Euromoney shares tumble after growth warning
Financial media company Euromoney Institutional Investor has issued a warning that its growth has slowed (despite a reported 50% increase in full-year adjusted pre-tax profit), prompting its shares to fall by 13% to 415.5p.
While adjusted profits before tax rose to GBP55.5 million on turnover 38% higher at GBP305 million, and subscription revenues were healthy, chairman Padraic Fallon expressed concerns that the ongoing trouble in the financial markets could have a knock-on effect on Euromoney should it drag on. He commented:
"The new financial year has begun reasonably well, although growth is slower. The full year may be testing if financial markets deteriorate further, but the 2007 results provide a strong platform to launch new products and to make more acquisitions on the back of strong cash flows."
There are no comments for this entry.
[Add Comment]