24th Sep 2015 06:46
LONDON (Alliance News) - FTSE 250 publisher and events company Euromoney Institutional Investor PLC on Thursday said it expects to report a fall in pretax profit for its full financial year and a 5% decline in revenue for its fourth quarter, as challenging market conditions showed no signs of improvement.
Meanwhile, Daily Mail and General Trust PLC, which holds a 67% stake in Euromoney, reiterated its own full-year guidance, and said its adjusted results are expected to be in line with market expectations.
Euromoney expects to report a pretax profit, adjusted for amortisation and other exceptional items, of no less than GBP107 million for the year to end-September, down from GBP116.2 million a year before.
The financial media and information company said its trading has continued in line with its expectations in its fourth quarter, with pressures on the investment banking sector, which makes up around half of its revneue, continuing to offset growth in its businesses serving the asset management sector. In the second half, weak commodity markets, particularly the fall in energy prices, has hit its activities in these sectors.
On an underlying basis, at constant currency and excluding acquisitions and disposals, Euromoney expects revenue in its fourth quarter to fall 7%.
Euromoney will release its annual results November 19, at which time it said it will provide more details.
Daily Mail and General Trust said it is trading in line with expectations, as it reported that its revenue for the eleven months to end August fell 1% on a reported basis. On an underlying basis, at constant exchange rates and adjusted for disposals, closures and non-annual events amongst other costs, revenue for the eleven months was flat.
This was as a result of a stronger performance in its business-to-business segment and information segment, which offset declines in its media and events segments.
The company gave current consensus analyst expectations for its full year adjusted pretax profit of GBP274 million, and adjusted earnings per share of 57.1 pence.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
Copyright 2015 Alliance News Limited. All Rights Reserved.
Related Shares:
DMGT.LERM.L