21st Oct 2013 06:27
LONDON (Alliance News) - Publishing firm Informa Plc. (INF.L, INFMF.PK), in its Interim Management Statement for the nine-month period ended 30 September, said it remains confident of meeting expectations for the full year.
Peter Rigby, Chief Executive said, "It has been a solid quarter for the Group with good performances in each division ensuring positive organic growth across the first nine months of the year, despite the absence of our Brazilian biennial exhibition in 2013."
In Academic Information, Like-for-like revenue growth after nine months of the year was 4.0%, slightly higher than the run-rate at the H1 stage. This reflected a good performance by both its books and journals businesses but also the benefit of favourable phasing. It expects the rate of growth to fall in the fourth quarter as the pattern of sales evens out.
In Professional and Commercial Information, The like-for-like revenue decline after nine months of the year was -3.6%, an improvement from the -4.1% reported at the interim results stage. These figures include the full year impact of product pruning completed in 2012, equating to lost revenue of about 6 million pounds across 2013.
The company said its cash performance remains on track, with its year-to-date rate of conversion of operating profits into cash at 70%, ahead of the same point last year. At the end of September it completed the disposal of its five Corporate Training businesses to Providence Equity Partners and received the initial cash proceeds of about $100 million, which has been used to pay down debt.
Copyright RTT News/dpa-AFX
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