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.