Euromoney trades in line in Q1
Business-to-business information services provider Euromoney said on Tuesday that trading continued to be in line with expectations throughout the three months ended 31 December.
Euromoney Institutional Investor
1,460.00p
17:15 23/11/22
FTSE 250
19,340.14
16:54 17/04/24
FTSE 350
4,316.81
16:54 17/04/24
FTSE All-Share
4,273.02
16:54 17/04/24
Media
11,715.33
16:54 17/04/24
Euromoney, which kept its full-year outlook unchanged, said its performance reflected the continuation of recent market trends, with growth in the pricing and data & market intelligence segments being offset by ongoing challenges in asset management.
In the pricing segment, the FTSE 250 firm said underlying revenue grew 3%, supported by a 9% increase in subscriptions but offset by some softness in events.
Within the data and market intelligence unit, underlying revenues also grew 3%, while in asset management, underlying revenues declined 6%, impacted by the previously disclosed weakness in subscriptions, which fell 9%.
The group said underlying cash generation remained good and that it was in a "strong financial position", with a net cash balance of £27.3m at the end of the period, down from £50.1m at the end of the prior quarter.
As of 0840 GMT, Euromoney shares were down 0.75% at 1,328p.