Euromoney Institutional InvestorPLC Trading Statement (5450T)
21 July 2020 - 4:00PM
UK Regulatory
TIDMERM
RNS Number : 5450T
Euromoney Institutional InvestorPLC
21 July 2020
EUROMONEY INSTITUTIONAL INVESTOR PLC ("Euromoney")
Nine Month Trading Update
21 July 2020
Euromoney, the international information business providing
essential B2B information to global and specialist markets today
provides a trading update for the nine months ended 30 June
2020.
Trading in the period since the announcement of our half-year
results has been in line with recent trends. We have made excellent
progress controlling costs, including reducing the committed costs
that relate to previously announced cancelled and postponed events.
We will return to running face-to-face events when restrictions on
travel and meetings are lifted by governments and companies and in
the meantime we are successfully running virtual events. Our recent
acquisitions, BoardEx, Wealth-X and AgriCensus performed strongly,
demonstrating the strength of businesses that are aligned with our
3.0 strategy.
Revenue for the nine months ended 30 June 2020 was GBP255.4m
(2019: GBP295.8m). Events cancelled and postponed as a result of
covid-19 reduced revenue growth by 16ppt. On an underlying basis
revenue declined 2% as continued growth in the Pricing and Data
& Market Intelligence segments was offset by ongoing challenges
in Asset Management. The Investment Research Division performed in
line with the turnaround plan, which targets a return to non-vote
Book of Business subscriptions growth by 30 September 2022.
In the Pricing segment, underlying subscription revenue grew 7%,
driven by data-licensing sales. Total underlying revenue in Pricing
grew 2% as subscription growth was partially offset by previously
disclosed weakness in pre-covid events and advertising and other
revenue.
Data & Market Intelligence revenue increased 1% on an
underlying basis, with robust subscription growth of 5%, driven by
strength in People Intelligence and Next Gen, following the
investment in those pillars. Renewal rates remain strong reflecting
solutions deeply embedded in customers' workflow.
In the Asset Management segment, underlying revenue declined 9%
driven by subscriptions, which were down 12%. Subscription revenue
at Institutional Investor is event driven and so has been adversely
impacted by covid-19, which has affected our ability to run
face-to-face events for members (we do not adjust for event
cancellation or rescheduling in Institutional Investor's underlying
membership subscription numbers). In the Investment Research
Division, renewal rates and new sales have improved since September
2019, in line with our turn-around plan, reflecting our investment
in sales and marketing and client demand for our high-quality
independent macro research.
Euromoney's financial position remains strong. Net cash at the
end of June 2020 increased to GBP13.9m. The action we have taken to
reduce costs and preserve cash supports our robust balance sheet.
This, together with our high level of subscriptions, allows us to
maintain investment in future growth. In addition, it will allow us
to make further small acquisitions and supports the return to
paying dividends, as soon as the Board considers it can do so
prudently.
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 / Jamille Smith: +44 20 3727
1000; euromoney@fticonsulting.com
NOTE TO EDITORS
Euromoney is a global information business providing essential
B2B information to international and specialist markets. Euromoney
provides price 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 )
LEI number: 213800PZU2RGHMHE2S67
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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