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(Alliance News) - Informa PLC on Thursday reported that it swung to a profit in the first half of 2022 and reinstated its payout, as live and on-demand events returned.
The London-based business publisher and events organiser swung to a pretax profit of GBP51.4 million in the six months to June 30, from a loss of GBP104.4 million a year before.
What's more, revenue rose 67% to GBP1.02 billion from GBP615.4 million from a year before.
Informa credited this to strength in academic markets, growth in business to business digital services and a "strong return" of live and on-demand events after the disruption caused by Covid-19 in 2021.
Informa resumed its interim dividend with a payout of 3.0 pence. It declared no interim payout a year prior.
The FTSE 100 backed its full-year outlook, expecting an outcome at the upper end of guidance.
It expects revenue of between GBP2.15 billion and GBP2.25 billion and an adjusted operating profit of between GBP470 million to GBP490 million.
Separately, the company said it has completed its portfolio focus programme with the disposal of its Maritime Intelligence for GBP385 million.
The total value realised through its 2021-2024 growth acceleration plan is GBP2.5 billion at the moment.
"Over the past year, we have streamlined and refocused the group to concentrate on our leadership positions in academic markets and business to business markets. By divesting non-core assets, including today's sale of Maritime Intelligence, we have generated USD3 billion in value, providing additional flexibility for shareholder returns, additional growth investment and further targeted expansion," Chief Executive Stephen Carter said.
Shares in Informa were trading down 3.8% at 578.40 pence each in London on Thursday morning.
By Abby Amoakuh; abbyamoakuh@alliancenews.com
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