TIDMERM
RNS Number : 6762G
Euromoney Institutional InvestorPLC
31 March 2022
EUROMONEY INSTITUTIONAL INVESTOR PLC
Half Year Trading Statement and People Intelligence Teach-In
31 March 2022
Euromoney Institutional Investor PLC ("Euromoney" or the
"Group"), the global B2B information services provider, today
announces a trading update for the half year ending 31 March 2022
ahead of today's teach-in on our People Intelligence business. The
half year results will be announced on 19 May 2022.
Trading
The Group delivered further strong revenue growth during the
second quarter driven by continued momentum in subscriptions and
the continuing recovery in events. Fastmarkets and Financial &
Professional Services (FPS) underlying subscriptions revenue growth
remains strong while the turnaround of Asset Management continues
to progress ahead of plan.
In Events we have seen a consistent improvement in booking
trends since the beginning of 2022 resulting in a number of
successful large events during the second quarter which achieved
higher revenue than their pre-pandemic equivalent (eg Capacity
Middle East, Metro Connect, IMN Build-to-Rent East).
We continue to monitor the situation in Ukraine closely and any
potential impact on the Group. We have a small number of employees
based in Ukraine and we are supporting them in every way we
can.
The Group has limited exposure to customers in Russia and
Ukraine. Combined revenue in FY 2021 was GBP1m or 0.3% of Group
revenue. The Group can confirm that it has suspended business with
individuals who are incorporated or resident in Russia or
Belarus.
Property
Following the successful introduction of flexible working across
Euromoney we have reviewed our real estate requirements across the
Group and have identified significant opportunities to reduce our
office costs to reflect the footprint that suits our needs. We will
update on the outcome of this at our half year results in May.
Outlook
Following an encouraging first half performance the Group
remains well placed to deliver full year results in line with the
Board's expectations, before taking account of the benefits from
property savings.
People Intelligence Teach-in
We will be hosting a virtual teach-in on our People Intelligence
business for investors and analysts at 14:00 (BST) today. People
Intelligence is part of Euromoney's FPS division, accounting for
over 40% of its subscription revenue in FY 2021.
People Intelligence provides data intelligence on relationships,
individuals and organisations that is used by our customers to
establish and develop connections, manage talent and reduce
commercial risk. It is a growing market with highly attractive 3.0
characteristics: our data is fundamental to customer activities; is
embedded in workflow; is nearly all sold via subscription; and
achieves high renewal rates.
We have acquired five highly complementary People Intelligence
businesses since late 2018 to create a market-leading organisation
that is now the largest pillar in our FPS division with a Book of
Business(1) of GBP48m ($64m) at February 2022.
We expect People Intelligence to continue delivering
double-digit revenue growth and are targeting c.$100m(2) of revenue
in FY 2025 (without the benefit of any further acquisitions). As we
grow high-margin subscriptions revenue and increase efficiency we
are targeting People Intelligence to achieve improvement in
operating margin to mid-30s(2) percent by FY 2025, approximately
double the adjusted(3) operating margin achieved in FY 2021.
The webcast link to join the teach-in at 14.00 (BST) today is as
follows:
https://www.investis-live.com/euromoney/6230bec0f73bbc23004ed531/gqwd
Footnotes:
(1) Book of Business is the annual contracted values for
subscriptions. Like-for-like growth is calculated by adjusting
prior periods with a constant GBP/USD rate and the pro forma impact
of net M&A.
(2) These statements are a target and not intended as a profit
forecast.
(3) Excluding RelSci which was acquired in May 2021.
For further information, please contact:
Euromoney Institutional Investor PLC
Wendy Pallot, Chief Financial Officer: +44 (0)207 779 8866;
wendy.pallot@euromoneyplc.com
Christian Cowley, Investor Relations: +44 (0)7408 863420;
christian.cowley@euromoneyplc.com
FTI Consulting
Jamie Ricketts / Tom Blundell / Lucy Highland: +44 (0)20 3727
1000; sceuromoney@fticonsulting.com
About Euromoney Institutional Investor PLC
Euromoney Institutional Investor PLC ("Euromoney") is a global
B2B information-services business. We provide actionable data,
analysis, intelligence and access through three divisions in
markets where information and convening market participants are
valued. Euromoney is listed on the London Stock Exchange and is a
member of the FTSE 250 share index. (euromoneyplc.com)
LEI Number: 213800PZU2RGHMHE2S67
CAUTIONARY STATEMENT
This Trading Update ("Statement") and all information included
in it is based on the knowledge and information available to the
Board of Directors at the date it was prepared and therefore facts
stated and views expressed may change after that date.
This document and any materials distributed in connection with
it may include forward-looking statements, beliefs, opinions or
statements concerning risks and uncertainties, including statements
with respect to the Group's business, financial condition and
results of operations. Those statements and statements which
contain the words "anticipate", "believe", "intend", "estimate",
"expect" and words of similar meaning, reflect the Company's
Directors' beliefs and expectations and involve risk and
uncertainty because they relate to events and depend on
circumstances that will occur in the future and which may cause
results and developments to differ materially from those expressed
or implied by those statements and forecasts. No representation is
made that any of those statements or forecasts will come to pass or
that any forecast results will be achieved. You are cautioned not
to place any reliance on such statements or forecasts. Those
forward-looking and other statements speak only as at the date of
this Statement. The Group undertakes no obligation to release any
update of, or revisions to, any forward-looking statements,
opinions (which are subject to change without notice) or any other
information or statement contained in this Statement. Furthermore,
past performance of the Group cannot be relied on as a guide to
future performance.
No statement in this document is intended as a profit forecast
or a profit estimate and no statement in this document should be
interpreted to mean that earnings per Euromoney Institutional
Investor PLC share for the current or future financial years would
necessarily match or exceed the historical published earnings per
Euromoney Institutional Investor PLC share.
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