                                            60.7
Property, plant and equipment                                                16.9
Interests in joint ventures                                                  24.7
Other                                                                           -
Trade and other receivables                                                  16.3
Cash at bank and in hand                                                      3.1
Trade creditors and other payables                                        (110.3)
Deferred tax                                                                  0.4
Net assets disposed                                                          15.5
Profit on disposal of businesses                                             33.6
                                                                             49.1
 
Satisfied by:
Cash received                                                                 9.6
Loan in joint venture repaid                                                    -
Investment in DMG Radio                                                         -
Liabilities assumed                                                             -
Recycled cumulative translation differences                                  42.9
Directly attributable costs                                                 (3.4)
                                                                             49.1
 
18 SUMMARY OF THE EFFECTS OF DISPOSALS - CONTINUED

Reconciliation to disposal of businesses as shown in the cash flow statement :

                                                     Unaudited Unaudited  Audited
                                                     as at 4th     as at    as at
                                                        April,      29th      4th
                                                          2010    March, October,
                                                                    2009     2009
                                                            £m        £m       £m

Cash consideration net of disposal costs                   6.2      11.3     12.6
Cash consideration net of disposal costs -           -                 -      1.2
discontinued operations
Proceeds reinvested                                          -     (8.3)    (8.3)
Cash and cash equivalents disposed with subsidiaries     (3.1)         -    (0.8)
                                                           3.1       3.0      4.7


The businesses disposed of during the year contributed £0.5 million to the
Group's net operating cash flows, £nil attributable to investing and £nil
attributable to financing activities.

19 DISCONTINUED OPERATIONS

Discontinued operations

In November 2009, the Group announced the sale of a 50.0% interest in dmg
radio Australia to Illyria Radio Investments Limited.

Following the disposal of the 50.0% interest in the Radio business on 16th
December, 2009, the Group has joint control over the day to day management of
this business. The Group's remaining 50.0% interest has therefore been
accounted for as a joint venture.

In the year to 4th October, 2009, the Group received final payment of £1.2m
after related costs from the sale of Atalink Limited, following agreement of
their completion accounts. There is no related tax charge. The business and
net assets of Atalink Limited were sold in March 2007 and were treated as a
discontinued operation up to that date.

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

                                      Unaudited  Unaudited  Audited
                                      as at 4th as at 29th    as at
                                         April,     March,      4th
                                           2010       2009 October,
                                                               2009
                                             £m         £m       £m

Revenue                                    15.9       26.3     55.1
Expenses                                 (12.8)     (23.7)   (49.2)
Depreciation                              (0.6)      (1.0)    (2.2)
Operating profit before exceptional         2.5        1.6      3.7
operating costs and amortisation
and impairment of
goodwill and intangible assets
Exceptional operating costs                   -      (0.1)    (0.2)
Impairment of goodwill and                (0.3)     (14.6)   (93.2)
intangible assets
Amortisation of intangible assets         (1.5)      (4.9)   (11.2)
Operating profit/(loss) before              0.7     (18.0)  (100.9)
share of results of joint ventures
and associates
Share of results of joint ventures          0.6        0.4      0.5
and associates
Total operating profit/(loss)               1.3     (17.6)  (100.4)
Other gains and losses                        -          -      1.2
Profit/(loss) before net finance            1.3     (17.6)   (99.2)
costs and tax
Investment revenue                            -          -        -
Finance costs                                 -          -        -
Net finance costs                             -          -        -
Profit/(loss) before tax                    1.3     (17.6)   (99.2)
Tax                                       (1.4)        3.7     14.2
Loss after tax attributable to            (0.1)     (13.9)   (85.0)
discontinued operations
Profit on disposal of                      32.3          -        -
discontinued operations
Profit/(loss) attributable to              32.2     (13.9)   (85.0)
discontinued operations

There was no tax associated with the profit on disposal of discontinued
operations.

Cashflows associated with discontinued operations comprises operating
cashflows of £0.7 million (2009 £0.9 million), investing cashflows of £0.9
million (2009 £1.2 million) and financing cashflows of £nil (2009 £nil).

20 RETIREMENT BENEFITS

The Group operates a number of pension schemes covering most major Group
companies under which contributions are paid by the employer and employees.

The schemes include funded defined benefit pension arrangements, providing
service-related benefits, based on final pensionable salary in addition to a
number of defined contribution pension arrangements. The defined benefit
schemes in the UK and some defined contribution plans are administered by
trustees or trustee companies.

The assets of all the pension schemes and plans are held independently from
the Group's finances.

The total net pension costs of the Group for the period ended 4th April, 2010
were £22.3 million (2009 £13.8 million).

