1 Feb 2019 07:00
EUROMONEY INSTITUTIONAL INVESTOR PLC ("Euromoney")
AGM Trading Update
1 February 2019
Euromoney, the global information business providing essential B2B information to global and specialist markets, today announces a trading update for the period from 1 October 2018 to 31 December 2018 ahead of the Group's Annual General Meeting at 9:30 am today.
Trading in line with Board expectations
Trading continues last year's trends. Following the disposal of the Global Markets Intelligence Division in April 2018, revenue for the three months to 31 December 2018 was £92.6 million (2017: £100.8 million). Underlying revenue1 is up by 1%. Underlying subscription revenue was up 1%, where strong 9% growth in the Pricing, Data & Market Intelligence segment more than offset a 4% reduction in Asset Management. Events revenue grew by 3% on an underlying basis, with an excellent performance in the telecoms events, Capacity Europe and Capacity Asia, and IMN in the Banking & Finance segment. Advertising trends are consistent with 2018.
The full year outlook is unchanged.
Strong financial position
Net cash at 31 December 2018 was £93.8m compared to net cash of £78.3m at 30 September 2018. The increase in cash reflects £20.0m initial proceeds from the disposal of Mining Indaba and continued strong operating cash flow, offset by a one-off withholding tax payment relating to the Canadian dividend of £14.6m, as previously announced. Completion of the acquisition of The Deal and BoardEx for $87.3m, which is subject to the approval of TheStreet Inc's shareholders, is expected in February 2019.
Strategic progress
Our strategy is progressing well. There is increasing recognition of our pricing products, with the London Metal Exchange's announcement in January that it will launch three new cash-settled derivative contracts to be settled against Fastmarkets Metal Bulletin's aluminium, alumina and cobalt prices. The restructuring in our Asset Management segment is complete.
The interim results for the six month period to 31 March 2019 will be announced on 16 May 2019.
1. Underlying numbers restate prior period revenues using current period exchange rates and use pro-forma comparatives for acquisitions but exclude disposals and discontinued operations.
Ends
For further information, please contact:
Euromoney Institutional Investor PLC
Wendy Pallot, Chief Financial Officer: +44 (0)20 7779 8845;
wendy.pallot@euromoneyplc.com
FTI Consulting
Charles Palmer / Jamie Ricketts / Amy Hurnell / Jamille Smith +44 20 3727 1000;
euromoney@fticonsulting.com
About Euromoney Institutional Investor PLC
Euromoney is a global information business providing essential B2B information to global and specialist markets. Euromoney provides discovery, market intelligence and events across our segments. Euromoney is listed on the London Stock Exchange and is a member of the FTSE 250 share index.
www.euromoneyplc.com
LEI number: 213800PZU2RGHMHE2S67