Euromoney Institutional Investor PLC (“Euromoney”), the international online information and events group, today issues a pre-close trading update ahead of the announcement of its results for the half year to March 31, 2014.
Trading
Since issuing its Interim Management Statement (IMS) on January 30, trading has continued in line with the board’s expectations. As highlighted in that statement, trading conditions have remained challenging, particularly in the banking sector where the pressure from increasing regulation and demands for tougher capital ratios, combined with further litigation and financial penalties, have caused global financial institutions to continue to maintain tight control over their costs.
Total revenues for the six months to March 31, 2014 are expected to show a headline increase of approximately 5% on 2013, and underlying growth excluding acquisitions of approximately 2%. The underlying revenue trends reported for the first quarter have largely continued into the second quarter for subscriptions and advertising, while underlying event revenues increased by approximately 15% in the second quarter due to a combination of new events and favourable timing of biennial events. The first half underlying revenue trends at constant currency are approximately two percentage points stronger
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