Euromoney posts decline in half year revenues

Euromoney Institutional Investor, the FTSE 250 international online information and events group, saw its shares fall after revenues declined one per cent in the six months ended March 31st.

Euromoney Institutional Investor, the FTSE 250 international online information and events group, saw its shares fall after revenues declined one per cent in the six months ended March 31st.

The figure declined from £189.4m to £187.3m year-on-year, but after a decline in long-term incentive expenses, pre-tax profit rose from £39.8m to £42.7m.

Underlying revenues, after adjusting for timing differences on events, increased by 1.0%.

Subscriptions returned to growth after a decline in the first quarter, while event revenues were broadly flat after adjusting for timing differences and advertising remained weak.

Operating profit was up 5.0% at £46m, while diluted earnings per share climbed 12% from 22.5p to 25.3p.

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."

The group also said that net debt has remained at historically low levels and is currently less than 0.5x earnings before interest, tax, depreciation and amortisation (EBITDA).

The share price fell 3.88% to 990p by 12:35 Thursday.

NR

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