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Sparks Team
17 May 2018 · 2 min read

Euromoney Institutional Investor (ERM); H1 2018 interims: total revenue up 3% YoY to £209.6m

Stock down 0.93% to 1,276.0p at 08:07

For the half-year ended 31 March 2018, underlying revenue increased 4% YoY to £189.1m. Adjusted operating profit increased 9% to £53.5m. Adjusted PBT grew 6% to £52.0m. Adjusted diluted EPS increased 17% to 38.4p. Interim dividend increased 16% to 10.2p.

Asset management performance was weak, largely driven by a reduction in clients’ research spend and accelerated by MiFID II regulations. Pricing, data & market intelligence performed strongly, benefiting from strategic actions taken last year. The commodity events and banking & finance segments also performed well, reflecting ERM’s focus on building large, high-margin events. As of 31 March 2018, net debt was significantly lower at £37.0m (31 Dec 2017: £154.6m).

ERM is confident of meeting the board’s expectations for the full year. The outlook for the asset management division remains tough. Events should continue to perform well in the second half.

Andrew Rashbass, CEO, commented on the results: “These interim results demonstrate further progress with implementing our strategy: investing around big themes; creating a best-of-both-worlds operating model; and active portfolio management. Overall, we have delivered a good first half performance and the progress we are seeing gives us confidence that we will meet the Board’s expectations for the full year.”

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