Informa on track as it integrates Penton acquisition

7th Nov 2016 07:19

(ShareCast News) - Business intelligence, exhibitions, events and academic publishing group Informa issued a trading update on its performance for the nine months to 30 September on Monday, with the board claiming it remained on track to meet full year expectations.The FTSE 100 company said its portfolio changes in recent years, the increasing level of recurring revenue from subscriptions, its growing scale in B2B exhibitions and large-scale 'confexes' (conference-exhibitions) and its international expansion strategy provide it with "increasing balance and breadth".It said it remain focused on the delivery of the 2014-2017 growth acceleration plan (GAP), which is the board's strategy to improve levels of operational fitness across the group and return all its businesses to growth.Investment remained on schedule and on budget, with around £50m being invested in more than 30 initiatives across the group during 2016.Similarly, year-end performance remained on track on revenue, operating profit, earnings, cashflow and dividend growth.The GAP acquisition strategy recently led to the addition of Penton Information Services, which the board said adds further scale and US presence, significantly strengthening its global exhibitions and business intelligence divisions.It said the integration programme was set to begin this month, led by Patrick Martell - the chief executive of business intelligence - who has also assumed the role of chief executive and integration officer for Penton.The focus was now on ensuring delivery of the 2016 financial targets of both companies and securing early 2017 trading - an intensive period for subscription renewals and a number of Informa's major exhibitions brands."Informa continues to make both operational and financial progress through 2016, and remains on track to deliver another year of growth in revenue, profits and earnings," said group chief executive Stephen A. Carter."The recent addition of Penton increases our US scale and reach, further strengthening our capabilities in global exhibitions and business intelligence in particular."Together with our growth acceleration plan, it increases the balance and breadth across the portfolio, underpinning the potential for future growth."