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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Friday 15 July, 2011

Euromoney Ins.InvPLC

Interim Management Statement

RNS Number : 4493K
Euromoney Institutional InvestorPLC
15 July 2011







Euromoney Institutional Investor PLC ("Euromoney"), the international publishing, events and electronic information group, today issues its Interim Management Statement for the period from April 1 to July 14, 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 interim results on May 19, 2011, trading has continued in line with the board's expectations as set out in the interim results announcement.


Total revenues for the quarter to June 30, 2011 increased by 4% to £102.0 million, driven by another strong performance from the group's event businesses.  


The group derives nearly two-thirds of its revenues in US dollars and movements in the sterling-dollar rate can have a significant impact on reported revenues.  The average sterling-dollar rate for the third quarter was $1.64, against $1.50 a year ago, and this nine per cent depreciation of the US dollar against sterling has significantly reduced headline revenue growth.  Total revenues at constant exchange rates increased by 10% in the quarter.


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


Q3 2011


Q3 2010




Change at

constant exchange rates


























Foreign exchange losses on forward currency contracts











Third quarter revenue growth rates at constant exchange rates were broadly in line with those achieved in the second quarter.  The third quarter is the most important of the year for the event businesses, with many of the group's largest conferences held during this period.  The success of the group's strategy of building large must-attend annual events in niche markets, and continually investing to grow these events, is illustrated by the 23% increase in sponsorship revenues for the quarter.  Delegate revenues from events also performed well, partly offset by the weaker performance of the training division highlighted in the interim results.  


The 10% increase in subscription revenues follows a 12% increase in the first half.  After a rapid recovery in subscription revenues, starting from the second half of the last financial year, a reduction in the growth rate was expected in the second half as comparisons with 2010 become much tougher.  Strong subscription growth continues to be generated by the group's premium electronic information services such as BCA Research and CEIC Data, contrasting favourably with the lower growth rates of the more traditional print publishing businesses.  The group continues to invest in technology and digital publishing to drive future subscription revenue growth.


Financial Position

Net debt at June 30 was £73.8 million, a reduction of £28.9 million since March 31, largely reflecting the group's strong operating cash flows in the period.  The only significant non-operating cash flow was the £2.5 million deferred consideration payment to complete the acquisition of a 100% interest in Arete.  Movements in the US dollar exchange rate had no significant effect on net debt levels.



The company's strategy remains the building of a robust and tightly focussed global online information business, with a strong emphasis on emerging markets.  As part of this strategy, the group seeks to use its strong operating cash flows to acquire specialist information businesses which complement its existing activities and provide scope for strong organic growth.  Pursuant to this strategy, on June 20, 2011, the group announced the proposed US$112 million acquisition of Ned Davis Research Group, the US-based provider of independent financial research to institutional investors.  Good progress has been made with obtaining the necessary regulatory and shareholder approvals for this acquisition and the group expects to complete the transaction at the end of the month, when further details will be announced.



The interim results announcement highlighted the increasing uncertainty over the prospects for global economic growth as well as continued nervousness over financial markets and the Eurozone sovereign debt problems in particular.  These concerns had been reflected in weaker advertising and delegates bookings since the start of April and these trends continued through to the end of May.  


Since the start of June, there has been a pick-up in advertising sales and in delegate bookings for the training division.  However, revenue visibility for September, which traditionally accounts for at least 20% of the group's full year profit, is limited as usual at this time.  July and August are the quietest trading months of the year, and the fourth quarter is the least important for the group's event businesses.  Nevertheless, despite the market concerns over fiscal risk and economic growth, the board is confident its strategy for investing in digital publishing and in acquisitions will continue to drive revenue growth.  


Next Trading Update

Preliminary results for the year to September 30 will be announced on November 10, 2011.  The company intends to issue a pre-close trading update on September 22, 2011.



Padraic Fallon


July 14, 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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