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Euromoney adjusted profit up 6% but asset management performance woes continue

By BFN News | 09:53 AM | Thursday 17 May, 2018


Euromoney Institutional Investors said adjusted profit before tax rose 6% in the six months to the end of March, despite an uptick in costs associated with the sale of the firm's global markets intelligence division and ongoing headwinds in its asset management division. For the six-month period to the end of March, adjusted profit before tax rose 6% to £52.0m and revenues rose 3% to £209.6m. Statutory profit before tax was £121.1m for the half year, up from £9.3m, benefiting from a exceptional credit of £86.8m from the sale of a business. The firm said total revenue was held back by a 6% fall in asset management revenues amid a reduction in clients' research spend, which the firm said had been accelerated by MiFID II. 'The outlook for the asset management businesses remains tough, particularly for BCA, and we are taking strategic actions to tackle these challenges,' the firm said. The pricing, data & market intelligence divisions performed strongly as revenue rose 12% to £64m, while the commodity events and banking & finance divisions also performed well, the firm said. The firm increased its interim dividend by 16% to 10.2p. 'Our events should continue to perform well in the second half, although prior year comparatives will become tougher. The drag from our accelerated investment in central functions following the DMGT sell down last year is expected to slow in the second half,' the firm said. 'Overall, we have delivered a good first-half performance and the strategic progress we are seeing gives us confidence that we will meet the Board's expectations for the full year.' At 9:53am: (LON:ERM) Euromoney Institutional Investor PLC share price was -12p at 1276p Story provided by StockMarketWire.com

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