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Trading Update and Capital Markets Day

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RNS Number : 7461F
Euromoney Institutional InvestorPLC
17 July 2019
 

EUROMONEY INSTITUTIONAL INVESTOR PLC ("Euromoney")

Trading Update and Capital Markets Day

17 July 2019

 

Euromoney, the global information business providing essential B2B information to global and specialist markets, today announces a trading update for the period from 1 April 2019 to 30 June 2019 ahead of the Group's Capital Markets Day at 14:00 GMT today.

Trading update

Euromoney is trading in line with the Board's expectations, reflecting a continuation of recent trends, with good performance in Pricing, Data & Market Intelligence and Banking & Finance offset by ongoing structural and cyclical challenges within Asset Management.

Reported revenues for the three months to 30 June 2019 were £110.9m (2018: £107.9m) with underlying revenues1 flat year on year. Underlying revenues in the Pricing, Data & Market Intelligence segment were up by 6% in the quarter, compared to the 3% increase that was reported for the six months to 31 March 2019, with a strong performance in subscriptions and a better performance from events than in the first half of the year. Banking & Finance segment revenues grew 1% in the quarter compared to 4% in the half year as we saw a more normal performance in events. The Asset Management segment performance reflected the continuing structural and cyclical issues, with underlying revenues in the quarter down 9%, compared to the 3% decline reported at the half year, with particular weakness in subscription vote revenues and Institutional Investor.

Group underlying subscription revenues were down 1% in the quarter reflecting the decline in Asset Management. Group underlying events revenues were up 3% including a strong performance in telecoms and a return to growth in Fastmarkets events. Group underlying advertising revenue, which made up only 7% of total revenues, continued with recent trends being down by 6% in the quarter.

Strong financial position

Net cash at 30 June 2019 was £41.2m compared to net cash of £29.3m at 31 March 2019, reflecting strong underlying cash conversion and £8.7m of final proceeds from the disposal of Mining Indaba.

Capital Markets Day

Euromoney is hosting a Capital Markets Day today in London. The event will be hosted by CEO Andrew Rashbass and CFO Wendy Pallot.  Senior management will provide presentations on the Investment Research division, BoardEx, the relationship mapping business which was acquired by the Group in February 2019, and Fastmarkets, our price-reporting agency. No material new information is being provided. The presentations and live webcast will be available on the Euromoney website, www.euromoneyplc.com.

The results for the year to 30 September 2019 will be announced on 21 November 2019.

1. Underlying measures include the adjusted results of continuing operations and are stated at constant exchange rates, including pro forma prior year comparatives for acquisitions and new business launches and excluding disposals, business closures and significant event and publication timing differences.

Ends

For further information, please contact:

Euromoney Institutional Investor PLC

Wendy Pallot, Chief Financial Officer:                                                                     +44 (0)20 7779 8845

wendy.pallot@euromoneyplc.com

Sarah Cooke, Investor Relations:                                                                              +44 (0) 20 7779 7363

[email protected]

FTI Consulting

Charles Palmer / Jamie Ricketts / Amy Hurnell / Jamille Smith:                    +44 (0)20 3727 1000

[email protected] 

About Euromoney Institutional Investor PLC

Euromoney is a global information business providing essential B2B information to global and specialist markets.  Euromoney provides discovery, market intelligence and events across our segments.  Euromoney is listed on the London Stock Exchange and is a member of the FTSE 250 share index.

www.euromoneyplc.com 

LEI number: 213800PZU2RGHMHE2S67


This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [email protected] or visit www.rns.com.
 
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Price: 1278

Market: LSE
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