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Euromoney Institutional Investor H1 profit slumps on pandemic impact to events business
StockMarketWire.com
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Information services provider Euromoney Institutional Investor reported a slump in first-half profit as its events business was impact by the pandemic.
For the six months ended 31 March 2021, pre-tax profit fell 53% to £17.5 million as revenue slipped 17% to £155.5 million.
'73% of group revenue during the half was generated from subscriptions, which grew by 6% on a reported basis,' the company said.
'Within asset management, the turnaround of the investment research division is progressing well and is ahead of plan,' it added.
Events revenue, which accounted for 17% of group revenue during the half, declined by 60%, reflecting 'the reduction in physical events compared to the prior year period which had not yet experienced severe covid-related disruption.'
The company declared an interim dividend of 5.7p per share.
Looking ahead, events revenue in H2 2021 was expected to be about £40 million, assuming physical events return, Euromoney said.
Cost would be second-half weighted, reflecting pay increases, bonuses, travel and expenses, it added.
Story provided by StockMarketWire.com
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