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Our Businesses 237 KB Strategic Report Operating Business Reviews B2B Summary Outlook Our B2B companies operate in five sectors, namely Insurance Risk, Our B2B companies are collectively expected Property Information, Education Technology (EdTech), Energy Information, to deliver low single-digit underlying revenue Events and Exhibitions. growth in FY 2018, although revenues will be adversely affected by the disposals that have taken place in the past year and the planned disposal of EDR. In the Insurance Risk sector, 2016 RMS will continue to expand the client 2017 Pro formaΩ Movement Underlying^ Total B2B £m £m % % base for the RMS(one) software platform and associated applications, laying the Revenue# 976 899 +9% +2% groundwork for revenue acceleration Operating profit* 152 160 (5)% (15)% in FY 2019 and beyond. In the Property Operating margin* 16% 18% Information sector, the European businesses # Revenue from continuing and discontinued operations. are expected to continue to experience * Adjusted operating profit and operating margin; see pages 29 to 31 for details. relatively subdued market conditions and ^ Underlying growth rates give a like-for-like comparison; see page 31 for details. Ω Pro forma FY 2016 figures have been restated to treat Euromoney as a c.67% owned subsidiary during the first three months the remaining US businesses to continue and as a c.49% owned associate during the nine months to September 2016, consistent with the ownership profile during to deliver growth. Following the disposal FY 2017. See reconciliation on page 28. of Hobsons’ Admissions and Solutions businesses, the remaining EdTech business is expected to benefit from increased focus Euromoney of Group corporate costs, were £152 million, and to continue to deliver growth. In the In December 2016, DMGT reduced its stake a reduction of 5% on a pro forma basis and Energy Information sector, Genscape is in Euromoney and the company ceased to an underlying decline of 15%, largely driven also expected to deliver growth across most be a subsidiary of DMGT and became an by RMS, where amortisation costs increased, of its sub-sectors, albeit the challenging associate. To allow a like-for-like comparison, and within dmg information, by Xceligent market conditions are expected to persist. 2016 pro forma results have been presented and Genscape. The overall B2B operating Despite challenges in some Events and based on a c.67% stake in Euromoney during margin declined to 16%, down from 18% on Exhibitions end markets, notably the energy the first quarter of the year and a c.49% a pro forma basis in FY 2016, reflecting lower sector and some Gulf Cooperation Council stake during the final three-quarters, margins across each of RMS, dmg information countries, and the expected reduction in consistent with the actual holding during and dmg events. revenues from Gastech reflecting the change FY 2017. Underlying revenue and operating dmg information restructure in location in 2018, dmg events is well profit growth rates exclude Euromoney. positioned to continue delivering underlying DMGT has historically reported the results The results of Euromoney are described revenue growth. of Property Information, EdTech and within JVs & Associates on page 24. Energy Information businesses within There continues to be a focus on improving Performance dmg information. In FY 2017, DMGT undertook operational execution, combined with laying Revenues from B2B totalled £976 million, a management delayering project to the foundations for long-term growth. The up 9% on a pro forma basis, including the reduce complexity and move the operating adjusted operating profit margin for B2B is benefit of the stronger US dollar versus companies closer to decision-making by expected to be in the mid-teens in FY 2018. the British pound. On an underlying basis, the Group’s central management team. B2B revenues grew 2%, with growth from For the purposes of this Annual Report, Hobsons, dmg events, RMS and Genscape these businesses will appear as part of and stable revenues from the Property dmg information and from FY 2018 will be Information businesses. B2B adjusted presented as part of the overall B2B portfolio, operating profits, excluding any allocation with dmg information no longer in place. Revenue# (%) B2B Sectors Insurance Risk 24 RMS EdTech 12 Insurance Risk Property Information 34 dmg information Energy Information 9 Property Information Events and Exhibitions 12 EdTech Euromoney 9 Energy Information dmg events Events and Exhibitions 16 Daily Mail and General Trust plc Annual Report 2017 Insurance Risk: RMS B2B Revenue Operating profit ReportStrategic Key developments • Risk Modeler released in April 2017 £233m £33m – the second application to run on the RMS(one) risk management platform with clients starting to migrate onto the new system. 