LONDON (Alliance News) - Euromoney Institutional Investor PLC on Thursday posted a sharp fall in profit, as a one-off gain made a year earlier did not repeat, but the information and events group said it remains on track to meet its expectations for the full year.
Euromoney said its pretax profit for the six months to the end of March was GBP23.4 million, sharply down from the GBP93.3 million posted a year earlier, in part due to the group having booked a one-off GBP45.8 million credit the year before.
Revenue also fell slightly in the half, down to GBP194.2 million from GBP197.7 million, as the company continued to face challenges for its events and publications focused on the investment banking and commodities markets.
Still, Euromoney said it remains on track to meet its expectations for the financial year to the end of September and said its interim dividend will be held at 7.0 pence.
"The first-half results continue to reflect the headwinds we saw in the second half of last year and revenue and profit declined as expected in line with last year's second-half trends," said Chief Executive Andrew Rashbass.
"We are beginning to implement the new strategy we presented in March, for instance in launching new products, actively managing the portfolio and in how we price our products. Early signs of its impact are encouraging. Although headwinds remain for us and our customers, the progress we are seeing gives us some confidence in the outcome for the full year," he added.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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