(Sharecast News) - Business information provider Euromoney Institutional Investor updated the market on its strategic review and its trading for the year ended 30 September on Tuesday, having announced the review of its asset management segment made up of the Institutional Investor, BCA Research and NDR businesses on 10 September.
The FTSE 250 company said that, although the review was still at a "relatively early stage", it was progressing "well", and the businesses would be reported as discontinued operations and as assets held for sale in the financial statements for the year ended 30 September.
Looking at its trading, Euromoney said its full-year 2019 results were "slightly above" its expectations.
Adjusted revenue for the year ended 30 September was expected to be approximately £401m, with underlying revenue flat.
"This reflects a continuation of good growth in the pricing, data and market intelligence segment, with underlying revenue up approximately 4% and approximately 10% growth in Fastmarkets subscriptions," the board said in its statement.
"Asset management continued to face challenges and saw revenue decline by approximately 4% on an underlying basis.
"Banking and finance, our smallest segment which accounted for 15% of the group's revenues, was down by approximately 1%."
Euromoneu said BoardEx had now been fully integrated, with strong underlying growth of about 11% year-on-year.
Adjusted profit before tax was expected to be approximately £104m, up about 9% on an underlying basis, which the company said reflected underlying growth in the pricing, data and market intelligence segment, as well as lower net interest costs.
"Cash conversion remains strong at approximately 95%, and year-end net cash was approximately £50m.
"The company is expected to propose a final dividend in line with last year's final dividend of 22.3p, which would result in a full year dividend of 33.1p per share, up by 2% year on year."
Euromoney said it would release its full-year results on 21 November.
As at 1015 GMT, shares in Euromoney were up 1.03% at 1,372p.
21 Nov 2019 16:05