Dutch based media and information group VNU issued a warning on Friday that full year earnings will fall significantly below expectations.
Full year earnings before goodwill amortization and extraordinary items are expected to decline by 0% to 5% when compared to 2000. VNU has significant business interests in the US, where the economic downturn hit first and hardest, including trade shows which have been severely affected by recent events.
VNU is now employing cost-cutting measures, thought to include job cuts, in order to minimise losses and the new earnings forecast includes E10 million reorganisation costs.
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