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Annual Report and Accounts 2020 Contents Annual Report and Accounts 2020 Contents Strategic Report Revenue Who we are 01 Group at a glance 02 £335.3m Chairman’s introduction 04 2019: £401.7m Our business model 06 Chief Executive’s review 08 Adjusted profit before tax Strategy and strategy in action 11 Chief Financial Officer’s review 16 £ 57.4 m Key performance indicators 24 2019: £104.6m Segment review 26 Market overview 28 Adjusted diluted earnings per share Stakeholder value and engagement 30 Sustainability and stakeholders 32 42.7p S172 statement 40 2019: 77.6p Risk management 42 Find out about our Business Model Dividend per share Viability statement 57 page 06 11.4p 2019: 33.1p Statutory profit before tax £32.9m 2019: £82.9m Statutory diluted earnings per share 28.8p 2019: 56.6p See our Strategy in Action page 11 A detailed reconciliation of the Group’s statutory and adjusted results is set out on pages 20 to 23. Adjusted measures exclude the impact of amortisation of acquired intangible assets, exceptional items and other Governance adjusting items in accordance with the Group’s policy set out on page 20. Board of Directors 58 Corporate Governance Report 60 Audit & Risk Committee Report 68 Nominations Committee Report 74 Directors’ Remuneration Report 76 Directors’ Report 98 Read about Sustainability and Stakeholders Financial Statements page 32 Independent Auditors’ Report 101 Consolidated Financial Statements 112 Company Accounts 167 Additional Information Five year record 174 Shareholder information 175 Further information can be found online by visiting our website at euromoneyplc.com Strategic Report Who we are Euromoney is a global Report Strategic We look to serve markets where the information business-to-business information which organisations need services business. We provide in order to operate effectively is hard to find price discovery, essential See Group at a glance on page 2 market intelligence and events. Euromoney is listed on the London We deliver products and Stock Exchange and is a member services that support our of the FTSE 250 share index. clients’ critical activities See Chief Executive’s review Our purpose is to deliver sustainable value to on page 8 customers, returns to shareholders, opportunities for employees and contributions to the communities Our capital allocation within which we operate, by bringing clarity and strategy supports our insight to opaque markets. strategic objectives See Our business model Our strategy is to be embedded in clients’ critical on page 6 workflow. We manage a portfolio of businesses in markets where information, data and convening market participants are valued. We serve markets Our strategy delivers a which are semi-opaque, that is, where information strong balance sheet allowing investment which which organisations need to operate effectively is drives the strategy hard to find. See Our business model on page 6 Our focus is on long-term value generation benefiting all stakeholders. Our strategic pillars Our quadrant-based assessment leads to three pillars of strategic activity: Invest around big themes Transform the operating model Actively manage the portfolio Euromoney Institutional Investor PLC Annual Report and Accounts 2020 01 Strategic Report Group at a glance The Group actively manages a portfolio of B2B information services businesses. Pricing We operate where information, data Focus and convening market participants Provides pricing and other information and analysis critical support our clients’ critical activities. for our clients’ business processes and workflows Divisions During the year, we reported on three segments (Pricing; Data & Market Intelligence; and Asset Management) served • Fastmarkets by five divisions, which is reflected in the table across the page. Our reporting of financial performance by segment in this Revenue Annual Report reflects this structure. The Telecoms division merged into the Financial & Professional Services division on 1 October 2020 and those businesses remain in the Data £83.7m & Market Intelligence segment for reporting purposes. Adjusted operating profit1 £32.3m Number of employees 450 Key brands • Fastmarkets 1 A detailed reconciliation of the Group’s statutory and adjusted results is set out on pages 20 to 23. November 2019 January 2020 March 2020 • 2019 results • Annual General • Completion demonstrate Meeting of AgriCensus strong underlying acquisition, • Tristan Hillgarth profit growth and strengthening our stepped down from progress towards a price reporting the Board 3.0 business model capabilities • Completion of • Group issues Wealth-X acquisition, statement on business adding scale to our impact of covid-19 People Intelligence • Cross-functional businesses steering committees December 2019 February 2020 and