LONDON (dpa-AFX) - Euromoney Institutional Investor Plc. (ERM.L), an international online information and events group, Thursday said first-quarter total revenue slipped to 94.7 million pounds from 98.4 million pounds, but underlying revenues were flat with last year at 94.7 million pounds.
In a trading update for the period from October 1, 2014 to January 28, 2015, the firm said trading conditions remained challenging in the quarter to December 31, with many banks reporting further weakness in fixed income activities after signs of improvement in the previous quarter, and the sudden downturn in the oil price adding to the pressures on commodity markets.
For 2015, at the adjusted profit before tax level, the full year cost impact of CAP 2014, the group's long-term incentive scheme, will reduce profits by approximately 4 million pounds compared to fiscal14.
The net impact of the Dealogic transaction, after equity accounting for the group's share of profits in New Dealogic, will lead to earnings dilution of approximately 2 percent in this financial year.
These negative factors for FY15's results will only be partially mitigated by the benefit from the recent strength of the US dollar, the firm noted.
'Conditions in the banking and commodity markets remain tough and as we enter the most important period of the year for selling, early sales indicators for non-subscription products so far show no signs of any improvement on last year,' Euromoney said.
The outlook for subscription sales and renewal rates, particularly for asset management products, however, is positive.
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