LONDON (ShareCast) - (Sharecast News) - Events, digital services and business information specialist Informa reported a robust 2023 performance in a trading update on Thursday, alongside optimism over further growth in 2024.
The company said it expected to achieve a 2023 underlying revenue growth of about 30%, with reported revenue of over £3.17bn, adjusted operating profit of around £845m, and free cash flow of over £600m.

For 2024, Informa anticipated high single-digit underlying revenue growth, with reported revenue projected to be between £3.43bn and £3.48bn, and adjusted operating profit expected to range from £945m to £965m.

The company's strong performance was leading to improving shareholder returns, with a significant portion of the current share buyback programme completed by year-end and a substantial increase in the 2023 dividend.

Informa said its B2B digital services were also set to experience accelerated growth following the announcement of the combination of Informa Tech's digital businesses with US-based TechTarget, which was expected to elevate annual B2B revenues to around £3bn after completion in the second half of 2024.

Additionally, the company expected continued growth in its academic markets, with an underlying revenue growth target of approximately 4% for 2024.

Informa said its positive outlook was underpinned by its strong position in live and on-demand B2B events, specialist knowledge, and high-growth B2B markets such as pharma, healthcare, technology, health and nutrition, beauty, and aviation, as well as its international reach and solid balance sheet.

"Informa delivered a standout performance in 2023 and we are committing to further strong growth in 2024," said group chief executive officer Stephen Carter.

At 0852 GMT, shares in Informa were down 2.11% at 768.6p.

Reporting by Josh White for Sharecast.com.

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