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UPDATE 1-UK's Euromoney sells Dealogic stake; reports small rise in annual profit
November 22, 2017 / 8:09 AM / in 22 days

UPDATE 1-UK's Euromoney sells Dealogic stake; reports small rise in annual profit

(Adds details on stake sale, background)

Nov 22 (Reuters) - Euromoney Institutional Investor, 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.

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 ($141.18 million), 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, 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.

$1 = 0.7544 pounds Reporting by Hanna Paul in Bengaluru; Editing by Saumyadeb Chakrabarty

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