Daily Mail & General Trust PLC – Interim Management Statement to 30/12/12

February 6, 2013 — Fusion DigiNet

DMGTDMGT 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

UBMDec12

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

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Ipreco acquires Debtdomain

February 5, 2013 — Fusion DigiNet

ipreo-logoIpreo, a provider of market intelligence and productivity solutions to capital markets and corporate professionals, announced the acquisition of Debtdomain, a provider of web-based systems for loan syndication. Terms of the deal were not disclosed.

Debtdomain is a web-based system for managing the loan syndication process from pitch to agency. The solution covers deal setup, pipeline reporting, sole and joint bookrunning, and secure document distribution. Debtdomain also offers an investor CRM tool debtdomainpowered by a database of over 250,000 contacts, and integrated with bookrunning and deal sites. Debtdomain is used by over 150 leading loan market arrangers and agents. Debtdomain was founded in 2000 and has offices in New York, London, and Hong Kong.

The Debtdomain business will become part of Ipreo’s Capital Markets vertical, completing Ipreo’s offering of web-based new-issuance solutions for all types of syndicated products. Ipreo’s capital markets solutions include end-to-end bookbuilding systems, roadshow & conference management platforms, and electronic document delivery. Additionally, Ipreo’s suite of investor prospecting and CRM solutions offers comprehensive institutional contacts data and investor profiles. Ipreo is the only financial services provider to offer solutions across all asset classes including Equity, Fixed Income, Municipal bonds, and Syndicated Loans.

“Syndicated loan solutions are a natural extension of our Capital Markets business, fulfilling our goal of being able to cover all types of syndicated products,” said Scott Ganeles , CEO of Ipreo. “Debtdomain is the preeminent player in the syndicated loan space, with a strong client focus, a winning track record, and an approach to technology that is well aligned with our own.”

Debtdomain co-CEOs Sean Tai and David Levy will both be joining Ipreo’s Executive Committee and together will run the Loan Syndication business under Ipreo’s Capital Markets vertical.

USA, New York & UK, London

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Electra Partners to acquire UBM’s Data Services businesses

February 5, 2013 — Fusion DigiNet

electraPrivate equity business Electra Partners has made a binding offer to acquire a portfolio of UBM’s Data Services (Delta) businesses for £160 million. Delta represents the bulk of UBM’s Data Services segment and includes its Health, Technology and IP, Trade & Transport, and Paper business units. Operating in 28 countries worldwide, the businesses provide data and information products which professionals use to support their decision-making and day-to-day business activities.

In 2012, the businesses generated revenue of £179.3m (£190.0m in 2011) and adjusted operating profit of £27.4m (£27.7m in 2011). As at 30 June 2012 the businesses had gross assets of £295.5m.

Electra Private Equity PLC and the Electra Partners Club 2007 LP will invest approximately £127 million jointly. That is, £114 million and £13 million respectively at completion.

UBM

Upon completion, the cash consideration of approximately £100m (net of working capital adjustments) will be used to repay bank debt. The vendor loan note, which will be held at amortised cost, will carry a 6% PIK coupon and has a final maturity of six years.

Commenting on the offer, Alex Fortescue, Chief Investment Partner at Electra Partners, said: “UBM’s Data Services businesses are a robust and diverse portfolio of businesses offering mission critical data products to users across five continents and five vertical segments. We are excited by the opportunities to develop these businesses and deliver value growth.”

UK, London

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UBM plc will issue its Full Year results on 1st March 2013 and host an Investor

Presentation, at the London Stock Exchange, at 11am that morning.

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Press speculation – John Malone’s Liberty Global is preparing to make a bid for Virgin Media

February 5, 2013 — Fusion DigiNet

The press are reporting that John Malone’s Liberty Global is preparing to make a bid for Virgin Media.

Virgin Media has made the following short announcement today.

