Euromoney getting richer

Less volatile subscription revenue grew 2 per cent to £206.3m, even without help from acquisitions, driven by emerging markets data and Institutional Investor's membership. It still represents over half of sales and management expect further growth here. The outlook for events, meanwhile, is seen as "reasonably robust", and event sponsorship sales rose 7 per cent in constant currency terms. That easily offset a dip in delegate revenue during the first half following the absence of some biennial events. Euromoney's training business has picked up, too, although high operational gearing meant that a slightly thinner top line generated a 23 per cent slump in adjusted operating profit to £5.4m. Still, the launch of a new content platform next year will drive more digital content and higher-margin new products.

Broker Numis Securities expects adjusted pre-tax profit of £122.2m for 2014, giving adjusted EPS of 73.5p (71p in 2013).