Annual Report & Accounts 2012 - Euromoney Institutional Investor ...

Euromoney Institutional Investor PLC Annual Report and Accounts 2012
www.euromoneyplc.com
Strategy
The group’s strategy remains the building of
a robust and tightly focused global online
information business with an emphasis on
emerging markets. This strategy is being
executed through increasing the proportion of
revenues derived from electronic subscription
products; using technology efficiently to assist
the online migration of the group’s print
products as well as developing new electronic
information services; investing in products of
the highest quality; eliminating products with a
low margin or too high a dependence on print
advertising; maintaining tight cost control at all
times; retaining and fostering an entrepreneurial
culture; and using a healthy balance sheet and
strong cash flows to fund selective acquisitions.
Driving revenue growth from existing as well
as new products is a key part of the group’s
strategy. Since 2010, the group has been
investing heavily in technology and content
delivery platforms, particularly for the mobile
user, and in new digital products as part of its
transition to an online information business. In
2012, as in 2011, the group spent approximately
£10 million on this transition. This level of
expenditure is expected to continue in 2013. In
addition, the group has recently started work on
a project to build a new platform for authoring,
storing and presenting its content, with a view
to both improving the quality of its existing
subscription products and increasing the speed
to market of new online information services.
This project is expected to have a capital cost of
approximately £6 million in 2013.
Acquisitions remain a key part of the group’s
strategy. The most recent was the purchase of
Global Grain for £5.7 million in February. Global
Grain’s main asset, Global Grain Geneva, is the
world’s leading event for international grain
traders. The event is held in November each year
and is on track to exceed last year’s attendance
by at least 10%, while an event for the Asia-
Pacific region was launched successfully in
March and two further new events are planned
for 2013.
While the market for acquisitions of specialist
online information businesses remains
competitive and valuations challenging, the
group will continue to use its robust balance
sheet and strong cash flows to pursue further
transactions in 2013.
Chairman’s Statement
Company Accounts Group Accounts
Our Governance
Our Performance
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