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Euromoney Institutional Investor H1 Profit Falls

Euromoney Institutional Investor Plc (ERM.L), a British business and financial information company, on Thursday posted a fall in earnings for the first half ended in March, a midst a rise in expenses, amortization, and exceptional items. However, revenues improved from last year.

For the six-month period, the London-headquartered financial service provider posted a profit of 4.6 million pounds or 4.2 pence per share, compared with 6.6 million pounds or 6.1 pence per share, reported a year ago.

Pre-tax earnings were at 7.6 million pounds as against 15.4 million pounds, recorded for the first half of 2021.

Operating earnings also moved down to 9.5 million pounds, from 17.4 million pounds of previous year period.

Euromoney recorded its cost of sales and administrative expenses & distribution costs at 26.5 million pounds and 117.9 million pounds, respectively, compared with 20.2 million pounds and 99 million pounds, on year-on-year basis.

The company reported its acquired intangible amortization and exceptional items at 10.4 million pounds and 20.3 million pounds, respectively, compared with 9.4 million pounds and 8 million pounds, reported for the previous fiscal.

The Board has declared an interim dividend of 6.1 pence per share, a 7 percent increase on year-on-year basis. The dividend will be paid on June 24 to the shareholders on the record as of May 27.

Euromoney registered its revenues for the period at 184.6 million pounds, versus 155.5 million pounds, reported a year ago.

Looking ahead, Andrew Rashbass, CEO, said: "…Our specialist businesses are performing well and we expect results for the full year to be ahead of the Board's previous expectations. Our confidence in our business supports a new medium-term outlook, targeting strong growth and a mid to high-twenties operating margin by 2025. "

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