LONDON (dpa-AFX) - Euromoney Institutional Investor Plc. (ERM.L) reported that its profit before tax for the year ended 30 September 2019 decreased to 29.5 million pounds from the prior year's 106.8 million pounds, mainly due to the gain on the disposal of Dealogic in the prior year.
Profit attributable to equity holders of the parent for the year dropped to 60.93 million pounds or 56.6 pence per share from 195.00 million pounds or 181.3 pence per share in the previous year.
Adjusted total revenue for the year increased by 3% to 401.7 million pounds from last year, supported by the contribution from the acquisition of BoardEx and The Deal.
Statutory revenue from continuing operations, which excludes the Asset Management segment, increased by 5% to 256.1 million pounds. Underlying revenue was flat, with growth of 4% from the Pricing, Data & Market Intelligence segment offset by continued challenges in the Asset Management segment.
The company said its board recommended a final dividend of 22.3 pence per share, which is subject to Shareholder approval at our AGM on 28 January 2020 and, if approved, will be paid on 13 February 2020 to shareholders on the register at the close of business on 29 November 2019.
The company expects weakness in its Asset Management segment into 2020 but continued good growth in the Pricing segment. It continues to make progress towards a 3.0 business model guided by its clear strategy, underpinned by a strong balance sheet and excellent cash flow conversion.
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