View all newsletters
Sign up for our free email newsletters

Fighting for quality news media in the digital age.

  1. News
September 10, 2020updated 30 Sep 2022 9:34am

Business publisher Euromoney proposes 240 job cuts after Covid-19 hit to events

By Charlotte Tobitt

B2B information provider Euromoney is proposing to make more than 10% of its global workforce redundant due to the impact of Covid-19 on its events business.

More than half of the 240 proposed job losses are expected to be in events.

After the pandemic, event cancellations led to a £9.2m hit on revenue and a £3.7m hit on operating profit in the first half of the year.

Euromoney chief executive Andrew Rashbass told staff in a call on Wednesday afternoon that the virtual events being run instead are making under 30% of the revenue of their face-to-face counterparts.

Press Gazette understands he said it had been an anomaly that no job losses had yet been made since the crisis began.

He also told staff 75% of the business remains on a good track and that he did not expect any publications to close, although some brands would have to be reimagined.

Euromoney Institutional Investor has more than 2,150 staff in 32 offices and 11 countries according to the company’s latest annual report, published in March.

Content from our partners
Publishing on the open web is broken, how generative AI could help fix it
Impress: Regulation, arbitration and complaints resolution
Papermule: Workflow automation for publishers

Press Gazette understands the redundancies are likely to fall in the UK, US, Canada and Hong Kong.

A Euromoney spokesperson said: “As part of our planning for our new financial year starting on 1 October 2020 we have announced internally that we are undertaking a restructure and cost reduction programme.

“This will put a meaningful amount of jobs at risk, mainly affecting our events businesses. These measures will further support our robust balance sheet and allow us to maintain investment in future growth.

“The exact process and timing will depend on the legal requirements in each country. We will be working closely with impacted staff to provide them with appropriate support through the process.”

A voluntary pay deferral scheme for staff earning over a certain amount, with the difference paid in shares, saw take-up of 80% which allowed the company to protect jobs, Rashbass said.

He told staff that Euromoney’s subscription businesses are generally doing well, with 4-5% subscription growth, and that he expects more hiring in such parts of the businesses.

He also said the company was looking at its use of offices, as many companies begin to eye up a permanent move to more flexible working, and that he had taken a 40% pay cut and declined a bonus for this year.

The company is now budgeting for pay rises, bonuses, hiring for new opportunities and small bolt-on acquisitions for the new financial year, staff were told.

Euromoney reported turnover of £401.7m in 2019 and adjusted operating profit before tax of £104.6m.

Some 60% of 2019 revenue came from subscriptions and content versus 31% from events and 9% from advertising.

Euromoney made 49% of its revenue from pricing, data and market intelligence; 15% from banking and finance and 36% from its asset finance division.

Euromoney is listed on the London Stock Exchange and its share price has declined from an all-time peak of £14.94 in September 2019 at the start of the year to £8.67 at time of writing.



Topics in this article :

Email to point out mistakes, provide story tips or send in a letter for publication on our "Letters Page" blog

Select and enter your email address Weekly insight into the big strategic issues affecting the future of the news industry. Essential reading for media leaders every Thursday. Your morning brew of news about the world of news from Press Gazette and elsewhere in the media. Sent at around 10am UK time. Our weekly does of strategic insight about the future of news media aimed at US readers. A fortnightly update from the front-line of news and advertising. Aimed at marketers and those involved in the advertising industry.
  • Business owner/co-owner
  • CEO
  • COO
  • CFO
  • CTO
  • Chairperson
  • Non-Exec Director
  • Other C-Suite
  • Managing Director
  • President/Partner
  • Senior Executive/SVP or Corporate VP or equivalent
  • Director or equivalent
  • Group or Senior Manager
  • Head of Department/Function
  • Manager
  • Non-manager
  • Retired
  • Other
Visit our privacy Policy for more information about our services, how New Statesman Media Group may use, process and share your personal data, including information on your rights in respect of your personal data and how you can unsubscribe from future marketing communications.
Thank you

Thanks for subscribing.

Websites in our network