Download the 2009 Interim Management Statement
Interim Results For The Six Months Ended 30 June 2008
High quality of earnings provides resilience in uncertain markets
Key Highlights
- Revenue growth of 18% and adjusted operating profit growth of 21%
- Organic revenue and organic adjusted2 operating profit growth of 4%
- Interim Dividend increased by 9%
- Strong adjusted5 cash conversion of 104%
- Renewal rates on subscription based publishing remain at a high level, consistent with previous years
- Strong growth in leading events held to date and future booking trends remain encouraging
- Broad portfolio of products and geographies creates platform for growth
- Trading continues to be strong and outlook for full year remains in line with the Board’s expectations
Financial Highlights
2008 |
2007 |
% |
|
|
£m |
£m |
||
|
Revenue |
627.6 |
532.5 |
18 |
|
Operating profit |
77.7 |
74.8 |
4 |
|
Adjusted2 operating profit |
140.1 |
116.0 |
21 |
|
Profit before tax |
60.0 |
87.8 |
(32) |
|
Adjusted3 profit before tax |
104.7 |
95.6 |
10 |
|
Profit for period |
46.5 |
68.9 |
(33) |
|
Adjusted4 profit for period |
77.3 |
71.7 |
8 |
|
Basic earnings per share (p) |
10.96 |
16.24 |
(33) |
|
Diluted earnings per share (p) |
10.94 |
16.18 |
(32) |
|
Adjusted diluted earnings per share (p) |
18.19 |
16.84 |
8 |
|
Dividend per share (p) |
6.10 |
5.60 |
9 |
|
Adjusted5 cash conversion (%) |
104 |
79 |
|
|
Net debt |
1,219.7 |
720.4 |
69 |
- Adjusted for material acquisitions and disposals and effects of changes in foreign currency exchange rates.
- Excludes restructuring and reorganisation costs of £3.0m (2007:£nil) and intangible asset amortisation of £59.4m (2007:£41.1m).
- Excludes restructuring and reorganisation costs of £3.0m (2007:£nil), intangible asset amortisation of £59.4m (2007:£41.1m), profit on disposal of business assets of £17.8m (2007:£nil) and profit on disposal of available for sale investment of £nil (2007:£33.4m)
- Excludes restructuring and reorganisation costs of £3.0m (2007:£nil), intangible asset amortisation of £59.4m (2007:£41.1m), profit on disposal of business assets of £17.8m (2007:£nil), profit on disposal of available for sale investment of £nil (2007:£33.4m) and related tax of £13.8m (2007:£5.0m)
- Adjusted cash generated by operations (note 12) divided by adjusted operating profit.
Commenting on current trading and prospects, Chairman Derek Mapp said,
"We are pleased with the strong start we have made to the year. Our results are underpinned by the high volume of subscription income and the resilient performance of our branded large scale exhibitions and conferences. Having built a Group that has delivered market leading growth in recent years, we are delighted by how the same assets are performing in tougher economic conditions. Our ability to convert profits into cash remains extremely strong and we are trading well within our banking covenants.
Deferred income already recorded and our experience on booking trends and pipeline management gives us very good visibility of earnings. We remain confident of the Group’s full year prospects."
Download the full press release
Enquiries
|
Informa plc |
020 7017 5000 |
|
Maitland |
020 7379 5151 |
There will be a presentation to analysts at 11.00am on 28 July 2008 at Merrill Lynch, King Edward Hall, 2 King Edward Street, London, EC1A 1HQ. A live webcast of the analyst presentation will be available on our website www.informa.com
Note To Editors
Informa provides specialist, high value information to the global academic & scientific, professional, and commercial markets via Publishing, Events and Performance Improvement. At the heart of every Informa product and service is research-based, proprietary information for a targeted, expert audience. Informa publishes approximately 2,500 subscription based products and services delivered electronically and in hardcopy, and 45,000 books. Each year Informa produces over 12,000 events around the world, powered by a marketing database of over 20 million contacts. It has an unparalleled portfolio of brands including Lloyds List, Routledge, Taylor and Francis, IIR, IBC, AchieveGlobal, ESI and Euroforum. Informa operates in 80 countries and employs over 10,000 people.
