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(Sharecast News) - Publishing firm Informa upped its full-year revenue guidance on Thursday amid increased activity in the group's subscription businesses and expectations of physical trade shows in both the United States and the Middle East returning later in the year.
Informa reported a more than 40% drop in adjusted operating profits to £69.2m for the six months ended June 30, with the postponement of trade shows and conferences due to the Covid-19 pandemic causing much of the decline.
Statutory revenues also contracted to £688.9m from £814.4m.
However, despite the declines, Informa now expects full-year revenues of £1.8bn for the year ending 31 December, up from previous forecasts for £1.7bn, while adjusted operating profits were expected to be roughly £375.0m after current effects.
The FTSE 100-listed firm also highlighted that it was seeing a "progressive return of physical event activity" in all three of its major geographic markets of North America, Mainland China and the Middle East.
Chief executive Stephen Carter said: "Informa's subscriptions-led businesses continue to deliver improving growth, reflecting our consistent investment in product development and increasing focus on specialist brands in growth markets."
"Our physical events business is increasingly returning in Mainland China and progressively rebuilding in North America and the Middle East, with positive forward bookings and growing commercial confidence. Clearly, however, there is continuing restriction and uncertainty in other parts of the world and we continue to monitor the rules and relaxation approaches on a country-by-country basis."
As of 0955 BST, Informa shares were up 3.24% at 499.70p.
Informa reported a more than 40% drop in adjusted operating profits to £69.2m for the six months ended June 30, with the postponement of trade shows and conferences due to the Covid-19 pandemic causing much of the decline.
Statutory revenues also contracted to £688.9m from £814.4m.
However, despite the declines, Informa now expects full-year revenues of £1.8bn for the year ending 31 December, up from previous forecasts for £1.7bn, while adjusted operating profits were expected to be roughly £375.0m after current effects.
The FTSE 100-listed firm also highlighted that it was seeing a "progressive return of physical event activity" in all three of its major geographic markets of North America, Mainland China and the Middle East.
Chief executive Stephen Carter said: "Informa's subscriptions-led businesses continue to deliver improving growth, reflecting our consistent investment in product development and increasing focus on specialist brands in growth markets."
"Our physical events business is increasingly returning in Mainland China and progressively rebuilding in North America and the Middle East, with positive forward bookings and growing commercial confidence. Clearly, however, there is continuing restriction and uncertainty in other parts of the world and we continue to monitor the rules and relaxation approaches on a country-by-country basis."
As of 0955 BST, Informa shares were up 3.24% at 499.70p.