Euromoney adjusted pre-tax profits rise

Euromoney Institutional Investor's first half adjusted operating profits rose by 5% to £49.0m.

Total revenues were up 5% at £203.2m and adjusted pre-tax profits rose to £49.1m from £46.9m.

The group declared an interim dividend of 8.8p per share - up from 7.0p last time.

On a statutory basis, pre-tax profits fell to £15.6m from £23.4m.

Chief executive Andrew Rashbass said: "The first-half results reflect good progress with our strategy: investing in strategic themes; creating a best-of-both-worlds operating model which combines Euromoney's well-known entrepreneurial culture with the benefits of a more corporate approach; and active portfolio management.

"DMGT's sell-down has helped us accelerate this strategy. We are already seeing payback from our investments last year. During the first half we continued to invest for growth and to address the drag from cyclically and structurally challenged businesses.

"Although headwinds remain for our customers and therefore for us, particularly in asset management, the commodities and banking & finance markets are showing signs of improving.

"The progress we are seeing gives us confidence that we will meet the board's expectations for the full year.

"It is in this context that the board has changed its dividend policy to increase the dividend to approximately 40% of adjusted earnings each year."