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Euromoney Ins.InvPLC (ERM)

  Print      Mail a friend       Annual reports

Thursday 24 May, 2001

Euromoney Ins.InvPLC

Interim Results

Euromoney Institutional InvestorPLC
23 May 2001


                              HALF YEAR RESULTS

Euromoney Institutional Investor, the international media group, had a record
first half. Operating profit before goodwill amortization increased 6% to £14
million on turnover up 20% to £101 million. Both of these were the best ever.
Adjusted diluted earnings a share were 9.16p, against 8.14p. The interim
payout is unchanged at 5p, in line with the longer-term target of increasing
the dividend cover.

The group increased its investment in new businesses, mostly in electronic
publishing, from £4 million to £5.5 million. After charging this, and goodwill
amortization, pretax profits were £8.1 million, against £8.6 million.
Excluding this investment in new businesses, underlying operating profit
before goodwill amortization increased by 13%. The new businesses contributed
nearly £3 million of new revenues. The group's underlying operating margin was
21%, against 22% last year.

The strong revenue growth achieved in the second half of 2000 continued into
the first half, helped by the strength of the US dollar. Most of this growth
came from the financial publishing businesses. Advertising revenues increased
19%, with Euromoney and Institutional Investor performing particularly well.
The emerging markets titles, Asiamoney and Latin Finance, recovered from
difficult markets in 2000. The group was not a major beneficiary from the
increase in internet-related advertising last year, and has suffered little
from the sudden reverse in this market.

In contrast to the strength of the financial publishing businesses, the
downturn in the world economy, particularly in the US, hit business publishing
revenues. The office products and business travel sectors suffered a fall in
revenues while the strong growth achieved by last year's two best performing
sectors, pharmaceuticals and technology, was not sustained.

All the training businesses had a good first half. MIS, the Boston-based
information audit and security business, continued to grow. Its annual InfoSec
World conference was a big success, and is now the group's largest single

The first half performance of Internet Securities, the group's emerging market
information service, was very encouraging. Subscription revenues increased 31%
to $6.8 million in the first six months, and are now running at an annual rate
of more than $14 million, against $9.7 million when the group acquired 80% of
the company in January 1999. The service was expanded to cover new areas and
more data providers were added, which contributed to further growth in the
subscriber retention rate as well as increased use of the service. Capital
DATA, our capital markets information joint venture, also achieved strong
growth in subscription revenues from its database products.

Net debt at March 31 was £77.5 million, an increase of £4 million since year
end. In the first half the group increased its investments in Engel
Publications, Mondiale and World Link and acquired the outstanding minority in
The Petroleum Economist. It also completed two acquisitions; the Business
Traveller Asia title and TechMedia, a small technology newsletter publisher.
The cost of these investments was £3.2 million, of which £2.8 million was paid
in the period.

Losses from new investments are expected to fall in the second half,
particularly at ISI. But weakness in world financial markets and the slowdown
in the US economy signal that revenue growth in the second half will not
continue at the same rate. Global investment banks have already cut
advertising spending, which will affect the third quarter. Overall, however,
the group is encouraged by the robustness of its traditional businesses, as
well as the performance of its more recent investments, and it continues to
seek acquisitions that will strengthen it further.

        For further information please contact: -

                Padraic Fallon            Chairman             020 7779 8556

                Colin Jones               Finance Director     020 7779 8666

        Or visit our website at: -     


                                                 Unaudited six   Unaudited six
                                                  months ended    months ended
                                                 March 31 2001   March 31 2000
                                                        £000's          £000's
Continuing operations                                   99,785          83,877
Acquisitions                                               747               -
                                                       100,532          83,877

Operating profit before goodwill
Continuing operations                                   14,224          13,210
Acquisitions                                             (213)               -
                                                        14,011          13,210
Goodwill amortization                                  (3,046)         (2,522)

Operating profit
Continuing operations                                   11,184          10,688
Acquisitions                                             (219)               -
                                                        10,965          10,688
Share of operating profit in associates                     68              78
Profit on sale of discontinued                               -             179
Interest receivable                                        800             739
Interest payable and similar charges                   (3,757)         (3,098)

Profit on ordinary activities before tax                 8,076           8,586
Tax on profit on ordinary activities                   (2,617)         (3,126)

Profit on ordinary activities after tax                  5,459           5,460
Equity minority interests                                (404)           (642)

Profit for the period                                    5,055           4,818
Dividends paid and proposed                            (4,385)         (4,383)

Retained profit for the financial year                     670             435

Basic earnings per share                                 5.77p           5.53p

Diluted earnings per share                               5.72p           5.47p

Adjusted diluted earnings per share
before goodwill amortization and profit
on sale of discontinued operations                       9.16p           8.14p

Dividend per share                                       5.00p           5.00p


                                           Unaudited as at      Unaudited as at
                                             March 31 2001        March 31 2000
                                                    £000's               £000's
Fixed assets
Intangible assets                                   25,519               25,955
Tangible assets                                      8,127                7,542
Investments                                            603                  621
                                                    34,249               34,118
Current assets
Debtors                                             38,273               34,693
Cash at bank and in hand                            32,118               14,442
                                                    70,391               49,135

Creditors: amounts falling due                    (43,756)             (57,699)
within one year

Net current assets/                                 26,635              (8,564)

