Euromoney revenues drop as pandemic damages events unit
Financial information company Euromoney has suffered lower first quarter revenues as its events business was hit by lockdowns, the company revealed today.
Euromoney’s quarterly revenue fell to £78.7m, a 20 per cent drop from the £99.2m reported a year earlier.
Group events revenue of £8.6m was just 30 per cent of the same period last year, a clear indicator of the impact of coronavirus restrictions.
In a statement, Euromoney said: “The impact from not holding physical events was mitigated by running successful virtual events, both one-off and those previously held as physical events.
“The recent developments and rollout of Covid-19 vaccines will support the return of face-to-face events although exactly when this will be remains uncertain.”
Despite a challenging year, Euromoney’s financial position remains strong, with £20.3m in net cash at the end of December 2020.
It enjoyed a 6 per cent subscriptions growth in pricing, data, and market intelligence, highlighting successful investments in NextGen and People Intelligence.
Its balance sheet proved robust as it weathered the Covid-19 storm through successful virtual events.
While trading in the first quarter was encouraging, the company’s outlook is unchanged due to the uncertainty on when physical events will return.