Euromoney profit down against tough comparable

Euromoney Institutional Investor PLC (ERM.LN) said Thursday that pretax profit for the first half of fiscal 2019 fell 59% as year-earlier figures were boosted by the sale of its Dealogic stake, but that underlying earnings grew.

For the six months ended March 31, the business-information provider made a pretax profit of 49.3 million pounds ($63.5 million) compared with GBP121.1 million in the year-earlier period.

Excluding exceptional items, adjusted pretax profit rose to GBP46.1 million in the first half from GBP45.6 million a year before, Euromoney said. On an underlying basis, adjusted pretax profit grew 13%, the company said.

Half-year revenue declined 2.2% to GBP184.9 million from GBP189.1 million a year earlier, the company said.

Euromoney said it continued its portfolio transformation with the acquisition of executive profiling business BoardEx and merger-and-acquisition data business The Deal and the sale of investment event Mining Indaba. Following the distribution of Daily Mail & General Trust PLC’s (DMGT.LN) stake in Euromoney, the company is now fully independent, it said.

The company said it expects to deliver a full-year profit in line with expectations.

The board raised its interim dividend to 10.8 pence a share from 10.2 pence a year earlier.

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