22 October 2010 – trading update

Newspaper and media group Mecom has announced further progress in the three months to the end of September with marginal reductions in revenue being more than compensated for by strong cost controls.  Although advertising revenue fell by 3%, circulation revenue was up by 1% meaning that total revenues only fell by 1% compared with a 4% reduction in costs.  The group remains comfortable with market expectations for the full year results and we continue to rate the shares as a BUY.