Euromoney Institutional Investor says trading has continued in line with the board's expectations since its update on 21 July despite financial markets being subject to increased volatility and uncertainty following the UK's Brexit vote in June. It says underlying revenues for the fourth quarter, which exclude the impact of currency movements and acquisitions and disposals, are expected to have declined by 5% from the same period last year, largely due to the group intentionally reducing the number of commodity events and training courses run. Reported revenues for the quarter are expected to show a 2% increase, largely as a result of more favourable exchange rates. Underlying subscription revenues for the fourth quarter are expected to have increased by 2%, a further improvement on the 1% underlying increase in the third quarter, as the group starts to see the benefits from the strategic initiatives being taken around new products, pricing and sales. Underlying advertising revenues, which are especially bank dependent, are expected to show a decline of 8% for the quarter, a little better than the third quarter but still broadly consistent with the long-term trend for advertising. After a robust third quarter for events, particularly in the areas of finance and telecoms, underlying sponsorship and delegate revenues are expected to fall by 13% in the final quarter. Although the event numbers benefit from easier comparatives after the sharp decline in commodity markets in 2015, sponsorship and delegate revenues have declined as the group took actions earlier in the year to cut the number of commodity events and eliminate unprofitable training activities.
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