Euromoney Institutional Investor - Year-end trading update

Euromoney has released a year-end trading update ahead of its full-year results, scheduled for 21 November. This indicates figures slightly ahead of our forecasts, with group revenues of £401m (flat underlying) and a better group margin than we had anticipated, giving an adjusted PBT result of £104m. The strategic review of Asset Management is continuing, and the division will be reported as discontinued business. Net cash at the year end is expected to have been around £50m. We will adjust our FY20e and FY21e projections on publication of the full results.