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Euromoney's profit rise, re-jigs research arm

Group sales rose by 3% £387mln as data and events made up for the asset management shortfall

Stock markets
Research revenues dropped over the past year

Euromoney Institutional Investor PLC (LON:ERM) has restructured its investment research business after a tough year for the division.

Sales in asset management, the largest of the financial information group’s divisions, dropped 4% to £151mln.

READ: Euromoney acquires Extel survey business from WeConvene for an undisclosed sum

A review of this business has taken out £7mln of costs out said Euromoney, while Institutional Investor is now largely a subscription, events and research operation.

Group sales rose by 3% £387mln as data and events made up for the asset shortfall, though Euromoney said generating the same revenue from events this year will be a challenge.

Underlying profits rose 3% to £109.2mln, though pre-tax profits were bolstered by the sale of Global Market Intelligence in April for £91mln and the absence of one-offs,

The dividend for the year rises 6% to 32.5p though the final payment was only increased by 2%.

Shares rose 2% to 1,248p.

Quick facts: Euromoney Institutional Investor

Price: 1290 GBX

LSE:ERM
Market: LSE
Market Cap: £1.41 billion
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