Informa PLC, the events and business-intelligence group, has announced an increase in its revenue and profit expectations following strong growth throughout its portfolio. The company has also extended its share buyback program.
Increased Revenue Guidance
Informa now projects full-year revenue to reach at least £3.15 billion ($3.87 billion), surpassing the previous target range of £2.95 billion to £3.05 billion. Last year, the company reported revenue of £2.26 billion.
Adjusted Operating Profit
The company expects its adjusted operating profit for 2023 to be at least £840 million, an upgrade from the previously anticipated £790 million. In 2022, Informa reported an adjusted operating profit of £496 million.
Strong Performance Across Portfolio
Informa witnessed an underlying revenue growth of 32% for the 10-month period up to October, compared to a 41% growth during the same period in the previous year. This reflects the exceptional performance across its range of specialist brands.
Share Buyback Program Extension
To capitalize on its success, Informa has extended its share buyback program by an additional £150 million, bringing the total to £1.15 billion.
Despite market volatility caused by factors such as higher inflation, interest rates, and variable demand, Informa remains optimistic. The company already has visibility over approximately £1 billion of projected 2024 revenue.
"In 2024, our objective is to continually enhance our product and service offering, achieve organic growth, and utilize our strong cash flows and balance sheet to capitalize on opportunities for further expansion and acquisitions," affirms Chief Executive Stephen Carter.