5th Nov 2019 08:51
(Alliance News) - Information services company Euromoney Institutional Investor PLC on Tuesday said financial 2019 results will be "slightly" above board's expectations and that the company is making good progress on its previously announced strategic review.
Euromoney shares in London were up 2.8% at 1,396 pence each in morning trade.
In September, Euromoney said it will undertake a strategic review of its Asset Management division, made up of the Institutional Investor, BCA Research and NDR businesses. The company plans to report the businesses as discontinued operations and as assets held for sale for the year ended September 30.
The company, which provides data, pricing, market intelligence and analysis to global and specialist markets, said adjusted revenue for financial 2019 is expected to be GBP401 million, with flat underlying revenue.
Adjusted revenue in financial 2018 was GBP414.1 million, with underlying revenue of GBP388.4 million.
Adjusted pretax profit for financial 2019 is expected to be GBP104 million compared to GBP109.2 million the year before.
Underlying pretax profit for the current year is expected to be 9% higher than the GBP100.6 million reported the year before.
"This reflects a continuation of good growth in the Pricing, Data & Market Intelligence segment, with underlying revenue up approximately 4% and approximately 10% growth in Fastmarkets subscriptions, " the London-headquartered company said.
"Asset Management continued to face challenges and saw revenue decline by approximately 4% on an underlying basis. Banking & Finance, our smallest segment which accounted for 15% of the group's revenues, was down by approximately 1%. BoardEx has now been fully integrated with strong underlying growth of approximately 11% year-on-year," Euromoney added.
The company expects to pay a unchanged final dividend of 22.3p per share, resulting in a total payout of 33.1p, up 2% year-on-year.
Euromoney is slated to release its financial 2019 results on November 21.
By Tapan Panchal; [email protected]
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