November 10, 2011 / 7:51 AM / 6 years ago

UPDATE 2-Euromoney sales up 10 percent, outlook uncertain

* Adjusted pretax profit up 7 percent, beats forecasts

* First-quarter trading in line with board’s expectations

* Shares down 0.2 percent

By Georgina Prodhan

LONDON, Nov 10 (Reuters) - Euromoney , the financial information arm of Daily Mail & General Trust , increased sales by 10 percent in the year to end-September and said first-quarter trading was in line with its expectations.

But the publisher of Euromoney magazine and hundreds of specialist titles like Air Finance Journal said on Thursday the outlook was uncertain, as the big banks that form an important part of its client base face turbulence and lower profits.

Chief Financial Officer Colin Jones said the euro zone accounted for only around 15 percent of Euromoney’s sales but said its exposure to the regional crisis came from the fact that its clients were exposed themselves.

“The risk is the systemic risk to the whole banking infrastructure and profitability. Bank profitability is the thing that affects us most,” he told Reuters in an interview.

Euromoney reported revenues of 363 million pounds ($579 million), in line with a forecast of 364 million from Thomson Reuters StarMine, while adjusted pretax profit rose 7 percent to 93 million pounds, slightly better than expected.

The company said first-quarter trading was in line with the board’s expectations. It said subscriptions -- a more stable revenue stream than advertising and training -- would account for more than 50 percent of revenues for the first time in 2012.

Euromoney shares traded down 0.2 percent at 680 pence at 0937 GMT, slightly underperforming the European media index , which was up 0.3 percent.

London brokerage Numis called the results “robust” but said it was lowering its forecasts slightly on a more cautious view of the macroeconomy.

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