24th Sep 2013 07:29
LONDON (Alliance News) - Euromoney Institutional Investor PLC Tuesday said that revenues were higher in the fourth quarter of its financial year, as advertising revenues returned to growth for the first time in two years.
In a pre-close trading update before the release of its full-year results to September 30 on November 14, the international print and online information and events group, known for its Euromoney and Institutional Investor magazines, said that trading has continued in line with the board's expectations. It said that full-year revenues are expected to be up 2% on the previous year, with half of the growth coming from acquisitions.
Headline revenues were up 9% in the fourth quarter, compared with the same period last year, with an underlying increase of 5%, excluding recent acquisitions.
The company said that advertising revenues have returned to growth during the year. It also said that underlying superscription revenues, excluding acquisitions rose by 4%, supported by the reversal of timing differences from the third quarter.
Euromoney Institutional Investor said that on a regional basis, profitability of US financial institutions, its main customers, continued during the fourth quarter, while the European markets remained weak. Emerging markets settled down following some uncertainty earlier in the summer, Euromoney Institutional Investor said.
The group saidit expects an adjusted pretax profit of no less than GBP114 million for the year, including a contribution from acquisitions and financing costs of almost GBP2 million, compared with an adjusted pretax profit of GBP106.8 million a year earlier.
It said it expects its net debt at the end of the financial year to be no more than GBP10 million, reduced by the group's traditionally strong second-half operating cash flows, offset by acquisition payments of GBP13 million in the period.
Euromoney Institutional Investor shares were up 3.0% or 31.00 pence after the open Tuesday, trading at 1,082.00 pence per share.
By Rowena Harris-Doughty; [email protected]; @rharrisdoughty
Copyright 2013 Alliance News Limited. All Rights Reserved.
Related Shares:
ERM.L