Thursday, November 26, 2009

DMGT Squeezes B2B

DMGT has released its preliminary results. ALthought the headline talks about something called "b2b resilience" the truth is much flakier.

If we ignore currency movements underlying revenues are down 5%. Risk Management Solutions has had a "higher than usual level of cancellations". The property business has crashed but the management claim some signs of improvement in the UK. Euromoney, in which DMG has a stake, has had a tough year and expects the next quarter to be tough.

The exhibition business (late in late out) has experienced softer bookings in the second half and
"more recently, encouraging attendances and booking trends, but yet
to convert into revenues." And I have no idea what that means.

So it's still tough. A lot of costs have been taken out and, like many others, the management are praying a recovery will come and save them.

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