22nd Nov 2018 09:21
LONDON (Alliance News) - Euromoney Institutional Investor PLC on Thursday reported a spike in its annual profit due to gains on businesses disposals.
Shares in the FTSE 250-listed business information and events company were trading up 2.0% at 1,248.00 pence each.
For the year ended September 30, the company's pretax profit multiplied to GBP161.2 million from just GBP40.7 million a year ago due to one-off profits on disposals. On an adjusted basis, pretax profit rose 3% to GBP109.2 million from GBP106.5 million.
In April 2018, Euromoney sold its Global Markets Intelligence Division. The sale of the division resulted in a gain of GBP91.3 million.
Meanwhile, revenue grew 1.0% to GBP390.3 million from GBP386.9 million.
Chief Executive Officer Andrew Rashbass said: "2018 was a successful year for Euromoney, delivering good growth in underlying revenue and profit as forecast at our March 2016 Investor Day. Our Pricing, Data & Market Intelligence segment recorded a very strong performance and there was good underlying growth in events across all segments."
By unit, Asset Management revenue fell by 4% to GBP151.0 million, Pricing, Data & Market Intelligence was up 9% to GBP144.7 million. Banking & Finance revenue increased 5% to GBP70.7 million. Commodity Events was up 9% to GBP20.8 million.
Looking ahead to financial 2019, the company said that the outlook for its Pricing, Data & Market Intelligence segment is broadly consistent with 2018 but replicating the "strong growth" it saw in events revenue "will be a challenge".
"Euromoney is making steady progress towards a 3.0 business model guided by our clear strategy. Combined with our strong balance sheet, this underpins our confidence in further progress in the year ahead," it added.
The company proposed a final payout of 22.3 pence, up 2% on the 21.8p issued last year, taking its total dividend for the year to 32.5p, up 6% year-on-year.
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