The brief statement indicates that trading has continued in line with expectations for the year to date and that the “outlook for the profitability of the group in 2015 remain unchanged”. Overall while we may trim Events revenue slightly (<1% of group revenue) we are comfortable with our profit estimates. The Events business performance looks a little soft on revenue but on track at the profit level due to the larger events superior profitability. It is possible that there may be some further weakness if China continues to slow. PR Newswire and Marketing Services are both indicated to be on track. The integration of Advanstar is also on track and the business is performing in line with Company expectations. Discussions re a disposal of PRN are ongoing. We recognise that while trading is in line at the profit level revenues are slightly soft. However the modest bounce in the stock since late September is supported by a statement that should provide some relief. On valuation stock is a dull Hold.