DMGT's Euromoney posts increase in revenue

Euromoney, the financial publishing and conference group, posted a 2% drop in pre-tax profits, which fell from £30.5m to £29.9m in the six months to 31 March, and warned that trading will get worse before it gets better.

The company, which is controlled by Daily Mail & General Trust (DMGT), said revenues were up 4% from £154.8m to £160.7m in the first half of the fiscal year.

Padraic Fallon, chairman of the company, whose publications include Euromoney Magazine, said: "We expected the downturn and cut costs early. Trading may get worse before it gets better, but we will be ready when the recovery begins. The strength of our brands, our robust cash flows and the diversity of our revenues will continue to help us through this difficult trading period."

The group said its cost-cutting measures had achieved annual savings of £13m following its decision to restructure at the start of the year.

It warned, however, that its financial sector customers were reducing spending in areas like marketing.

It also warned that sales during the first quarter, which largely drive revenues in the second quarter, had shown signs of weakening, adding that group revenues in the second quarter fell by 1% year on year.

Euromoney owns specialist magazines across the finance, energy, aviation, pharmaceutical and law sectors.

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