REG - Informa PLC - 2025 Half Year Results
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RNS Number : 1376S Informa PLC 23 July 2025
Informa PLC 2025 Half Year Results
23 July 2025
Continuing Growth and Delivery
20%+ growth in adjusted earnings, strong forward visibility and upgraded full
year guidance
Informa (LSE: INF.L), the international Live B2B Events, B2B Digital Services
and Academic Markets Group today published half year results for 2025,
delivering 20%+ reported revenue growth, increasing operating margins and
confirming £150m of additional share buybacks.
Stephen A. Carter, Group Chief Executive, Informa PLC, said:
"Informa is further increasing the pace of performance, delivering 20%+ growth
in our four key performance measures: Revenues, Profits, Earnings and Free
Cash Flow."
He added:
"Informa is built around world class Brands, leading International market
positions, First Party Data and, most importantly, Colleagues with specialist
expertise and a passion to deliver for customers."
2025 Half Year Results…
· Double-digit reported growth: Informa delivered 20%+ growth in
Revenues (+20.1% to £2,035.9m), Adjusted Operating Profit (24.0% to
£578.9m), Adjusted Diluted Earnings per Share (+25.2% to 29.8p) and Free Cash
Flow (+25.0% to £356.9m), reflecting strong underlying growth and the benefit
of last year's portfolio expansion;
· Strong underlying growth(1): Underlying revenues +7.8% and
underlying adjusted operating profit +9.2% in H1 2025, reflecting further
strong growth in Live B2B Events and Academic Markets;
· Revenue visibility and quality: c.£3.1bn, representing c.80% of
2025 revenue, is committed or visible through subscriptions, forward bookings
and contracts, up from c.£2.7bn at H1 2024; A further £0.5bn+ of revenue is
booked and committed for 2026, up c.15% year-on-year;
· Upgraded 2025 guidance: Group underlying revenue growth guidance
increased from 5%+ to 6%±, including 8%+ in Live B2B Events; Reported revenue
guidance maintained at £4bn± and adjusted earnings growth increased to 10%+,
despite further weakening of US dollar (2025 average GBP/USD 1.33 versus 1.32
at the AGM Trading Update);
· Higher operating margin: Adjusted Operating Margin increased to
28.4% (H1 2024: 27.5%), underpinned by further underlying profit growth and
ongoing AI Data Licencing Agreements;
· Statutory performance: H1 2025 statutory revenue of £2,035.9m
(H1 2024: £1,695.3m), statutory operating loss of £137.0m (H1 2024: £262.9m
profit) and statutory diluted EPS of (5.9)p (H1 2024: 10.8p), reflecting
Informa TechTarget non-cash impairment (£484.2m) based on current US public
market valuation of Informa TechTarget and its US trading performance;
· Balance sheet strength: €700m bond issue completed, extending
pro-forma average debt maturity to 4.5 years and securing long-term financing
flexibility.
The Informa Growth Platform…
· Live B2B Events…Continuing strong growth: Demand for
category-leading live B2B events which deliver unique experiences, specialist
content and access to international supply chains, reflected in another period
of market-leading growth (8.5% underlying revenue growth in H1);
· Taylor & Francis…Further strong growth: Subscription
renewals, further expansion in Open Research and continuing demand for
specialist data and content archives underpins 11.9% underlying revenue growth
in the first half, including 3-4% core underlying growth when excluding
non-recurring Data Licensing Agreements;
· Informa TechTarget…2025 - The Foundation Year: Combination
programme delivering accelerated cost synergies, portfolio simplification and
increasing commercial focus in a subdued market (-4.3% underlying revenues
in H1); Full year guidance for broadly flat revenues, with a tolerance range
of +1% to -5% modelled within Informa's 2025 guidance;
· 2025-2028 One Informa: Four-year programme designed to maximise
Informa's growth platform, capitalising on structural growth in our core
markets:
· Market-Leading Specialist Brands...Aligning 800+ specialist B2B
Brands to the Informa brand to further enhance profile and maximise
opportunities for Brand Syndication and Partnership growth;
· Growth Markets...Deepening position in key B2B growth markets,
including recent expansion in Luxury & Lifestyle through Informa Prestige,
which now includes 10+ unique, high value brands (e.g. Palm Beach Boat Show,
Boat International Publishing Group, Fort Lauderdale Boat Show, Monaco Yacht
Show, Art Miami, Art Monte-Carlo), generating $150m-200m of revenues;
· Growth Geographies...Further syndication of B2B Brands in
faster-growth geographies, including India, Vietnam, Indonesia, The Kingdom of
Saudi Arabia and The UAE, including the launch of Money 20/20 Middle East in
Riyadh and the proposed Dubai-based combination with Dubai World Trade Centre;
Continuing international expansion of Academic, particularly in Open Research
and Researcher Services;
· AI Time Dividend...Deployment of Informa's proprietary specialist
AI agent, Elysia, across the Group, providing all Colleagues with a powerful
tool to drive efficiency and creativity, enabling reinvestment of time
efficiency in growth and innovation;
· Marketing Effectiveness...Further embedding the use of the IIRIS
Customer Data Platform across the Group, enhancing marketing effectiveness,
customer targeting and audience scale/quality;
· Enhanced Customer Experience...Investment in further improving
the Live B2B Events experience, including additional services, streamlined
buying and self-service flexibility;
· Operating effectiveness...Simplifying the business, removing
duplication and better leveraging technology to underpin the long-term
profitability of the Group.
Increasing Shareholder Returns…
· Free cash flow strength...Strong cash conversion continues to
provide flexibility for organic investments, portfolio expansion and
consistent shareholder returns;
· Consistent dividend growth...2025 interim dividend increased 9.4%
year-on-year to 7.0p;
· Increasing shareholder returns...Share buybacks of £200m
completed year-to-date, with an additional £150m committed in the second
half, taking total share buybacks to £350m in 2025 and over £1.8bn since
2022.
(1)In this report, we refer to non-statutory measures, as defined in the
Glossary on page 59.
Enquiries
Stephen A. Carter, Group Chief Executive +44 (0) 20 8052 0400
Gareth Wright, Group Finance Director +44 (0) 20 8052 0400
Richard Menzies-Gow, Director of IR & Communications +44 (0) 20 8052 2787
Tim Burt / Anthony Di Natale - Teneo +44 (0) 7583 413254 / +44 (0) 7880 715975
H1 2025 Financial Summary
H1 2025 H1 2024(4) Reported Underlying(2)
£m £m % %
Revenue 2,035.9 1,695.3 20.1 7.8
Statutory operating profit / (loss) (137.0) 262.9
Adjusted operating profit(3) 578.9 466.9 24.0 9.2
Adjusted operating margin (%)(3) 28.4 27.5
Statutory profit / (loss) before tax (254.2) 237.4
Adjusted profit before tax(3) 515.9 441.2 16.9
Statutory diluted earnings per share (p) (5.9) 10.8 n/a
Adjusted diluted earnings per share (p)(3) 29.8 23.8 25.2
Cash flow from operating activities(3) 327.8 285.4 14.9
Free cash flow(3) 356.9 285.5 25.0
Net debt (incl. leases)(3) 2,968.8 1,712.6
Dividend per share (p) 7.0 6.4 9.4
H1 2025 Divisional Highlights
H1 2025 H1 2024(4) Reported Underlying(2)
£m £m % %
Live B2B Events:
Revenue:
Informa Markets 952.2 865.9 10.0 10.0
Informa Connect 372.9 389.9 (4.4) 6.4
Informa Festivals 210.5 38.9 441.1 5.7
Total Live B2B Events Revenue 1,535.6 1,294.7 18.6 8.5
Statutory operating profit / (loss) 303.6 226.2
Adjusted operating profit(3) 468.3 372.8 25.6 8.1
Adjusted operating margin(3) (%) 30.5 28.8
Taylor & Francis
Revenue 328.7 301.1 9.2 11.9
Statutory operating profit / (loss) 94.8 71.9
Adjusted operating profit(3) 110.4 94.4 16.9 17.8
Adjusted operating margin(3) (%) 33.6 31.4
Informa TechTarget
Revenue 171.6 99.5 72.5 (4.3)
Statutory operating profit / (loss) (535.4) (35.2)
Adjusted operating profit(3) 0.2 (0.3) n/a n/a
Adjusted operating margin(3) (%) 0.1 n/a
(2)In this document we refer to Statutory (Reported) and Underlying results.
