LONDON (Alliance News) - Euromoney Institutional Investor PLC said on Friday it saw a drop in revenue for the first quarter of its financial year, following the sale of one of its divisions.
For the three months to the end of December, the business events and marketing group reported an 8.1% decline in revenue to GBP92.6 million from GBP100.8 million the same period the year before.
The revenue fall reflected the sale of its Global Markets Intelligence Division in April 2018. On an underlying basis, revenue was up by 1.0%, helped by growth in the Events and Pricing, Data & Market Intelligence segments.
As at December 31, Euromoney's net cash was GBP93.8 million, up from net cash of GBP78.3 million as at September 30, due to proceeds from the disposal of its Mining Indaba assets to ITE Group in October.
The group said it outlook for its full year remains unchanged.
Euromoney will publish its interim results on May 16.