Financial publishing and events organiser Euromoney has reported a pre-tax profits fall to £43.9m from £123.3m, largely due to exceptional items and amortisation.
Total revenue for the year was flat at £403.1m, Euromoney said. The company noted there had been pressure on commodity events in particular.
The company said it did not expect markets to improve in the year ahead but pencilled in a return to growth for 2018.
“Trading conditions have remained challenging throughout the year, but the group is starting to reap the benefits from strategic initiatives focused on new products, pricing and sales,” Euromoney said.
Chief executive Andrew Rashbass claimed the strategy unveiled in March was working, but acknowledged: “It’s a tough environment for our customers, and therefore for us.”
The dividend was unchanged.
Compass Group, meanwhile, recently reported slower fourth quarter revenues and flat margins. The group said trading in its remote sites businesses had suffered the impact of the cyclical downturn. Compass noted volumes falling in Europe and the UK, but refused to blame the Brexit vote.
The slowdown at Compass followed a warning from Sodexo, its nearest competitor, about its challenging trading environment, with revenue growth falling.
