8th May 2024 09:08
(Alliance News) - Informa PLC on Wednesday enhanced its share buyback programme amid strong trading across the business.
Shares in the London-based business information publisher and events organiser rose 2.6% to 853.00 pence in London on Wednesday. The wider FTSE 100 index was up just 0.4%.
Chief Executive Stephen Carter said: "All Informa's businesses are performing ahead or in line with 2024 targets, delivering growth and momentum which sees us delivering at the upper end of guidance range."
Carter said this has enabled Informa to increase its 2024 share buyback programme by a further GBP160 million to GBP500 million.
In a trading update to the end of April, Informa said all businesses were delivering ahead of or in line with 2024 targets.
The company said it was performing to the upper end of market guidance on revenue, adjusted operating profit and free cash flow.
Informa said underlying revenue growth across both business-to-business markets and academic markets was in line or ahead of its expectations.
Momentum is strong across all major geographic regions, including North America, Asia and India, Middle East & Africa, with notable performances in B2B markets in Healthcare, Manufacturing, Technology Real Estate & Construction and Aviation amongst others, Informa said.
As a result, Informa sees 2024 revenue at the upper end of the previously guided range of GBP3.45 billion to GBP3.50 billion.
Adjusted operating profit is forecast at the upper end of the GBP950 million to GBP970 million range.
Academic Markets underlying revenue growth is forecast of more than 5%, up from guidance of 4% before.
B2B markets underlying revenue growth is expected of high single digit, unchanged from before.
Informa also announced a non-exclusive agreement with Microsoft Corp, including access to advanced learning content and data, and a partnership to explore artificial intelligence expert applications.
The agreement includes payment to Informa of both an initial data access fee, more than USD10 million, and a recurring payment across three years from 2025 to 2027.
In addition, Informa said it continues to make good progress on the proposed combination of Informa Tech's Digital Businesses with US-listed TechTarget Inc.
Informa also strengthened its leadership team.
Penny Ladkin-Brand joins as Chief Executive of Taylor & Francis while Jill Dougan has been appointed to the newly created role of Group Chief Marketing Officer.
Ladkin-Brand is currently chief financial and strategy officer at Future PLC. Dougan joins from Centrica PLC where she has held a a number of senior roles.
By Jeremy Cutler, Alliance News reporter
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