18th Nov 2021 10:49
(Alliance News) - Euromoney Institutional Investor PLC on Thursday posted an annual profit decline, though the company has seen a recent upturn in its events arm, with more in-person meets taking place.
The business-to-business financial information provider and events organiser said revenue in the year ended September 30 inched up 0.2% to GBP336.1 million from GBP335.3 million. Pretax profit dropped 11% to GBP26.6 million from GBP29.9 million.
Profit was hurt by finance costs rising to GBP4.5 million from GBP227,000.
"The group delivered a strong performance against the backdrop of the global pandemic with our subscriptions revenue strengthening across the year and our events businesses returning to strong year-on-year growth in the second half of the year," Euromoney said.
Euromoney lifted its payout by 60% to 18.2 pence per share from 11.4p.
Subscription revenue increased 6.8%, while events revenue was 25% lower.
"During the year we hosted a total of 432 events, of which 382 were virtual and 50 were blended (i.e. physical events with digital elements). All events in the first half of the year were virtual and we were able to start regularly hosting blended events from May 2021 onwards. The return of in-person events led to a significant improvement in revenue performance in H2 2021," Euromoney said.
Events revenue in the second half amounted to GBP35.1 million, up from GBP18.3 million a year earlier.
"In FY 2022, as travel restrictions ease, we are planning more and larger physical events. As a result we expect further recovery in events revenue in FY 2022. Timing remains uncertain however and favours regional events in the short term," the company added.
Euromoney shares were 1.5% higher at 1,064.00p each in London on Thursday morning.
By Eric Cunha; [email protected]
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