(Alliance News) -Â Euromoney Institutional Investor PLC on Thursday said its annual performance was "resilient" though revenue suffered badly from the Covid-19 hit to its events business.
Revenue in the financial year to September 30 amounted to GBP335.3 million, down 17% on GBP401.7 million the year before. This represented a 4% fall on an underlying basis.
"As a result of Covid-19, much of the world experienced restrictions during the second half of the year and event revenue fell by GBP70 million. The group took swift and decisive action to mitigate some of this impact by reducing costs and successfully introducing virtual events. The group hosted over 200 virtual events over six months," said Euromoney, which also publishes magazines and supplies business information.
Pretax profit slid 60% to GBP32.9 million, with adjusted pretax profit down 45% at GBP57.4 million.
Euromoney said its confidence in outlook means it is able to resume dividend payments - though it sliced its final dividend to 11.4 pence from 22.3p the year before. Given Euromoney decided not to declare an interim dividend, this makes its total payout in respect of the recently-ended year 11.4p versus 33.1p in the 2019 financial year.
"Despite Covid-19, Euromoney continues to make strategic progress as a 3.0 information services business. Strong subscriptions growth in Pricing and Data Market Intelligence underpins the resilience and good prospects of the group," said Chief Executive Andrew Rashbass.
"Euromoney's performance, the cash-generative nature of the business even during the pandemic and the board's confidence in the outlook mean we are able to invest in growth and recommend the resumption of dividend payments. These results in difficult times, and our plans, are testament to the skill and determination of our people and the quality of our brands and businesses," he added.
Shares in Euromoney were up 1.6% at 1,016.00 pence in London on Thursday.
By Lucy Heming;Â lucyheming@alliancenews.com
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