Underlying figures are adjusted for acquisitions and disposals, the phasing of
events including biennials, the impact of changes from new accounting
standards and accounting policy changes, and the effects of currency. It
includes, on a pro-forma basis, results from acquisitions from the first day
of ownership in the comparative period and excludes results from disposals
from the date of disposal in the comparative period. Statutory figures exclude
such adjustments. Alternative performance measures are detailed in the
Glossary.
(3)In this document we also refer to Statutory (Reported) and Adjusted
results, as well as other non-statutory financial measures. Adjusted results
are prepared to provide an alternative measure to explain the Group's
performance. Adjusted results exclude adjusting items as set out in Note 4 to
the Condensed Consolidated Financial Statements. Operating Cash Flow, Free
Cash Flow, Net Debt and other non-statutory measures are detailed in the
Financial Review and Glossary. This is consistent with prior periods.
(4)H1 2024 represents restated segment classifications following the
reorganisation of the Group which was effective as of 1 January 2025. Further
details can be found on Notes 3 and 17 to the financial statements.
Trading Outlook
The Informa Group continues to consistently deliver 5%+ underlying revenue
growth and improving operating margins, underpinned by market-leading
specialist brands and a growth platform embedded in fast growth customer
markets and all major geographic regions.
2025 Full Year Guidance Upgraded
Strong overall performance in the first half of 2025 and good visibility
through the remainder of the year lead to upgraded full year guidance with
Group underlying revenue growth increased from 5%+ to 6%±, including 8%+
underlying revenue growth in Live B2B Events (Informa Markets, Informa
Connect, Informa Festivals).
Academic Markets (Taylor & Francis) is targeting underlying growth of 3-4%
(excluding non-recurring Data Licensing Agreements), with overall revenues
expected to be slightly lower than last year, due to the $75m+ of
non-recurring Data Licensing Agreements secured in 2024.
Informa TechTarget is guiding to broadly flat revenues for the full year,
implying an improvement in run rate through the second half. We are modelling
a tolerance range of +1% to -5% underlying revenue growth within Informa's
full year guidance.
On a reported basis, we have maintained full year guidance for Revenue at
£4bn± and increased adjusted earnings growth to 10%+. This is despite
further weakening of the US dollar (2025 average GBP/USD 1.33 versus 1.32
within the AGM Trading Update), with every cent movement impacting revenues by
c.£18m and adjusted operating profit by c.£7m on a full year basis.
Increasing Shareholder Returns
We remain committed to delivering consistent returns to shareholders,
supported by the strength of our underlying performance and a balanced
approach to capital allocation. Our priority is organic investment, with the
current focus on our One Informa programme.
We are committed to progressive dividends, confirming a 9%+ increase to 7.0p
in the 2025 interim dividend, following on from the c.11% dividend increase in
full year 2024.
Excess capital is balanced between inorganic investment and share buybacks,
whilst maintaining leverage within our target range of 1.5x to 2.5x net debt
to adjusted EBITDA. In 2025, our focus is on the full integration of
businesses acquired in 2024, including Ascential, which is performing ahead of
its acquisition model. This includes the launch of Money 20/20 Middle East in
Riyadh within our first year of ownership.
Share buybacks offer attractive returns and year-to-date we have acquired
£200m of shares at an average price of 757p, reducing our share count by
26.4m. Today we confirm a further £150m of share buybacks through the second
half.
Live B2B Events (Informa Markets, Informa Connect, Informa Festivals)
Our portfolio of 800+ specialist, category-leading B2B Brands serving 30+
growth markets continues to deliver market-leading performance, with
particular strength through the first half in Healthcare (WHX), Construction
(World of Concrete), Private Capital (SuperReturn) and Marketing (Cannes
Lions).
Geographic breadth and reach are key strengths, including leading positions in
both large-scale developed markets and faster growing geographies such as
India, Vietnam, Indonesia, The Kingdom of Saudi Arabia and The UAE. This
diversity is providing strength and resilience, enabling us to deliver
consistent strong growth overall even when the macroeconomic backdrop and
overall levels of activity ease in individual markets.
Live B2B Events advance book and take pre-commitments from customers,
providing forward visibility and secure cash flows. Forward commitments remain
strong, with the vast majority of events revenue now booked for the full year
2025 and with rebooking into 2026 also strong.
Full year underlying revenue growth target in 2025 upgraded to 8%+.
Academic Markets (Taylor & Francis)
Taylor & Francis continues to deliver strong growth, reflecting the
enduring value of unique specialist knowledge and the depth and scale of our
content portfolio, which includes 2,500+ peer review journals and 200,000+
specialist book titles.
Performance is underpinned by subscription renewals, with high levels of
retention and cash collections through 2025 and with continuing confidence in
the renewal season for 2026. This is supported by continuing strong growth in
both Open Research submissions and publications.
We continue to deepen relationships with AI companies, as we further embed the
technology into our internal systems and processes to drive efficiency and
innovation, but also as we target further Data Licensing Agreements. In 2024,
we generated $75m+ of non-recurring Data Licensing Agreements, with some
additional forward recurring revenue streams. In 2025 we have delivered
further non-recurring Data Licensing Agreements, underlining the value of our
data and content archives.
Full year underlying revenue growth target in 2025 of 3-4% (excluding
non-recurring Data Licensing Agreements).
Informa TechTarget
2025 is The Foundation Year for Informa TechTarget, following the combination
of TechTarget and Informa Tech's digital businesses in December 2024. The
market backdrop is still subdued. The Company has adopted an accelerated
approach to its Combination Plan, confirming leadership appointments,
reporting lines and responsibilities.
The next phase of the Combination Plan includes streamlining certain functions
and processes to prioritise reinvestment and resources into areas of
particular strength and opportunity, including in go-to-market, with a key
focus on major customer accounts.
The first half has been impacted by delays to filing, reflecting the
complications of auditing historical accounts for a UK IFRS and US GAAP
combination. The Company recently filed its 10-Q for Q1, regaining compliance
with NASDAQ listing rules and enabling the Group to put full focus on its
operational performance ahead of reporting its Q2 results by 14 August.
Informa TechTarget is targeting broadly flat revenues for the full year 2025.
Financial review
Income Statement
The financial results for the six months to 30 June 2025 ("H1 2025") reflect a
strong trading performance across the Group's Live B2B Events businesses
(Informa Markets, Informa Connect, Informa Festivals) and in Academic Markets
(Taylor & Francis), whilst Informa TechTarget launched its combination
programme against the backdrop of what continued to be a subdued market in H1
2025. Reported revenues and adjusted operating profits were significantly
higher than the prior year, driven by strong underlying revenue growth and the
benefit of portfolio expansion.
Adjusted results Adjusting items Statutory results Adjusted results Adjusting items Statutory results
H1 2025
H1 2025
H1 2024
H1 2024
H1 2025 H1 2024
£m £m £m £m £m £m
Revenue 2,035.9 - 2,035.9 1,695.3 - 1,695.3
Operating profit/(loss) 578.9 (715.9) (137.0) 466.9 (204.0) 262.9
Fair value (loss)/gain on investments - (51.9) (51.9) - 4.3 4.3
Profit/(loss) on disposal of subsidiaries and operations - 0.3 0.3 - (4.1) (4.1)
Net finance costs (63.0) (2.6) (65.6) (25.7) - (25.7)
Profit/(loss) before tax 515.9 (770.1) (254.2) 441.2 (203.8) 237.4
Tax (charge)/credit (105.8) 88.6 (17.2) (90.5) 27.7 (62.8)
Profit/(loss) for the period 410.1 (681.5) (271.4) 350.7 (176.1) 174.6
Adjusted operating margin 28.4% 27.5%
Adjusted and statutory diluted earnings/(loss) per share (p) 29.8 (5.9) 23.8 10.8
Financial Results
Informa delivered a 20.1% increase in revenue in the first half to £2,035.9m,
reflecting a 7.8% increase on an underlying basis.
