Total revenues are up 6% for Q1, driven by the HSJ acquisition with underlying revenues down 3%, broadly in-line with the update provided at the finals stage. Q1 PBT is down slightly on investments previously identified. There has been some acceleration in training digitisation investment and some culling of US networking events. The latter has impacted Q1 revenues. Looking forward expectations are for H1 revenue and profit to be around flat with the normal seasonal profitability bias to H2 expected. For the full year the Company indicates it is on track to deliver against expectations. Net debt was £42.4m and cash continues to track well (it was belter at the final results stage than expected). We expect sentiment will improve once the board appointments are dealt with (Chairman and CFO). Stock remains notably cheap.
