LONDON (Alliance News) - Euromoney Institutional Investor PLC on Thursday said trading has been in line with its expectations in the third quarter, with no significant impact from Brexit.
The FTSE 250 company, which publishes trade magazines covering a range of business sectors and runs events, said revenue in the quarter to the end of June fell 1.0% year-on-year to GBP104.7 million.
Though Euromoney benefited from dollar strength against sterling following the Brexit vote, this was offset by lower revenue from the disposal of its Gulf Publishing and Petroleum Economist titles in April.
Underlying revenue, stripping out currency effects and disposals, fell 1.0% in the quarter, an improvement on the 6.0% decline reported in the first half.
Euromoney said the outcome for the year to the end of September will be dependent on trading in September itself, which traditionally accounts for around 20% of full-year profit.
Visibility for September is currently limited, the company said, but it said that if exchange rates remain as they are, this should provide some protection against an volatility and uncertainty emerging in its investment banking and asset management markets.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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