Adjusted operating profit was £578.9m, which was 24.0% higher year-on-year
and 9.2% higher on an underlying basis, reflecting strong underlying revenue
growth and increased adjusted operating margins.
The Group reported a statutory operating loss of £137.0m, compared with a
statutory operating profit of £262.9m for the six months to 30 June 2024,
with the decrease primarily driven by a non-cash impairment of goodwill in
Informa TechTarget.
Statutory net finance costs were £65.6m for H1 2025 (H1 2024: £25.7m), and
adjusted net finance costs were £63.0m (H1 2024: £25.7m). The increase was
driven by higher interest costs arising from the issuance of €2.45bn of Euro
Medium Term Notes, €1.75bn of which were issued in October 2024 and
€700.0m of which were issued in June 2025.
The Group reported a statutory loss before tax of £254.2m, compared with a
statutory profit before tax of £237.4m in the six months ended 30 June 2024,
reflecting the factors outlined above. The loss in the period led to a
statutory tax charge of £17.2m in H1 2025 compared with a tax charge of
£62.8m in the six months ended 30 June 2024.
Adjusted diluted earnings per share (EPS) increased by 25.2% to 29.8p from
23.8p in the six months to 30 June 2024.
On a statutory basis, the Group reported a diluted loss per share of 5.9p,
compared with statutory diluted EPS of 10.8p for the six months ended 30 June
2024.
Measurement and Adjustments
In addition to statutory results, adjusted results are prepared for the Income
Statement. These include adjusted operating profit, adjusted diluted EPS and
other underlying measures. A full definition of these metrics can be found in
the Glossary of terms on page 59. The divisional table on page 8 provides a
reconciliation between statutory operating profit and adjusted operating
profit by division.
Revenue and adjusted operating profit growth on an underlying basis are
reconciled to statutory growth in the table below:
Underlying growth Phasing Acquisitions and disposals Currency change and other Reported growth
H1 2025
Revenue 7.8% 0.5% 14.6% (2.8)% 20.1%
Adjusted operating profit 9.2% 1.5% 14.6% (1.3)% 24.0%
Adjusting Items
The items below have been excluded from adjusted results. The total adjusting
items included in the statutory operating (loss)/profit in the period were
£715.9m (H1 2024: £204.0m).
H1 2025 H1 2024 FY 2024
£m £m £m
Intangible asset amortisation(1) 173.9 155.9 309.6
Impairment - goodwill 484.2 - -
Impairment - acquisition-related and other intangible assets 8.5 - 28.5
Impairment - right-of-use assets 5.2 3.9 5.0
Acquisition costs 3.3 23.7 66.0
Integration costs 33.7 11.5 42.2
Restructuring and reorganisation costs 9.0 4.9 14.1
Exceptional foreign exchange gain (4.8) - -
Fair value gain on contingent consideration (1.4) (15.4) (29.5)
Fair value loss on contingent consideration 4.3 19.5 16.3
Adjusting items in operating (loss)/profit(2) 715.9 204.0 452.2
Fair value loss/(gain) on investments 51.9 (4.3) 9.2
(Profit)/loss on disposal of subsidiaries and equity interests (0.3) 4.1 24.1
Finance costs 2.6 - 22.6
Adjusting items in (loss)/profit before tax 770.1 203.8 508.1
Tax related to adjusting items (88.6) (27.7) (137.3)
Adjusting items in (loss)/profit for the period 681.5 176.1 370.8
1. Intangible asset amortisation is in respect of acquired intangibles and
excludes amortisation of software and non-acquired product development of
£19.0m (H1 2024: £22.8m; FY 2024: £46.1m)
2. Includes £nil (H1 2024: £1.5m; FY 2024: £1.5m) relating to joint
ventures and associates
Intangible asset amortisation of £173.9m (H1 2024: £155.9m) is the
amortisation charged in respect of intangible assets, including product
development, acquired through business combinations or the acquisition of
trade and assets. The charge is not considered to be related to the underlying
performance of the Group and it can fluctuate materially period-on-period as
and when new businesses are acquired or divested. Revenue and results from the
related business combinations have been included within the adjusted results.
By contrast, intangible asset amortisation arising from software assets and
product development is treated as an ordinary cost in the calculation of
operating profit, so is not treated as an adjusting item.
Impairment of goodwill of £484.2m reflects a non-cash impairment charge in
relation to Informa TechTarget, which has arisen as a result of the Group's
review of the carrying value of goodwill on the Group's balance sheet. The
impairment review is performed at least annually or more frequently where an
indicator exists. An impairment indicator was identified due to the market
capitalisation of Informa TechTarget falling below its net assets and a 4.3%
decline in underlying revenues being reported for H1 2025. This performance
reflects a subdued market backdrop, with enterprise technology customers
continuing to prioritise AI-related research and development over investment
in product marketing and sales support.
Divisional Performance
The tables below show the H1 2025 results by Division following the
reorganisation of the Group as described in Note 3 of the Condensed
Consolidated Financial Statements, highlighting the Group's continued strong
growth:
Informa Markets Informa Connect Informa Festivals Live B2B Events Taylor & Francis Informa TechTarget
Total
£m £m £m £m £m £m £m
Revenue 952.2 372.9 210.5 1,535.6 328.7 171.6 2,035.9
Underlying revenue growth/(decline) 10.0% 6.4% 5.7% 8.5% 11.9% (4.3)% 7.8%
Live B2B Taylor Informa TechTarget Total
Events & Francis
£m £m £m £m
Statutory operating profit/(loss) 303.6 94.8 (535.4) (137.0)
Add back:
Intangible asset amortisation(1) 133.8 10.3 29.8 173.9
Impairment - goodwill - - 484.2 484.2
Impairment - acquisition-related and other intangibles 8.5 - - 8.5
Impairment - right-of-use assets 1.3 0.1 3.8 5.2
Acquisition costs 1.2 - 2.1 3.3
Integration costs 16.6 0.5 16.6 33.7
Restructuring and reorganisation costs/(credits) 4.0 5.5 (0.5) 9.0
Exceptional foreign exchange gain (3.6) (0.8) (0.4) (4.8)
Fair value gain on contingent consideration (1.4) - - (1.4)
Fair value loss on contingent consideration 4.3 - - 4.3
Adjusted operating profit 468.3 110.4 0.2 578.9
Underlying adjusted operating profit growth/(decline) 8.1% 17.8% (69.6)% 9.2%
1. Intangible asset amortisation is in respect of acquired
intangibles and excludes amortisation of software and non-acquired product
development
Adjusted Net Finance Costs
Adjusted net finance costs for the period, which consist of interest costs on
our corporate bond borrowings and loans, partially offset by interest income
on bank deposits, were £63.0m compared to net finance costs of £25.7m in H1
2024. Statutory net finance costs were £65.6m compared to net finance costs
of £25.7m in H1 2024. This increase is due to the issuance of €2.45bn of
Euro Medium Term Notes, comprised of €1.75bn issued in the second half of
FY24 to fund acquisition activity, and an additional €700.0m issued in H1
2025, adding to the Group's interest costs.