The defined benefit obligation is calculated on a year-to-date basis, using
the latest actuarial valuation as at 29th March, 2009. The assumptions used in
the valuation are summarised below:

                                          Unaudited  Unaudited  Audited
                                          as at 4th as at 29th    as at
                                             April,     March,      4th
                                               2010       2009 October,
                                                                   2009
                                               % pa       % pa     % pa
Price inflation                                 3.5        3.0      3.1
Salary increases                                3.3        3.5      3.0
Pension increases                               3.3        3.0      3.0
Discount rate for scheme liabilities            5.5        6.8      5.5
Expected overall rate of return on assets       N/A        N/A      7.0

21 CONTINGENT LIABILITIES

   There have been no material changes in contingent liabilities since 4th October, 2009.
   The Group has issued stand by letters of credit in favour of the Trustees of the Group's
   defined benefit pension fund amounting to £51.2 million (2009 £66.1 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 have been issued in Malaysia against Euromoney
   Institutional Investor and three of its employees in respect of an article published in
   one of Euromoney's magazines, International Commercial Litigation, in November 1995. The
   writs were served on Euromoney on 22nd October, 1996. Two of these writs have been
   discontinued. The total outstanding amount claimed on the two remaining writs is 82.0
   million Malaysian ringgits (£16.6 million). No provision has been made in these accounts
   since the Directors do not believe that Euromoney has any material liability in respect of
   these writs.
 
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

   There were no material transactions with Directors of the Company during the year, 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

   During the period, the Company received services from companies in which Directors have an
   interest totalling £1.3 million (2009 £3.3 million) and received revenue of £0.4 million
   (2009 £0.3 million). The net amount owed by these companies at 4th April, 2010 was £0.4
   million (2009 £0.1 million).

   Daily Mail and General Holdings Limited has a 15.8% share holding in The Press
   Association. During the period the Group received services amounting to £1.8 million (2009
   £0.8 million) and the net amount due to the Press Association as at 4th April, 2010 was
   £0.5 million (2009 due from £82,000).

   Daily Mail and General Holdings Limited has a 24.9% share in the Evening Standard Limited
   (ESL). During the period, the Group has been invoiced by ESL £2.6 million net (2009
   invoiced ESL £1.8 million net) for on going services at a market rate. The net amount due
   from ESL at 4th April, 2010 was £0.4 million (2009 £1.3 million).

   During the period the Group received A$112.5 million (£63.9 million) in respect of an
   outstanding loan balance from DMG Radio Pty Limited. As at 4th April, 2010 A$15.0 million
   (£9.0 million) was due to the Group from DMG Radio Pty Limited in relation to preference
   shares held by the Group.

   Associated Newspapers Limited has a 45% shareholding in Fortune Green Limited. During the
   period the Group received revenue for newsprint, computer and office services of £0.3
   million (2009 £0.4 million). Amounts due from Fortune Green Limited at 4th April, 2010
   were £58,000 (2009 £16,000).

   Associated Newspapers Limited has a 20% share in the Newspapers Licensing Agency (NLA)
   from which royalty revenue of £0.9 million was received (2009 £1.8 million). Commissions
   paid on this revenue total £10,000 (2009 £0.2 million). The amount due to the NLA on 4th
   April, 2010 was £nil (2009 £0.2 million).

   During the period, Landmark charged management fees of £0.2 million (2009 £0.2 million) to
   Point X Ltd, and recharged costs of £0.1 million (2009 £0.1 million). During the period
   Point X received royalty income from Landmark of £34,000 (2009 £40,000) and as at 4th
   April, 2010 owed £0.1 million to Landmark (2009 £0.2 million).

   Other related party disclosures

   At 4th April, 2010, the Group owed £1.5 million (2009 £1.2 million) to the pension schemes
   which it operates. This amount comprised employees' and employer's contributions in
   respect of March 2010 payrolls which were paid to the pension schemes in April 2010.

   Post Balance Sheet Events

   There were no material post balance sheet events.

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 4th
April, 2010 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 balance sheet, and related notes 1
to 23. 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 six months ended 4th April, 2010 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 Auditors
26th May, 2010 
London
United Kingdom

Shareholder Information

Financial Calendar (provisional) 2010

27th May Half Yearly Financial Report published

9th June Interim ex-dividend date

11th June Interim record date

9th July Payment of interim dividend

27th July Interim management statement

28th September Pre-close trading update

30th September Payment of interest on loan notes

3rd October Year end

25th November Annual results and final dividend announced

1st December Ex-dividend date

3rd December Record date


Contacts

Daily Mail and General Trust plc    Auditors
Northcliffe House                   Deloitte LLP, 2 New Street Square
2 Derry Street,                     London
London                              EC4A 3BZ
W8 5TT
Telephone: 020 7938 6000
Email:investor.relations@dmgt.co.uk

Stockbrokers                        Registrars
JPMorgan Cazenove Limited           Equiniti
20 MoorgateLondon                   Aspect House
EC2R 6DA                            Spencer Road
                                    Lancing
Credit Suisse Securities (Europe)   West Sussex
Limited                             BN99 6DA
One Cabot Square
London
E14 4QJ

For further investor information and contacts, please visit the Company's
website at:http://www.dmgt.co.uk

Copies of this Half Yearly Financial Report are available electronically 
from the Company's web site at www.dmgt.co.uk or from the Secretary upon request.