1st Oct 2021 08:16
(Alliance News) - London-based Euromoney Institutional Investor PLC on Friday said it performed better than forecast in its most recently ended financial year, but warned of uncertainty regarding the recovery of its events business.
The FTSE 250-listed events and financial information company said it expects its adjusted pretax profit for the full year ending September 30 to be significantly ahead of analysts' expectations. This reflects continuing strong growth in subscriptions in Pricing, Data & Market Intelligence, especially People Intelligence, and the continuing turnaround in Asset Management.
The company said it continued to build momentum in its most recent financial year, underpinned by the strength of its subscriptions performance, as the timing of the recovery in physical events remains uncertain.
Other revenue, which includes research and thought leadership, continued to perform strongly.
Euromoney noted that its financial position also remains "strong", with net cash at the end of August of GBP34.7 million.
Following recent new guidance on IAS 38, the accounting requirements for intangible assets, the company said it is reviewing its policy on accounting for software as a service-related IT development. Euromoney said it expects these changes to result in an additional GBP4 million charge in financial 2021 as some software costs can no longer be capitalised as intangible assets and amortised.
"While the timing of the recovery in physical events remains uncertain, we are making good progress towards being a fast-growing, high-margin, 3.0, information-services subscription business," the company said.
Euromoney shares were trading 1.9% lower in London on Friday morning at 996.62 pence each.
By Evelina Grecenko; [email protected]
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