Virgin MediaVirgin Media Inc. notes the recent press speculation in relation to a possible corporate transaction between Virgin Media Inc. and Liberty Global, Inc. Virgin Media confirms that it is in discussions with Liberty Global, Inc., a leading international cable company, concerning a possible transaction. Any such transaction would be subject to regulatory and other conditions. A further announcement will be made in due course.

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IMG acquires Taste Festivals from Brand events

February 4, 2013 — Fusion DigiNet

IMG Arts & Entertainment, a division of the Events and Federations business unit of IMG Worldwide, the sport, entertainment and media company has acquired Taste Festivals from Brand Events Ltd for £4.97 million.

Brand Events launched Taste of London in 2004 with one event showcasing 26 restaurants at Somerset House. Taste now runs annual events in 17 cities across the globe, and works with more than 100 of the world’s greatest chefs.

Stephen Flint Wood, Senior Vice President & Managing Director IMG Arts & Entertainment at IMG, said, “IMG have witnessed the extraordinary rise in both the public’s love of great food and restaurants together with the ever growing demand for premium experiential events. We are excited about the potential to grow the business even further, and look forward to working with the team at Taste Festivals and our network of offices in over 30 countries to achieve this aim.”

Justin Clarke, Chief Executive Officer for Taste Festivals, said, “Our unique relationships with chefs, restaurants, brands and visitors have underpinned the Taste brands successful development. I am sure IMG will provide great support and new opportunities to the business and enable consumers around the world to engage with the world’s best restaurants and chefs in new and exciting ways.”

Taste Festivals will continue to operate from the same business premises at Earls Court London and the team will remain unchanged. Brand Events will also remain at Earls Court, and will continue to run Top Gear Live and Festivals, CarFest, Golf Live and Brand Events Australia.

UK, London

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Thomson Reuters completes the acquisition of Practical Law Company

February 4, 2013 — Fusion DigiNet

Thomson Reuters LogoThomson Reuters has completed the acquisition of Practical Law Company, a provider of practical legal know-how and workflow tools. Practical Law Company has operations in New York and London.

Previous reporting on Fusion DigiNet.

Thomson Reuters announced on January 3 that it had reached a definitive agreement to acquire PLCPractical Law Company. The acquisition, which was subject to regulatory review in the U.S. and UK, has received Hart Scott Rodino clearance in the U.S. In the UK, where Thomson Reuters made a voluntary submission to the Office of Fair Trading (OFT), the review process is underway.

Mike Suchsland , president of the Legal business of Thomson Reuters, said, “The completion of the acquisition positions Thomson Reuters with a comprehensive portfolio of productivity solutions that combine the best legal information, expert know-how resources and software tools and are geared to help in-house lawyers and outside counsel work more efficiently and effectively. We look forward to building upon each company’s innovation, editorial legacy and expertise to create even more powerful tools to support and improve the practice of law.”

USA, New York, NY & UK, London

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Euromoney Institutional Investor PLC interim management statement for 4 months to January 30, 2013.

February 4, 2013 — Fusion DigiNet

Euromoney logoEuromoney Institutional Investor PLC , the international online information and events group, has issued its Interim Management Statement for the period from October 1, 2012 to January 30, 2013.

Announcement

Trading

Since reporting its 2012 results on November 15, 2012, trading has continued in line with the board’s expectations as set out in the preliminary results announcement.

As highlighted in this announcement, the challenging trading conditions experienced in the second half of financial year 2012 continued into the first quarter of financial year 2013.  Total revenues for the first quarter increased by 1% to £95.4 million, and by 2% at constant currency.

The group generates nearly two thirds of its revenues in US dollars and movements in the sterling-dollar rate can have a significant impact on reported revenues.  However, the average sterling-dollar rate for the first quarter was $1.61, against $1.58 last year, and the impact of exchange rates on revenues in the period was therefore not significant.

The following table summarises the year-on-year revenue changes for the first quarter at both headline rates and at constant currency:

Click on the table to enlarge it.

