Euromoney delivers 'encouraging' Q3 trading performance
By Iain Gilbert
Date: Wednesday 21 Jul 2021
(Sharecast News) - Business and financial information company Euromoney Institutional Investor said on Wednesday that it had delivered a "continuing encouraging trading performance" in the three months ended 30 June.
Euromoney witnessed an acceleration in subscriptions revenue growth to 73% of group revenues year-to-date, while group reported revenues were up 14% in the third quarter to £78.9m.
Underlying Q3 growth in subscriptions and events was up 7% and 108%, respectively.
Events revenues of £12.6m, almost double the £6.4m reported during the third quarter of 2020, reflected a "higher number of virtual events" and seven "blended events" across the US, Asia and the Middle East during the period.
However, for the nine months ended 30 June, group revenues were down 8% at £234.4m.
The FTSE 250-listed firm stated its financial position remained "strong", with net cash of £30.4m on 30 June, compared to £24.8m at 31 March.
"We continue in our progress towards being a fast-growing, high-margin, 3.0, information-services subscription business. For FY 2021 we expect continued good growth in subscriptions for Pricing and DMI. In Asset management the turnaround of BCA Research and NDR continues to progress ahead of plan," said Euromoney.
"Virtual events continue to perform well, however ongoing travel restrictions mean that we are slightly more cautious on physical events in the short term, with September continuing to be a key event month. Overall, we remain confident that the group will deliver a result in line with the Board's expectations."
As of 0930 BST, Euromoney shares were up 1.20% at 1,014.0p.
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