Daily Mail owner considering options for its Euromoney stake

Euromoney plcDaily Mail and General Trust plc (DMGT), commenting on recent media speculation, has announced that it is considering strategic options for its stake in Euromoney Institutional Investor Plc.

Euromoney is an international business-to-business information company focusing on the global financial community. Holding around 49% of the shares, DMGT is Euromoney’s largest shareholder.

DMGT said it has not received any proposal nor is it in discussions with any party to acquire its holding in Euromoney.

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DMGT pre-close trading update

DMGTDaily Mail and General Trust plc has issued a pre-close trading update.

Ahead of the year end on 30 September 2013, the statement provides an update on the Group’s progress in the current year.

It covers the eleven month period to the end of August 2013 and includes comments on September.


  • Solid Group revenue performance, up 2% underlying#
  • Good revenue growth from B2B operations, up 6% underlying#
  • Resilient revenue performance at dmg media, down 2% underlying#
  • Active portfolio management; targeted acquisitions and non-core asset disposals
  • Share buy back programme of £69 million to date
  • Net debt/EBITDA ratio expected to be less than 2.0 at year end
  • Full Year guidance unchanged and in line with market expectations

DMGT results1 2013

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The full statement can be read here.

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Euromoney Institutional Investor – interim management statement to July 24, 2013

Euromoney Institutional Investor PLC , the international publishing, events and electronic information group, has issued its Interim Management Statement for the period from April 1 to July 24, 2013.


Since reporting its interim results on May 16, 2013, trading has continued in line with the board’s expectations as set out in the interim results announcement.

Headline revenues for the quarter to June 30, 2013 increased by 2% to £113.5 million.  The group generates nearly two thirds of its revenues in US dollars and after adjusting for an average sterling-dollar rate for the third quarter of $1.53, against $1.60 a year ago, revenues at constant currency were unchanged.  The increase in revenues from the three small acquisitions completed earlier in the year was largely offset by timing differences on certain subscription accounts.

Subscription revenues increased by 4%, and by 1% at constant currency.  The rate of growth at constant currency was less than the 3% achieved in the second quarter due to delays in the receipt of a few subscription accounts which are recognised on a cash basis.  This timing difference is expected to reverse in the final quarter.  The 11% decline in advertising revenues was consistent with the trend seen over the previous 18 months with advertising from global financial institutions particularly weak.

The third quarter is the most important of the year for the event businesses with many of the group’s largest events held during this period.  Despite the challenging markets, revenues from the group’s bigger events remained robust and the positive first half event revenue trends continued.  Sponsorship revenues increased by 6% at constant currency, partly due to the acquisition in April of CIE, the Australian provider of investment forums for the asset management industry.  Delegate revenues were unchanged.

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

Eurononey intrim Jul13


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Financial Position

Net debt at June 30 was £34.4 million against £38.1 million at March 31. The group’s strong operating cash flows for the quarter were offset by acquisition payments of £12.7 million, including the £9.9 million purchase of CIE, an interim dividend of £8.8 million, and other non-operating cash outflows of £6.4 million.  Movements in the US dollar exchange rate had no significant effect on net debt levels.


The broad trading background has not changed significantly since the interim results.  The outlook for US markets, and in particular the profitability of US financial institutions, has continued to improve.  However, European institutions remain focussed on tight cost control and compliance with a tougher regulatory environment while uncertainties persist over some emerging markets, particularly China, and the commodities sector.

July and August are the quietest trading months of the year and while the fourth quarter is the least significant for the group’s event businesses, recent advertising sales trends have been encouraging.  However, as usual at this time of the year, revenue visibility for September, which traditionally accounts for at least 20% of the group’s full year profit, is limited.

The group will continue to invest in technology, marketing and new products to achieve organic growth and focus on revenue synergies from its recent acquisitions.  Overall, trading remains in line with the board’s expectations.

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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.


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. ”

For full details click here

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Euromoney Institutional Investor Plc announces annual results

Euromoney Institutional Investor Plc has announced annual results to September 2012


Euromoney Institutional Investor PLC, the international online information and events group, achieved a record adjusted profit before tax of £106.8m for the year to September 30 2012, against £92.7m in 2011.  Adjusted diluted earnings a share were 65.9p (2011: 56.1p).  The directors recommend an 18% increase in the final dividend to 14.75p, giving a total for the year of 21.75p (2011: 18.75p), to be paid to shareholders on February 14 2013.

Total revenues for the year increased by 9% to £394.1m.  Underlying revenues, excluding acquisitions, increased by 3%.  The acquisition of Ned Davis Research (NDR) in August 2011 has helped increase the proportion of revenues generated from subscriptions to more than 50% for the first time.  Headline subscription revenues increased by 17% to £199.7m and underlying subscriptions, excluding NDR, by 5%.

The adjusted operating margin was unchanged at 30%.  Costs, particularly headcount, have remained tightly controlled throughout the year.  At the same time, the group has increased its investment in technology and new products as part of its online growth strategy.

Net debt at September 30 was £30.8m compared with £88.5m at March 31 and £119.2m at September 30 2011.  In the absence of any significant acquisitions, net debt has fallen by £88.4m since the start of the year, reflecting the group’s strong cash flows and an operating cash conversion rate* in excess of 100%.  The group’s net debt is now at its lowest level for more than a decade and its robust balance sheet provides plenty of headroom for the group to pursue its acquisition strategy.

As highlighted in previous trading updates, market conditions became noticeably tougher from June.  The uncertainty over Europe remains, as does a solution to the pending US fiscal cliff.  Meanwhile global financial institutions face the combined challenges of difficult markets, increased capital requirements and a tougher regulatory environment.  Inevitably they have responded by cutting costs, particularly people, and exiting some parts of their business.  However, the outlook for emerging markets, which account for more than a third of the group’s revenues, is more positive. The board expects this challenging trading background to continue at least into the early part of 2013.

Commenting on the results, chairman Richard Ensor said: “The record results for the year reflect the challenging market conditions as well as the successful implementation of our strategy.  Investment in online information businesses and emerging markets has created a global portfolio with a resilient business model.  Subscription revenues now account for more than 50% of group revenues, and more than a third of our revenues is derived from emerging markets. In 2013, we will continue to invest in our products to ensure that we are well placed to benefit from any improvement in the global economy.”

Read the full announcement here

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