Euromoney results jan13d

The decline in subscription revenues was in line with the gradual decrease in growth rates experienced since the end of 2011.  The decline in advertising was consistent with the trend seen in the second half of financial year 2012, while the return to growth in sponsorship and delegate revenues largely arises from new events added to the portfolio.  The increase in other revenues partly reflects the settlement of content redistribution agreements in respect of previous years.  There was no significant change in the group’s adjusted operating margin during the quarter.

The performance of advertising, sponsorship and delegate revenues is closely aligned with the calendar budget cycle of most customers, which lags the group’s financial year by one quarter.  As the new calendar year starts, global financial institutions are continuing to take a cautious view of the outlook and managing their budgets for marketing, training and information buying accordingly.  The impact on the group’s revenues is difficult to determine so early in the calendar budget cycle, but recent sales trends suggest the outlook for advertising and delegate revenues will remain challenging, while the trends in subscription and sponsorship revenues are more stable.

Financial Position

Net debt at December 31, 2012 was £26.5 million, a decrease of £4.3 million since the year-end.  The first quarter is traditionally the one with the lowest operating cash flows because of the payment of annual profit shares and other incentives in December.  The only significant capital outflow in the period was the £5 million acquisition of TTI/Vanguard, the private membership forum for senior executives who lead technology innovation in global organisations (see RNS announcement on January 7, 2013).

The final dividend for financial year 2012, if approved by shareholders at today’s Annual General Meeting, is payable on February 14 2013 in the amount of £18.3 million.  This compares to a cash payment of just £4.8 million in February 2012 when a scrip dividend alternative was offered.

As reported at the time of the 2012 results, the first 50% of awards under the CAP, the group’s long-term incentive scheme, will vest on February 14 and be satisfied by the issue of approximately 1.75 million new ordinary shares and a cash payment of £7.5 million.

Outlook

Trading conditions have not changed significantly since the group announced its 2012 results.  The uncertainties over Europe and general concern in the financial services industry worldwide remain, while global financial institutions continue to cut costs, particularly people, and exit parts of their business in order to rebuild their balance sheets and satisfy tougher capital requirements imposed by regulators.

The board expects these challenging conditions to continue for the foreseeable future and will continue to manage the business tightly.  At the same time, the group will maintain its strategy of building a robust, tightly focused online information business with an emphasis on emerging markets, investing in new products and digital publishing to drive organic growth, and using its strong balance sheet and cash flows to fund further acquisitions.

The results for the six months to March 31 will be announced on May 16, 2013.  The company intends to issue a pre-close trading update on March 22.

UK, London

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Haynes Publishing Group announces interim results for the 6 months ended November 30, 2012.

February 4, 2013 — Fusion DigiNet

HaynesLogoAutomotive and motorcycle repair manuals publisher Haynes Publishing Group P.L.C. has announces interim results for the 6 months ended November 30, 2012.

Financial Highlights

  • Revenue of £13.3 million (2011: £14.3 million)
  • Operating profit of £1.2 million (2011: £1.9 million)
  • Profit before tax ahead of latest broker’s interim forecast at £1.2 million (2011: £1.8 million)
  • Basic earnings per share of 5.2 pence (2011: 7.5 pence)
  • Interim dividend declared of 3.5 pence per share (2011: 6.2 pence)
  • Overheads reduced by 5% (2012: £6.3 million vs 2011: £6.6 million)
  • Australian business half year revenue 32% ahead of 2011
  • HaynesPro half year revenue 17% ahead of 2011
  • Like for like net funds1 of £5.9 million (2011: £5.0 million)
  • Strong balance sheet and cash flow generation maintained

Business Highlights

  • Increased digital capabilities though continued development of Haynes multimedia platforms
  • Digital manual range extended to over 200 titles
  • Successful launch of over 40 new eBook titles
  • New Vice President of Sales hired to strengthen US business
  • Vivid rebranded as ‘HaynesPro’ broadening global commercial opportunities
  • New offices in Romania purchased to accommodate growing digital technical team
  • Strategic consumer-focused review on track for completion by June 2013

Rad the full statement here.

