Euromoney's dividend policy targets a dividend pay-out ratio of approximately 40% of adjusted diluted earnings per share, with the half year dividend based on 33% of the previous year's total dividend, subject to the capital needs of the Group. The Directors are recommending a final dividend of 22.3 pence per share, which is subject to Shareholder approval at our AGM on 28 January 2020 and, if approved, will be paid on 13 February 2020 to shareholders on the register at the close of business on 29 November 2019. Together with the interim dividend, this makes a total dividend for the year ended 30 September 2019 of 33.1 pence per share, a 2% increase on the 32.5 pence dividend for the year ended 30 September 2018.
Other financial highlights include:
Results slightly above Board expectations
Continuation of recent trends: Price, Data & Market Intelligence ('PDMI') grew strongly; Asset Management declined
Statutory revenue up 5% primarily due to the impact of acquisitions, revenues flat on an underlying basis
Fastmarkets underlying subscription revenue growth of 10%
Good profit growth: Underlying profit before tax of +9%, reflecting PDMI subscription revenue growth, lower central costs and interest expense
Statutory profit before tax reduced due to the non-recurring gain on the disposal of Dealogic in 2018
Highly cash generative: strong underlying cash conversion of 98%
Strong balance sheet with net cash from continuing and discontinued operations of £50.1m
