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28 Jan 2021 | 08:42

Euromoney revenues fall as pandemic hurts events unit

(Sharecast News) - Financial information company Euromoney reported lower first quarter revenues as coronavirus lockdowns hit its events business. The company on Thursday said revenue for the three months to December 31 fell to £78.7m from £99.2m a year earlier, reflecting the covid-19 impact on physical events and a continuation of trends seen in the previous quarter.

Events revenue came in at £8.6m for the quarter, representing about 30% of revenue reported in the same period last year.

Looking ahead, the company said it did not have visibility on when physical events would return, and kept its outlook unchanged and in line with its expectations.

"The impact from not holding physical events was mitigated by running successful virtual events, both one-off and those previously held as physical events," the company said.

"As reported in November, virtual events operate at a higher gross margin than physical events. The recent developments and rollout of covid-19 vaccines will support the return of face-to-face events although exactly when this will be remains uncertain."

Euromoney had £20.3m in net cash at the end of December 2020.

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