Global publishing and market research company VNU confirmed the difficulties faced by the market yesterday when it released interim results with headline profits of £252m which were below analyst forecasts.
The company demonstrated its caution for the coming year by lowering its earning per share figure, blaming the tough advertising market, where a decline in revenue has been witnessed for some time.
VNU’s pessimistic attitude, particularly in the area of trade journals, caused a knock on effect on the share prices of companies in similar areas. Reed International saw a worrying slump during the day, ending down 10p at £6.40, while United Business Media slipped 7p to £5.51.
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