A reconciliation of statutory finance costs and finance income to the adjusted
net finance costs is set out below:
H1 2025 H1 2024 FY 2024
£m £m £m
Finance income (7.5) (6.6) (12.9)
Finance costs 73.1 32.3 115.1
Statutory net finance costs 65.6 25.7 102.2
Add back: adjusting items relating to finance costs(1) (2.6) - (22.6)
Adjusted net finance costs 63.0 25.7 79.6
1. The adjusting items relating to finance costs for the six
months ended 30 June 2025 relate to a fair value adjustment arising on
convertible loan notes acquired as part of the TechTarget acquisition in
December 2024. The convertible loan notes were repaid in January 2025. The
adjusting items for finance costs in 2024 relate to fair value losses on
derivative contracts executed in expectation of the October 2024 EMTN issuance
and fees on the Ascential acquisition bridge facility
Taxation
The Group continues to recognise that taxes paid are part of the economic
benefit created for the societies in which we operate, and that a fair and
effective tax system is in the interests of taxpayers and society at large. We
aim to comply with tax laws and regulations everywhere the Group does
business, and Informa has open and constructive working relationships with tax
authorities worldwide. Our approach balances the interests of stakeholders
including shareholders, governments, colleagues and the communities in which
we operate.
The Group's adjusted effective tax rate (as defined in the Glossary of terms)
reflects the blend of tax rates and profits in the jurisdictions in which we
operate. In H1 2025, the adjusted effective tax rate was 20.5% (H1 2024:
20.5%).
Earnings Per Share
Adjusted diluted EPS was 25.2% higher at 29.8p (H1 2024: 23.8p), largely
reflecting higher adjusted earnings of £394.7m (H1 2024: £323.1m) together
with a 2.7% decrease in the weighted average number of shares, following the
continuation of the Group's Share Buyback Programme.
An analysis of adjusted diluted EPS and statutory diluted EPS is set out
below:
H1 2025 H1 2024 FY 2024
£m £m £m
Statutory (loss)/earnings (77.4) 147.3 297.7
Add back: Adjusting items in profit/(loss) for the period 681.5 176.1 370.8
Adjusted profit for the period 604.1 323.4 668.5
Non-controlling interests relating to adjusting items (209.4) (0.3) 4.8
Adjusted earnings 394.7 323.1 673.3
Weighted average number of shares used in adjusted diluted EPS (m) 1,322.5 1,359.0 1,344.0
Adjusted diluted EPS (p) 29.8 23.8 50.1
H1 2025 H1 2024 FY 2024
£m £m £m
Statutory (loss)/profit for the period (271.4) 174.6 366.4
Non-controlling interests 194.0 (27.3) (68.7)
Statutory (loss)/earnings (77.4) 147.3 297.7
Weighted average number of shares used in diluted EPS (m) (1) 1,313.3 1,359.0 1,344.0
Statutory diluted EPS (p) (5.9) 10.8 22.2
1. For 30 June 2025, dilutive potential ordinary shares have
no effect on the calculation of diluted statutory EPS as their conversion into
ordinary shares cannot increase the loss per share
Dividends
The Group has a progressive dividend policy, with a view to growing dividends
steadily and consistently, striking a balance between rewarding shareholders
and retaining the financial strength and flexibility to reinvest in the
business and pursue attractive growth opportunities.
For H1 2025, the Board has declared an interim dividend of 7.0p per share (H1
2024: 6.4p per share). The interim dividend will be paid on 19 September 2025
to ordinary shareholders registered as at the close of business on 8 August
2025. The Dividend Reinvestment Plan (DRIP) will be available for the interim
dividend and the last date for receipt of elections for the DRIP will be 29
August 2025.
Currency Movements
One of the Group's strengths is its international reach and balance, with
colleagues and businesses located in most major economies of the world. The
Group therefore generates revenues and expenses in a mixture of currencies,
with particular exposure to the US dollar, as well as some exposure to the
Euro and the Chinese renminbi.
In H1 2025, approximately 62% (H1 2024: 64%) of Group revenue was received in
USD or currencies pegged to USD, with 13% (H1 2024: 8%) received in Euro and
7% (H1 2024: 8%) in Chinese renminbi.
Similarly, in H1 2025 we incurred approximately 54% (H1 2024: 54%) of our
costs in USD or currencies pegged to USD, with 8% (H1 2024: 3%) in Euro and 6%
(H1 2024: 7%) in Chinese renminbi.
In H1 2025 each one cent ($0.01) movement in the USD to GBP exchange rate had
a circa £18m (H1 2024: circa £18m) impact on annual revenue, and a circa
£7m (H1 2024: circa £7m) impact on annual adjusted operating profit.
The following rates versus GBP were applied during the period:
H1 2025 H1 2024 FY 2024
Closing Average rate Closing Average Closing Average
rate rate rate rate rate
US dollar 1.37 1.30 1.26 1.27 1.26 1.28
Chinese renminbi 9.81 9.42 9.19 9.12 9.17 9.20
Euro 1.17 1.19 1.18 1.17 1.21 1.18
Free Cash Flow
Cash generation and cash management remain a key priority and focus for the
Group, providing the funds and flexibility for paying down debt, future
organic and inorganic investment and consistent shareholder returns. Our
businesses typically convert adjusted operating profit into cash at a strong
rate, reflecting the relatively low capital intensity of the Group. In 2025,
despite higher net interest payments, absolute levels of free cash flow
continued to grow year-on-year, reflecting further strong growth in profits
and efficient cash management.
The following table reconciles the statutory operating profit to operating
cash flow and free cash flow, both of which are defined in the Glossary of
terms.
H1 2025 H1 2024 FY 2024
£m £m £m
Statutory operating (loss)/profit (137.0) 262.9 542.8
Add back: Adjusting items 715.9 204.0 452.2
Adjusted operating profit 578.9 466.9 995.0
Software and product development amortisation 19.0 22.8 46.1
Depreciation of property and equipment 9.9 7.9 17.5
Depreciation of right-of-use assets 21.0 13.6 27.1
Share-based payments 20.2 9.0 22.2
Loss on disposal of other assets 0.1 0.1 0.1
Adjusted share of joint venture and associate results (1.8) (1.3) (2.8)
Net exchange differences - - 0.9
Adjusted EBITDA(1) 647.3 519.0 1,106.1
Capital expenditure (44.1) (43.5) (100.0)
Working capital movement(2) (123.2) (104.7) 34.2
Pension deficit contributions (0.1) (0.6) (1.1)
Operating Cash Flow 479.9 370.2 1,039.2
Restructuring and reorganisation (13.8) (12.6) (30.6)
Net interest payments (51.1) (18.0) (74.2)
Taxation (58.1) (54.1) (122.3)
Free Cash Flow 356.9 285.5 812.1
1. Adjusted EBITDA represents adjusted operating profit before interest, tax,
and non-cash items including depreciation and amortisation
2. Working capital movement excludes movements on restructuring,
reorganisation and acquisition and integration accruals or provisions as the
cash flow relating to these amounts is included in other lines in the Free
Cash Flow and reconciliation from Free Cash Flow to net funds flow. The
variance between the working capital in the Free Cash Flow and the
Consolidated Cash Flow Statement is driven by the non-cash movement on these
items
Free cash flow was £71.4m higher than H1 2024 principally due to the £112.0m
higher adjusted operating profit. These movements have been partially offset
by increases of £33.1m in net interest payments, £18.5m in working capital
outflows and £4.0m in taxation paid.
The calculation of operating cash flow conversion and free cash flow
conversion is as follows:
H1 2025 H1 2024 FY 2024
£m £m £m
Operating Cash Flow 479.9 370.2 1,039.2
Adjusted operating profit 578.9 466.9 995.0
Operating Cash Flow conversion 82.9% 79.3% 104.4%
H1 2025 H1 2024 FY 2024
£m £m £m
Free Cash Flow 356.9 285.5 812.1
Adjusted operating profit 578.9 466.9 995.0
Free Cash Flow conversion 61.7% 61.1% 81.6%
Net capital expenditure remained relatively flat when compared to H1 2025 at
£44.1m (H1 2024: £43.5m). This investment was equivalent to 2.2% of revenue
(H1 2024: 2.6%).
