Euromoney reports 5% drop in full-year profits

Adjusted profit before tax for 2016 comes in at £102.5m.

Financial publisher Euromoney has said its profits fell 5% in the 2016 calendar year, in line with its previous guidance.

Adjusted profit before tax for the year came in at £102.5m ($127.5m) compared to £107.8m in 2015, the firm said in a preliminary statement.

Total revenue edged down slightly to £403.1m.

Chief executive Andrew Rashbass said he was optimistic over the future despite a "tough environment" for customers.

"Focusing the company on delivering growth through investing in areas of opportunity and disinvesting from areas that are structurally and cyclically challenged remains my priority," he said.

"Our return to acquiring excellent businesses, like FastMarkets, after a break from acquisitions in 2015, also increases my optimism about the future.

"Despite lower year-on-year profits, our strong balance sheet means that we are recommending to shareholders that we maintain the dividend at 2015 levels. This is a mark of our measured confidence about the future."

Euromoney is one of the largest financial magazine publishers in Europe and is a member of the FTSE 250 share index.