Euromoney Institutional InvestorPLC Trading update (0303S)
September 28 2017 - 2:01AM
UK Regulatory
TIDMERM
RNS Number : 0303S
Euromoney Institutional InvestorPLC
28 September 2017
EUROMONEY INSTITUTIONAL INVESTOR PLC
PRE-CLOSE TRADING UPDATE
SEPTEMBER 28, 2017
Euromoney Institutional Investor PLC ("Euromoney"), the
international business information and events group, today issues a
pre-close trading update ahead of the announcement of its results
for the year to September 30, 2017.
Trading
Since issuing its trading update on July 21, 2017, overall
trading has continued in line with the board's expectations for the
financial year.
Reported revenues for the fourth quarter are expected to show a
3% increase, largely as a result of the acquisition in April of
RISI, the leading price reporting agency for the global forest
products market, which continues to perform well. Exchange rates
have had no significant impact on reported revenues this quarter.
Underlying revenues for the quarter, which exclude the impact of
currency movements and acquisitions and disposals, are expected to
have declined by 2% from the same period last year.
Underlying subscription revenues for the fourth quarter are
expected to be flat year-on-year, as the increasing headwinds from
the impact of MiFID II on the asset management businesses have
offset the strong performance from the pricing, data and market
intelligence segment. The rate of decline in underlying advertising
revenues is expected to have fallen again, reflecting some success
in the strategic investment in thought-leadership products.
After a strong recovery in event revenues in the second and
third quarters, underlying sponsorship and delegate revenues are
expected to fall by 8% in the final quarter. While the performance
of the event businesses remains robust, this decline in revenues
largely reflects the decision not to repeat events in certain
markets due to increased geopolitical instability.
Reported total revenues for the year to September 30, 2017 are
expected to show a 6% increase on last year, and an underlying
decrease of 1%.
The group expects to announce an adjusted profit before tax* of
no less than GBP105 million for the year to September 30, 2017
(2016: GBP102.5 million).
Financial Position
At current exchange rates, group net debt at September 30 is
expected to be no more than GBP160 million, against GBP173.1
million at June 30. There were no significant non-operating cash
flows in the period.
Next Trading Update
More details will be provided with the year-end results which
will be announced on the morning of November 22, 2017, followed by
an analyst presentation and investor roadshow.
* Adjusted profit before tax is profit before tax, amortisation
of acquired intangible assets, exceptional items, and net movements
in acquisition deferred consideration and acquisition
commitments.
END
For further information, please contact:
Euromoney Institutional Investor PLC
Colin Jones, Finance Director: +44 20 7779 8666; cjones@euromoneyplc.com
FTI Consulting
Charles Palmer/Emma Appleton: +44 20 3727 1400; euromoney@fticonsulting.com
NOTE TO EDITORS
Euromoney Institutional Investor PLC (www.euromoneyplc.com) is
listed on the London Stock Exchange and is a member of the FTSE 250
share index. It is an international business-information group
covering asset management, price discovery, data & market
intelligence, and banking & finance under brands including
Euromoney, Institutional Investor, BCA Research, Ned Davis Research
and Metal Bulletin. The group also runs an extensive portfolio of
events for the telecoms, financial and commodities markets.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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