- Euromoney Institutional Investor said Thursday reported revenue in the third quarter fell 9% compared to same period last year as subscription and advertising revenues fell.

The company blamed the fall in revenue on the exchange and the sale of its global markets intelligence division -- a subscription-based business.

For the three months to 30 June, subscription and content revenue fell 3% on a reported basis, but rose 2% on an underlying basis, reported advertising revenue fell 13% and reported events revenue was 1% lower.

The fall in advertising revenue came amid the loss of print revenue as the company transitioned Institutional Investor magazine to a digital-only format in April. Net cash at 30 June stood at £94.1m compared to net debt of £37.0m at 31 March.

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