Net cash interest payments of £51.1m were £33.1m higher than the prior year,
principally driven by the Euro Medium Term Notes issued in October 2024.
The following table reconciles net cash inflow from operating activities, as
shown in the Condensed Consolidated Cash Flow Statement, to Free Cash Flow:
H1 2025 H1 2024 FY 2024
£m £m £m
Net cash inflow from operating activities per statutory cash flow 327.8 285.4 801.6
Interest received 7.0 7.2 13.3
Purchase of property and equipment (10.9) (8.2) (30.6)
Purchase of intangible software assets (27.6) (28.8) (51.2)
Product development costs (5.6) (6.5) (18.2)
Add back: Acquisition and integration costs paid 66.2 36.4 97.2
Free Cash Flow 356.9 285.5 812.1
Net cash from operating activities increased by £42.4m compared to H1 2024 to
record an inflow of £327.8m, principally driven by the increased adjusted
profit.
The following table reconciles cash generated by operations, as shown in the
Condensed Consolidated Cash Flow Statement to operating cash flow shown in the
Free Cash Flow table above:
H1 2025 H1 2024 FY 2024
£m £m £m
Cash generated by operations per statutory cash flow 444.0 364.7 1,011.4
Capital expenditure paid (44.1) (43.5) (100.0)
Add back: Acquisition and integration costs paid 66.2 36.4 97.2
Add back: Restructuring and reorganisation costs paid 13.8 12.6 30.6
Operating Cash Flow 479.9 370.2 1,039.2
The following table reconciles Free Cash Flow to net funds flow and net debt:
H1 2025 H1 2024 FY 2024
£m £m £m
Free Cash Flow 356.9 285.5 812.1
Acquisitions (129.9) (140.1) (1,577.2)
Disposals (27.2) 1.0 199.2
Dividends paid to shareholders - - (248.2)
Dividends paid to non-controlling interests (13.9) (11.6) (31.0)
Dividends received from investments - - 1.4
Purchase of own shares through share buyback (174.3) (332.8) (428.2)
Proceeds from sale of investments 62.2 - -
Purchase of shares for Employee Share Trust (4.2) (3.4) (5.4)
Net funds flow 69.6 (201.4) (1,277.3)
Non-cash movements, excluding net lease additions and acquired debt 323.8 (32.9) (99.6)
Foreign exchange (91.3) 16.9 50.4
Net lease additions in the period (69.1) (38.8) (34.0)
Net debt as at 1 January (3,201.8) (1,456.4) (1,456.4)
Acquired debt - - (384.9)
Net debt (2,968.8) (1,712.6) (3,201.8)
Financing and Leverage
Net debt decreased by £233.0m in the period to £2,968.8m at 30 June 2025 (30
June 2024: £1,712.6m; 31 December 2024: £3,201.8m). This reduction in net
debt was driven by free cash flow generation, non-cash movements related to
derivatives and receipt of proceeds from sale of investments, which more than
offset the Group's spend on M&A activity and cash outflows related to
purchase of own shares (£174.3m) in the period.
The Group retains significant available liquidity, with unutilised committed
financing facilities available to the Group of £1,145.5m (30 June 2024:
£892.9m; 31 December 2024: £1,050.0m). Combined with £764.9m of cash (30
June 2024: £342.0m; 31 December 2024: £484.3m), this resulted in available
Group-level liquidity at 30 June 2025 of £1,910.4m (30 June 2024: £1,234.9m;
31 December 2024: £1,534.3m).
The average debt maturity on the Group's drawn borrowings is 3.8 years at 30
June 2025 (30 June 2024: 2.2 years; 31 December 2024: 3.4 years). The next
debt maturity is for €700.0m in October 2025.
30 June 30 June 31 December 2024
2025 2024
Net debt and committed facilities £m £m £m
Cash and cash equivalents (764.9) (342.0) (484.3)
Derivative assets associated with borrowings (127.8) - -
Bond borrowings 3,574.6 1,465.9 2,898.3
Bond borrowing fees (19.8) (5.2) (16.4)
Bank borrowings - 195.4 -
Bank borrowing fees (3.4) (1.8) (3.8)
Derivative liabilities associated with borrowings 2.3 109.3 204.2
Acquired debt - - 329.5
Loans received from other parties 7.9 7.9 7.9
Net debt before leases 2,668.9 1,429.5 2,935.4
Lease liabilities 310.8 292.4 278.1
Finance lease receivables (10.9) (9.3) (11.7)
Net debt 2,968.8 1,712.6 3,201.8
Borrowings (excluding derivatives, leases, fees & overdrafts) 3,574.6 1,661.3 3,227.8
Unutilised committed facilities (undrawn RCF) 1,145.5 885.0 1,050.0
Unutilised committed facilities (undrawn Curinos facilities) - 7.9 -
Total committed facilities 4,720.1 2,554.2 4,277.8
The Informa leverage ratio at 30 June 2025 is 2.5 times (30 June 2024: 1.6
times; 31 December 2024: 2.6 times), and the Informa interest cover ratio is
9.7 times (30 June 2024: 18.5 times; 31 December 2024: 12.7 times). Both are
calculated consistently with our historical basis of reporting of financial
covenants, which have not applied to the Group since 2019. See the Glossary of
terms for the definition of Informa leverage ratio and Informa interest cover.
The calculation of the Informa leverage ratio is as follows:
30 June 30 June 31 December 2024
2025 2024
£m £m £m
Net debt 2,968.8 1,712.6 3,201.8
Adjusted EBITDA (12 months) 1,233.5 1,009.5 1,106.1
Adjusted leverage 2.4x 1.7x 2.9x
Adjustment to EBITDA(1) 0.2x 0.2x 0.1x
Adjustment to net debt(1) (0.1)x (0.3)x (0.4)x
Informa leverage ratio 2.5x 1.6x 2.6x
1. Refer to Glossary of terms for details of the adjustments to EBITDA and Net
Debt for Informa leverage ratio
The calculation of Informa interest cover is as follows:
30 June 30 June 31 December 2024
2025 2024
£m £m £m
Adjusted EBITDA (12 months) 1,233.5 1,009.5 1,106.1
Adjusted net finance costs (12 months) 117.0 46.8 79.6
Adjusted interest cover 10.5x 21.6x 13.9x
Adjustment to EBITDA(1) (0.8)x (3.1)x (1.2)x
Informa interest cover 9.7x 18.5x 12.7x
1. Refer to Glossary of terms for details of the adjustments to EBITDA for
Informa interest cover
There are no financial covenants on any of the Group's borrowings (30 June
2024: £30.4m relating to Curinos; 31 December 2024: £nil).
Corporate Development
Informa has a proven track record in creating value through pro-active
management of its portfolio, including identifying, executing and integrating
complementary businesses effectively into the Group and/or divesting of
businesses, where appropriate. In H1 2025, cash invested in acquisitions was
£129.9m (H1 2024: £140.1m); with £58.6m (H1 2024: £83.6m) relating to
acquisitions net of cash acquired, £1.8m (H1 2024: £5.5m) relating to cash
paid for business assets, £66.2m (H1 2024: £36.4m) relating to acquisition
and integration spend and £3.3m (H1 2024: £14.6m) relating to the
acquisition of non-controlling interests.
Net proceeds from disposals amounted to a £27.2m cash outflow (H1 2024:
£1.0m cash inflow), which primarily related to tax payments made on the gain
on the disposal of the Curinos business, which completed at the end of FY24.
Share Buyback
As part of Informa's Capital Allocation programme, the Group has a commitment
to delivering consistent shareholder returns, including through share
buybacks. As part of this, the Company had previously committed a minimum of
£200m to its share buyback programme in 2025 and has now extended this with
an additional £150m committed in H2, taking the total commitment to £350m in
2025.
