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Euromoney sells Dealogic stake; reports small rise in annual profit
November 22, 2017 / 7:30 AM / 25 days ago

Euromoney sells Dealogic stake; reports small rise in annual profit

(Reuters) - Euromoney Institutional Investor (ERM.L), publisher of the Euromoney magazine, said on Wednesday it would sell its stake in Dealogic, a provider of financial content and analytics, to Ion Investment Group for about $135 million (£102 million).

The move is the latest in a string of divestitures by Euromoney this year as it sharpens its focus on offerings such as price discovery and post-trade activities.

Acquisitions related to its new focus, including the purchase of price reporting agency RISI this year, helped drive a 4 percent increase in annual profit, Euromoney said.

    Adjusted profit before tax for the year ended Sept. 30 stood at 106.5 million pounds, above the 102.5 million pounds reported for the same period a year earlier.

    Euromoney, which is 49.1 percent-owned by Daily Mail & General Trust Plc (DMGOa.L), also raised its final dividend by 33 percent to 21.8 pence.

    Reported revenue rose 6 percent in the year, while underlying revenue, which excludes the effect of currency movements and acquisitions and disposals, fell 1 percent.

    Earlier in the year, Euromoney sold its Paris-based exhibition business and its stake in World Bulk Wine. Apart from buying RISI, it also acquired stakes in small telecoms such as BroadGroup and Layer123.

    Reporting by Hanna Paul in Bengaluru; Editing by Saumyadeb Chakrabarty

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