26th Mar 2015 07:47
LONDON (Alliance News) - Euromoney Institutional Investor PLC Thursday said it expects to post a fall in pretax profit before amortisation and other exceptional items related to acquisitions in its first half to end-March, as challenging market conditions have not improved since its first quarter and it experienced a lower operating margin.
The publishing, events and information company expects to post an adjusted pretax profit of not less than GBP46 million for the half year, compared to GBP53.4 million a year before, as a result of a decline in its adjusted operating margin due to higher property and investment costs, as well as its acquisition of a stake in Dealogic late last year.
The company said that pressures on the investment banking sector, which makes up around half of its revenue, have been offset by an improving performance in its businesses serving the asset management sector.
It expects its revenues for the half year after adjustments for acquisitions, disposals and currency to be down 3%. However, it said that if unfavourable event timing differences are also stripped out, revenue growth was 1%.
Euromoney said it expects its net debt at end-March to be around GBP10 million, down from GBP37.6 million at end-September 2014.
The company will announce its half year results May 14.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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