Euromoney warns of challenging market conditions
Media group Euromoney Institutional Investors said challenging market conditions were likely to continue.
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The FTSE 250 group posted first half results in line with expectations, with pre-tax profit jumping from £42.8m to £93.3m in the six months to 31 March, as the company made a of £55.1m gain from the sale of its interests in Capital DATA and Capital NET.
Excluding exceptional gain, pre-tax profit was unchanged at £53.4m, against guidance of £46m, while revenue edged 0.96% higher to £197.69bn.
The strengthening dollar boosted headline revenue growth rates by approximately 3% and pre-tax profit by almost £3m, the London-listed company said in a statement on Thursday, adding the growth in subscription revenue had continued into the second quarter.
However, Euromoney warned that the performance of its advertising business declined and that trading conditions had remained challenging throughout the first six months of the year, particularly in its investment banking arm.
"The first half performance reflects the continuing challenges facing the group's markets,” said group chairman Richard Ensor.
"The second half has started as expected and the trading conditions described in these results are expected to continue during the second half."
Analysts at Numis described the results as in line of expectations, adding that their recommendation and forecast were under review ahead of the company’s annual general meeting.