6th Jan 2021 08:26
(Alliance News) - Informa PLC on Wednesday said it expects to post annual revenue in line with its September interim guidance and also announced the promotion of John Rishton as its next chair.
Rishton is chair-elect at London-listed security services firm Serco Group PLC and also an Informa board member.
London-based business publisher and events organiser Informa said Rishton "brings significant non-executive board experience to the role" as a result of his time on the board of consumer goods firm Unilever PLC as well as his time as chair-elect at Serco.
Rishton's "period as chair of the audit committee and non-executive director at Informa" also were noted. He takes over from Derek Mapp as chair at the company's June annual general meeting and will be succeeded as audit committee chair by Gill Whitehead.
Mapp said: "We have agreed a handover period that allows for the completion of the year-end process and announcement of Informa's 2020 full-year results, after which I will hand over to John as chair of the Informa group."
For 2020, Informa expects to report revenue in the range of GBP1.65 billion and GBP1.68 billion, in line with guidance provided back in September for revenue of GBP1.7 billion. This would be at best down 42% from GBP2.89 billion in 2019.
Adjusted operating profit will tumble to between GBP250 million and GBP270 million, from GBP933.1 million.
The company did note that it delivered GBP600 million in cost savings by year end, and it has seen a "continued return and recovery of physical events in mainland China and other parts of Asia".
"Demand for specialist data and knowledge remained strong throughout 2020, despite the widespread disruption and uncertainty created by the Covid-19 pandemic. This was evident in the consistent performance of our Subscription-led businesses, in aggregate contributing more than GBP300 million of adjusted operating profit in the year and providing the group with strength in the face of significant disruption to our physical events businesses," said Informa.
Looking ahead, the company is expecting markets to gradually reopen with a recovering in consumer confidence to begin recovery in 2021 and will take advantage of opportunities for physical events "as they arise".
"It is likely to be a year of return for physical events, rather than full rebound and recovery but the shape and mix of our portfolio, focused on major brands in major markets on major trade routes, puts us in a good position. This is further supported by our decision to extend our postponement programme for physical events, pushing the launch of the 2021 calendar to late Spring but with 90% of the physical events outside of mainland China that are planned in the year now scheduled to run from June onwards," said Informa.
Shares in Informa were up 1.8% at 546.40 pence in London on Wednesday morning.
By Anna Farley; [email protected]
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