Euromoney Institutional Investor - Subscribing to growth

Euromoney’s AGM trading update indicates performance continuing in line with full year expectations, subject to currency which is now a headwind. Our forecasts are adjusted to take this, and recent M&A, into account. Q118 subscriptions and content are showing underlying growth of 2%. This masks the divergence between a strong showing from Pricing (+10%) and continued MiFID II-prompted drag from Asset Management (-6%). Portfolio changes (as well as strong cash conversion) have resulted in a marked reduction in net debt to £49.0m as at end December 2017, with the prospect of moving into net cash during FY19, subject to M&A.