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17 Jul 2019 | 08:23

Euromoney reports modest uptick in revenues amid challenging backdrop for asset management division

Euromoney reported a modest uptick in revenues for the three months through June amid challenges at its asset management division.

For the three months to 30 June 2019, revenues rose to £110.9m from £107.9m a year earlier, with underlying revenues flat year on year.

Good performance in pricing, data & market intelligence and banking & finance was offset by ongoing structural and cyclical challenges within asset management, the company said. Underlying revenues in the pricing, data & market intelligence segment were up by 6% in the quarter, compared to the 3% increase that was reported for the six months to 31 March 2019. Banking & Finance segment revenues grew 1% in the quarter compared to 4% in the half year. But the asset management segment saw underlying revenues in the quarter down 9%, compared to the 3% decline reported at the half year, with 'particular weakness in subscription vote revenues and Institutional Investor,' the company said. Group underlying subscription revenues were down 1% in the quarter reflecting the decline in Asset Management. Group underlying events revenues were up 3% including a strong performance in telecoms and a return to growth in Fastmarkets events.

Group underlying advertising revenue, which made up only 7% of total revenues, continued with recent trends being down by 6% in the quarter.

At 8:23am: (LON:ERM) Euromoney Institutional Investor PLC share price was -17p at 1321p

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