Euromoney profit rises despite weakness in asset management business
By Michele Maatouk
Date: Thursday 21 Nov 2019
(Sharecast News) - Euromoney Institutional Investor reported a rise in full-year profit and revenue on Thursday as a solid performance from its pricing, data and market intelligence products offset a weaker showing from the asset management business.
In the year to the end of September, the B2B information services provider made an adjusted pre-tax profit of £104.6m, up 5% on the previous year, while revenue edged up 3% to £401.7m.
On a statutory basis, pre-tax profit fell 72% to £29.5m. The company attributed this mainly to the gain on the disposal of Dealogic the year before.
Euromoney said the results were "slightly above" the board's expectations.
Chief executive officer Andrew Rashbass said: "Our performance in the 2019 financial year reflects a continuation of recent trends in our businesses, with good momentum for our pricing, data and market intelligence products offset by conditions in asset management markets. We were pleased that Fastmarkets was selected as the London Metal Exchange's partner to develop the lithium benchmark. We are continuing the strategic review of our asset management business.
"We have a clear strategy, focused on services that are firmly embedded in the workflow of customers. The acquisition of BoardEx is a good example of this. We look forward to further progress in the year ahead."
At 0855 GMT, the shares were up 1.1% at 1,326p.
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