Highlights
Headline revenues ahead of last year at £406.6m
Underlying revenues increased by 3%
Delphi platform delivering growth and good pipeline of new products
Adjusted profit before tax in line with last year at £116.2m
Adjusted operating margin down 1% reflecting investment in digital strategy
Net debt increased by £27.7m due to acquisitions and purchase of own shares
Strong operating cash conversion and low gearing
Final dividend increased by 2% to 16p
First quarter trading has started in line with board's expectations
Commenting on the results, Chairman Richard Ensor said:
"We have continued to invest in the business despite the difficult trading conditions. The Delphi content platform was successfully launched and the focus in 2015 will include rolling out Delphi's functionality to Euromoney's other titles and investing in a strong pipeline of new information services and databases, while accelerating the move to a digital-only format for most of the group's titles by the end of 2016.
The pressures on the investment banking sector from increased regulation and compliance costs show no real sign of easing. However, other organic growth initiatives in events and data provide confidence in the company's longer term growth strategy, while its strong balance sheet and cash flows provide plenty of headroom for future investment and selective acquisitions."
