Financial Express (Holdings) Limited (“we”, “our”, “us” and derivatives) are committed to protecting and respecting your privacy. This Privacy Policy, together with our Terms of Use, sets out the basis on which any personal data that we collect from you, or that you provide to us, will be processed by us relating to your use of any of the below websites (“sites”).


For the purposes of the Data Protection Act 1998, the data controller is Trustnet Limited of 2nd Floor, Golden House, 30 Great Pulteney Street, London, W1F 9NN. Our nominated representative for the purpose of this Act is Kirsty Witter.


We collect information about you when you register with us or use any of our websites / services. Part of the registration process may include entering personal details & details of your investments.

We may collect information about your computer, including where available your operating system, browser version, domain name and IP address and details of the website that you came from, in order to improve this site.

You confirm that all information you supply is accurate.


In order to provide personalised services to and analyse site traffic, we may use a cookie file which is stored on your browser or the hard drive of your computer. Some of the cookies we use are essential for the sites to operate and may be used to deliver you different content, depending on the type of investor you are.

You can block cookies by activating the setting on your browser which allows you to refuse the setting of all or some cookies. However, if you use your browser settings to block all cookies (including essential cookies) you may not be able to access all or part of our sites. Unless you have adjusted your browser setting so that it will refuse cookies, our system will issue cookies as soon as you visit our sites.


We store and use information you provide as follows:

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We may also send you emails to provide information and keep you up to date with developments on our sites. It is our policy to have instructions on how to unsubscribe so that you will not receive any future e-mails. You can change your e-mail address at any time.

In order to provide support on the usage of our tools, our support team need access to all information provided in relation to the tool.

We will not disclose your name, email address or postal address or any data that could identify you to any third party without first receiving your permission.

However, you agree that we may disclose to any regulatory authority to which we are subject and to any investment exchange on which we may deal or to its related clearing house (or to investigators, inspectors or agents appointed by them), or to any person empowered to require such information by or under any legal enactment, any information they may request or require relating to you, or if relevant, any of your clients.

You agree that we may pass on information obtained under Money Laundering legislation as we consider necessary to comply with reporting requirements under such legislation.


We want to ensure that the personal information we hold about you is accurate and up to date. You may ask us to correct or remove information that is inaccurate.

You have the right under data protection legislation to access information held about you. If you wish to receive a copy of any personal information we hold, please write to us at 3rd Floor, Hollywood House, Church Street East, Woking, GU21 6HJ. Any access request may be subject to a fee of £10 to meet our costs in providing you with details of the information we hold about you.


The data that we collect from you may be transferred to, and stored at, a destination outside the European Economic Area (“EEA”). It may be processed by staff operating outside the EEA who work for us or for one of our suppliers. Such staff may be engaged in, amongst other things, the provision of support services. By submitting your personal data, you agree to this transfer, storing and processing. We will take all steps reasonably necessary, including the use of encryption, to ensure that your data is treated securely and in accordance with this privacy policy.

Unfortunately, the transmission of information via the internet is not completely secure. Although we will do our best to protect your personal data, we cannot guarantee the security of your data transmitted to our sites; any transmission is at your own risk. You will not hold us responsible for any breach of security unless we have been negligent or in wilful default.


Any changes we make to our privacy policy in the future will be posted on this page and, where appropriate, notified to you by e-mail.


Our sites contain links to other websites. If you follow a link to any of these websites, please note that these websites have their own privacy policies and that we do not accept any responsibility or liability for these policies. Please check these policies before you submit any personal data to these websites.


If you want more information or have any questions or comments relating to our privacy policy please email [email protected] in the first instance.

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Euromoney Ins.InvPLC (ERM)

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Thursday 20 January, 2011

Euromoney Ins.InvPLC

Interim Management Statement

RNS Number : 7790Z
Euromoney Institutional InvestorPLC
20 January 2011


January 20, 2011






Euromoney Institutional Investor PLC ("Euromoney"), the international publishing, events and electronic information group, today issues its Interim Management Statement for the period from October 1, 2010 to January 19, 2011.  There have been no material events or transactions in the period other than the information contained in this Interim Management Statement.



Since reporting its 2010 results on November 11, 2010 trading has continued in line with the board's expectations as set out in the preliminary results announcement.


As expected, the strong revenue momentum experienced in the second half of 2010 has continued into the first quarter of the new financial year, and total revenues for the quarter to December 31, 2010 increased by 20% to £85.5 million.  


The group generates nearly two thirds of its revenues in US dollars and movements in the sterling-dollar rate can have a significant impact on reported revenues.  However, the average sterling-dollar rate for the first quarter was $1.58, against $1.63 a year ago, and the impact of exchange rates on revenues in the first quarter was not significant.  