During the six months to 30 June 2025, the Group bought back 23.5m ordinary
shares for total consideration of £176.7m of which £2.4m, 292k ordinary
shares, were settled and cancelled subsequent to 30 June 2025. Cumulatively by
30 June 2025, £1,666.2m of shares had been repurchased, with 240.8m shares
cancelled. The shares acquired during the six months to 30 June 2025 were at
an average price of 753.0p per share, with prices ranging from 643.0p to
811.1p.
Pensions
The Group continues to meet all commitments to its pension schemes, which
include five (30 June 2024: five; 31 December 2024: five) defined benefit
schemes, all of which are closed to future accruals.
At 30 June 2025, the Group had a net pension surplus of £49.3m (30 June 2024:
£51.6m; 31 December 2024: £42.7m), comprising a pension surplus of £55.0m
(30 June 2024: £57.0m; 31 December 2024: £48.5m) and pension deficits of
£5.7m (30 June 2024: £5.4m; 31 December 2024: £5.8m). Gross liabilities
were £419.8m at 30 June 2025 (30 June 2024: £453.9m; 31 December 2024:
£439.9m).
Principal Risks and Uncertainties
Good risk management, championed by senior leadership and embedded at every
level of the business, is central to our ability to assess opportunities and
deliver Informa's strategy. The 2024 Informa Annual Report describes our
enterprise risk management framework and the four-step process we follow to
oversee our principal risks and sub risks.
We performed a robust assessment of Informa's principal and emerging risks for
the 2024 Annual Report, as we do every year. From our ongoing monitoring and
analysis, we have updated this assessment for the Half Year to reflect the
evolving external environment, developments within our business including the
One Informa programme, and ongoing improvements to how we oversee and manage
risk.
We have adapted the scope of the principal risk of Privacy Regulation Risk and
subsequently redefined it as Failure to Use Data and AI Technologies
Responsibly. This is to more fully reflect the range of ways we use data,
evolving stakeholder expectations around the use of data and AI, and
newly-emerging data-related regulatory obligations. The net risk rating is
unchanged.
We have updated our assessment of the principal risk of Reliance on Key
Partnerships to reflect a moderate increase in the likelihood of this risk
emerging. We have a strong track record of building positive and
mutually-beneficial relationships with business partners and significant
suppliers. In some areas, our partnerships are expanding, such as with the
establishment of Informa TechTarget and our proposed combination with DWTC. We
are paying close ongoing attention to ensuring these and all of our
partnerships are effective and successful.
We continue to closely monitor how AI technology, and its use, is developing.
AI is a broad and general technology, and it has risks and opportunities that
are relevant to several of our existing principal risks: specifically Market
Risk, Technology Failure, Data Loss and Cyber Breach, Inability to Attract and
Retain Key Talent and Failure to Use Data and AI Technologies Responsibly. We
believe it is currently most effective to manage the risks and opportunities
of AI by integrating it into these principal risks, which we continue to do.
During the first half of 2025, we have paid particular attention to monitoring
Market and Economic Risk in what is an ever-evolving economic and geopolitical
backdrop. We continue to be a well-diversified business, working in a range of
specialist end markets and categories, with a strong balance sheet and a
business model that provides a good level of visibility on revenues.
We have also closely monitored the principal risk of Ineffective Change
Management. This follows the launch of our One Informa programme, which
consists of change and transformation projects in a range of areas. We
continue to believe that our controls, practices and response plans are robust
and effective and the profile of this risk is unchanged.
Information security continues to be a focus area, both in response to the
evolving and developing threats from cyber-attacks and recent information
security incidents in other UK businesses. The Technology team attends all
Audit Committees and regularly presents on topics related to information
security and other technology developments. Colleagues are provided with
regular annual information security training and quarterly phishing exercises,
and our outsourced cybersecurity assurance provider conducts regular
penetration real-world cyber attacks.
Our 12 principal risks fall into three categories - Growth and Strategy,
People, and Culture and are listed below accordingly. They do not reflect any
order of magnitude.
Growth and Strategy
· Economic instability: General economic instability, changes in
geopolitics or global trading patterns, or a downturn in a particular market
or region could change customers' demand for products and services.
· Market risk: We work in a range of specialist end markets, each
of which could grow, decline or change for different reasons. This could
support or disrupt the needs and preferences of our customers and change the
competitive environment for our products and services.
· Acquisition and integration risk: When we add businesses to the
Group, their financial performance can exceed or fall short of expectations if
market conditions change or if the integration process is more or less complex
or effective than foreseen.
· Ineffective change management: Change is part of and an outcome
of our growth strategy. If change is not managed effectively however, it can
create operational challenges.
· Reliance on key partnerships: We work with a range of business
partners. If a significant partnership or service provision were disrupted or
failed, it could affect the delivery of certain products and services and
normal business activity.
· Technology failure: A prolonged loss of critical systems,
networks or similar services could disrupt business operations and the
delivery of our products and services, impacting revenues, customer experience
and our reputation.
· Data loss and cyber breach: Cyber threats are evolving, and cyber
attacks are increasing. A cyber breach or loss of sensitive or valuable data,
content or intellectual property could create losses for our stakeholders,
affect our reputation and disrupt the business.
· Failure to Use Data and AI Technologies Responsibly: We use data
in many different ways, including to run our products and operations and
provide a better and more relevant service to customers. Failing to meet
stakeholder expectations, internal standards and legal and regulatory
requirements in how we collect, use or share data, or in how we use AI
technologies, could damage our reputation and lead to legal action and
penalties. This could in turn affect our ability to gather and use data and
deliver our strategy effectively.
People
· Inability to attract and retain key talent: The loss of key
talent in critical functions and inadequate succession planning for senior
managers could affect our growth and business success.
· Health and safety incidents: Incidents or mismanagement of this
risk can injure our colleagues, customers or the general public, affect our
reputation and lead to fines and claims for damages.
· Inadequate response to major incidents: Major incidents - such as
those caused by extreme weather, natural disasters, military action,
terrorism, or major disease outbreaks such as pandemics - can affect our
colleagues and customers, and disrupt our operations and events.
Culture
· Inadequate regulatory compliance: Colleagues and business
partners who work with or on behalf of us are expected to comply with
applicable laws and regulations. If we fail to comply, we could face fines or
imprisonment, damage our reputation and be unable to trade in some countries.
Going Concern
Introduction
The Directors have completed a Going Concern assessment of whether the Group
has adequate resources to continue in operation for at least 12 months from
the signing date of these consolidated interim financial statements.
In adopting the Going Concern basis for preparing the financial statements,
the Directors have considered the future trading prospects of the Group's
businesses, the Group's cash generation in H1 2025, available liquidity, debt
maturities and the Group's Principal Risks as set out on the previous two
pages.
Liquidity and Financing
The Group has a strong liquidity position at 30 June 2025, including £764.9m
of cash and undrawn committed credit facilities of £1,145.5m. The Group
issued a new EMTN in June 2025 to refinance the €700m EMTN that matures in
October 2025 and there are no further borrowing maturities until July 2026
(£450m EMTN borrowing) which the Group intends to refinance ahead of
maturity. In both the base case and a severe but plausible downside scenario,
the business has sufficient liquidity to repay this EMTN and does not rely on
refinancing in order to remain a going concern.
The Group is a well-established borrower with an investment grade credit
rating as assessed by three credit rating agencies (Fitch, Moody's and
S&P) which provides the Directors with confidence that the Group could
further increase liquidity by raising additional debt finance.
The Group has no financial covenants on any of its borrowings.
Financial modelling
For the Going Concern assessment, the Directors have modelled both a Base Case
with Sensitivities and a Reverse Stress Test for the period to the end of
2026.
