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16 May 2019 | 09:05

Euromoney reports sharp fall in H1 profits amid tough comparative

Information company Euromoney reported a sharp fall in first-half profits following a tough comparative in the prior year, which included the sale of its Dealogic stake. For the six months ended March 31, pretax profit fell 59% to of £49.3m and revenue slipped 2% to £184.9.

The slump in profit before tax was predominantly due to 'the one-off impact of the gain on disposal of Dealogic in December 2017,' the company said, Statutory and adjusted revenue decreased by 2% to £184.9m, predominantly 'due to the sale of Mining Indaba in October 2018 and the end of the five year contract to run SFIG, a major structured finance event,' the company said. Excluding exceptional items, adjusted pretax profit rose to £46.1m in the first half, and grew 13% on an underlying basis, the company said. The company touted progress on its turnaround '3.0 business model,' as it acquired BoardEx and The Deal for $87.3m, and sold Mining Indaba completed in October 2018 for £30.1m. 'The first six months of the year saw a continuation of recent trends and further strategic progress for the Group. The distribution of Euromoney shares previously owned by DMGT affirmed Euromoney's status as a fully independent FTSE 250 company, with a fully independent Board, higher free float, increased liquidity and better access to capital,' said Andrew Rashbass, CEO. 'We have also continued our strategic focus on embedding our businesses in the workflow of our customers. The acquisition of BoardEx and The Deal supports our transition towards a B2B 3.0 business model.'

At 9:05am: (LON:ERM) Euromoney Institutional Investor PLC share price was -29p at 1383p

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