B2B information provider Euromoney Institutional Investor saw subscriptions grow this year but took a hit to both its revenue and profits as social distancing foiled events.
Revenue fell by 17 per cent to £155.5m from £186.3m last year, due to social distancing measures fumbling physical event plans, in the six months to 31 March.
“The backdrop for events has been challenging but the team has delivered great virtual experiences for our customers. We are well-positioned as physical events start to return in the second half of the year and beyond,” CEO Andrew Rashbass said.
Physical events accounted for 40 per cent of revenue in the first half of 2020. However, turning to virtual events offset some of the group’s potential losses.
Adjusted operating profits also shrank 10 per cent, falling from £41.1m to £36.8m.
Meanwhile, the subscription-based business saw 73 per cent of its revenue generated from subscriptions which grew by six per cent.
“Our strong, majority-subscription business delivered a resilient performance in the first half. Both Pricing and Data & Market Intelligence delivered good growth in subscriptions driven by increasing demand for our commodity price reporting, essential data and specialist insights,” Rashbass noted.
The tough year pushed earnings per share down 12 per cent to 26.1p per share – but the group posted a half-year dividend of 5.7p per share today.
The group also bought two companies, The Jacobsen and WealthEngine, to help with its pricing division.
“We have managed our costs carefully but also invested organically in each of our businesses,” the CEO continued, adding that “We have also added scale to Fastmarkets Agriculture and People Intelligence, through highly complementary bolt-on acquisitions.”