Friday, March 13, 2009

Euromoney Not Working as Much

Just a few months ago, Euromoney was bragging about how well it was doing. Now it is asking staff to take unpaid leave. Either the trading in the company has seen a horrible drop or this is opportunism by the management to save some money using the excuse of the downturn. My experience is that in a downturn everyone has to work harder; asking people to work less seems perverse.

The share price is down 55% on a year ago. Profit last time out was around £43m. Market cap is around £180m which some might think a low multiple for a business which has substantial subscriptions income.

The drive to save costs at Euromoney could be as much to do with the needs of major shareholder DMGT as it does with Euromoney itself.

It seems as though even paid information company employees cannot consider themselves immune from the current malaise.
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