Euromoney Institutional Investor (LON: ERM) shares have had a strong run in the two months since I wrote about them. They had risen by nearly 200p each and it was inevitable there would some profit-taking, but the decline was overdone.
The 52p a share fall to 1360p appears to be partly based on the reported drop in interim profit. However, that was due to a one-off disposal gain in the corresponding period last year.
These are the first figures since Daily Mail & General Trust distributed its 49% stake to its shareholders.
Revenues dipped from £189.1m to £184.9m but operating margin was maintained. The sale of the Indaba mining conference and the ending of another event hit revenues. Underlying events revenues grew by 3%, offsetting a decline in advertising revenue...