Informa (INF) H2 2024 earnings summary

Executive summary

• Achieved double-digit growth in revenue (+11.4%), adjusted operating profit (+16.5%), and free cash flow (+28.6%) year-over-year, with reported revenue at £3,553m and adjusted operating profit at £995m.

• Underlying revenue growth reached 11.6%, with adjusted EPS up 10.6% to 50.1p and dividend per share up 11.1% to 20.0p.

• Strong international expansion, especially in the US, North America, China/Asia, IMEA, and GCC/Southeast Asia, underpinned by investments in technology and data platforms.

• Academic markets achieved their best-ever revenue and performance, driven by content deals, open business growth, and new leadership.

• B2B business now generates over $4 billion in revenue, with 65+ marquee brands and a diversified international footprint.

Financial highlights

• Revenue increased to £3,553m from £3,190m year-over-year (+11.4%), with double-digit underlying growth in revenue and operating profit.

• Adjusted operating profit rose to £995m from £854m (+16.5%).

• Free cash flow grew to £812m from £632m (+28.6%).

• Dividend per share increased to 20.0p from 18.0p (+11.1%), with margins continuing to improve.

• Share buyback program recommenced with a minimum of GBP 200 million for the year.

Outlook and guidance

• 2025 guidance targets 5%+ group underlying revenue growth and £4.1bn+ group revenue, with academic at 4% and B2B at 7%+.

• Double-digit adjusted EPS growth expected in 2025, with EPS guidance of GBP 0.56–0.58 (up from GBP 0.50 in 2024).

• Further dividend growth and ongoing share buybacks planned.

• Deleveraging to 1.5x–2.5x net debt to adjusted EBITDA targeted.

• Focus on organic growth, deleveraging, and maximizing value from recent acquisitions and partnerships.