Euromoney’s (ERM) Q1 update shows trading conditions remaining challenging, with the poor start to the year in equity markets added to the mix. Subscription revenues are still growing (up 2% at constant currency), but the continuing depressed oil price is showing through in lower delegate revenues. Currency has clearly swung in the group’s favour and the cash performance remains strong. The capital markets day, when new CEO Andrew Rashbass will present the strategy update, is now six weeks away and the shares are likely to mark time in the meantime.
