Euromoney Institutional Investor – trading update – half year profits of not less than £47M

April 17, 2012 — Fusion DigiNet

Euromoney Institutional Investor PLC, the international publishing, events and electronic information group, has issued a trading update ahead of the announcement of its results for the half year to March 31, 2012.

Group revenues for the six months to March 31, 2012 are expected to show an increase of 13% to £189 million.  Underlying revenues, excluding the impact of last year’s acquisition of Ned Davis Research (NDR), increased by approximately 5%.  Headline subscription revenues are expected to have increased by 22%, and accounted for 53% (2011: 49%) of the group’s revenues for the period.  Underlying subscription revenues, excluding NDR, increased by approximately 7%, continuing the good momentum from 2011. Advertising and sponsorship revenues are down by 8%. The stronger performance of delegate revenues in the second quarter was mostly due to timing differences on events and the impact of the political unrest in the Middle East on delegate bookings last year.

The following table summarises the expected year-on-year revenue changes for the six months to March 31 at both headline rates and at constant currency:

For the half year to March 31, 2012, Euromoney expects to announce an adjusted profit before tax* of not less than £47 million (2011: £41.6 million).  The adjusted operating margin^ is expected to be unchanged at 30%.

Group net debt at March 31, 2012 is expected to be no more than £90 million, down from £119.2 million at September 30, 2011.  The reduction in net debt largely reflects the continued strong operating cash flows of the group.

Recent sales trends suggest the outlook for advertising revenues remains challenging, while the outlook for the events businesses, for which the third quarter is the most important of the year, is positive.  Overall trading remains in line with the board’s expectations.

The half year results will be announced on the morning of May 17, 2012, followed by an analyst presentation and investor meetings. Euromoney is participating in the DMGT investor day on April 18 when it will give a presentation covering the importance of emerging markets to its growth strategy.  No further comment on trading will be given at this meeting.

* Adjusted profit before tax is profit before tax, acquired intangible amortisation, exceptional items, deferred consideration adjustments and non-cash movements in acquisition option commitment values.

^ Adjusted operating profit is operating profit before acquired intangible amortisation, long-term incentive expense, exceptional items and share of results in associates.

UK, London

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Bloomsbury Publishing acquires Fairchild Books

April 16, 2012 — Fusion DigiNet

Bloomsbury Publishing’s US subsidiary, Bloomsbury Publishing Inc, has acquired Fairchild Books from Fairchild Fashion Media, a unit of Conde Nast, for $6,500,000. The consideration will be paid in cash from existing cash balances in three equal annual installments, commencing at completion.

For the year-ended 31 December 2011, Fairchild Books generated net profit before tax of $706,000 and as at 31 December 2011 had gross assets of $7,567,000.

Fairchild Books, based in New York, is a market-leading publisher of textbooks and educational resources for students of fashion, merchandising, retailing and interior design. It has a strong history dating back to the nineteenth century and a world-class reputation for producing student materials for the fashion and design industries.

The Fairchild Books list is highly complementary to Bloomsbury’s existing academic list in the Visual Arts, which was bolstered by the acquisition of Berg Publishers in 2008, the launch of the award-winning Berg Fashion Library www.bergfashionlibrary.com in 2010 and the acquisition of a fashion photography archive in 2011.

Following the acquisition, the business will be managed by Kathryn Earle, Bloomsbury’s Head of Visual Arts, and will report in to Bloomsbury’s Academic & Professional division.

Bloomsbury’s successful integration of the Continuum business, purchased in July 2011, was the cornerstone acquisition of the Academic & Professional division, providing it with critical mass and excellent opportunities for organic growth and digital exploitation.

Nigel Newton, Chief Executive of Bloomsbury commented, “The acquisition of Fairchild Books is part of Bloomsbury’s long term strategy to increase its Academic Publishing turnover in the USA, the largest market for English language textbooks.  There is an excellent fit between Fairchild Book’s list and Bloomsbury’s visual arts lists.

