Euromoney Publications enjoys another record year

Thursday 27 November 1997

Euromoney Publications, the international publishing, training, and conference group which, in August, bought Institutional Investor in the US, had another record year in the twelve months to September 30. Revenues rose from £104.2 million to £131.1 million, pre-tax profits from £25.5 million to £30.3 million, and earnings a share from 75.9p to 90.25p.

The interim dividend went up by 4p to 18p a share partly to reduce the difference between the interim and final dividends. The directors now propose to raise the final dividend by 1p to 33p a share making a total of 51p a share net for the year, against 46p. All these figures are the highest yet.

Institutional Investor, for which the group paid $142 million on August 29, contributed £714,000 to September's operating profits, after reorganization costs but before interest charges, and the early stages of its integration have gone well.

Nearly all Euromoney's businesses had a good year. Training, the specialist magazine division, Latin Finance, Euroweek, Engel Publishing, and conferences and seminars performed outstandingly, while Business Traveller made a good first contribution.

The company raised its first syndicated loan to finance the purchase of Institutional Investor, its largest acquisition by far and, during September, repaid $6 million of this debt. In addition, the group had £26.4 million in cash on September 30, leaving net debt of £68 million, after spending £9.8 million on other acquisitions, the biggest of which was a 40% interest in Mondiale Ltd, publishers of Office Products International, which cost £4 million. Euromoney also invested £1 million in start-ups and an additional £1.2 million in subscription marketing and, as usual, wrote these off against profits.

The strong pound cost £1.3 million in lost profits. The economic problems in Asia and, later, in other emerging markets arose late in the year, but may affect the results for 1997/98.

For further information please contact:

Padraic Fallon 0171 779 8556
Richard Ensor 0171 779 8844
Colin Jones 0171 779 8666
David Levin (New York) 00 1 212 224 3930

EUROMONEY PUBLICATIONS PLC
PRELIMINARY STATEMENT FOR THE YEAR ENDED 30 SEPTEMBER 1997

The above financial information does not constitute statutory accounts as defined in Section 240 of the Companies Act 1985. The comparative financial information is based on the statutory accounts for the year ended September 30 1996. Those accounts, upon which the auditors issued an unqualified opinion, have been delivered to the Registrar of Companies. The 1995/6 segmental analysis has been restated to reflect amended business categories. The statutory accounts for the year ended September 30, 1997 will be delivered to the Registrar.

Warrants in respect of the final dividend will be posted on January 26 1998 to shareholders on the register on December 12 1997. It is expected that the shares will be marked ex- dividend on December 8 1997.

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