Embattled banks and commodity companies reduced spending on financial information, training and events from Euromoney Institutional Investor (ERM) in the reported period. Strip out the benefit of a strong dollar and sales fell 4 per cent, driving operating profit - excluding £54m in goodwill impairment, restructuring costs and other one-off charges - down 3 per cent to £101m.
Management's turnaround strategy centres on targeting growth areas and withdrawing from markets facing structural and cyclical challenges, partly through acquisitions and disposals. For example, it has invested in information and services to support asset managers and pricing specialists, and developed new products such as US technology research and analytical tools for airplane fleet managers. It also shelled out £14.3m for FastMarkets, a metal news and prices platform, and Reinsurance Security, which rates reinsurance companies. And it netted £10.8m from the sale of Gulf Publishing and Petroleum Economist.