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Euromoney H1 Underlying Pretax Profit Rises; Underlying Revenue Up 1%

Euromoney Institutional Investor plc (ERM.L) reported that its first-half underlying profit before tax increased by 13%, reflecting operational gearing, cost control and reduction in interest costs. Statutory profit before tax was down 59% predominantly due to the gain on disposal of Dealogic in December 2017. Looking forward, the Group continues to expect to deliver profit in line with the Board's expectations. However, the UK's exit from the EU may lead to foreign exchange volatility and general business uncertainty, Euromoney noted.

Profit before tax was 49.3 million pounds for the six months ended 31 March 2019 compared to 121.1 million pounds, prior year. Earnings per share was 32.9 pence compared to 101.8 pence. Adjusted pretax profit was 46.1 million pounds compared to 45.6 million pounds, prior year. Adjusted earnings per share was 34.32 pence compared to 33.60 pence.

First-half statutory and adjusted revenue decreased by 2% to 184.9 million pounds, predominantly due to the sale of Mining Indaba and the end of the five year contract to run the SFIG event. Underlying revenue grew 1%, driven by PDMI, where underlying subscription revenue grew by 8%.

The Directors declared a half-year dividend payment of 10.8 pence per share. The dividend will be paid on 20 June 2019 to shareholders on the register at the close of business on 24 May 2019.

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