25th Sep 2009 07:00
EUROMONEY INSTITUTIONAL INVESTOR PLC
PRE-CLOSE TRADING UPDATE
September 25, 2009
Euromoney Institutional Investor PLC ("Euromoney"), the international publishing, events and electronic information group, today issues its pre-close trading update ahead of the announcement of its results for the year to September 30, 2009.
Since issuing its Interim Management Statement on July 22, 2009, there have been no significant changes to the group's trading performance or outlook. The year-on-year declines in advertising, sponsorship and delegate revenues have continued at similar rates to those experienced since the second quarter, and as previously announced the rate of growth in subscription revenues has continued to decline as customer cuts in headcount and information buying work their way through into revenues.
The group's focus on tight cost control and maintaining product margins continues to drive strong bottom line performance despite the fall in revenues, and trading in the key month of September has held up well. As a result, Euromoney expects to announce an adjusted profit before tax* of not less than £57 million for the year to September 30, 2009 (2008: £67.3 million), ahead of market expectations.
These expected results would mean that the 2009 profit target under the group's Capital Appreciation Plan will be achieved, and therefore the third and final tranche of up to 2.5 million new shares will vest in January 2010. This will give rise to a share option expense of £3 million for the year to September 30, 2009 (which has been charged in arriving at the adjusted profit before tax* figure of £57 million above). The group's second Capital Appreciation Plan, which was approved by shareholders at the Annual General Meeting on January 28, 2009, will start in 2010.
At current exchange rates, group net debt at September 30, 2009 is expected to be no more than £170 million, against £214.7 million at March 31, reflecting the group's strong operating cash flows during the second half of the year.
The year end results will be announced on the morning of November 12, 2009, followed by an analyst presentation and investor meetings.
* Adjusted profit before tax is profit before tax, acquired intangible amortisation, exceptional items, net movements in acquisition option commitments, imputed interest on acquisition option commitments, foreign exchange losses on restructured hedging arrangements and foreign exchange gains or losses on tax equalisation contracts.
Padraic Fallon
Chairman
September 25, 2009
END
For further information, please contact:
Euromoney Institutional Investor PLC
Padraic Fallon, Chairman: +44 20 7779 8556; [email protected]
Colin Jones, Finance Director: +44 20 7779 8845; [email protected]
Richard Ensor, Managing Director: +44 20 7779 8845; [email protected]
Financial Dynamics
Charles Palmer: +44 20 7269 7180; [email protected]
NOTE TO EDITORS
About Euromoney Institutional Investor PLC (www.euromoneyplc.com)
Euromoney Institutional Investor PLC is listed on the London Stock Exchange and a member of the FTSE-250 share index. It is a leading international business-to-business media group focused primarily on the international finance, metals and commodities sectors. It publishes more than 70 magazines, newsletters and journals, including Euromoney, Institutional Investor, and Metal Bulletin. It also runs an extensive portfolio of conferences, seminars and training courses and is a leading provider of electronic information and data covering international finance, metals and emerging markets. Its main offices are in London, New York, Montreal and Hong Kong and more than a third of its revenues are derived from emerging markets.
Related Shares:
ERM.LDMGT.L