Euromoney Institutional Investor announced its trading update for the period from 1 October 2018 to 31 December 2018, ahead of the group’s AGM at 9:30am today. Revenue for the three months to 31 December 2018 was £92.6m vs. £100.8m in 2017. That’s after the disposal of the Global Markets Intelligence Division in April 2018.
Underlying revenue grew 1%, has did underlying subscription revenue, where 9% growth in the Pricing, Data & Market Intelligence segment more than offset a 4% reduction in Asset Management.
Events revenue increased by 3% on an underlying basis, with a strong performance in the telecoms events, Capacity Europe and Capacity Asia, and IMN in the Banking & Finance segment. Advertising trends are consistent with 2018. The full year outlook is unchanged.
Net cash stood at £93.8m at 31 December 2018 against £78.3m at 30 September 2018. The increase in cash reflects £20.0m in initial proceeds from the disposal of Mining Indaba and continued strong operating cash flow.
The acquisition of The Deal and BoardEx for $87.3m, which is subject to the approval of TheStreet Inc’s shareholders, is expected to be completed in February 2019. The restructuring in its Asset Management segment is complete.