We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Euromoney Institutional Investor Plc | LSE:ERM | London | Ordinary Share | GB0006886666 | ORD 0.25P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 1,460.00 | 1,458.00 | 1,460.00 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
TIDMERM
RNS Number : 6861L
Euromoney Institutional InvestorPLC
21 July 2017
EUROMONEY INSTITUTIONAL INVESTOR PLC
TRADING UPDATE
FOR THE PERIOD TO JULY 20, 2017
Euromoney Institutional Investor PLC ("Euromoney"), the international business information and events group, today issues a trading update for the period from April 1 to July 20, 2017.
Trading
Since reporting its interim results on May 18, trading has continued in line with the board's expectations as set out in the interim results announcement. Reported revenues for the quarter to June 30 increased by 13% to GBP118.4m, reflecting both the benefit from a favourable Sterling-US Dollar rate and the acquisition of RISI in April. Underlying revenues, at constant exchange rates and including pro-forma prior year comparatives for acquisitions and excluding disposals, increased by 2%, continuing the positive trend in event revenues highlighted in the interim results.
The following table shows the year-on-year revenue growth rates for the third quarter on a reported and underlying basis.
Q3 FY17 vs Q3 FY16 ------------------------ ------ ------ ---------------------- Q3 Q3 FY17 FY16 Reported Underlying GBPm GBPm change change ------------------------ ------ ------ --------- ----------- Subscriptions/content 67.7 54.9 23% 1% ------------------------ ------ ------ --------- ----------- Advertising 10.0 8.8 13% (5%) ------------------------ ------ ------ --------- ----------- Sponsorship 23.4 19.5 20% 5% ------------------------ ------ ------ --------- ----------- Delegates 19.1 17.1 12% 2% ------------------------ ------ ------ --------- ----------- Other 0.9 0.7 30% 8% ------------------------ ------ ------ --------- ----------- Closed/sold businesses - 5.1 - - ------------------------ ------ ------ --------- ----------- FX losses on forward contracts (2.7) (1.4) - - ------------------------ ====== ====== ========= =========== Total revenues 118.4 104.7 13% 2% ------------------------ ------ ------ --------- -----------
Underlying subscriptions and content revenues increased by 1%. The pricing, data and market intelligence division continues to generate good growth, largely from Metal Bulletin, but this is being offset by challenging conditions in the asset management sector, in particular from the continued uncertainty around the impact of MiFID II. Reported subscriptions and content revenues increased by 23% to GBP67.7m, including GBP5.4m from RISI, the leading price reporting agency for the global forest products industry, which was acquired at the beginning of April. RISI has been integrated successfully with the group's other price reporting businesses, and is growing well.
Underlying advertising revenues continued to decline, reflecting the long-term shift away from print advertising, albeit at a slower rate than in the first half.
The third quarter is the most important of the year for the event businesses and underlying event revenues (sponsorship and delegates combined) increased by 4%. This partly reflects the improved sentiment in the banking & finance and commodities sectors which was highlighted last quarter, as well as a strategic focus on building large, high margin events.
Impact of Currency
The group generates approximately two thirds of its revenues and profit before tax in US dollars. The average Sterling-US Dollar rate for the quarter to June 30 was $1.27 (Q3 FY16: $1.44) which had a significant favourable impact on reported revenues for the quarter (see table above).
The benefit from the sharp fall in the Sterling-US Dollar rate post-Brexit will largely disappear in the final quarter of this financial year. The average rate for this quarter was $1.32 in 2016.
Financial Position
Net debt at June 30 was GBP173.1m compared to GBP83.6m at March 31. The increase during the quarter reflects the GBP103.3m cost of the RISI and Layer123 acquisitions and the payment of an interim dividend of GBP9.4m, partly offset by the continued strong operating cash flows.
Next Trading Update
Preliminary results for the year to September 30 will be announced on November 23, 2017. The company expects to release a pre-close trading update on September 28.
July 21, 2017
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
TSTLLFLRDIIIFID
(END) Dow Jones Newswires
July 21, 2017 02:00 ET (06:00 GMT)
1 Year Euromoney Institutional ... Chart |
1 Month Euromoney Institutional ... Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions