Euromoney Institutional Investor reported a “strong start to the year” as it shifted towards a subscription model and took a blended approach to its events schedule.
The B2B information group reported revenue of £93.3m up 19 per cent, buffered by underlying revenue growth in both subscriptions, up eight per cent, making up 67 per cent of group revenue, and events up 53 per cent, making up 23 per cent.
As an event specialist, Euromoney saw a strong recovery in events, with revenue of £21.4m, compared to £14.1m in the first quarter of 2021. This reflects the successful blend of virtual and in-person events during the period.
However, the first quarter still represented 57 per cent of 2019 revenue during the same period for the FTSE 250 firm.
The news comes as Euromoney announces its acquisition of Boardroom Insiders for $25m (£18.6m), adding further capability and scale to People Intelligence.
Andrew Rashbass, chief exec, said: “We have made a step change towards being a fast-growing, high-margin, 3.0, information-services subscription business. This is reflected in a strong start to the year, driven by growth in subscriptions combined with continued strong recovery in events.
“We are investing organically and through acquisitions and are pleased to announce the acquisition of Boardroom Insiders which brings greater scale to our fast-growing People Intelligence business.
“We remain confident in our ability to deliver high-quality profitable growth by providing clarity in opaque markets to help our customers compete successfully.”
Looking forward, the company expect continued strong revenue growth in Fastmarkets and Financial & Professional Services for subscriptions, and events to continue a further recovery.
Euromoney said it was well-positioned to deliver results in line with expectations moving forward.