Euromoney Institutional Investor PLC Pre-close trading update

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Friday 25 September 2009

Euromoney Institutional Investor PLC ("Euromoney"), the international publishing, events and electronic information group, today issues its pre-close trading update ahead of the announcement of its results for the year to September 30, 2009.

Since issuing its Interim Management Statement on July 22, 2009, there have been no significant changes to the group's trading performance or outlook. The year-on-year declines in advertising, sponsorship and delegate revenues have continued at similar rates to those experienced since the second quarter, and as previously announced the rate of growth in subscription revenues has continued to decline as customer cuts in headcount and information buying work their way through into revenues.

The group's focus on tight cost control and maintaining product margins continues to drive strong bottom line performance despite the fall in revenues, and trading in the key month of September has held up well. As a result, Euromoney expects to announce an adjusted profit before tax* of not less than £57 million for the year to September 30, 2009 (2008: £67.3 million), ahead of market expectations.

These expected results would mean that the 2009 profit target under the group's Capital Appreciation Plan will be achieved, and therefore the third and final tranche of up to 2.5 million new shares will vest in January 2010. This will give rise to a share option expense of £3 million for the year to September 30, 2009 (which has been charged in arriving at the adjusted profit before tax* figure of £57 million above). The group's second Capital Appreciation Plan, which was approved by shareholders at the Annual General Meeting on January 28, 2009, will start in 2010.

At current exchange rates, group net debt at September 30, 2009 is expected to be no more than £170 million, against £214.7 million at March 31, reflecting the group's strong operating cash flows during the second half of the year.

The year end results will be announced on the morning of November 12, 2009, followed by an analyst presentation and investor meetings.

*Adjusted profit before tax is profit before tax, acquired intangible amortisation, exceptional items, net movements in acquisition option commitments, imputed interest on acquisition option commitments, foreign exchange losses on restructured hedging arrangements and foreign exchange gains or losses on tax equalisation contracts.