24th Sep 2013 06:19
LONDON (Alliance News) - Euromoney Institutional Investor Plc (ERM.L), in its pre-close trading update, said that it expects revenues for the fourth quarter to show a headline increase of 9% on the same period last year, and an underlying increase, excluding acquisitions, of 5%. Underlying subscription revenues, excluding acquisitions, increased by 4%, helped by the reversal of timing differences from the third quarter.
The company stated that trading has continued in line with the board's expectations, since issuing its Interim Management Statement on July 25, 2013. The recovery in US markets, and in particular in the profitability of US financial institutions, has continued, while European markets have remained weak and emerging markets have settled down after the uncertainty earlier in the summer, the company said.
Total revenues for the year to September 30, 2013 are expected to show a headline increase of approximately 2% on 2012, of which half has come from acquisitions.
The group expects to announce an adjusted profit before tax of not less than 114 million pounds for the year to September 30, 2013 including a contribution from acquisitions, after financing costs, of nearly 2 million pounds, compared to 106.8 million pounds last year.
The company stated that it will announce the year-end results on November 14, 2013.
Copyright RTT News/dpa-AFX
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