Euromoney targets digital growth

However, chairman Padraic Fallon cautioned that "the environment is getting tougher and more volatile revenues, like advertising, have shown signs of weakness." Despite the increasing challenges, cash flows are very strong and improved 17 per cent to £118m at the operating level. The second half broadly matched the first, although markets became more challenging as the year progressed. Nevertheless, the group maintained double-digit growth in subscription revenues throughout the year while sponsorship revenues grew 20 per cent.

The group's future strategy remains the digital substitution and development of the publishing business, with a strong emphasis on emerging markets. Towards this objective, the group acquired Ned Davis Research (NDR), which produces digital content to help clients execute their asset allocation strategies. Adding NDR to the mix is expected to lift subscription revenues to more than half of total revenues for the first time in 2012.

Investec Securities expects adjusted pre-tax profit of £104.4m for 2012, giving adjusted EPS of 60.5p.