Archived article
Please note that tax, investment, pension and ISA rules can change and the information and any views contained in this article may now be inaccurate.
Information business Euromoney reported that first-half profit fell by nearly a quarter as the Covid-19 impact on its events business and ongoing headwinds in its asset management businesses weighed on performance.
For the six months ended 31 March 2020, pre-tax profit fell by 24% to £37.4m on-year, while revenue rose 1% to £186.3m.
Toward the end of its fiscal year, the company had started to cancel or postpone live events as a result of covid-19, as governments and corporations placed restrictions on travel and face-to-face meetings, reducing revenue by 5% and operating margin by 2%.
'The short-term outlook for face-to-face events remains uncertain due to government and client companies' restrictions on travel and meetings,' the company said. 'Trading in April and May has been substantially in line with recent trends,' it added.