Euromoney trading in line, outlook unchanged

Following the disposal of the global markets intelligence division in April last year, revenue came in at £92.6m, down a touch from £100.8m the year before. Underlying revenue was up 1%, with underlying subscription revenue 1% higher as 9% growth in the pricing, data & market intelligence segment more than offset a 4% drop in asset management.

Events revenue grew 3% on an underlying basis, with an "excellent" performance in the telecoms events, Capacity Europe and Capacity Asia, and IMN in the Banking & Finance segment.

Euromoney said advertising trends are consistent with 2018.

Net cash at 31 December 2018 was £93.8m, up from £78.3m at 30 September 2018 and reflecting £20m initial proceeds from the disposal of Mining Indaba and continued strong operating cash flow, offset by a one-off withholding tax payment relating to the Canadian dividend of £14.6m, as previously announced.

Euromoney said completion of the acquisition of The Deal and BoardEx for $87.3m, which is subject to the approval of TheStreet Inc's shareholders, is expected in February.

"Our strategy is progressing well. There is increasing recognition of our pricing products, with the London Metal Exchange's announcement in January that it will launch three new cash-settled derivative contracts to be settled against Fastmarkets Metal Bulletin's aluminium, alumina and cobalt prices. The restructuring in our asset management segment is complete."