Euromoney Q3 exceeds expectations, confirms £1.6bn acquisition offer

Euromoney shares rose 9.1% to 1,450.6p in late morning trading on Monday following a 52% growth in Q3 revenue to £119.7 million year-on-year, exceeding management expectations.

The firm reported a 5% rise in underlying subscriptions growth and a 115% increase in events, with a £44.1 million events revenue against £12.3 million in Q3 2021.

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Euromoney announced a 30% climb in reported group revenue to £304.3 million in the nine months to 30 June 2022, alongside an underlying increase of 20%.

The company also noted an underlying subscriptions rise of 7% and an underlying events growth of 83% across the term.

The firm’s Fastmarkets Q3 revenue rose 29%, with an underlying subscriptions climb of 11% reflecting continued growth in the Metals and Mining, Forest Products and Agriculture sectors.

Euromoney announced an Asset Management revenue increase of 25%, along with strong events revenue growth.

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However, the group mentioned a 4% slide in underlying subscriptions revenue linked to its phasing of Investment Solutions revenue within the year.

The company noted a Financial and Professional Services revenue rise of 94% and a 6% subscriptions underlying revenue uptick, reflecting growth in its Altrata People Intelligence sector.

Euromoney also highlighted a high level of performance in events, including successful flagship events hosted in the US and Europe.

The group confirmed an anticipated FY 2022 slate of results ahead of the board’s previous expectations in light of its recent update.

Euromoney added it was in a positive financial position with net cash of £39.1 million at 30 June 2022.

Proposed Acquisition

Euromoney also confirmed it was backing a proposed acquisition offer by a group led by Astorg Asset Management, a French investment company, for a transaction which would value the firm at £1.66 billion.

Euromoney shareholders would reportedly receive 1,461p in cash per share, representing a 10% premium on the group’s closing price on Friday last week.

The Astorg-led team made four different cash offers to the Euromoney board between £13.50 and £11.75 per share, Euromoney announced last month.

“The Board believes the offer represents value for shareholders and reflects the attractions of Euromoney’s business model and performance,” said Euromoney chair Leslie Van de Walle.”

“I would like to recognise the exceptional contribution of our people. Their insight, talent and innovation has driven our successful transition to a fast-growing, high margin, 3.0, information-services business.”

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