Euromoney bounces back from downturn with profit 37% up

Financial information group Euromoney today posted a 37% rise in profit for the year, just ahead of expectations, after advertising and sponsorship rebounded in the second half.

The company, which is majority owned by newspaper publisher Daily Mail & General Trust, a minority shareholder of the Evening Standard, said it had made a good start to the new year and, aside from economic challenges in European markets, was well placed for the months ahead.

Euromoney has shifted revenue from print to online subscriptions, and it said renewal rates for its largest subscription businesses had returned to pre-credit crunch levels earlier than it expected.

It said its events division, which was hit hard in the downturn, had also recovered quickly, aided by the group ditching smaller, low-margin events.

The company reported adjusted pre-tax profit of £86.6 million on revenue of £330 million for the year to the end of September, both just ahead of analysts' forecasts, adjusted after Euromoney gave a detailed trading update during the month. It is paying a final dividend of 11.75p, 52% higher than a year ago.