Informa (INF) AGM 2024 & Trading update summary

Opening remarks and agenda

• Presentation theme was “Continuing Momentum and Growth”; Stephen A. Carter said 10%+ growth marked a shift in gear after a stronger post-pandemic structure.

Financial performance review

• Five-month underlying revenue growth was 10.1%; ~£1.4bn of 2024 revenue was delivered year to date, with ~£1bn committed or visible and strong event rebooking into 2025.

• 2024 guidance was reaffirmed, with performance targeted at the upper end: revenue £3,450m–£3,500m, adjusted operating profit £950m–£970m and free cash flow £720m++.

• Operating cash flow conversion target was 90%+; 2024 capex guidance was £100m–£140m, or 3%–4% of revenue.

• 2023 year-end leverage was 1.4x net debt/EBITDA, against a 1.5–2.5x target; Moody’s and S&P upgraded credit ratings to Baa2 and BBB.

• 2024 underlying revenue growth targets were high single digits overall, high single digits for B2B Markets and 5%+ for Academic Markets.

Board and executive committee updates

• Penny Ladkin-Brand was appointed CEO of Taylor & Francis Group, joining from Future PLC at the end of June 2024.

• Jill Dougan was named Chief Marketing Officer; Claire Semple became Chief Talent and Inclusion Officer, succeeding Linda Blackaby in the latter role.