DMGT has published its Interim Management Statement for the first quarter of their financial year, the three month period to 30th December, 2012.
It describes the Group’s financial position and performance during the period, updated to the latest practicable date.
Headlines
Trading in line with expectations; outlook for the year unchanged:
- Revenue for the first quarter of £503 million, underlying# growth of 3% on last year
- Continued good underlying# growth of 8% from the B2B businesses
- Underlying# revenue decline of 4% at Associated Newspapers (now dmg media); improved profit margin driven by cost efficiencies
- Further B2B bolt-on acquisitions
- Disposal of Northcliffe Media effective 30th December, 2012
- Commencement of share buy back programme
- Outlook for the year unchanged
Acquisitions
The principal acquisitions in the quarter were FirstSearch Environmental Information Network (FEIN), a £21 million bolt-on purchase by dmg information’s US propertyI nformation business, Environmental Data Resources (EDR) and the £5 million acquisition by Euromoney of an 87% stake in TTI/ Vanguard.
- FEIN provides environmental professionals across the US with products that allow them to assess environmental contamination risks in respect of commercial real estate. The acquisition brings opportunities to upsell FEIN’s customers to EDR’s broader portfolio of products, improve EDR’s product offering and deliver cost synergies.
- TTI/Vanguard is a private membership organisation for senior executives who lead technology innovation in global organisations. Enterprises subscribe to TTI/Vanguard’s conference series to explore the potential effects of emerging and potentially disruptive technologies. Euromoney has a successful record of acquiring events businesses and accelerating their growth globally and TTI/Vanguard is an expansion for Euromoney into the high-technology content sector.
Other acquisition payments in the quarter included £5 million for the remaining stake in RMS Japan; £2 million for Beat the GMAT, a bolt-on acquisition for Hobsons; £1 million for Renaissance, a bolt-on acquisition for Landmark, and earn-out payments in respect of historic acquisitions.
Disposals
Following dmg media’s November 2012 disposal of its central and eastern European digital consumer jobs and motors businesses, the remaining Hungarian print business, Lapcom, was sold in January 2013, completing dmg media’s exit from the region. In the year to September 2012, the disposed businesses contributed £4 million of profit before tax and £27 million of revenues. Disposal proceeds in the first quarter were £27 million and a further £62 million was received in January 2013 in respect of the disposals of Lapcom and Northcliffe Media.
Read the full announcement here
# See the full announcement for the definition of “underlying”
UK, London
Related articles:
- DMGT annual report and M&A update Posted on January 10, 2013
- DMGT has completed its disposal of Northcliffe Media to Local World Posted on January 7, 2013
- Local World to acquire the regional publishing assets of Northcliffe and Iliffe Posted on November 21, 2012
- DMGT sells remaining interest in DMG Radio Australia Posted on September 5, 2012
- DMGT – Q3 results Posted on July 26, 2012
- Acquisition of Xceligentby DMGT Posted on April 27, 2012
- DMGT – trading update for the six-month period to the end of March 2012 Posted on April 17, 2012
- OFT clears the merger between the Digital Property Group and Zoopla Posted onApril 16, 2012
- DMGTacquires Jobrapido Posted on April 16, 2012
- FindaProperty, Primelocation and Zoopla to merge to take on Rightmove Posted onNovember 7, 2011
- DMGT sells GLM to Providence Equity Partners Posted on October 4, 2011
- DMGT trading update September 2011 Posted on September 28, 2011
- DMGT to sell GLM, the United States’ largest privately-held tradeshow management company Posted on June 10, 2011
- DMGT in “informal” talks to buy Express Newspapers Posted on April 4, 2011
- Could DMGT sell Northcliffe? Posted on November 28, 2010
- DMGT back on the acquisition trail? Posted on November 25, 2010
- Associated Northcliffe Digital acquires 50% of Globrix Posted on January 24, 2010
- Associated Northcliffe Digital buys Dothomes.co.uk and Extate.co.uk Posted on February 1, 2010
- Associated Northcliffe Digital acquires 50% of Globrix Posted on January 24, 2010
- Euromoney Institutional Investor PLC acquires Californian conference business TTI/Vanguard Posted on January 7, 2013
- Euromoney Institutional Investor Plc announces annual results Posted on November 15, 2012
- Euromoney Institutional Investor PLC – pre-close trading update Posted on September 25, 2012
- Euromoney Institutional Investor PLC – Interim Management Statement for the period from April 1 to July 24, 2012. Posted on July 26, 2012
- Euromoney Institutional Investor – trading update – half year profits of not less than £47M Posted on April 17, 2012
- A Fusion Deal: International grain trading conferences, Global Grain Geneva and Global Grain Asia, sold to Euromoney Institutional Investor Posted on February 29, 2012
- Euromoney Institutional Investor to acquire Ned Davis Research Group for £69M Posted on June 21, 2011
- Euromoney Institutional Investor PLC acquires Arete Consulting Posted on August 13, 2010
- Euromoney sells EIC to Broadfern September 2007
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