Neil DennisEuromoney Institutional Investor, the publisher of Euromoney magazine, reported 6% revenue growth and the disposal of its stake in Dealogic for $135m (£101.9m).
In its preliminary statement on its full-year results, the company said total adjusted revenues rose 6% to £428.4m in its 2017 financial year ending 30 September.
Other adjusted full-year highlights
- Adjusted operating profit rose 6% to £107.1m
- Adjusted profit before tax was up 4% to £106.5m
- Adjusted diluted earnings a share rose 15% to 76.4p
- Final dividend up 33% to 21.8p a share
CEO comment
Andrew Rashbass, chief executive (left), said: "Improving market conditions for banking and commodities together with cutting low-margin training courses and events helped mitigate the cyclical headwinds that affected, and continue to affect, our asset management businesses particularly in the second half.
"While a near term challenge, we still believe asset management will be a long term driver for the business. As flagged at the half year, the Board has changed the Company's dividend policy to increase the pay-out to approximately 40% of adjusted after-tax earnings each year.
"2017 has been a year of transition and as we enter a new financial year, it remains our view that, subject to the usual caveats, Euromoney remains on track to return to underlying growth in 2018."
Dealogic divestment
Euromoney also said on Wednesday it had reached a binding agreement to sell its minority stake in Dealogic, the data and content provider to the financial services industry, to Ion Investment Group for $135m in cash.
Completion of the sale was likely to be subject to regulatory approval, and was therefore expected to take about six weeks, Euromoney said.
Market reaction
Shares in Euromoney were down 0.43% to £11.50 in early trade on London Stock Exchange
Picture courtesy of Euromoney Institutional Investor corporate website