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DMGT Half Year Resuits 2015

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DMGT Half Year Resuits 2015 Results Presentation Half Year Ended 31 March 2015 Thursday 21 May 2015 © 2015 DMGT | 1 Important Notice Certain statements in this presentation are forward This presentation does not constitute or form part of any looking statements. By their nature, forward looking offer or invitation to sell, or any solicitation of any offer to statements involve a number of risks, uncertainties or purchase any shares in the Company, nor shall it or any assumptions that could cause actual results or events to part of it or the fact of its distribution form the basis of, or differ materially from those expressed or implied by the be relied on in connection with, any contract or forward looking statements. These risks, uncertainties or commitment or investment decisions relating thereto, assumptions could adversely affect the outcome and nor does it constitute a recommendation regarding the financial effects of the plans and events described shares of the Company. Past performance cannot be herein. Forward looking statements contained in this relied upon as a guide to future performance. presentation regarding past trends or activities should not be taken as representation that such trends or activities will continue in the future. You should not place undue reliance on forward looking statements, which apply only as of the date of this presentation. © 2015 DMGT | 2 Notes Operating profit is stated before exceptional items, other gains Underlying revenue or profit is revenue or profit on a like-for-like and losses, impairment of goodwill and intangible assets, pension basis, adjusted for constant exchange rates, disposals, closures, finance charges, premiums on bond redemptions and non-annual events occurring in the current and prior year and amortisation of intangible assets arising on business combinations. acquisitions. For dmg information, underlying growth includes the These adjusted results, including revenue and operating profit, are year on year organic growth from acquisitions and excludes for total operations, including those treated as discontinued, disposals. For dmg events, the comparisons are between events namely dmg media’s digital recruitment business, Evenbase. held in the year and the same events held the previous time. For Euromoney, no adjustments are made for the timing of events but acquisitions are excluded completely. Euromoney’s underlying Percentages are calculated on actual numbers to one decimal profit excludes the benefit of the historic acceleration of its CAP place. incentive plan charge and the benefit of the release of the prior year CAP accrual. For dmg media, underlying comparisons Amounts are stated rounded to the nearest million pounds, exclude Villarenters, Metro Play and Evenbase, which were consequently totals may not equal the sum of the component disposed of last year and this year, and distribution services, which integers. ceased last year. dmg media’s underlying revenue growth includes the year-on-year organic growth from acquisitions and underlying revenues only include the profit but not the gross-up, equivalent to the cost of sales, from low margin newsprint resale activities. © 2015 DMGT | 3 Agenda Highlights 11 Martin Morgan, Chief Executive Financial Performance 2 Stephen Daintith, Finance Director Business Update 3 Martin Morgan, Chief Executive Q&A 4 © 2015 DMGT | 4 Highlights 1 Martin Morgan, Chief Executive © 2015 DMGT | 5 First half performance in line with expectations • Group underlying revenue up 1% • Underlying operating profit down 7%, operating margin of 16% • Adjusted profit before tax down 4%, EPS up 7% • Interim dividend of 6.5p, up 5% © 2015 DMGT | 6 First half performance in line with expectations • Active portfolio management: acquisitions within dmg information, dmg media and Euromoney; disposal of Jobsite and Lewtan • Net debt:EBITDA ratio of 1.9; bond buy-back in October 2014 • Good progress with £100m share buy-back programme; £71m to date • Outlook for Full Year unchanged and in line with market expectations; EPS ahead of market expectations © 2015 DMGT | 7 Financial Performance 2 Stephen Daintith, Finance Director © 2015 DMGT | 8 FY 2015 Financial Considerations • RMS(one) investment • No Gastech event and smaller Global Petroleum Show (Annual) • Evenbase disposal; reduced dmg media revenue base • Reduced stake in Zoopla (c.32%) • Reduced finance charge post bond buy backs • Other M&A (e.g. Lewtan disposal) • US$ / £ FX rate ($1.66 average in FY 2014) © 2015 DMGT | 9 Financial Summary Adjusted numbers £ million HY 2015 HY 2014 Change Underlying Revenue 922 931 (1%) +1% Operating profit 150 160 (6%) (7%) Profit before tax 146 151 (4%) Operating margin 16% 17% Earnings per share 31.4 p 29.4 p +7% Dividend per share 6.5 p 6.2 p +5% • Revenue: growth in B2B (+2%), resilient • Operating profit down 7% underlying dmg media (-2%) • Adjusted profit before tax down 4% • HY15 factors: RMS(one) costs; absence • EPS up 7%, Dividend up 5% of Gastech; FX benefit from stronger US$ Reported figures include discontinued operations (Evenbase) Underlying operating profit