The following Sensitivities have been modelled individually and in combination
to reflect a severe but plausible downside scenario for the Going Concern
assessment and do not reflect Management expectations:
· A pandemic risk, with no events trading from August to December
2025, and business returning to 75% of Base Case forecast revenues in H1 2026
and 90% in H2 2026.
· A market / economic risk, where a recession reduces Live and
On-demand Events revenue by 8% in H2 2025, and revenues grow only 4% in 2026
off the sensitised 2025 outturn.
· In the combined risk scenario, the market / economic risk is
modelled to impact after the pandemic risk has been modelled (August 2025 to
June 2026).
· A reduction of Live B2B Events and Informa TechTarget non-events
revenues by 10% in H2 2025 versus forecast, with 2026 remaining flat on the
sensitised 2025 outturn.
· An assumption that Taylor & Francis Pay to Publish revenues
in H2 2025 reduce by 10% versus the forecast, with 5% growth in 2026 off the
sensitised 2025 outturn.
· The cash impact of lower revenues on working capital and interest
payable has been modelled, together with the cash benefit of lower tax
payable.
In the Base Case including all the Sensitivities listed above, the Group
maintains minimum liquidity headroom of more than £600m even under a scenario
where the £450m EMTN borrowings maturing in July 2026 were repaid using cash
reserves.
The Reverse Stress Test indicates that the Group can afford to lose 41% of its
revenue from 1 August 2025 to the end of 2026 and still maintain positive
liquidity headroom. This scenario assumes no action is taken to deliver
indirect cost savings, that existing customer receipts are refunded for any
cancelled or deferred events, and that no further receipts are collected in
the period.
Going concern conclusion
Based on the scenarios modelled the Directors believe that the Group is well
placed to manage its financing maturities and other business risks
satisfactorily and have been able to form a reasonable expectation that the
Group has adequate resources to continue in operation for at least twelve
months from the signing date of these consolidated interim financial
statements. The Directors therefore consider it appropriate to adopt the Going
Concern basis of accounting in preparing the financial statements.
Cautionary Statements
This interim management report contains certain forward-looking statements.
These statements are subject to a number of risks and uncertainties and actual
results and events could differ materially from those currently being
anticipated. The terms 'expect', 'should be', 'will be' and similar
expressions (or their negative) identify forward looking statements. Factors
which may cause future outcomes to differ from those foreseen in
forward-looking statements include, but are not limited to: general economic
conditions and business conditions in Informa's markets; exchange rate
fluctuations, customers' acceptance of its products and services; the actions
of competitors; legislative, fiscal and regulatory developments; changes in
law and legal interpretation affecting Informa's intellectual property rights
and internet communications; and the impact of technological change.
Past performance should not be taken as an indication or guarantee of future
results, and no representation or warranty, express or implied, is made
regarding future performance. These forward-looking statements speak only as
of the date of this interim management report and are based on numerous
assumptions regarding Informa's present and future business strategies and the
environment in which Informa will operate in the future. Except as required by
any applicable law or regulation, the Group expressly disclaims any obligation
or undertaking to release publicly any updates or revisions to any
forward-looking statements contained in this document to reflect any change in
the Group's expectations or any change in events, conditions or circumstances
on which any such statement is based after the date of this announcement or to
update or keep current any other information contained in this interim
management report.
Nothing in this interim management report should be construed as a profit
forecast. All persons, wherever located, should consult any additional
disclosures that Informa may make in any regulatory announcements or documents
which it publishes. This announcement does not constitute an invitation to
underwrite, subscribe for or otherwise acquire or dispose of any Informa PLC
shares, in the UK, or in the US, or under the US Securities Act 1933 or in any
other jurisdiction.
Board of Directors
The Directors of Informa PLC and their biographical details can be found on
the Company's website: www.informa.com.
Responsibility Statement
We confirm that to the best of our knowledge:
· the consolidated interim financial statements have been prepared
in accordance with the United Kingdom adopted International Accounting
Standard 34, "Interim Financial Reporting";
· the consolidated interim financial statements, which have been
prepared in accordance with the applicable set of accounting standards, give a
true and fair view of the assets, liabilities, financial position and profit
or loss of the issuer, or the undertakings included in the consolidation as a
whole as required by DTR 4.2.4R;
· the interim management report includes a fair review of the
information required by DTR 4.2.7R, namely;
o an indication of important events that have occurred during the first six
months of the financial year and their impact on the consolidated interim
financial statements; and
o a description of the principal risks and uncertainties for the remaining
six months of the financial year.
· the interim management report includes, as required by DTR
4.2.8R, details of any material related party transactions that have taken
place in the first six months of the financial year and any material changes
to the related-party transactions described in the 2024 Annual Report.
Approved by the Board on 22 July 2025 and signed on its behalf by:
Stephen A. Carter
Chief Executive
Independent review report to Informa PLC
Report on the condensed consolidated interim financial statements
Our conclusion
We have reviewed Informa PLC's condensed consolidated interim financial
statements (the "interim financial statements") in the 2025 Half-Year Results
of Informa PLC for the 6 month period ended 30 June 2025 (the "period").
Based on our review, nothing has come to our attention that causes us to
believe that the interim financial statements are not prepared, in all
material respects, in accordance with UK adopted International Accounting
Standard 34, 'Interim Financial Reporting' and the Disclosure Guidance and
Transparency Rules sourcebook of the United Kingdom's Financial Conduct
Authority.
The interim financial statements comprise:
· the Condensed Consolidated Balance Sheet as at
30 June 2025;
· the Condensed Consolidated Income Statement and Condensed
Consolidated Statement of Comprehensive Income for the period then ended;
· the Condensed Consolidated Cash Flow Statement for the period
then ended;
· the Condensed Consolidated Statement of Changes of Equity for
the period then ended; and
· the explanatory notes to the interim financial statements.
The interim financial statements included in the 2025 Half-Year Results of
Informa PLC have been prepared in accordance with UK adopted International
Accounting Standard 34, 'Interim Financial Reporting' and the Disclosure
Guidance and Transparency Rules sourcebook of the United Kingdom's Financial
Conduct Authority.
Basis for conclusion
We conducted our review in accordance with International Standard on Review
Engagements (UK) 2410, 'Review of Interim Financial Information Performed by
the Independent Auditor of the Entity' issued by the Financial Reporting
Council for use in the United Kingdom ("ISRE (UK) 2410"). A review of interim
financial information consists of making enquiries, primarily of persons
responsible for financial and accounting matters, and applying analytical and
other review procedures.
A review is substantially less in scope than an audit conducted in accordance
with International Standards on Auditing (UK) and, consequently, does not
enable us to obtain assurance that we would become aware of all significant
matters that might be identified in an audit. Accordingly, we do not express
an audit opinion.
We have read the other information contained in the 2025 Half-Year Results and
considered whether it contains any apparent misstatements or material
inconsistencies with the information in the interim financial statements.
Conclusions relating to going concern
Based on our review procedures, which are less extensive than those performed
in an audit as described in the Basis for conclusion section of this report,
nothing has come to our attention to suggest that the directors have
inappropriately adopted the going concern basis of accounting or that the
directors have identified material uncertainties relating to going concern
that are not appropriately disclosed. This conclusion is based on the review
procedures performed in accordance with ISRE (UK) 2410. However, future events
or conditions may cause the group to cease to continue as a going concern.
Responsibilities for the interim financial statements and the review
Our responsibilities and those of the directors
The 2025 Half-Year Results, including the interim financial statements, is the
responsibility of, and has been approved by the directors. The directors are
responsible for preparing the 2025 Half-Year Results in accordance with the
Disclosure Guidance and Transparency Rules sourcebook of the United Kingdom's
Financial Conduct Authority. In preparing the 2025 Half-Year Results,
including the interim financial statements, the directors are responsible for
assessing the group's ability to continue as a going concern, disclosing, as
applicable, matters related to going concern and using the going concern basis
of accounting unless the directors either intend to liquidate the group or to
cease operations, or have no realistic alternative but to do so.
