(Alliance News) - Euromoney Institutional Investor PLC on Wednesday reported a rise in revenue for the quarter as sales generated from events continued to recover.
The business-to-business financial information provider and events organiser posted revenue for the third quarter ended June 30 of GBP78.9 million, up 14% year-on-year.
The performance was driven by underlying 7% growth in subscriptions and more than doubled growth in events.
Quarterly events revenue of GBP12.6 million reflected a higher number of virtual events and seven blended events during the period in the US, Asia and the Middle East.
Revenue for the first nine months of the year was down 8% from the prior year comparison and down 10% on an underlying basis, at GBP234.4 million.
Despite the disappointing performance compared to the prior year comparison, Euromoney said it is confident that the group will deliver a result in line with the company's expectations.
Looking ahead, the company notes virtual events continue to perform well, however ongoing travel restrictions have resulted in a "slightly more cautious" outlook on physical events in the short term. Solid growth is expected from pricing and DMI subscriptions.
"We continue in our progress towards being a fast-growing, high-margin, 3.0, information-services subscription business. Overall, we remain confident that the group will deliver a result in line with the board's expectations," the company said.
Euromoney Institutional Investor shares were trading up 1.8% at 1,020.00 pence each in London on Wednesday morning.
By Will Paige; willpaige@alliancenews.com
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