2017 2016 Movement Underlying^ £m £m % % • Release of RiskLink17 with an unprecedented model release Revenue 233 205 +14% +2% programme delivering updates Operating profit* 36 (9)% (25)% 33 to five models, notably the North Operating margin* 14% 18% American Earthquake model, * Adjusted operating profit and operating margin; see pages 29 to 31 for details. and three new models covering ^ Underlying growth rates give a like-for-like comparison; see page 31 for details. natural disasters in Asia. • Management team strengthened with a new RMS President appointed. RMS is focused on execution and 25% to £33 million with an operating margin investment for organic growth, in both of 14%, broadly in line with the low-teens its core modelling business and the new guidance provided in December 2016. RMS Priorities in the year ahead risk management platform, RMS(one). continue to invest strongly in its modelling The main areas of focus for the RMS RMS has delivered an unprecedented business to underpin its market position management team in FY 2018 will be on level of modelling solutions in FY 2017, and long-term growth trajectory. Excluding the continued successful development with updates to the North American the benefit of the £13 million of RMS(one) and delivery of its core and new models to Earthquake and North American capitalisation in the prior period, as well as clients and managing the gradual migration Hurricane models, new models for Asian depreciation and amortisation, the EBITDA of clients to the RMS(one) platform. earthquakes and typhoons, and further margin was 24%, an improvement on the expansion into new lines of risk with 17% in FY 2016. The RMS model pipeline remains strong, reflecting an ongoing commitment to the second release of our cyber models. RMS continues to lead in the risk modelling strengthen the business’s market-leading The release of the second RMS(one) market. In April 2017, RMS released position. The model pipeline for 2018 covers application, Risk Modeler, was also a key RiskLink17, which included updates to a wide range of perils, including North milestone for the business in FY 2017. five models, notably North American America Flood, Central and Western Earthquake, and three new models: South Business model European Storm, Indian Flood, Japanese East Asia Earthquake, Taiwan Typhoon RMS offers models, data, services and Earthquake and Typhoon and North American and South Korea Typhoon. software to insurers, brokers and reinsurers. Wild Fire. The pipeline includes high Its solutions are also increasingly in demand A major milestone was achieved in April 2017, definition models, which provide increased from capital market entrants into the risk with the release of Risk Modeler, the second granularity, as a key differentiated offering. and insurance market. application to run on the RMS(one) risk management platform, and over a dozen Go online to read the RMS case study Revenues are derived mainly from annual www.dmgt.com subscriptions to its models and data clients are now using applications on intellectual property. RMS also offers RMS(one). Given the enterprise acceptance a variety of analytical, managed and testing required during the clients’ adoption hosted services. processes and the relatively slow roll-out, the revenues from RMS(one) are expected Performance highlights to have a more significant impact on RMS produced underlying revenue growth RMS’s overall revenue growth and margin of 2%. Reported revenues were up 14% to improvement in FY 2019 and beyond. £233 million reflecting the benefit of the The increasing pace of digitalisation across stronger US dollar versus the British pound. the risk and insurance market combined The business achieved this solid revenue with the requirement for real-time risk performance, in line with expectations, assessment on one risk modelling evaluation despite the continuing adverse impact of platform that has integrated data analytics some client consolidation. There was good is expected to create progressive demand demand for RMS core subscription services, for the RMS(one) platform. with renewal rates remaining above 95%. The appointment of a new President, As previously indicated, capitalisation of reporting to the CEO, to lead RMS RMS(one) development activities ceased market-facing activities has increased the and the amortisation of the RMS(one) asset client focus during 2017, especially in the started in August 2016. Consequently, areas of client service and delivering operating profit declined by an underlying high-value solutions to clients. 17 Strategic Report dmg information B2B Revenue Operating profit £531m £69m Introduction dmg information is a portfolio of companies with market-leading
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