LFL CER revenues were down 7% for Q4. Full year reported revenues are expected to be down 1% (in line with our £402.5m estimate). Profits are likely to be close to our estimate with a floor of £107m contained in the statement. There has been no improvement in the Investment Banking sector that generates half of ERM’s revenues. Subscription growth eased to 1% in Q4 (circa half of group revenues) as expected offsetting the positive timing benefit in Q3. The underlying rate is indicated to be +2%, ....
