(Alliance News) - Publishing and events company Euromoney Institutional Investor PLC said Tuesday its trading in the three months to the end of 2019 was in line with internal expectations.
Euromoney said underlying revenue was flat year on year in the first quarter of its financial year.
Giving an update to investors at its annual general meeting, Euromoney said its first quarter revenue reflected recent trends, with growth from its Pricing and Data & Market Intelligence units, offset by "ongoing challenges" in its Asset Management business.
"In the Pricing segment underlying revenue grew 3% supported by a 9% increase in subscriptions offset by some softness in events. Within the Data & Market Intelligence segment, underlying revenue also grew by 3%. In Asset Management underlying revenue declined 6%, impacted by the previously disclosed weakness in subscriptions, which declined 9%," Euromoney said.
Back in September, Euromoney launched a strategic review of the Asset Management business amid "structural and cyclical challenges". On Tuesday, the company said the strategic review is progressing "ongoing".
The Asset Management business makes 36% of total group revenue and consists of the Institutional Investor, BCA Research and NDR businesses.
The company said its group full-year outlook is unchanged.
Euromoney ended December with net cash of GBP27.3 million, down from GBP50.1 million at the end of its financial year in September, following the acquisition of Wealth-X.
The company is expected to release its interim results on May 21.
Shares in Euromoney Institutional Investor were 0.8% lower in London on Tuesday morning at 1,328.00 pence each.
By Paul McGowan; paulmcgowan@alliancenews.com
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