UPDATE 2-Euromoney cautions on subs as profit impresses

* Advertising and promotions revenue declines slow

* Subscriptions will "struggle to see much growth" in 2010

* Shares rise 1 percent

(Adds CFO, analyst comments, shares)

By Georgina Prodhan

LONDON, Nov 12 (Reuters) - Business-to-business publisher Euromoney (ERM.L) struck a cautious tone for 2010 subscriptions even as the market cheered forecast-busting profits for the latest full year.

The company, a unit of Britain's Daily Mail & General Trust (DMGOa.L), posted adjusted pretax profit for the year to Sept. 30 at 63 million pounds ($104 million), down 6 percent but above its 57 million-pound guidance, and said customers were becoming more positive despite tough conditions.

However, Chief Financial Officer Colin Jones cautioned that subscriptions -- which constitute almost half of revenues -- are dependent on January customer budget decisions which will take six to nine months to filter through.

"We're going to struggle to see much growth at all in 2010. Yes, it will turn negative first, probably by the end of this quarter," he told Reuters in a telephone interview.