TIDMERM
RNS Number : 7729Z
Euromoney Institutional InvestorPLC
27 January 2022
EUROMONEY INSTITUTIONAL INVESTOR PLC
First Quarter Trading Update
Strong Start to the Year
27 January 2022
Euromoney Institutional Investor PLC ("Euromoney" or the
"Group"), the global B2B information services provider, today
announces a trading update for the three months ended 31 December
2021.
Highlights:
-- Q1 to 31 December 2021:
o Group reported revenue of GBP93.3m up 19%; underlying(1) up
13%
o Strong start to FY 2022 with underlying(1) revenue growth in
both subscriptions up 8% (67% of Group revenue) and events up 53%
(23% of Group revenue)
o Continued strong recovery in events; revenue of GBP21.4m (Q1
2021: GBP14.1m) reflecting successful blended events during the
period (Q1 2021 virtual only); Q1 2022 represented 57% of Q1 2019
revenue
-- Asset Management turnaround continuing to progress ahead of plan
-- Highly complementary acquisition of Boardroom Insiders for
$25.0m adding further capability and scale to People Intelligence,
announced separately today
-- Positive outlook for FY 2022:
o Subscriptions - expect continued strong revenue growth in
Fastmarkets and FPS
o Events - continue to expect further recovery
o Group is well-positioned to deliver results in line with the
Board's expectations
Andrew Rashbass, CEO, said:
"We have made a step change towards being a fast-growing,
high-margin, 3.0, information-services subscription business. This
is reflected in a strong start to the year, driven by growth in
subscriptions combined with continued strong recovery in
events.
"We are investing organically and through acquisitions and are
pleased to announce the acquisition of Boardroom Insiders which
brings greater scale to our fast-growing People Intelligence
business.
"We remain confident in our ability to deliver high-quality
profitable growth by providing clarity in opaque markets to help
our customers compete successfully."
Revenue by type
Revenue growth YoY Revenue GBPm Reported growth Underlying(1)
3 months to 31 December Q1 2022 growth
2021
Subscriptions 62.3 +13% +8%
------------- ---------------- --------------
Events 21.4 +51% +53%
------------- ---------------- --------------
Other 8.9 (6)% (10)%*
------------- ---------------- --------------
Foreign exchange gains
on forward contracts 0.7
------------- ---------------- --------------
Group 93.3 +19% +13%
------------- ---------------- --------------
*Reflects phasing of client projects in Q1 2022 compared to
prior year, which is expected to reverse across the remainder of FY
2022
Trading highlights:
Fastmarkets
-- Q1 revenue up 23% underlying; up 22% reported. Strong
subscriptions revenue up 17% underlying reflecting growth
in Metals and Mining, Forest Products and Agriculture.
Financial & Professional Services (FPS)
-- Q1 revenue up 17% underlying; up 33% reported. Good subscriptions
revenue up 5% underlying reflecting growth in People Intelligence
and NextGen pillars. Higher events revenue driven by successful
blended events hosted in the US and Europe.
-- Today we have announced the acquisition of Boardroom Insiders
for $25.0m which adds further capability and scale to our
People Intelligence business. Following this acquisition,
the People Intelligence Book of Business (BoB(2) ) is GBP47m,
up 14% on a reported basis since 30 September 2021.
Asset Management
-- Q1 revenue up 2% underlying; unchanged reported. Subscriptions
revenue up 1% underlying.
-- Investment Research (BCA Research and NDR) turnaround
remains ahead of plan with the non-vote Investment Research
Book of Business (BoB(2) ) at 31 December 2021 +0.3% (31
December 2020: -1.2%).
Balance sheet
Euromoney's financial position remains strong with net cash at
31 December 2021 of GBP19.2m.
Summary and outlook
During FY 2021 we made a step change towards being a
fast-growing, high-margin, 3.0, information-services subscription
business. We have made a strong start to FY 2022, driven by growth
in our subscriptions combined with continued strong recovery in
events. For FY 2022 we expect continued strong growth in
subscriptions for Fastmarkets and FPS. In Asset Management the
turnaround of our investment research businesses continues to
progress ahead of our plan.
Events revenue grew strongly in Q1 2022 as we hosted a number of
successful blended events against a comparative that was entirely
virtual. Regional and domestic events performed particularly well,
and we are encouraged by the strong demand we have seen for
in-person events. While the emergence of the Omicron variant in
late 2021 has led to some tighter short-term travel restrictions in
certain geographies this has not had a significant impact on our
expectations for events revenue for the full year and we continue
to expect further recovery.
The Group is well-positioned to deliver results in line with the
Board's expectations.
The interim results for the six months ending 31 March 2022 will
be announced on 19 May 2022.
People Intelligence teach-in
We will host a teach-in for investors and analysts on our People
Intelligence business on 31 March 2022. The session will be an
opportunity to gain a deeper understanding of our fast-growing
People Intelligence business. Further details on how to join the
event will made available shortly.
Restatements for H1 2021
At the FY 2021 results we applied the change in interpretation
of IAS 38 "Intangible Assets" in relation to configuration and
customisation of Software as a Service (SaaS) solutions. In the
table below we provide the following H1 2021 income statement items
on the same basis.
IAS 38 - H1 2021 Adjusted operating profit and profit
before-tax
H1 2021 H1 2021
(restated for (as previously
IAS 38) published)
----------------------------------------- --------------- ----------------
Adjusted operating profit (3) GBPm GBPm
Fastmarkets 15.1 15.2
FPS 8.3 9.5
Asset Management 22.5 22.8
----------------------------------------- --------------- ----------------
Divisional adjusted operating profit(3) 45.9 47.5
----------------------------------------- --------------- ----------------
Foreign exchange gains/(losses)
on forward contracts 1.0 1.0
Central costs (12.1) (11.7)
----------------------------------------- --------------- ----------------
Group adjusted operating profit
(3) 34.8 36.8
Associates and JVs 0.1 0.1
Net finance costs (1.7) (1.7)
----------------------------------------- --------------- ----------------
Adjusted profit before-tax (4) 33.2 35.2
----------------------------------------- --------------- ----------------
Footnotes:
(1) Underlying measures are the adjusted results stated at
constant exchange rates, including pro forma prior-year
comparatives for acquisitions and excluding disposals, material
event and publication timing differences and pro forma prior-year
adjustments for the application of new accounting standards that
are not applied retrospectively.
(2) Book of Business ("BoB") 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.
(3) Adjusted for amortisation of acquired intangible assets and
exceptional items.
(4) Adjusted for the amortisation of acquired intangible assets,
exceptional items, net movements in deferred consideration and
acquisition commitments and fair value remeasurements.
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; euromoney@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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