According to Euromoney Institutional Investor:
* first-half results reflect, as expected, the continuation of the headwinds experienced in the second half of last year.
* Results helped by a strong dollar compared to last year.
* Total revenues down 2%, underlying (excluding the impact of acquisitions, disposals and currency movements) revenues (excluding timing) down 6%.
* Adjusted profit before tax down 12% to £47m.
* Strong cash conversion further strengthens the balance sheet with net cash at March 31 of £56m.
* New strategy presented in March, implementation has begun including disposal of Gulf Publishing / Petroleum Economist for $18m in April.
* Interim dividend unchanged at 7p.
* Full-year performance expected to be in line with the Board’s expectations.
Commenting on the results, Andrew Rashbass, CEO, said: “The first-half results continue to reflect the headwinds we saw in the second half of last year and revenue and profit declined as expected in line with last year’s second-half trends. We are beginning to implement the new strategy we presented in March, for instance in launching new products, actively managing the portfolio and in how we price our products. Early signs of its impact are encouraging. Although headwinds remain for us and our customers, the progress we are seeing gives us some confidence in the outcome for the full year.”
Strategy
Euromoney Institutional Investor PLC needed to revise its strategy because of challenges to the business model of some of its businesses
and changing dynamics within its markets. The performance in the first half of the year reflects these challenges.
The group's new strategy is actively to manage a portfolio of businesses in asset management and other sectors where information, data and convening market participants are valued. We deliver products and services that are critical to our customers’ business.