working groups set up to manage • Second meeting • Final dividend paid Group’s response of the Group’s to covid-19 • Financial & Employee Forum Professional Services • All staff globally teach-in for investors commence home- and analysts working in response to covid-19 • Inclusion & Diversity Council formed with members from a wide range of countries, divisions and functions 02 Euromoney Institutional Investor PLC Annual Report and Accounts 2020 Strategic Report Strategic Data & Market Intelligence Asset Management Focus Focus Provides market intelligence, thought leadership, Provides investment research, networks and conferences conferences and events, training and news to the global which bring asset allocators and investors together, as well finance and telecoms industries as critical industry news and data Divisions Divisions • Financial & Professional Services • Institutional Investor • Investment Research Revenue £134.1m Revenue Adjusted operating profit1 £118.8m 1 £20.9m Adjusted operating profit Number of employees £44.9m 1,223 Number of employees Key brands 372 • Wealth-X • Global Capital Key brands • Board-Ex • SRP • BCA Research • The Insurance Insider • IMN • Ned Davis Research • Euromoney • IFLR • Institutional Investor • Capacity Media 1 A detailed reconciliation of the Group’s statutory and adjusted results is set out on pages 20 to 23. June 2020 August 2020 • Half-year results show • Announcement a strong position that the Telecoms in a challenging division will merge environment with the Financial & Professional Services • International Telecoms division from 1 October Week runs virtually 2020, creating a new for the first time, FPS division-wide welcoming almost events pillar 4,000 delegates • Announcement of the creation of a Group-wide events April & May 2020 July 2020 operations centre September 2020 of excellence from • Strategic review of • Board strategy review • Group announces • Group announces a early 2021 Asset Management range of cost saving takes place confirming restructuring and other businesses concludes measures in response continued support for cost saving measures that the best outcome to covid-19 the 3.0 strategy for shareholder value • Global Inclusion Week is for Euromoney • Board Committee at Euromoney providing to remain the changes effective opportunities for all long-term owner • Group extends staff to participate • Telecoms division committed bank in virtual events and holds the Virtual Wan facilities through to discussions across a Summit, the first of December 2022 wide range of issues more than 130 virtual events run during the year Euromoney Institutional Investor PLC Annual Report and Accounts 2020 03 Strategic Report Chairman’s introduction I am confident that the Group will emerge from this crisis stronger as our businesses continue to demonstrate resilience and agility. Leslie Van de Walle Chairman Introduction The stability on our Board and Committees I am pleased to report news that is more has been welcome over the last 12 months. positive on our final dividend later in My first full year as Chairman has not been my report. the year I anticipated. I am sure that is also Cash and capital the case for my colleagues, our investors As a result of these measures, combined One of the Board’s priorities during the and other stakeholders. We have all had with the positive performance of our covid-19 crisis has been to maintain to make significant adjustments in our subscriptions, we are able to head into our careful oversight of the Group’s cash professional and home lives. new financial year in a strong financial position and use of capital. The Group has position and I look forward to the next Andrew talks about the extraordinary maintained positive net cash (as defined 12 months with confidence despite, at the response of our staff to the crisis in his and reconciled on page 23) throughout time of writing, there being no certainty Chief Executive’s review and I must the crisis, and in fact we had more yet as to when the covid-19 disruption will start my review of the year by thanking cash at year-end than at the half-year, end. Notwithstanding the difficulties of our employees across the globe. despite running no physical events during the last few months, we are well placed Their flexibility, hard work, resilience and the period. to make the investments necessary to focus during this very challenging period One of the reasons for the strong cash continue pursuing our strategy, which has been critical in delivering what is, in position for the Group is the range of cost- Andrew discusses in more detail in his the circumstances, a positive set of results. saving measures we have taken which Chief Executive’s review. Board strength and stability resulted in a net cost and cash saving
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