Euromoney suspends Russia business, sees FY in line after strong Q2

Information services group Euromoney Institutional Investor maintained annual guidance and said it had suspended business with clients in Russia and Belarus.

In a trading update for the six months to March 31, the company reported further strong revenue growth during the second quarter driven by continued momentum in subscriptions and the continuing recovery in events.

“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,” the company said on Thursday.

Underlying subscriptions revenue growth at its Fastmarkets and Financial & Professional Services operations remained strong while the turnaround of Asset Management continued to progress ahead of plan, it added.

It added that was looking at reducing office space after introducing flexible working and had “identified significant opportunities to reduce our office costs to reflect the footprint that suits our needs”.

“The group has limited exposure to customers in Russia and Ukraine. Combined revenue in full-year 2021 was £1m 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,” Euromoney said.

“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.”