Euromoney events rebound as it reports a profits rise
16-Nov-10by Annie Byrne
International information group Euromoney says its specialist conferences and exhibitions are experiencing a rebound and record attendance due to “pent-up demand”. The company has reported a 37 per cent rise in annual profits, with advertising and sponsorship revenue rebounding strongly in the second half of the year. Finance director Colin Jones said the upswing had come after Euromoney bookings for its conferences and seminars had fallen back during the recession. Euromoney’s events division was benefiting, in particular, from a rebound in financial services, Jones reported. The group, majority owned by Daily Mail & General Trust, said event sponsorship and revenues from paying delegates increased four per cent to £78.8m from the previous year. Pre-tax profits came in at £71.4m on revenue of £330m for the year to 30 September. This compares with a pre-tax loss of £17.4m in 2009. The results exceeded City analysts forecasts. “The main driver was subscription revenues, which came back very swiftly in the second half, because of a recovery in the markets where we operate,” said Jones. “Our products are specialist and very valuable. Although they weren’t immune to the downturn, demand returned very quickly.” Euromoney raised its dividend from 14p in 2009 to 18p this year.