The following table summarises the year-on-year revenue changes for the first quarter at both headline rates and at constant currency:


Q1 2011


Q1 2010




Change at

constant currency


























Foreign exchange losses on forward currency contracts










First quarter growth rates were broadly consistent with those achieved in the second half of financial year 2010 for each revenue category, with the exception of subscriptions where the rate of growth has continued to improve.  This partly reflects the success of the group's strategy of investing in subscription-based electronic information services, and partly the lag in the recovery of subscription revenues which did not reach their low point during the credit crisis until the first quarter of last financial year.  This lag means the rate of growth in subscription revenues is expected to have peaked in this first quarter.


The performance of advertising, sponsorship and delegate revenues is closely aligned with the calendar budget cycle of most customers, which lags the group's financial year by one quarter.  Group revenues from these sources started to recover in January 2010, driven by stronger customer budgets and a recovery in financial markets, a trend which, as expected, continued into the first quarter of the group's financial year.  Revenue comparisons will therefore become much tougher from the second quarter of the current financial year.


As highlighted in the 2010 preliminary results announcement, the group has continued to increase its investment in technology and new products to drive long-term revenue growth.  At the same time costs, particularly headcount, started to increase towards the end of financial year 2010 in response to the recovery in revenues.  Operating margins are therefore expected to have peaked in 2010, and to fall by approximately two percentage points in this financial year.  


Financial Position

Net debt at December 31, 2010 was £121.7 million, a decrease of £7.1 million since the year-end.  There were no significant capital outflows in the first quarter and the reduction in the group's net debt largely reflects the continued strong operating cash flows of the group, partly offset by tax cash outflows.  After using tax losses to reduce the cash tax paid in 2009 and 2010, the group expects cash taxes to match more closely the underlying tax expense in 2011.  


The scrip alternative for the 2010 final dividend was accepted by holders of 74% of the company's shares, resulting in the issue of 1.5 million new ordinary shares and payment of a cash dividend of £3.6 million on February 4, 2011, subject to approval at today's Annual General Meeting.



The broad sentiment for global markets has not changed significantly since the group announced its 2010 results, and uncertainty remains over the outlook for global economic growth.  Markets also remain concerned over sovereign debt levels in Europe, while there are signs that some emerging markets, particularly China, will tighten policies to reduce inflationary pressures.  However, the group's exposure to emerging markets and other growth areas of international finance and business, and its strategy to invest to drive top-line growth, should continue to support revenue growth for the first half, although at lower rates than those achieved in the first quarter.


The board expects this revenue growth to be offset by a number of factors in the first half: lower margins from the group's investment strategy; the absence of one-off cost savings of £2million in 2010; and an increase of approximately £4 million in long-term incentive expense relating to the acceleration of the cost of the group's Capital Appreciation Plan.


The company will continue to pursue its successful strategy, with an emphasis on investing in technology and new subscription-based electronic services, supplemented with strategic acquisitions, to drive revenue growth.    


AGM/ Next Trading Update

The company is holding its Annual General Meeting at 9.30am today.  No further comment on trading will be made at this meeting. 


The company expects to announce its results for the six months to March 31 on May 19, 2011.  A half-year pre-close trading update will be provided at the end of March.



Padraic Fallon


January 19, 2011




For further information, please contact:


Euromoney Institutional Investor PLC

Padraic Fallon, Chairman:                        +44 20 7779 8556;       [email protected]

Colin Jones, Finance Director:                  +44 20 7779 8845;       [email protected]

Richard Ensor, Managing Director:          +44 20 7779 8845;        [email protected]


Financial Dynamics

Charles Palmer:                                       +44 20 7269 7180;       [email protected]



This Interim Management Statement is prepared for and addressed only to the group's shareholders as a whole and to no other person. The group, its directors, employees, agents or advisers do not accept or assume responsibility to any other person to whom this Interim Management Statement is shown or into whose hands it may come and any such responsibility or liability is expressly disclaimed. Statements contained in this Interim Management Statement are based on the knowledge and information available to the group's directors at the date it was prepared and therefore the facts stated and views expressed may change after that date.  By their nature, the statements concerning the risks and uncertainties facing the group in this Interim Management Statement involve uncertainty since future events and circumstances can cause results and developments to differ materially from those anticipated. To the extent that this Interim Management Statement contains any statement dealing with any time after the date of its preparation such statement is merely predictive and speculative as it relates to events and circumstances which are yet to occur.  The group undertakes no obligation to update these forward-looking statements.




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, Montreal 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

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