Euromoney Institutional Investor – 6 months results to March 2013

Euromoney logoEuromoney Institutional Investor PLC, the  online information and events group, achieved an adjusted profit before tax of £52.4m for the six months to March 31 2013, against £48.6m for the same period in 2012. Total revenues fell by 1% to £187.3m.  Underlying revenues, after adjusting for timing differences on events, increased by 1%.  Subscriptions returned to growth after a decline in the first quarter; event revenues were broadly flat after adjusting for timing differences; and advertising remained weak but only accounts for 12% of total revenues.

Highlights

Euromoney 6 month results May 13

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  • Revenues down 1% to £187.3m, as expected
  • Revenues excluding event timing differences up 1%
  • Subscriptions return to growth in second quarter
  • Adjusted profit before tax up 8% to £52.4m
  • Adjusted operating margin unchanged at 30%
  • Increased investment in new products and digital migration
  • Net debt remains at historically low levels and less than 0.5x EBITDA
  • Four bolt-on acquisitions announced since January
  • Interim dividend maintained at 7p a share
  • Second half trading in line with board’s expectations

Commenting on the first half results, chairman Richard Ensor said, “The group’s strategy of building a focused global online information business has underpinned the company’s bottom line growth despite the challenging markets.  We have continued to invest in technology and new products to drive organic growth, and have made acquisitions from which we expect to drive future revenue synergies.  Overall, trading remains in line with the board’s expectations. ”

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UK, London

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