(Alliance News) - Informa PLC on Thursday reported that its revenue and profit in its half year had shot up, following a strong return to live and on-demand events.
Informa, a London-based publishing and events firm, said in its half year ended June 30 that revenue increased 53% to GBP1.52 billion, up from GBP993.5 million the year prior.
Pretax profit surged to GBP314.6 million, up from GPB41.5 million year-on-year. The company said that in 2023 it saw a strong return to live and on-demand events, including in China, boosting profit.
"We are focused on building a better, broader and more scalable business, which is reflected in a very strong first half performance, putting us on track to meet or beat our guidance for 2023, with further momentum visible into 2024 and 2025," said Chief Executive Officer Stephen Carter.
Informa swung to net debt of GBP1.21 billion, from net cash of GBP15.3 million in the same half the prior year. The company said this was caused by the acquisitions of Tarsus and Winsight, in March and May respectively, and the ongoing share buy back programme.
The rise in net debt was offset by a boost in free cash flow of 63% to GBP224.6 million, from GBP138 million year-on-year.
Informa declared an interim dividend of 5.8 pence per share, up 93% from 3.0p the year before.
"The Group will look to continue to grow dividends in line with this approach, striking a balance between rewarding shareholders and retaining the financial strength and flexibility to reinvest in the business and pursue growth opportunities," Informa said.
Informa said its expectations for its full year was at the top end of guidance, anticipating reported group revenue growth of between GBP2.95 billion and GBP3.05 billion, and adjusted operating profit between GBP750 million and GBP790 million.
"The strength of trading through the first half of 2023, combined with forward visibility, provides confidence we can deliver further underlying and reported revenue growth in the second half of 2023 and into 2024," the company noted.
Shares in Informa were up 4.4% at 778.00 pence in London on Thursday morning.
By Will Neill, Alliance News reporter
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