Interim Management Statement
Informa PLC releases its latest interim management statement updating trading since 30 June 2011 based on the results for the nine months ended 30 September 2011 with comments reflecting trading up until the date of this release.
- Organic revenue growth of 4.2% (ex IPEX)
- Recent acquisitions performing well
- Subscription publishing remains resilient
- Positive momentum in forward bookings
- Strong operating cash flow
- On track to deliver our full year expectations
Despite the tough economic background we have achieved organic growth across all our businesses. The underlying balance and quality of our portfolio of businesses is reflected in the trading performance to date and we remain on track to deliver on our full year expectations.
Events and Training: Organic revenue growth for the period of 5.2% (ex IPEX) reflects continued progress in this division and is slightly ahead of the expected full year growth rate. Our exhibition business performed well with highlights such as Serigrafia, our new Brazilian printing show, Furnitex, our new Australian furniture show and the Monaco Yacht Show. July and August are always quiet months within our conference business, but September’s results, including the highly successful Broadband World Forum, show there has been no impact from the uncertain macro conditions. Our training operations continue to grow strongly in Asia and Europe and the US market remains solid. Rebooking rates for next year’s shows are in line with our expectation and give us confidence around the start of 2012.
Academic Information: As mentioned earlier in the year, there was an element of positive journal related phasing in our first half numbers and this is reflected in the organic revenue growth rate for the period of 4.1%. Both Journals and Book publishing continue to grow and exhibit their traditional resilience. This division had another good quarter with a positive start to the book adoption programme at the beginning of the academic year and we continue to make progress with our emerging markets initiatives.
Professional and Commercial Information: Organic revenue growth for the period of 2.9% allied to further margin enhancement reflects the progress that has been made year to date. New digital products have been launched and we have seen good growth in the telecoms sector. The Datamonitor integration into IBI, as previously announced, has started to deliver cost savings with more to come in 2012. The combined product offering is stronger and of a higher quality and the overall prospects for this division are positive.
Our operating cash flow over the past three months has been in line with previous years and we now anticipate leverage to drop to the lower end of our target range of 2.0 to 2.5 times net debt to EBITDA by the year end.
Peter Rigby, Chief Executive
Adam Walker, Finance Director +41 41 444 1343
James Gareh, Investor Relations +44 7834 192 961
FTI Consulting +44 20 7831 3113
Investors and Analysts
There will be a conference call today for analysts and investors at 0900 hosted by Adam
Walker, Finance Director. Dial-in details as below:
UK 0800 073 1340
UK +44 (0) 1452 569 393
USA 1866 434 1089
There is no pin code but callers should quote Informa analyst call.