Euromoney annual profit declines amid challenging trading conditions

(ShareCast News) - Business-focused media group Euromoney Institutional Investors posted a decline in adjusted annual pre-tax profit on the back of difficult trading conditions.In the 12 months to 30 September, the FTSE 250 group reported a 21.4% year-on-year increase in reported pre-tax profit to £123.3m, boosted by the sale of its stake in Capital DATA and Capital NET.However, on an adjusted basis, excluding amortisation and other exceptional items, pre-tax profit declined 7% year-on-year to £107.8m, while revenue slid 1% to £403.4m as trading conditions remained difficult, with a sluggish performance in the commodities sector compounded by challenging environment in the investment banking division."Today's results reflect the strong headwinds, both cyclical and structural, facing many of our customers and our businesses," said group executive chairman Andrew Rashbass."But they also show areas of real strength, for example around our asset-management-related businesses."Euromoney said its first quarter has started in line with expectations, although the challenging conditions it reported last year are set to continue for the foreseeable future.The group has proposed a final dividend of 16.4p, taking its total dividend for the year to 23.4p, a 1.74% increase year-on-year.Meanwhile, the London-listed company has announced it will implement a new board structure, following a strategic review launched by Rashbass, who took on the role of executive chairman in September.The new structure will see an independent non-executive chairman appointed and the creation of a chief executive role. The former role will be served on an interim basis by senior non-executive director John Botts until the group appoints a non-executive chairman.Euromoney shares were down 0.31% to 955.00p at 0918 GMT on Thursday.