Cautious Euromoney posts record profits of over £106m

Euromoney Institutional Investor today forecast record operating profits of at least £106 million despite "concerns" about the global economy.

The financial publishing and exhibitions group said bookings for events and training courses had "held up well" and subscriptions continued to grow.

But Euromoney warned that growth in advertising and event sponsorship sales had both slowed. Revenue for the year to September 30 is still expected to be up 10%.

Euromoney will set aside £9.4 million in long-term bonuses for key staff, and that could rise to £16 million.

Broker Numis said Euromoney was well positioned for any downturn: "The group has repeatedly exhibited exceptionally tight cost control when markets have been challenging."

Daily Mail & General Trust, minority shareholder in the Evening Standard, owns two-thirds of Euromoney.