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Acquisitions boost revenues at Euromoney
Euromoney Institutional Investor said first-quarter revenues had grown 6% after acquisitions helped offset exchange rate fluctuations.
Updating the City ahead of its annual general meeting, the information and events group said revenues for the three months to 31 December came in at £100.8m, in line with expectations.
Recent acquisitions include Layer123, which focuses on the telecoms sector, and papers and packaging specialist RISI, which was recently inspected by the European Commission as part of wider probe into a potential cartel.
The group said these acquisitions had "more than [offset] the drag from unfavourable exchange rates".
Euromoney, which publishes the Euromoney magazine and is 49% owned by the Daily Mail & General Trust, generates around third-thirds of its revenues and around 80% of profits in dollars.
The FTSE 250 group added: "Currency tailwinds experienced throughout the 2017 full year have turned into headwinds, as sterling has strengthened significantly against the dollar since the start of the financial year."
Underlying revenues were ahead 3%, with a "strong performance from the event businesses and a gradual improvement in the subscriptions growth rate".
Advertising revenues dipped, however, to £8.5m from £8.9m a year earlier.