UK, Somerset & USA, Los Angeles, CA

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Future plc interim management statement for the period from 1 October 2012 to date

February 4, 2013 — Fusion DigiNet

Future plc, the international media group and leading digital publisher, has announced its Interim Management Statement for the period from 1 October 2012 to date, incorporating the Group’s first quarter for the three months ended 31 December 2012.

futureplc

Announcement

Trading Performance (Normalised*)

·      Digital revenues up 24%

·      Group revenues down 3% (UK down 1%)

·      US continues on track for EBITDA** profitability in 2013

Normalised revenues in the first quarter were down 3%, driven mainly by the continuing managed decline of print activities in the US. The UK-based business performed solidly with normalised revenues down 1% year-on-year.

In the first quarter, digital revenues grew 24% year-on-year and now represent 23% of normalised revenues, compared with 18% for the first quarter of FY12. Digital advertising has grown to represent 54% of total advertising revenues, up from 45% a year ago. Normalised digital circulation revenues on iPads and other tablets have averaged quarterly growth of 16% over the last year, and we now have over 40 of our brands on Google Play’s new Magazine Shop, which launched in December.

In the US, digital advertising now represents 74% of total advertising revenues (from 64% a year ago), reflecting the faster acceleration from print to digital platforms. First quarter losses in the US were lower than in FY12, as planned, and we maintain our expectation of EBITDA profitability in the US business in FY13.

Active Portfolio Management

Our active portfolio management has continued with the closure of certain print brands (PSM3 and Xbox World in the UK, and Nintendo Power and PlayStation – The Official Magazine in the US), and the launch of new digital brands (Gathered by Mollie Makes, tech., Photography Week and Football Week) as well as a new print title, Simply Crochet, which was launched on 10 January 2013. We will continue to manage the portfolio as the transition from print to digital progresses.

Financial Position

Net debt at 31 December 2012 was £16.8m, a reduction of 6% year-on-year, as expected. We expect to announce a new credit facility within the first half of the current financial year.

Outlook

We expect trading for the full year to be in line with our expectations. Print revenues remain challenging but we expect digital revenues to maintain a steady growth rate.

Mark Wood, Future’s Chief Executive, said: “We are pleased to have achieved steady growth in our digital revenues in the first quarter. We will continue to focus on generating new revenues from our large, global online audience of 50 million unique users. We now sell digital editions on all the major tablet platforms and, through content partnerships, we are able to enter new markets, as most recently demonstrated by our move into English Premier League Football with Football Week.”

UK, London

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Inspired Energy plc trading update for the financial year ended 31 December 2012

February 4, 2013 — Fusion DigiNet

inspiredenergyInspired Energy plc trading update for the financial year ended 31 December 2012

Inspired Energy, an energy procurement consultant to UK corporates, has provided a trading update for the financial year ended 31 December 2012.

Revenues for the full year are expected to be marginally ahead of market expectations whilst profit before tax, excluding deal costs and amortisation of intangible assets associated with the acquisition of Direct Energy Purchasing Limited (“DEP”), is anticipated to be broadly in line with forecasts.  Net Debt is expected to be approximately £1.8 million.

Trading remains strong with the contracted order book of Inspired Energy Solutions Limited rising to £6.3 million as at 31 December 2012 (31 December 2011: £4.3 million).  DEP’s order book has also grown substantially in the period since its acquisition to £2.6 million (31 December 2011: £1.7 million), taking the Group’s aggregate current, contracted, order book to £8.9 million as at 31 December 2012.

Janet Thornton, Managing Director of Inspired Energy, commented: “We have a strong contracted order book and the Board is confident of the Group’s outlook. We look forward to continued organic growth in the year ahead, alongside the pursuit of further earnings enhancing acquisitions.”

Inspired Energy expects to announce its full year results for the year ended 31 December 2012 on 21 March 2013.

UK, Kirkham, Lancashire

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