Informa's Half Year Results for the Six Months Ended 30 June 2011
Key Highlights
Financial
- Revenue increased – organic revenue growth of 3.1% (excluding IPEX)
- Profit increased – adjusted operating profit growth of 4.2%; 5.1% on an organic basis (excluding IPEX)
- Margin increased – adjusted operating margin 25.1% (2010 H1: 24.5%)
- Statutory profit before tax of £66.5m (2010 H1: £66.4m)
- Earnings increased – adjusted diluted earnings per share up 6.0% to 17.7p (2010 H1: 16.7p)
- Dividend increased – growth of 11.1% in interim dividend to 5.0p (2010 H1: 4.5p)
Operational
- Strong Academic performance year to date
- Return to growth at PCI
- Digital delivery on track – now 75% of publishing revenues
- Organic growth and acquisitions build emerging market penetration to 16% of Group revenue
- Integration of Datamonitor with IBI is expected to drive margin improvement
- Good progress in Events and Training – 25 new exhibitions run in H1
- Acquisition of two market leading exhibition businesses in Brazil
Financial Highlights
| H1 2011 | H1 2010 | Actual | Organic | |
| £m | £m | % | % | |
| Revenue | 634.8 | 624.0 | 1.7 | 0.3 |
| EBITDA² | 170.4 | 164.7 | ||
| Operating Profit | 87.9 | 85.7 | ||
| Adjusted Operating Profit¹ | 159.1 | 152.7 | 4.2 | 0.9 |
| Operating cash flow² | 88.7 | 98.7 | ||
| Adjusted cash conversion³(%) | 55.8 | 64.6 | ||
| Profit before tax | 66.5 | 66.4 | ||
| Adjusted profit before tax¹ | 139.1 | 133.4 | ||
| Profit for period | 55.2 | 48.3 | ||
| Adjusted profit for period¹ | 106.4 | 100.0 | ||
| Basic earnings per share (p) | 9.2 | 8.1 | ||
| Diluted earnings per share (p) | 9.2 | 8.1 | ||
| Adjusted diluted earnings per share (p)¹ |
17.7 | 16.7 | ||
| Dividend per share (p) | 5.0 | 4.5 | ||
| Free cash flow² | 54.1 | 47.4 | ||
| Net debt4 | 877.7 | 905.7 |
Notes:
In this document 'organic' refers to results adjusted for material acquisitions and disposals and the effects of changes in foreign currency exchange rates. In this Business Review we refer to adjusted and statutory results. Adjusted results are prepared to provide a useful alternative measure to explain the Group's underlying business performance.
- Adjusted results exclude adjusting items as set out in the Condensed Consolidated Income Statement and detailed in note 5.
- Operating cash flow and free cash flow are as calculated in the Business Review.
- Operating cash flow divided by adjusted operating profit.
- Net debt as calculated in note 12.
Commenting on the first half results and future prospects, Peter Rigby, Chief Executive, said:
"We have made a strong start to the year and it is particularly pleasing to see all three divisions deliver revenue growth.
Whilst many global growth indicators remain a concern for a sustained economic recovery, the resilience of our publishing activities and larger events underpin our confidence around our full year outlook. Furthermore, the more cyclical areas of our business are growing and we are confident would grow faster in a better economic environment.
The acquisitions we have completed this year add to the quality of the Informa portfolio, increasing our emerging markets presence and the number of exhibitions we operate. In June, we announced the acquisition of two high quality events businesses in Brazil, which together provide a significant platform in this exciting economy. The previously announced integration of Datamonitor with IBI is already delivering financial and operational benefits and we are confident will deliver more in 2012 and beyond.
The Group remains focused on generating top line growth through a continued emphasis on innovation across all its businesses. Despite economic headwinds, overall trading remains in line with our expectations for the full year."
Enquiries
Informa PLC
Adam Walker, Finance Director
+41 (0) 41 444 1343
James Gareh, Investor Relations
+44 (0) 20 7017 4301
Financial Dynamics
Charles Palmer
+44 (0) 20 7269 7112