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“As expected, subscriptions, advertising and sponsorship revenues have all continued to grow at slower rates than those achieved in the first quarter,” DMGT’s Euromoney publication says in a pre-close trading update ahead of its actual announcement of its October-to-March results.
“After strong revenue growth in 2010, revenue comparisons have become much tougher since the start of the second quarter.”
In its events business, “delegate sales for the training business have struggled to achieve year-on-year growth over this period, partly due to the reluctance of customers to commit training budgets in view of the generally uncertain economic outlook, and partly due to the unrest in the Middle East, a key market for this business”.
The publisher expects adjusted pre-tax profit to be down £100,000 from last year at £40 million. 2010’s period had been flattered by £2 million in cost cuts.