Informa lifts full-year guidance, extends share buyback

14th Nov 2023 07:39

(Sharecast News) - Events organiser Informa lifted its full-year profit and revenue expectations on Tuesday as it hailed continuing strong growth across its portfolio.

In a 10-month trading update, Informa reported group underlying revenue growth of 31.7%, with "strength and momentum across the portfolio".

Informa said that in an increasingly digital world, demand for "high quality face-to-face connections, B2B market access and highly qualified sales intelligence is higher than ever". This meant that underlying revenue growth at Informa Markets was 65%, while Informa Connect and Informa Tech saw growth of 15.6% and 5.6%, respectively.

The company now expects 2023 adjusted operating profit of more than £840m, up from previous guidance of £790m, and revenue of more than £3.15bn, up from £3.05bn.

Informa also said it was extending its share buyback programme to £1.15bn, an increase of up to £150m through to its full-year results in March 2024. It cited an improving underlying performance, cash flow and balance sheet strength.

Chief executive Stephen A. Carter said: "In 2024, our task is to continue to improve our product and service offering, grow organically, and use our cash flows and balance sheet to seize opportunities to build and buy further scale."