Information services provider Euromoney Institutional Investor said first-half profit more than halved as the coronavirus pandemic hit its events business.
Pre-tax profits for the six months ended to March 31 fell 53% to £17.5m as revenue slipped 17% to £155.5m. The company declared an interim dividend of 5.7p per share.
Events revenue, which accounted for 17% of group revenue during the half, fell 60%, reflecting a reduction in physical events as Covid restrictions were imposed on large gatherings.
There was better news from subscriptions, which generated 73% of group revenue during the half, up 6% on a reported basis.
Looking ahead, events revenue in the second half was expected to be about £40m if physical events return, the company said.
