Euromoney beats outlook and sees opportunities in Greek exit
EUROMONEY, the financial information arm of Daily Mail & General Trust, yesterday reported a 13 per cent rise in first-half sales, boosted by acquisitions, and said current trading was in line with its expectations.
Euromoney, one of Europe’s biggest business and financial magazine publishers, said it would continue to pursue its selective acquisition strategy and was seeing the benefits of moving more of its business online.
Adjusted pre-tax profit was up 17 per cent to £48.6m, slightly ahead of the company’s guidance last month, on sales of £189m.
The interim dividend was raised 12 per cent to 7p.
“The outlook for financial markets still looks tough, particularly in the Eurozone,” it said, adding it was shielded to some extent by the fact more than half its revenue came from steady subscription streams.
Euromoney makes about 15 per cent of its revenues from Europe, excluding Britain, but finance director Colin Jones said the prospect of Greece leaving the Eurozone could actually help the company.
“It would give a little more certainty to some of the stronger European economies,” he said. “Volatility of currencies is not a bad thing. It’s probably another conference we want to run or something like that… making money from adversity.”