Unlike the same time last year, Euromoney’s core subscription income is now falling (down four percent) as well as its advertising income (11 percent), to which it’s less exposed.

“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,” parent DMGT warns in an interim trading statement.

“The lag effect of cuts in headcount and information buying by customers during the first half of 2009 worked their way through into revenues,”

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