UK, London & USA, New York, NY

 

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OFT clears the merger between the Digital Property Group and Zoopla

April 16, 2012 — Fusion DigiNet

The Office of Fair Trading (OFT) has today given clearance for the proposed merger between the Digital Property Group and Zoopla to go ahead. Digital Property Group is part of A&N Media, the consumer media division of DMGT. The merger will bring together Findaproperty.com, Zoopla.co.uk and Primelocation.com. The transaction is now expected to complete within the next few weeks.

Evidence received by the OFT during its investigation found that the merger would not result in reduced competition and consequently did not warrant reference to the Competition Commission for further investigation.

Mark Milner, CEO of the Digital Property Group said, “This is an important day for the industry, given the long-awaited balance in the market that this deal will deliver. It has been a long time coming and the enhanced value that the combined business will provide will make this deal a clear win for UK estate agents, letting agents and housebuilders.”

Martin Morgan, Chief Executive of DMGT said: “We are delighted that the merger has been approved. We now have the opportunity to challenge the market leader in the online property sector, to the benefit of both consumers and clients”.

See also – FindaProperty, Primelocation and Zoopla to merge to take on Rightmove posted on November 7, 2011.

UK, London

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DMGTacquires Jobrapido

April 16, 2012 — Fusion DigiNet

A&N Media, the consumer media business of DMGT, has acquired Jobrapido, one of the world’s largest job search engines. Jobrapido will be combined with A&N Media’s existing digital recruitment group, which is now renamed as Evenbase in order to reflect the wider scope and international reach of the enlarged group.

This acquisition gives Evenbase – which includes Jobsite, OilCareers and Broadbean – access to one of the world’s largest databases of job seekers and a global footprint with strong positions in a number of key international markets.

The completion consideration is €30 million.  The Jobrapido management team is incentivised to enhance this valuation over the next few years through an earn-out arrangement based on achieving agreed financial and business performance objectives.  Jobrapido achieved revenues of c. €24 million and profits of c. €6 million during calendar year 2011.

Jobrapido was established in Italy in 2006 by its Chief Executive, Vito Lomele. It is the second largest international job search engine in the world, delivering last year 660 million visits from job seekers (most recently 32 million unique visitors in March 2012) in more than 50 countries.

Keith Potts, Evenbase Chief Executive, said: “I’m absolutely delighted to secure such a valuable asset for the group. Candidates are, and will always be, the raw material for recruitment. Jobrapido gives us access to job seeking candidates on a global scale and supercharges the transformation of our business model.”

Martin Morgan, CEO of DMGT said: “Bringing the Jobrapido team into the DMGT group is a great example of DMGT’s core strategy in action.  We seek out and acquire market leading businesses with strong positions in rapidly growing international markets. We have a strong culture of entrepreneurial management and like to retain and empower the people who built those businesses.”

UK, London & Italy, Milan

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UBM plc acquires Negocios nos Trilhos, South America’s leading railway industry exhibition

April 16, 2012 — Fusion DigiNet

UBM plc has acquired Negocios nos Trilhos, South America’s leading railway industry exhibition, from Grupo Revista Ferroviária on behalf of UBM Live. In 2011 Negocios nos Trilhos generated revenues of approximately £1.6 million.  As at 29 March 2012, the business’ gross assets were £0.7 million.  The acquisition is expected to exceed UBM’s cost of capital criterion in its first full year of ownership.

Now in its fifteenth edition, Negocios nos Trilhos – literally, ‘Business on Rails” – is a cargo and public rail transport tradeshow which is held annually in Sao Paulo.  Last year’s show attracted 180 rail equipment and technology exhibitors from 14 countries and 7,000 railway professionals drawn from both the public and the private sectors. The 2012 event will take place 6-8 November.
The passenger and cargo railway industry in Brazil and other South American countries is expanding rapidly as the region’s economic development advances.  Brazil has also seen accelerated investment in mass transport systems driven by the World Cup in 2014 and the Olympic Games in 2016.

Negocios nos Trilhos is a complementary fit with UBM Live’s Intermodal transport exhibition in Brazil. The business also overlaps with UBM Global Trade’s US rail industry products.

Simon Foster, Chief Executive Officer of UBM Live said, “We are delighted to have acquired such a well-established and market-leading exhibition in this fast-growing industry. Negocios nos Trilhos will strengthen our position in the transport sector in Brazil and complement UBM’s US-based rail industry product set.”

