Wednesday 17 July 2019 11:36 am

Euromoney share price drops on ‘challenging’ quarter

Shares in media group Euromoney fell more than three per cent this morning after it warned of challenges in its asset management division.

Read more: Daily Mail shares jump following Euromoney shareholder giveaway

The business and finance publication posted revenue of £112m for the three months to the end of June, up marginally on £108m the previous year.

The firm’s pricing, data and market intelligence, and banking and finance divisions all enjoyed strong sales over the period.

However, this was offset by a nine per cent drop in revenue in the company’s asset management segment.

Euromoney said trading was dragged down by “particular weakness” in subscription vote revenue and Institutional Investor, its monthly investment publication.

Underlying subscription revenue for the group declined one per cent over the quarter as a result of the challenging conditions.

Earlier this year newspaper group Daily Mail and General Trust handed its 49 per cent stake in Euromoney back to shareholders.

The move came as part of a simplification plan by the Daily Mail publisher, which is looking to focus on its core business.

Read more: Lord Rothermere tightens grip on Mail group with Euromoney share giveaway

Euromoney said it will publish its full-year results on 21 November. 

Main image credit: Getty