EUROMONEY, the business publisher, said yesterday trading was in line with expectations although its subscriber numbers were still falling.
Sales for the three months to 31 December dropped to £71m, while subscription-based products fell four per cent to £35.7m as cutbacks made by business customers in the first half of 2009 worked their way through into revenues.
The company said revenues from events and training – a key part of the sales of business publishers – kept falling at similar rates to the second quarter, down 31 per cent and 33 per cent respectively, as customers continue to cut spending.
The group said: “Subscription revenues are expected to continue to decline in the second quarter and it is too early to call the point at which overall revenue growth will return.”
Managing director Richard Ensor, who was due to retire this year, will stay until 2013, the firm added.