Uk, London and Brazil, Sao Paulo

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Hearst Corporation acquires 20% stake in Stylus Media Group

March 28, 2012 — Fusion DigiNet

Hearst Corporation has acquired a 20 percent stake in Stylus Media Group, which provides business intelligence to consumer companies. The announcement was made jointly by Frank A. Bennack, Jr., CEO of Hearst Corporation, and Marc Worth, CEO and founder of Stylus. Financial terms were not disclosed.

Stylus tracks consumer behavior and cultural shifts across consumer industries, including automotive, technology, media, retail, fashion and hospitality. Stylus is used by design, marketing, branding and business development departments inside companies to stimulate new ideas about consumer products and services.

As part of the agreement, Kenneth A. Bronfin, president of Hearst Interactive Media, will join the Board of Directors of Stylus. The Interactive Media group will manage Hearst’s stake in Stylus as it does with its numerous portfolio businesses.

Since its launch in September 2010, Stylus has grown to cover 20 sectors across 50 countries with a worldwide staff of 100. More than 200 major corporations have subscribed to Stylus data, including Saatchi & Saatchi, Starwood Hotels, Mulberry, Sony, Ford, Colombia Sportswear, The Container Store, Marks & Spencer and Interbrand. Its mission is to become a global leader in primary research, tapping into opportunities in emerging markets and meeting demand from business and design professionals for research and information.

Commenting on the acquisition, Bennack said, “For all businesses to be competitive, spotting the next trend can mean success or failure. We believe that Stylus offers information that no company should be without. The growth potential is very promising, as is the benefit to our own brands and businesses.”

“This strategic partnership signals a wealth of new opportunities for Stylus,” Worth said. “Hearst’s global presence will help drive Stylus’ business forward in Asia and Latin America as well as its core markets of U.S. and Europe. Hearst’s investment in both technology and new media businesses makes it an ideal partner and will allow us to meet demand for cross-sector, cross-country design intelligence.”

“We have been quite impressed with the tremendous amount of progress that Stylus has made since its launch in terms of content development and brand-name client acquisition,” Bronfin said. “We look forward to working with Stylus as it expands its reputation as an authoritative business intelligence resource for design and creative professionals.”

USA, New York, NY & UK, London

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Access Intelligence acquires LeadsCon trade show along with Daily Deal Summit

March 28, 2012 — Fusion DigiNet

Access Intelligence, a B2B media and information company and a portfolio company of Veronis Suhler Stevenson, has acquired LeadsCon. The terms of the deal were not disclosed.

LeadsCon is an educational and networking conference dedicated to increasing the effectiveness of those operating in the online lead generation industry. LeadsCon is held twice a year. It has just completed its February event in Las Vegas, and will hold its East coast event in New York this July. Other products in the LeadsCon portfolio include the membership-based LeadsCouncil, the Daily Deal Summit conference series taking place this April 17-18 in New York, an e-newsletter, and other soon-to-be announced marketing conferences and product offerings.

Jay Weintraub, president and founder of New York-based LeadsCon, will continue in his role as President of LeadsCon, Daily Deal and the other products serving the customer-acquisition sector. Michelle Troop, LeadsCon co-founder and executive vice president of operations, and Weintraub will be part of the newly created Access Intelligence Customer Acquisition Board which will also include Don Pazour, AI’s President & CEO; Diane Schwartz, senior vice president of the Media/Communications Group; and Jenn Heinold, vice president of healthcare and aerospace events.

“I am particularly pleased to be working with a visionary like Jay Weintraub, who will lead our efforts in serving the customer acquisition professional community,” said Don Pazour, president and CEO of Access Intelligence. “The ability to round out our position in the marketing and technology sectors with highly engaged brands like LeadsCon and Daily Deal Summit is an exciting prospect for Access Intelligence, our employees and customers.”

In 2011, Access Intelligence completed acquisitions in the media/marketing and healthcare sectors, including that of Red7 Media (which includes Event Marketer and Folio); OR Manager, which presents one of the largest trade shows serving operating room executives; and Cynopsis Media, with advertising-driven e-letters serving the TV and digital communities.

