Euromoney's revenue creeps higher despite asset management challenges

(Sharecast News) - Euromoney Institutional Investor on Wednesday said trading remains in line with expectations after a strong third quarter performance from its pricing, data & market intelligence and banking & finance segments was partially offset by challenges in asset management.
Reported revenues for the three months to 30 June were £110.9m, up 3% from the same period last year, as underlying revenues remained flat year on year.

Underlying revenues in the pricing, data & market intelligence segment climbed by 6% in the quarter, compared to 3% in the first six months of the year, while banking & finance revenues grew 1% in the quarter compared to 4% in the half year.

However, these gains were partially offset by a 9% decrease in quarterly underlying revenues from the asset management segment, compared to a 3% decline reported at the half year, which Euromoney said was due to "particular weakness in subscription vote revenues and Institutional Investor".

The FTSE 250-traded company's underlying subscription revenues were down 1%, while underlying events revenues were up 3% amid a strong performance in telecoms, and underlying advertising revenue continued with recent trends to drop by 6%, now making up just 7% of total revenues

Euromoney Institutional Investor's shares were down 2.99% at 1,298.00p at 0907 BST.