Euromoney pre-close period trading update

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Wednesday 26 September 2007

Euromoney Institutional Investor PLC (the 'Company') has today issued its pre-close trading update ahead of the announcement of its results for the year to September 30, 2007.

Trading in the second half, including the key month of September, has continued the encouraging trend seen in the first. The Company has benefited from strong organic growth across all its divisions and revenue streams and as a result the board now expects to announce an adjusted profit before tax* of not less than £60 million for the year to September 30, 2007, ahead of market expectations.

Metal Bulletin, acquired in October 2006, has been fully integrated within the group, and the synergies generated from the acquisition continue to exceed expectations. Net debt at September 30, 2007 is expected to be less than £210 million, reflecting the strong operating cash flows of the business.

The achievement of an adjusted profit before tax* of not less than £60 million means that the target of £57 million under the Company's Capital Appreciation Plan will be reached in 2007, a year earlier than expected.

The recent turmoil in the credit markets has had very little impact on the group's trading in the fourth quarter, and current trading is in line with the board's expectations.

The year end results will be announced on the morning of November 15, 2007, followed by an analyst presentation and investor meetings.

  • Adjusted profit before tax is profit before tax, acquired intangible amortisation, share option expense, exceptional items, net movement in acquisition option commitments and imputed interest on acquisition option commitments.