Revenue climbs for Euromoney as events make comeback and remote working drives savings
B2B information-services provider Euromoney Institutional Investor posted a revenue of £184.6m, up 14 per cent from the previous year.
This was largely thanks to revenue for events surging 59 per cent, as well as growth across subscriptions, fastmarkets, financial and professional services, as well as asset management.
Adjusted profit before tax was up 16 per cent for Euromoney, reflecting strong revenue performance while continuing to invest for future growth.
Group-wide savings were seen from property rationalisation as a result of a home working policy, delivering around £5m of property savings per annum.
Commenting on the results, CEO Andrew Rashbass said: “Our strong first half performance provides clear evidence that we are moving at pace to being a fast-growing, high-margin, 3.0, information-services subscription business.
“We have entered the second half with confidence. While we are mindful of the macro and geopolitical landscape, 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.”
For the coming year, the information group said it expected results to be ahead of Board’s previous expectations supported by strong growth in subscriptions, further growth in events and efficiency benefits, including around £2.5m of property savings.