Interim Results for the Six Months Ended 30 June 2010
Key Highlights
Financial
- Profit increased - adjusted operating profit growth of 4.2%; 5.6% on an organic basis
- Margin increased - adjusted operating margin 24.5% (2009 H1: 23.0%)
- Statutory profit before tax of £66.4m (2009 H1: £32.1m)
- Earnings increased - adjusted diluted earnings per share up 3% to 16.7p
(2009 H1:16.2p) - Highly cash generative business - net debt/EBITDA ratio1 of 2.7 times
- Dividend increased – growth of 25% in interim dividend to 4.5p (2009 H1: 3.6p)
Operational
- Publishing revenues remain resilient - subscription income maintained at 67%
- Proportion of publishing revenues delivered in digital format increased to 75%
- Academic – strong start to the year assisted by e-book sales
- Professional and Commercial – solid result; however reduction in financial data
subscriptions - Events and Training – exhibitions remain strong; improving trends in delegate numbers
and sponsorship; corporate training starting to recover - Business continuing to benefit from the cost reduction programmes in 2008 and 2009
Financial Highlights
|
2010 |
2009 |
Actual |
Organic |
|
|
|
£m |
£m |
% |
(0.5) |
|
Revenue |
624.0 |
636.3 |
(2) |
|
|
Operating Profit |
85.7 |
61.1 |
(40) |
|
|
Adjusted2 Operating Profit |
152.7 |
146.6 |
(4) |
5.6 |
|
Operating cash flow |
98.7 |
114.6 |
14 |
|
|
Adjusted cash conversion4 (%) |
65 |
78 |
(17) |
|
|
Profit before tax |
66.4 |
32.1 |
(107) |
|
|
Adjusted3 profit before tax |
133.4 |
117.6 |
(13) |
|
|
Profit for period |
48.3 |
23.0 |
(110) |
|
|
Adjusted4 profit for period |
100.4 |
84.8 |
(18) |
|
|
Basic earnings per share (p) |
8.1 |
4.4 |
(84) |
|
|
Diluted earnings per share (p) |
8.1 |
4.4 |
(84) |
|
|
Adjusted diluted earnings per share (p) |
16.7 |
16.2 |
(3) |
|
|
Dividend per share (p) |
4.5 |
3.6 |
(25) |
|
|
Free cash flow 6 |
47.4 |
69.0 |
(31) |
|
|
Net debt |
905.7 |
984.5 |
(8) |
Note: In this document 'organic' refers to results adjusted for material acquisitions and disposals and the effects of changes in
foreign currency exchange rates.
1. Net debt/EBITDA ratio is calculated using EBITDA for the year ended 30 June 2010.
2. Excludes adjusting items of £67.0m (2009 H1: £85.5m) per Note 5.
3. Operating cash flow as defined in the Financial Review.
4. Operating cash flow divided by adjusted operating profit.
5. Excludes adjusting items of £67.0m (2009 H1: £85.5m) per Note 5 and related tax credit of £15.3m (2009 H1: £23.7m).
6. Free cash flow is operating cash flow less cash flows in respect of adjusting items, net interest and taxation.
7. Net debt as calculated in Note 12.
Enquiries
Informa PLC
020 7017 5000
Peter Rigby, Chief Executive
Adam Walker, Finance Director
Maitland
Philip Gawith
020 7379 5151
Rebecca Mitchell
There will be a presentation to analysts at 9.30am on 27 July 2010 which will be held at King Edward Hall, Merrill Lynch Financial Centre, 2 King Edward Street, London, EC1A 1HQ.
A simultaneous webcast of the analysts' presentation will be available via the Company's website at www.informa.com.