Press release
26 October 2011
Informa plc
Interim Management Statement
Continued Progress - Confirms Full Year Expectations
Informa plc releases its latest interim management statement updating trading since 30 June 2011 based on the results for the nine months ended 30 September 2011 with comments reflecting trading up until the date of this release.
Highlights
• | Organic revenue growth of 4.2% (ex IPEX) |
• | Recent acquisitions performing well |
• | Subscription publishing remains resilient |
• | Positive momentum in forward bookings |
• | Strong operating cash flow |
• | On track to deliver our full year expectations |
Despite the tough economic background we have achieved organic growth across all our businesses. The underlying balance and quality of our portfolio of businesses is reflected in the trading performance to date and we remain on track to deliver on our full year expectations.
Events and Training: Organic revenue growth for the period of 5.2% (ex IPEX) reflects continued progress in this division and is slightly ahead of the expected full year growth rate. Our exhibition business performed well with highlights such as Serigrafia, our new Brazilian printing show, Furnitex, our new Australian furniture show and the Monaco Yacht Show. July and August are always quiet months within our conference business, but September's results, including the highly successful Broadband World Forum, show there has been no impact from the uncertain macro conditions. Our training operations continue to grow strongly in Asia and Europe and the US market remains solid. Rebooking rates for next year's shows are in line with our expectation and give us confidence around the start of 2012.
Academic Information: As mentioned earlier in the year, there was an element of positive journal related phasing in our first half numbers and this is reflected in the organic revenue growth rate for the period of 4.1%. Both Journals and Book publishing continue to grow and exhibit their traditional resilience. This division had another good quarter with a positive start to the book adoption programme at the beginning of the academic year and we continue to make progress with our emerging markets initiatives.
Professional and Commercial Information: Organic revenue growth for the period of 2.9% allied to further margin enhancement reflects the progress that has been made year to date. New digital products have been launched and we have seen good growth in the telecoms sector. The Datamonitor integration into IBI, as previously announced, has started to deliver cost savings with more to come in 2012. The combined product offering is stronger and of a higher quality and the overall prospects for this division are positive.
Our operating cash flow over the past three months has been in line with previous years and we now anticipate leverage to drop to the lower end of our target range of 2.0 to 2.5 times net debt to EBITDA by the year end.
Peter Rigby, Chief Executive said:
"We have seen the Group make further positive developments this year with value creating strategic acquisitions in both high growth emerging markets and key industry verticals. At the same time, we have enhanced the business further with an increase in the number of highly resilient events as well as further growing subscription revenues.
Although the economic environment is uncertain, we have not seen any impact on current trading. Our experienced management team is well prepared should any change occur and the Group's resilient and cash generative businesses are better equipped than ever to combat tougher trading conditions.
The Group is generating organic growth across all three divisions, recent acquisitions are performing well and we remain on track to meet our expectations for the full year."
Enquiries |
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Informa plc |
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Peter Rigby, Chief Executive |
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Adam Walker, Finance Director | +41 41 444 1343 |
James Gareh, Investor Relations | +44 7834 192 961 |
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FTI Consulting | +44 20 7831 3113 |
Charles Palmer |
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Investors and Analysts
There will be a conference call today for analysts and investors at 0900 hosted by Adam
Walker, Finance Director. Dial-in details as below:
UK | 0800 073 1340 |
UK | +44 (0) 1452 569 393 |
USA | 1866 434 1089 |
There is no pin code but callers should quote Informa analyst call.
Note to Editors
Bringing Knowledge to Life - Businesses, professionals and academics worldwide turn to Informa for unparalleled knowledge, up-to-the minute information and highly specialist skills and services. Our ability to deliver high quality knowledge and services through multiple media channels, in dynamic and rapidly changing environments, makes our offer unique and extremely valuable to individuals and organisations.
Cautionary Statements
This interim management statement contains forward looking statements. These statements are subject to a number of risk and uncertainties and actual results and events could differ materially from those currently being anticipated as reflected in such forward looking statements. The terms 'expect', 'should be', 'will be' and similar expressions identify forward looking statements. Factors which may cause future outcomes to differ from those foreseen in forward looking statements include, but are not limited to: general economic conditions and business conditions in Informa's markets; exchange rate fluctuations, customers' acceptance of its products and services; the actions of competitors; legislative, fiscal and regulatory developments; changes in law and legal interpretation affecting Informa's intellectual property rights and internet communications; and the impact of technological change. These forward looking statements speak only as of the date of this interim management statement. Except as required by any applicable law or regulation, the Group expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any forward looking statements contained in this document to reflect any change in the Group's expectations or any change in events, conditions or circumstances on which any such statement is based.
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