Full Year Results For the Year Ended 31 December 2010
Strong Financial Performance – in-line with Expectations
Quality Businesses Positioned for Growth
Key Highlights
Financial
- Revenue of £1.23bn (2009: £1.22bn) with organic revenue growth of 0.4%, despite action to remove subscale activities
- Profit increased - adjusted operating profit up 1.2% to £313.2m (2009: £309.5m); organic growth of 1.8%
- Statutory profit before tax of £125.0m up 30% (2009: £96.5m)
- Earnings increased - adjusted diluted earnings per share up 1.5% to 34.8p (2009: 34.3p)
- Margin increased - adjusted operating margin of 25.5% (2009: 25.3%)
- Strong cash generation - free cash flow of £231.4m up 2.8% - adjusted cash conversion 102% (2009: 105%)
- Strengthened balance sheet - net debt/EBITDA ratio of 2.3 times
- Dividend increased - second interim dividend of 9.5p giving a total 2010 dividend of 14.0p, up 22% (2009: 11.45p)
Operational
- 65% of publishing revenues from subscriptions
- 74% of publishing revenues fully digitised
- 76 events contributing more than £0.5m of revenue each, up 10%
- New product launches within PCI and expansion through geo-cloning
- Record year for our largest event Arab Health
Outlook
Peter Rigby, Chief Executive, said:
"This set of results again demonstrates the high quality of our portfolio and our market leading positions. In 2010, we were particularly pleased with the expansion of our digital delivery and our growth in emerging markets, which now total 41% and 12% of revenues respectively. The financial strength of the Group has again been improved, reflecting the cash generative nature of our businesses.
After the economic difficulties experienced over the last two years, the Group is in a strong place to deliver organic growth. We are investing in new products, recruiting and enhancing our sales teams and geo-cloning our leading events.
The year has started well, in line with our expectations, with encouraging performances from some of our biggest events as well as a successful academic journal renewal. I am excited about the next 12 months and expect Informa to deliver a year of progress."
Financial Highlights
|
|
2010 |
2009 |
Actual |
Organic |
|
|
£m |
£m |
% |
% |
|
Revenue |
1,226.5 |
1,221.7 |
0.4 |
0.4 |
|
Operating profit |
164.0 |
145.7 |
|
|
|
Adjusted operating profit 1 |
313.2 |
309.5 |
1.2 |
1.8 |
|
Operating cash flow 2 |
319.8 |
325.0 |
|
|
|
Adjusted cash conversion (%) 3 |
102 |
105 |
|
|
|
Profit before tax |
125.0 |
96.5 |
|
|
|
Adjusted profit before tax 1 |
276.4 |
261.3 |
|
|
|
Profit for year |
98.9 |
106.5 |
|
|
|
Adjusted profit for year 1 |
209.0 |
193.1 |
|
|
|
Basic earnings per share (p) |
16.5 |
18.8 |
|
|
|
Diluted earnings per share (p) |
16.5 |
18.8 |
|
|
|
Adjusted diluted earnings per share (p) 1 |
34.8 |
34.3 |
|
|
|
Dividend per share (p) |
14.0 |
11.5 |
|
|
|
Free cash flow 2 |
231.4 |
225.0 |
|
|
|
Net debt 4 |
779.1 |
872.6 |
|
|
Notes:
In this document 'organic' refers to numbers adjusted for material acquisitions and disposals and the effects of changes in foreign currency exchange rates.
1 Adjusted results exclude adjusting items as set out in the Consolidated Income Statement and detailed in Note 2.
2 Operating cash flow and free cash flow are as calculated in the Financial Review.
3 Operating cash flow divided by adjusted operating profit.
4 Net debt as calculated in Note 12.
Enquiries
Informa PLC
020 7017 4077
Peter Rigby, Chief Executive
Adam Walker, Finance Director
James Gareh, Investor Relations
Financial Dynamics
20 7831 3113
Charles Palmer