Euromoney trades in line in Q1
By Iain Gilbert
Date: Tuesday 28 Jan 2020
(Sharecast News) - Business-to-business information services provider Euromoney said on Tuesday that trading continued to be in line with expectations throughout the three months ended 31 December.
Euromoney, which kept its full-year outlook unchanged, said its performance reflected the continuation of recent market trends, with growth in the pricing and data & market intelligence segments being offset by ongoing challenges in asset management.
In the pricing segment, the FTSE 250 firm said underlying revenue grew 3%, supported by a 9% increase in subscriptions but offset by some softness in events.
Within the data and market intelligence unit, underlying revenues also grew 3%, while in asset management, underlying revenues declined 6%, impacted by the previously disclosed weakness in subscriptions, which fell 9%.
The group said underlying cash generation remained good and that it was in a "strong financial position", with a net cash balance of £27.3m at the end of the period, down from £50.1m at the end of the prior quarter.
As of 0840 GMT, Euromoney shares were down 0.75% at 1,328p.
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