Business publisher Euromoney said today that it could return to revenue growth in the third quarter, earlier than it had expected.
Publishing interim results for the six months to the end of March, the company, which is majority-owned by the Daily Mail & General Trust, reported a year-on-year fall in revenue of eight per cent to £147.8m. In the same period the previous year the company made £160.7m.
Adjusted operating profit rose 22 per cent to £45.4m in the six months to the end of March from the £37.1m it made in the same period the previous year.
Padraic Fallon, chairman of Euromoney, said the company had seen a gradual recovery in sales since the start of the calendar year which accelerated in March and April.
“To the point where there are prospects for a return to revenue growth in the third quarter, a little earlier than the board expected,” Fallon added.
“The sovereign debt crisis in Europe and the possible fallout may affect our ability to grow as quickly as we would wish, but the immediate outlook is encouraging.”
Unadjusted operating profits rose to £38.8m in the period, up from the £3.2m the company lost in the same period the previous year and, in part, helped by a continuing drive to cut costs.