Euromoney Institutional InvestorPLC AGM Trading Update (0748B)
January 28 2020 - 2:00AM
UK Regulatory
TIDMERM
RNS Number : 0748B
Euromoney Institutional InvestorPLC
28 January 2020
EUROMONEY INSTITUTIONAL INVESTOR PLC ("Euromoney")
AGM Trading Update
28 January 2020
Euromoney, the global B2B information services provider of
essential information to global and specialist markets, today
announces a trading update for the period from 1 October 2019 to 31
December 2019 ahead of the Group's Annual General Meeting at 9:30
am today.
Trading update
Trading continues to be in line with the Board's expectations.
Underlying revenue(1) is flat year-on-year, reflecting a
continuation of recent trends, with growth in the Pricing and Data
& Market Intelligence segments offset by ongoing challenges in
Asset Management. In the Pricing segment underlying revenue grew 3%
supported by a 9% increase in subscriptions offset by some softness
in events. Within the Data & Market Intelligence segment,
underlying revenue also grew by 3%. In Asset Management underlying
revenue declined 6%, impacted by the previously disclosed weakness
in subscriptions, which declined 9%.
The full year outlook is unchanged.
Strong financial position
Net cash at 31 December 2019 was GBP27.3m compared to net cash
of GBP50.1m at 30 September 2019. The change in cash principally
reflects the previously announced acquisition of Wealth-X for
$20.4m and corporation tax payments. Underlying cash generation
remains strong.
Strategic progress
Euromoney has previously announced that it is conducting a
strategic review of Asset Management, which is made up of
Institutional Investor, BCA Research and NDR. The strategic review
is ongoing.
Financial & Professional Services teach-in
On 5 February 2020, Euromoney will host a teach-in on its
Financial & Professional Services division, which has three
pillars; NextGen, IMN & Derivatives, and People Intelligence.
No material new financial information will be provided. The
presentations and live webcast will be available on the Euromoney
website, www.euromoneyplc.com.
The interim results for the six month period to 31 March 2020
will be announced on 21 May 2020.
For further information, please contact:
Euromoney Institutional Investor PLC
Wendy Pallot, Chief Financial Officer: +44 20 7779 8866;
wendy.pallot@euromoneyplc.com
Chris Collett, Investor Relations: +44 (0)20 7779 8636;
chris.collett@euromoneyplc.com
FTI Consulting
Charles Palmer / Jamie Ricketts / Amy Hurnell / Jamille Smith:
+44 20 3727 1000; euromoney@fticonsulting.com
NOTE TO EDITORS
Euromoney is a global information business providing essential
B2B information to global and specialist markets. Euromoney
provides discovery, market intelligence and events across our
segments. Euromoney is listed on the London Stock Exchange and is a
member of the FTSE 250 share index. (www.euromoneyplc.com)
1. Underlying numbers restate prior period revenues using
current period exchange rates, include pro-forma comparatives for
acquisitions and new business launches, exclude disposals, business
closures and significant event and publication timing
differences.
Ends
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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