27th Jan 2022 10:47
(Alliance News) - Euromoney Institutional Investors PLC reported on Thursday a strong start to its financial year with upped revenue and new acquisition, database company People Intelligence for USD25.0 million, leading to confidence of further growth.
For the three months ended December 31, the company's first quarter, Euromoney said group revenue increased 19% to GBP93.3 million from GBP78.7 million the previous year.
Revenue in Events grew 51%, rising to GBP21.4 million in the first quarter from GBP14.1 million a year ago. The London-based business information company explained that this represented 57% of it's first quarter revenue in 2019.
The increase appeared to be driven by the return to face-to-face events as the company hosted a number of "blended" events against a comparative year that was entirely virtual.
Looking forward, Euromoney said that, while the emergence of the Omicron variant has led to some tighter short-term travel restrictions in certain geographies, this has not had a significant impact on the company's expectations for events revenue for the full year.
As a result, Euromoney said it continues to expect further recovery and believes it is well-positioned to deliver results in line with the board's expectations.
Euromoney added it had bought Boardroom Insiders for USD25.0 million in cash. The California-based executive profile database business will be integrated into Euromoney's People Intelligence business, Euromoney explained.
According to Euromoney, Boardroom Insiders generated sales of USD4.8 million and adjusted earnings before interest, tax, depreciation and amortisation of USD700,000 in 2021.
The acquisition is expected to be accretive to Euromoney's People Intelligence revenue growth rate and is expected deliver a return on investment above the group's weighted average cost of capital in its second full financial year.
The company expects to publish its half-year results on May 19.
Shares in Euromoney were up 4.4% at 954.00 pence on Thursday in London.
By Heather Rydings; [email protected]
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