USA, Rockville, MD

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Independent News & Media report operating profits of £75M

March 23, 2012 — Fusion DigiNet

Independent News & Media PLC has announced the Group’s full year results for the 12 months ended 31 December 2011. They are  in line with prior market guidance.

A detailed presentation on these results is available on the Group’s website inmplc.com.

Highlights

  • Operating Profit, pre-exceptionals, of €75.5 million (-8.6% on 2010)
  • Underlying Revenue down 5.6% (Reported Revenue down 10.9% on 2010)
  • Operating Costs were reduced by 11.3% to €482.5 million, despite a significant newsprint price increase in Island of Ireland and investment in digital
  • EBITDA of €102.2 million (including dividends received of €15.8 million)
  • Operating Margin of 13.5%, up 30bps on 2010
  • Continued progress in digital, with underlying revenue growth of 9.6%
  • Expansion of Irish Education business through acquisition of International House Dublin
  • Earnings Per Share (pre-exceptionals) of 9.8 cent
  • Continued significant reduction in Net Debt, down by €46.8 million (9.9%) to €426.8 million
 
*Underlying – in constant currency, excluding The Independentand Independent on Sunday titles in the UK (disposed of in April 2010) and compares 52 weeks in both 2011 and 2010

UK, London & Ireland, Dublin

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IHS Acquires IMS Research for $46M

March 22, 2012 — Fusion DigiNet

IHS Inc. has acquired IMS Research, an independent provider of market research and consultancy to the global electronics industry, for approximately $46 million.

“The acquisition of IMS Research will help us expand our products and services in the technology, media and telecommunications (TMT) value chain, and better position IHS to deliver a more robust product offering to our customers in the global technology marketplace,” said IHS Chairman and Chief Executive Officer Jerre Stead. “The annual delivery nature of the IMS Research business is also an excellent fit for our subscription-based model.”

IMS Research provides research with proprietary data and market insight to original equipment manufacturers (OEMs), component manufacturers and systems suppliers in the global electronics industry. The company’s products and services include syndicated market studies, custom research, consultancy services and events that deliver comprehensive, value-add data and in-depth actionable market intelligence, across the technology spectrum. It serves diverse industries across the technology spectrum, from semiconductors and wireless to industrial systems and alternative energy, helping clients in more than 50 countries better understand markets and shape strategies.

IMS Research was founded in 1989 and is headquartered in Wellingborough, U.K. The company employs more than 140 people in the U.K., U.S., China, Japan, South Korea and Taiwan.

USA, Englewood, CO & UK, Wellingborough

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LexisNexis acquires Law360

March 21, 2012 — Fusion DigiNet

LexisNexis has acquired Portfolio Media, the parent company of Law360, an online provider of legal news and analysis for business lawyers, primarily in the United States.

“Breaking legal news and analysis are critical for legal professionals as they drive success for their businesses and clients,” said Bob Romeo, CEO of Research and Litigation Solutions at LexisNexis. “Law360 is a key element of our growth strategy because it adds legal news and analysis, a crucial part of an attorney’s workflow and a key entry point to legal research.”

Law360 publishes breaking news and analysis with a particular focus on high-stakes litigation across more than 30 practice areas. This content is distributed through online daily newsletters that are read by over 100,000 law firm and business professionals ranging from litigators, corporate counsel and transactional attorneys to law librarians and legal administrators.

“We are excited to have our premier legal news and analysis offering join the LexisNexis family. We see it as a great opportunity to extend our reach, expand our portfolio of content, and create new and innovative ways to deliver it to customers,” said Marius Meland, co-CEO and co-founder of Law360. Headquartered in New York City, Law360 was founded in 2004 by Meland and co-CEO Magnus Hoglund. They will continue to run the company as a stand-alone business, while leveraging the content and analytical resources and distribution of LexisNexis.

Law360 distinguishes itself through the unique combination of speedy delivery of more than 130 original legal news stories daily, the journalistic standards of its experienced editorial team, and its content generation platform that tracks in real-time dockets and regulatory filings – enabling reporters to break major developments in litigation, deal making and legislation before anyone else.

USA, New York, NY

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