UBM has given the City a trading update which in terms says,
"Its alright. No really its all fine. Don't worrry, everythings great. Well not everything, we are a bit worried about PR Newswire, recruitment, conference revenue, next years shows, this years advertising, next years advertising; but don't worry. Well we to be honest we worry a bit. We're not worried too much though and where the crunch has started to hurt we fired some managers - so that'll fix it. So please don't worry. Really. We mean it."
The City heard all this and wiped 30p off the share price or about £70m in value.
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