decline of -5% if adjusted for the timing of Euromoney’s events © 2015 DMGT | 10 B2B & Consumer diversity HY 2015 Revenues HY 2015 Profits * Consumer Consumer 41% 33% B2B B2B 59% 67% Underlying growth rates Underlying growth rates B2B +2%, Consumer -2% B2B -20%, Consumer +33% * Profits include Corporate costs, allocated on a revenue basis. Underlying B2B revenues and operating profit grew by +4% and declined by -17% respectively, if adjusted © 2015 DMGT | 11 for the timing of Euromoney’s events Geographical diversity HY 2015 Revenues HY 2015 Profits 51% 50% UK UK 29% 32% North America North America 20% 18% Rest of World Rest of World Underlying growth rates Underlying growth rates UK –1%, North America +5%, UK +23%, North America -33%, Rest of World -2% Rest of World +4% Revenues by destination and profits by source. © 2015 DMGT | 12 Diverse revenue streams Transactions & Other Print Advertising 17% 16% = Digital Advertising Events, Conferences 7% & Training 13% 17% Circulation Subscriptions 30% Percentages represent share of revenues in HY 2015 Arrows represent underlying revenue trajectory, comparing HY 2015 to HY 2014 © 2015 DMGT | 13 B2B © 2015 DMGT | 14 Margin reduction in line with expectations – RMS(one) £ million HY 2015 HY 2014 Change Underlying Revenue: Core Business 91 86 +5% (0%) Revenue: RMS(one) 1 2 Total Revenue 91 88 +4% (2%) Operating Profit 13 30 (57%) (60%) Operating Margin 14% 34% • Revenues impacted by tough market Outlook: Full Year 2015 conditions and client consolidation • Low single digit Core underlying revenue growth • RMS(one) costs reduced overall RMS margin to 14% • RMS(one) on track: no significant revenues, increased costs • Continued model development • Overall RMS margin 10%-15% © 2015 DMGT | 15 © 2015 DMGT | 16 Continued growth £ million HY 2015 HY 2014 Change Underlying Revenue 201 183 +10% +6% Operating Profit 27 26 +4% (2%) Operating Margin 13% 14% • Mixed underlying revenue growth: Property +5% (Europe +2%, US +11%), Education +5% and Energy +17% Outlook: Full Year 2015 • Underlying revenue growth of c.10% • Margin adversely impacted by Property information businesses • Operating margin in high teens • Bolt-on acquisitions: Starfish (Education), Petrotranz (Energy) and Energy Fundamentals (Energy) © 2015 DMGT | 17 Continued growth £ million HY 2015 HY 2014 Change Underlying Property - European 79 75 +5% +2% Property - US 51 41 +23% +11% Property 130 117 +12% +5% Education 46 42 +10% +5% Energy 24 17 +35% +17% Other 1 7 (81%) dmg information 201 183 +10% +6% Trepp is included in ‘Property – US’ ‘Other’ includes Lewtan (disposal completed in Oct’14) © 2015 DMGT | 18 Continued strong underlying growth £ million HY 2015 HY 2014 Change Underlying Revenue 58 66 (11%) +13% Operating Profit 17 22 (19%) +27% Operating Margin 30% 33% Outlook: Full Year 2015 • Strong underlying growth • No Gastech event in FY2015 • No Gastech this year (Mar’14); • Global Petroleum Show (Jun‘15) moving reduced reported revenues and from biennial to annual format (reduced margin size) • Strong growth for largest events, • Underlying revenue growth of c.10%-15%; ADIPEC and Big 5 reported revenue decline of c.-5% • Acquisition of Gulf Glass & GulfSol • Operating margin of c.20%-25% © 2015 DMGT | 19 Challenging markets £ million HY 2015 HY 2014 Change Underlying Adjusted* Revenue 198 196 +1% (3%) +1% Operating Profit 53 54 (2%) (17%) (10%) Operating Margin 27% 28% Outlook: Full Year 2015 • Underlying revenue decline of –3%; • Challenging conditions in banking sector, +1% growth if adjust for event timing especially fixed income, currency & commodity • Reduced margin: increased markets; asset management stronger technology and property costs and • Adverse event timing, technology investment and Capital Data disposal property costs • Release of £3m FY 2014 CAP accrual • Dealogic associate: excl. from Euromoney’s results * Underlying revenue growth and profit decline if adjusted for the timing of Euromoney’s events © 2015 DMGT | 20 © 2015 DMGT | 21 Strong profit growth £ million HY 2015 HY 2014 Change Underlying Revenue 374 399 (6%) (2%) Operating Profit 57 50 +13% +22% Operating Margin 15% 13% FY 2015 Outlook • Underlying revenue decline of –2%; • Stable underlying revenues: advertising circulation decline offsetting growth & circulation declines advertising growth • Decline in reported revenues (Evenbase) • Margin benefit from ongoing operating changes at Mail newspapers • Continued investment in MailOnline • Acquisition of Elite Daily • Operating margin of c.12% Stable means -2% to +2%. Continuing dmg media revenues in FY 2014 were £739m. For the 7 weeks to 17 May 2015, underlying revenues: advertising -5% and circulation –4% © 2015 DMGT | 22 Revenue £ million HY 2015 HY 2014 Change Underlying Circulation 157 164 (4%) (4%) Advertising print 131 138 (5%) (5%) +2% Advertising digital 56 75 (25%) +23% Other 30 22 +36% (20%) Revenue 374 399 (6%) (2%) Reported digital advertising growth adversely impacted by disposal of Evenbase digital recruitment business. Reported ‘Other’ growth benefited from the inclusion of £19m of low margin newsprint resale activities in HY 2015 which are excluded from underlying revenues.
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