The latest Investing Matters Podcast episode featuring Jeremy Skillington, CEO of Poolbeg Pharma has just been released. Listen here.
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Informa (INF) is a sell with the drop through the stoploss at 345 and price and relative support. Sell. Says David Linton
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."
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
Strong first half with growth across the Group 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)
http://www.investegate.co.uk/Article.aspx?id=20110726070000T8434
.OUF A PENNY, OUT FOR A POUND,I WISH
Specialist business publisher and trade events group Informa posted a sharp rise in 2010 despite flat revenues as it adjusted to the tough climate by consolidating publications, getting rid of marginal ones and reducing the scale of some events. Pre-tax profits rose to £125m from £96.5m the previous year on revenues that rose to £1.226bn from £1.221bn.
Sunday Telegraph share tips for 2011 AMANDA ANDREWS INFORMA = Informa, the business-to-business group, may be a far cry from the glamour and consumer appeal of most UK media stocks. However, the breadth of its businesses, the speed of growth in late 2010 and low exposure to volatile advertising markets, make it a front runner in the unpredictable media sector. There are clear risks. However, Informa, which owns Datamonitor and Taylor & Francis, has proved to be structurally robust and well placed to deliver growth in 2011. It recently announced good recovery in conferences, double-digit growth in forward bookings at its exhibitions division and improvement at its training arm. High debt levels have cast a dark shadow over Informa in recent years, but its balance sheet now looks much stronger. Net (Berlin: NETK.BE - news) debt is set to finish the year at 2 to 2.5 times earnings. A merger with UBM, which came close in June 2008, now seems less likely , but there is still M&A potential. The likely long-term future of Informa is to merge with Springer Science & Media. There are clear risks, as conference attendance and journal subscriptions will be hit in the event of a downturn in 2011. The exhibition business is also weighted towards the first half of the year. However, if the economy is on its side, Informa could prove to be the envy of its more colourful friends in the media sector.
OFFEREE: Informa Plc 0.1p ordinary ISIN: GB0002625654 NSI: 424,964,752 OFFEROR: A consortium including Providence Equity Partners Ltd, The Carlyle Group and Hellman & Friedman LLC Disclosure of dealings in the offeror is not required
Informa led the way in the FTSE 250 after JP Morgan started coverage on the business publisher and conference organiser with an ‘overweight’ rating and 525p price target. The broker said the Lloyd’s List publisher's revenue streams are more defensive than perceived, with half coming from more or less non-cyclical sources. It noted that Informa’s publications are mainly subscription-based with renewal rates of more than 90%
Strong full year results from publisher and conference organiser Informa prompted Merrill Lynch to keep its ‘buy’ rating and 575p price target on the company. Informa, whose titles include the shipping newspaper Lloyd’s List, said this morning that pre-tax profits rose to £202.6m from £178.1m. Merrill noted that Informa’s shares have fallen even thought it has not been hit hard by economic slowdown and that it was likely to remain resilient.
Informa FY adjusted pretax 202.6 mln stg vs 178.1 mln; outlook upbeat