RNS Number : 2347T
Euromoney Institutional InvestorPLC
24 September 2010
EUROMONEY INSTITUTIONAL INVESTOR PLC
PRE-CLOSE TRADING UPDATE
September 24, 2010
Euromoney Institutional Investor PLC ("Euromoney"), the international publishing, events and electronic information group, today issues a pre-close trading update ahead of the announcement of its results for the year to September 30, 2010.
Since issuing its Interim Management Statement on July 21, 2010, there have been no significant changes in the group's trading performance or outlook. After experiencing a weakening in the rate of growth in sales in June and July, particularly in advertising and delegates, sales growth recovered in August and September. Total revenues for the year to September 30, 2010 are expected to show a headline increase of approximately 3% on last year.
The good performance of the advertising-driven businesses, and the continued increase in the rate of growth in subscription revenues, has driven a strong trading performance in September, traditionally the most profitable month of the group's financial year. As a result, Euromoney expects to announce a record adjusted profit before tax* of not less than £84.0 million for the year to September 30, 2010 (2009: £63.0 million).
The acquisition in August of Arete, the definitive source of global data and news covering the structured retail product market, confirmed the group's strategy for investing in high-growth online subscription data businesses. Meanwhile the group continues to invest heavily in electronic publishing and new subscription-based products in order to drive further revenue growth.
At current exchange rates, group net debt at September 30, 2010 is expected to be no more than £140.0 million, against £178.1 million at March 31, reflecting the group's strong operating cash flows during the second half of the financial year.
The year end results will be announced on the morning of November 11, 2010, followed by an analyst presentation and investor meetings.
* Adjusted profit before tax is profit before tax, acquired intangible amortisation, exceptional items, non-cash movements in acquisition option commitment values, foreign exchange losses on restructured hedging arrangements and foreign exchange losses on tax equalisation contracts.
September 23, 2010
For further information, please contact:
Euromoney Institutional Investor PLC
NOTE TO EDITORS
Euromoney Institutional Investor PLC (www.euromoneyplc.com) 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, Montreal and Hong Kong and more than a third of its revenues are derived from emerging markets.
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