# Euromoney Institutional Investor Strategic Review and Year End Trading Update

- Link: https://www.directorstalkinterviews.com/euromoney-institutional-investor-strategic-review-and-year-end-trading-update/412797225
- Published: 2019-11-05T07:23:38+00:00
- Author: Giles Arbor

**Euromoney Institutional Investor plc** (LON: ERM), the global information business
providing essential B2B information to global and specialist markets, has announced
an update on the strategic review announced in September and trading for the year
ended 30 September 2019, ahead of the Group’s full year results announcement on 
Thursday 21st November 2019.

On 10 September, Euromoney announced that it was conducting a strategic review of
its Asset Management segment made up of the Institutional Investor, BCA Research
and NDR businesses. Although still at a relatively early stage, Euromoney confirms
that the strategic review is progressing well and the businesses will be reported
as discontinued operations and as assets held for sale in the financial statements
for the year ended 30 September 2019.

Ahead of the full year results, the Company provides the following trading update1.
Full year 2019 results are slightly above the Board’s expectations. Adjusted revenue
for the year ended 30 September 2019 is expected to be approximately £401m (underlying
revenue flat). This reflects a continuation of good growth in the Pricing, Data &
Market Intelligence segment, with underlying revenue up approximately 4% and approximately
10% growth in Fastmarkets subscriptions. Asset Management continued to face challenges
and saw revenue decline by approximately 4% on an underlying basis. Banking & Finance,
our smallest segment which accounted for 15% of the Group’s revenues, was down by
approximately 1%. BoardEx has now been fully integrated with strong underlying growth
of approximately 11% year-on-year.

Adjusted profit before tax is expected to be approximately £104m, up approximately
9% on an underlying basis, a result that reflects underlying growth in our Pricing,
Data & Market Intelligence segment, as well as lower net interest costs. Cash conversion
remains strong at approximately 95%, and year end net cash was approximately £50m.
Euromoney Institutional Investor plc is expected to propose a final dividend in 
line with last year’s final dividend of 22.3p, which would result in a full year
dividend of 33.1p per share, up by 2% year on year.

 1. Unaudited results, subject to change.
 2. Underlying results above include the adjusted results (which include the results
    of (a) continuing operations and (b) those operations classified as discontinued
    in 2019) and restate prior periods using current period exchange rates and use 
    pro-forma comparatives for acquisitions but exclude closed businesses and prior
    year disposals.

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