RNS Number : 1407E
Euromoney Institutional InvestorPLC
24 September 2008
EUROMONEY INSTITUTIONAL INVESTOR PLC
PRE-CLOSE TRADING UPDATE
September 24, 2008
Euromoney Institutional Investor PLC ('Euromoney'), the international publishing, events and electronic information group, today issued its pre-close trading update ahead of the announcement of its results for the year to September 30, 2008.
Since issuing its Interim Management Statement on July 22, 2008, trading in the second half has continued to be encouraging with strong performances from subscription revenues and from emerging markets. Trading in the key month of September, which is particularly important for advertising revenues, has held up well.
Following this strong performance, Euromoney expects to announce an adjusted profit before tax* of not less than £64 million for the year to September 30, 2008 (2007: £55.5 million), ahead of market expectations and a record for the group. The recent extraordinary events experienced by financial markets are not expected to have any material impact on the results for the 2008 financial year.
At current exchange rates, net debt at September 30, 2008 is expected to be not more than £180 million, reflecting the group's excellent operating cash flows during the year.
The year end results will be announced on the morning of November 13, 2008, followed by an analyst presentation and investor meetings.
* Adjusted profit before tax is profit before tax, acquired intangible amortisation, exceptional items, net movement in acquisition option commitments, imputed interest on acquisition option commitments, and foreign exchange gains or losses on tax equalisation contracts.
September 24, 2008
For further information, please contact:
Euromoney Institutional Investor PLC
Padraic Fallon, Chairman: +44 20 7779 8556; firstname.lastname@example.org
Colin Jones, Finance Director: +44 20 7779 8845; email@example.com
Richard Ensor Managing Director +44 20 7779 8845; firstname.lastname@example.org
Charles Palmer: +44 20 7269 7180; Charles.Palmer@FD.com
NOTE TO EDITORS
About Euromoney Institutional Investor PLC (www.euromoneyplc.com)
Euromoney Institutional Investor PLC is listed on the London Stock Exchange and a member of the FTSE-250 share index. It is a leading international business-to-business media group focused primarily on the international finance, metals and commodities sectors. It publishes more than 70 magazines, newsletters and journals, including Euromoney, Institutional Investor, and Metal Bulletin. It also runs an extensive portfolio of conferences, seminars and training courses and is a leading provider of electronic information and data covering international finance, metals and emerging markets. Its main offices are in London, New York and Hong Kong and more than a third of its revenues are derived from emerging markets.
This information is provided by RNS
The company news service from the London Stock Exchange