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:

  • to present content effectively;
  • to provide you with information, products or services that you request from us or which may interest you, tailored to your specific interests, where you have consented to be contacted for such purposes;
  • to carry out our obligations arising from any contracts between you and us;
  • to enable you to participate in interactive features of our service, when you choose to do so;
  • to notify you about changes to our service;
  • to improve our content by tracking group information that describes the habits, usage, patterns and demographics of our customers.

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 21 January, 2010

Euromoney Ins.InvPLC

Interim Management Statement

RNS Number : 8916F
Euromoney Institutional InvestorPLC
21 January 2010


January 21, 2010




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, 2009 to January 20, 2010.  There have been no material events or transactions in the period other than the information contained in this Interim Management Statement. 


Since reporting its 2009 results on November 122009trading has continued in line with the board's expectations as set out in the preliminary results announcement.

Total revenues for the quarter to December 31, 2009 fell by 16% to £71.0 million.  As expected, revenues from subscription-based products declined, after strong growth in financial year 2009, as the lag effect of cuts in headcount and information buying by customers during the first half of 2009 worked their way through into revenues.  Revenues from events and training, which comprise both sponsorship and paying delegates, continued to decline at similar rates to those experienced from the second quarter of financial year 2009 after tight cost controls were implemented by customers from January 2009.  In contrast, the demand for advertising, which was the first revenue stream to be hit by the credit crisis, is showing possible signs of recovery.  

The group derives nearly 70% of its revenues in US dollars and movements in the sterling-dollar rate had a significant impact on reported revenues in financial year 2009. However, the average sterling-dollar rate for the first quarter was $1.63against $1.64 a year ago, and the impact of exchange rates on revenues in the first quarter was not significant.

The following table summarises the headline year-on-year revenue changes for the first quarter:


Q1 2010


Q1 2009




Change at

constant currency


























Foreign exchange losses on forward currency contracts









The board expected a tough start to the financial year and the revenue trends in the first quarter confirmed this. From the second quarter, the year-on-year comparatives for non-subscription revenues should become easier, and the sales trends over the past couple of months have been broadly positive. However, subscription revenues are expected to continue to decline in the second quarter and it is too early to call the point at which overall revenue growth will return. Meanwhile, as in the second half of financial year 2009, the decline in revenues is largely being offset by costs savings implemented early in 2009.  

Financial Position

Net debt at December 31 was £181.8 million, an increase of £16.8 million since year-end.  Cash flows in the first quarter are traditionally weaker because of the payment of annual profit shares in December.  The increase in net debt also reflects the final payment on a tax equalisation contract under a foreign currency financing derivative of £23.9 million, which is expected to be offset by one-off reductions in tax paid in financial years 2009 and 2010.


The company's strategy has been to build a more resilient and better focused global information business, with a strong focus on emerging markets. This strategy has been executed through increasing the proportion of revenues derived from subscription products; accelerating the online migration of its print products as well as developing new electronic information services; investing in products and brands of the highest quality that customers will value in tough times as well as good; eliminating products with a low margin or too high a dependence on advertising; maintaining tight cost control at all times; retaining and fostering an entrepreneurial culture; and generating strong cash flows to fund selective acquisitions to accelerate that strategy.  The company will continue to pursue this successful strategy for the foreseeable future.   


The broad sentiment for global markets is positive, the risk of systemic failure in the banking system has been significantly reduced, and most global financial institutions have returned to profitability. These are all positive factors for the trading outlook, but until there are clearer indications of a recovery in revenues the group will continue to focus on managing costs, protecting margins, reducing net debt, and accelerating investment in electronic publishing and new subscription-based products in order to take advantage of the recovery when it comes.  


Under the terms of his service contract, Richard Ensor is due to retire as the company's managing director in May 2010. Following an independent recommendation from the Nominations Committee, the board has resolved to extend his retirement date to September 30, 2013.


The company is holding its Annual General Meeting at 9.30am today. It expects to announce its results for the six months to March 31 on May 13, 2010.

Padraic Fallon


January 20, 2010


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 (www.euromoneyplc.comis 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 LondonNew YorkMontreal 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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