Euromoney Trading Statement

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Monday 24 September 2001

Euromoney Institutional Investor, the international publishing, conference and training group, announces that pre-tax profits for the year to September 30, 2001 will be affected by the attacks on the United States on September 11 which, in turn, have led to the postponement of the IMF / World Bank Annual Meetings. September is usually the Group's most important trading month.

Since September 11, the Group has had to cancel most of its conferences and training courses due to run in New York in September, while the reluctance of delegates to travel has further hit the Group's seminar and training revenues over this period.

The postponement of the IMF / World Bank Annual Meetings, due to take place in Washington at the end of September, has led to the loss of significant meeting-related revenues, particularly from the Emerging Markets newspapers distributed at these meetings.

In addition, a number of the group's magazines have seen lower advertising revenues than expected in their key September issues, particularly from US-based financial institutions, as the result of the downturn in global economies, although Euromoney and Latin Finance both increased their revenues in September. Overall, the Group expects profits for the year to September 30, 2001 to be between £22 million and £23 million.

It is too early to measure the impact of events in the United States on the Group's results for the next financial year but the first half results are expected to be affected. However, the Group does not expect the robustness and health of its businesses to be damaged in the longer term, and it believes that opportunities may arise from the recession in financial and other markets.

The Group expects to announce its preliminary results for the year to September 30, 2001 on Thursday, November 29, 2001.

Inquiries to:
Richard Ensor Managing Director +44 (0)20 7779 8844
Colin Jones Chief Operating Officer +1 212 224 3930