Euromoney Institutional Investor PLC (LON:ERM) has restructured its investment research business after a tough year for the division.
Sales in asset management, the largest of the financial information group’s divisions, dropped 4% to £151mln.
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A review of this business has taken out £7mln of costs out said Euromoney, while Institutional Investor is now largely a subscription, events and research operation.
Group sales rose by 3% £387mln as data and events made up for the asset shortfall, though Euromoney said generating the same revenue from events this year will be a challenge.
Underlying profits rose 3% to £109.2mln, though pre-tax profits were bolstered by the sale of Global Market Intelligence in April for £91mln and the absence of one-offs,
The dividend for the year rises 6% to 32.5p though the final payment was only increased by 2%.
Shares rose 2% to 1,248p.