According to Euromoney Institutional Investor PLC:
Strategic and operational highlights
* Encouraging overall performance
- A year of underlying growth
- Strong growth in Pricing, Data & Market Intelligence segment
- Good underlying revenue growth from events across all segments
- Action taken to mitigate headwinds in Asset Management segment
- Continued decline in advertising revenue, now accounting for only 9% of total revenue
* Active portfolio management in line with our strategy
- Three acquisitions and four disposals (additionally, Mining Indaba sold post year-end)
* Underlying revenue up 3% (excluding Global Markets Intelligence Division which was sold in April 2018)
* Statutory revenue from continuing operations up 1%
* Underlying profit before tax up 8%, with Pricing, Data & Market Intelligence underlying profits up 18%
* Statutory profit before tax £161.2m, including one-off profits on disposals
* Adjusted operating profit margin improves from 25% to 27%
* Strong cash performance with 102% underlying cash conversion (2017: 118%)
* Net cash position of £78.3m supports continued investment in organic growth and acquisitions
* Final dividend per share up 2%
Andrew Rashbass, CEO, said: “2018 was a successful year for Euromoney, delivering good growth in underlying revenue and profit as forecast at our March 2016 Investor Day. Our Pricing, Data & Market Intelligence segment recorded a very strong performance and there was good underlying growth in events across all segments.
Euromoney is making steady progress towards a 3.0 business model guided by our clear strategy: investing in semi-opaque markets where mission-critical information is hard to find; transforming our operating model; and actively managing our portfolio. This development, combined with our strong balance sheet underpins our confidence in further progress in the year ahead.”
Our strategy is to manage a portfolio of businesses in markets where information, data and convening market participants are valued. We deliver products and services that support our clients’ critical activities. We look to serve markets which are semi-opaque; that is, where the information which organisations need in order to operate effectively is hard to find.
Our strategy is designed to develop the businesses we own and deliver strategic, timely and well-executed acquisitions and disposals. We aim to allocate and recycle capital efficiently to good organic and inorganic opportunities via our ‘best-of-both-worlds’ operating model. Our ambition is to generate consistent and meaningful returns for our shareholders at relatively low risk.
The full report can be downloaded from here.