Total assets less current                           60,884               25,554
Creditors: amounts falling due                   (108,897)             (69,579)
after one year
Provisions for liabilities and                     (1,918)              (3,026)
Deferred income                                   (42,968)             (36,861)
                                                  (92,899)             (83,912)
Capital and reserves
Called up share capital                                219                  219
Share premium account                               33,602               33,503
Capital redemption reserve                               8                    8
Profit and loss account                          (127,249)            (117,715)

Equity shareholders' deficit                      (93,420)             (83,985)
Equity minority interests                              521                   73
                                                  (92,899)             (83,912)

                                     Unaudited six months Unaudited six months
                                      ended March 31 2001  ended March 31 2000

                                                   £000's               £000's
Net cash inflow from operating                     15,945               18,277

Returns on investments and
servicing of finance
Interest received                                     839                  739
Interest paid                                     (3,762)              (3,089)
Dividends paid to minorities                        (762)                (543)
                                                  (3,685)              (2,893)
UK tax paid                                         (401)                (996)
Overseas tax paid                                 (1,012)                (689)
UK tax received                                     1,979                    2
Overseas tax received                                  74                  186
                                                      640              (1,497)
Capital expenditure
Purchase of tangible fixed                        (1,997)                (855)
Sale of tangible fixed assets                          12                   70
                                                  (1,985)                (785)

Acquisitions and disposals
Purchase of unincorporated                          (420)                    -
Purchase of subsidiary                               (57)                    -
Purchase of additional                            (2,289)                (298)
interests in subsidiary
Net cash acquired with                                 57                    -
subsidiary undertakings
Sale of subsidiary undertaking                          -                  179
Sale of other investments                               -                  698
Purchase of other investments                       (131)                    -
                                                  (2,840)                  579
Equity dividends paid                             (8,548)              (7,596)

Cash (outflow)/inflow before                        (473)                6,085

Issue of new ordinary share                            24                  921
Redemption of unsecured loan                            -                 (13)
Bank loans repaid                                   (323)                (273)
Revolving credit facilities:
                                                   12,796               22,090
    Increase in borrowings

                                                  (9,917)             (28,225)
    Repayment of borrowings

                                                    2,580              (5,500)
Increase in cash in the period                      2,107                  585


1.     Basis of preparation

The financial information in this preliminary announcement, which was approved
by the board on May 23 2001, is derived from the interim report and follows
the accounting policies adopted in the 2000 annual report except that the new
accounting standard in relation to deferred tax (FRS19) has been adopted
early. However, the group has a deferred tax asset overall, principally in
relation to tax losses, which has not been recognised on the grounds of
prudence. The financial information contained in this interim report does not
constitute statutory accounts as defined in section 240 of the Companies Act
1985 and should be read in conjunction with the 2000 annual report. The
comparative financial information is based on the interim results for the six
months ended March 31 2000.

2      Segmental analysis
                                       Six months ended March 31
                          United Kingdom    North      Rest of       Total
                                           America      World
                           2001   2000   2001  2000  2001   2000   2001  2000
                          £000's £000's    £     £   £000s £000's    £     £
                                         000's 000's               000's 000's
By destination:
Continuing operations   17,583 13,067 43,287 34,004 38,915 36,806 99,785 83,877
Acquisitions                 -      -      -      -    747      -    747      -
                        17,583 13,067 43,287 34,004 39,662 36,806 100,532 83,877
By activity and source:
International financial 11,958 10,063 26,515 20,949  1,280    854  39,753 31,866
International business  13,979 15,200  2,820  2,374  1,931    761  18,730 18,335
Training                 8,107  7,399  8,663  4,678  1,525  1,272  18,295 13,349
Conferences and seminars 7,001  6,558  5,378  4,019  3,945  4,942  16,324 15,519
Databases and
 information             2,153  1,506  5,277  3,302      -      -   7,430  4,808
                        43,198 40,726 48,653 35,322  8,681  7,829 100,532 83,877

Operating profit after goodwill
By activity and source:
International financial  4,361  3,019  6,292  5,290    338     20  10,991  8,329
International business   3,433  4,522    694    641   (241)    68   3,886  5,231
Training                 1,938  1,771    889   (399)   388    512   3,215  1,884
Conferences and seminars 1,688  1,840    519    363    417  1,102   2,624  3,305
Databases and information  304    858 (4,104)(2,988)     -      - (3,800)(2,130)
Goodwill amortization     (146)   (63)(2,900)(2,459)     -      - (3,046)(2,522)
Unallocated corporate
 costs                  (2,905)(3,409)     -      -      -      - (2,905)(3,409)
                         8,673  8,538  1,390    448    902  1,702 10,965 10,688


3     Tax on profit on ordinary activities

Tax has been calculated using an estimated annual effective rate of 32.4%
(2000: 37.2%) on profit on ordinary activities before tax, excluding the
profit on sale of discontinued operations.

The tax charge reflects the non-deductibility of goodwill arising on
consolidation and the benefit of tax losses in the United States of America.

4     Dividends

The interim dividend of 5p (2000: 5p) will be paid on July 2 2001 to
shareholders on the register on June 8 2001. It is expected that the shares
will be marked ex-dividend on June 6 2001. Holders of International Depositary
Receipts can receive their dividend on July 2 2001 by presentation of coupon
number 28 to Banque Internationale a Luxembourg or to one of their agents.