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(Alliance News) - Informa PLC has increased its annual revenue outlook as the pace of physical events returning continues, the business events and publishing firm said Thursday.
Despite the upbeat outlook, Informa posted revenue for the first half ended June 30 of GBP688.9 million, a drop of 15% from GBP814.4 million a year earlier. The decline was attributed to "differing pandemic-impacts on the physical events business in the front half of 2020 and 2021".
Pretax losses of GBP91.0 million were narrowed significantly from GBP801.2 million a year prior. The loss was driven by a number of factors including one-off costs associated with debt rescheduling, the company noted.
On an adjusted basis however, pretax profit was down 49% at GBP36.3 million from GBP71.0 million.
However London-based Informa said it had confidence in returning physical events, with all three of its major geographic markets, North America, Mainland China and the Middle East, seeing a "progressive return of physical event activity alongside increasing demand for digital services", and rebooking into 2022.
Growing confidence drove a revenue guidance uplift for 2021 to at least GBP1.80 billion, from GBP1.70 billion previously. Adjusted operating profit is now expected to be above GBP375 million.
Shares in FTSE 100-listed Informa were up 3.4% at 500.60 pence in London on Thursday morning.
As with the prior year Informa did not declare an interim dividend.
"The pace and rate of physical events return continues to vary by region, with Mainland China most advanced, having been running major physical event brands for over a year post-pandemic. However, our largest market, North America, is also returning, as is the Middle East. The return of physical Events in Europe is scheduled but later in the year," Informa said.
"We are focused on delivering as full a schedule as possible in 2022, when increasing customer confidence and the return to more relevant industry calendar cycles will provide a better product experience," the company added.
By Will Paige; willpaige@alliancenews.com
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