Our responsibility is to express a conclusion on the interim financial
statements in the 2025 Half-Year Results based on our review. Our conclusion,
including our Conclusions relating to going concern, is based on procedures
that are less extensive than audit procedures, as described in the Basis for
conclusion paragraph of this report. This report, including the conclusion,
has been prepared for and only for the company for the purpose of complying
with the Disclosure Guidance and Transparency Rules sourcebook of the United
Kingdom's Financial Conduct Authority and for no other purpose. We do not, in
giving this conclusion, accept or assume responsibility for any other purpose
or to any other person to whom this report is shown or into whose hands it may
come save where expressly agreed by our prior consent in writing.
PricewaterhouseCoopers LLP
Chartered Accountants
London
22 July 2025
Condensed Consolidated Income Statement
6 months ended 30 June (unaudited)
Adjusted results Adjusting Statutory results Adjusted results Adjusting Statutory results Statutory results
items items
2025 2025 2025 2024 2024 2024 Year ended 31 Dec 2024
(audited)
Notes £m £m £m £m £m £m £m
Revenue 3 2,035.9 - 2,035.9 1,695.3 - 1,695.3 3,553.1
Net operating expenses (1,458.8) (237.9) (1,696.7) (1,229.7) (217.9) (1,447.6) (3,041.1)
Other operating income 4 - 6.2 6.2 - 15.4 15.4 29.5
Impairment - goodwill 4,10 - (484.2) (484.2) - - - -
Operating profit/(loss) before joint ventures and associates 577.1 (715.9) (138.8) 465.6 (202.5) 263.1 541.5
Share of results of joint ventures and associates 1.8 - 1.8 1.3 (1.5) (0.2) 1.3
Operating profit/(loss) 578.9 (715.9) (137.0) 466.9 (204.0) 262.9 542.8
Fair value (loss)/gain on investments 4 - (51.9) (51.9) - 4.3 4.3 (9.2)
Profit/(loss) on disposal of subsidiaries and operations 4 - 0.3 0.3 - (4.1) (4.1) (24.1)
Finance income 5 7.5 - 7.5 6.6 - 6.6 12.9
Finance costs 6 (70.5) (2.6) (73.1) (32.3) - (32.3) (115.1)
Profit/(loss) before tax 515.9 (770.1) (254.2) 441.2 (203.8) 237.4 407.3
Tax (charge)/credit 7 (105.8) 88.6 (17.2) (90.5) 27.7 (62.8) (40.9)
Profit/(loss) for the period 410.1 (681.5) (271.4) 350.7 (176.1) 174.6 366.4
Attributable to:
Equity holders of the Company 394.7 (472.1) (77.4) 323.1 (175.8) 147.3 297.7
Non-controlling interests 15.4 (209.4) (194.0) 27.6 (0.3) 27.3 68.7
Earnings per share
Basic (p) 9 30.1 (5.9) 23.9 10.9 22.3
Diluted (p) 9 29.8 (5.9) 23.8 10.8 22.2
The notes on pages 30 to 58 are an integral part of these Condensed
Consolidated Financial Statements.
Condensed Consolidated Statement of Comprehensive Income
6 months 6 months Year ended
ended ended
30 June 30 June 31 December
2025 2024 2024
(unaudited) (unaudited) (audited)
£m £m £m
(Loss)/profit for the period (271.4) 174.6 366.4
Items that will not be reclassified subsequently to profit or loss:
Remeasurement of the net retirement benefit pension obligation 5.6 8.7 (1.0)
Tax relating to items that will not be reclassified to profit or loss - 0.2 -
Total items that will not be reclassified subsequently to profit or loss 5.6 8.9 (1.0)
Items that may be reclassified subsequently to profit or loss:
Exchange (loss)/gain on translation of foreign operations (567.8) (0.9) 94.6
Exchange loss arising on disposal of foreign operations - - (17.3)
Exchange gain on the deconsolidation of former subsidiaries - - 3.9
Net investment hedges
Gain/(loss) on net investment hedges 229.4 (23.7) (80.3)
Cash flow hedges
Fair value gain/(loss) arising on hedging instruments 32.6 (26.3) (49.3)
Less: (loss)/gain reclassified to profit or loss (48.1) 31.7 62.5
Movement in cost of hedging reserve 3.0 5.7 (1.2)
Tax (charge)/credit relating to items that may be reclassified subsequently to (0.4) 0.1 (4.4)
profit or loss
Total items that may be reclassified subsequently to profit or loss (351.3) (13.4) 8.5
Other comprehensive (expense)/income for the period (345.7) (4.5) 7.5
Total comprehensive (expense)/income for the period (617.1) 170.1 373.9
Total comprehensive (expense)/income for the period attributable to:
- Equity holders of the Company (386.2) 140.2 302.2
- Non-controlling interest (230.9) 29.9 71.7
( )
The notes on pages 30 to 58 are an integral part of these Condensed
Consolidated Financial Statements.
Condensed Consolidated Statement of Changes in Equity
For the six months ended 30 June 2025 (unaudited)
Share premium Non- controlling
Share capital(1) account Translation Other reserves Retained earnings Total(2) interests Total equity
reserve
£m £m £m £m £m £m £m £m
At 1 January 2025 1.3 1,878.6 (82.1) 2,226.9 2,460.5 6,485.2 834.3 7,319.5
Loss for the period - - - - (77.4) (77.4) (194.0) (271.4)
Exchange loss on translation of foreign - - (530.9) - - (530.9) (36.9) (567.8)
operations
Gain/(loss) arising on net investment and cash flow hedges - - 229.4 (12.5) - 216.9 - 216.9
Actuarial gain on defined benefit pension schemes - - - - 5.6 5.6 - 5.6
Tax relating to components of other comprehensive income - - (0.4) - - (0.4) - (0.4)
Total comprehensive expense for the period - - (301.9) (12.5) (71.8) (386.2) (230.9) (617.1)
Dividends to shareholders - - - - (177.4) (177.4) - (177.4)
Dividends to non- - - - - - - (13.9) (13.9)
controlling interests
Share award expense - - - 19.4 - 19.4 - 19.4
Issue of share capital - 0.6 - - - 0.6 - 0.6
Shares for Trust purchase - - - (4.2) - (4.2) - (4.2)
Share buyback(3) - - - (24.4) (176.7) (201.1) - (201.1)
Transfer of vested LTIPs - - - (13.0) 13.0 - - -
Transactions with non-controlling interests - - - - 10.7 10.7 (8.7) 2.0
Remeasurement of put call options - - - 0.3 - 0.3 - 0.3
At 30 June 2025 1.3 1,879.2 (384.0) 2,192.5 2,058.3 5,747.3 580.8 6,328.1
1. See Note 11
2. Total attributable to equity holders of the Company
3. £176.7m of shares have been bought back during the period.
£24.4m represents the net movement in Informa's maximum liability for share
buybacks with Informa's broker through to the conclusion of the Company's
close period as at 30 June 2025 of £24.4m compared against £nil as at 31
December 2024
The notes on pages 30 to 58 are an integral part of these Condensed
Consolidated Financial Statements.
Condensed Consolidated Statement of Changes in Equity
For the six months ended 30 June 2024 (unaudited)
Share premium Non- controlling
Share capital(1) account Translation Other reserves Retained earnings Total(2) interests Total equity
reserve
£m £m £m £m £m £m £m £m
At 1 January 2024 1.4 1,878.6 (75.6) 2,090.6 2,853.5 6,748.5 436.1 7,184.6
Profit for the period - - - - 147.3 147.3 27.3 174.6
Exchange (loss)/gain on translation of foreign - - (3.5) - - (3.5) 2.6 (0.9)
operations
(Loss)/gain arising on net investment and cash flow hedges - - (23.7) 11.1 - (12.6) - (12.6)
Actuarial gain on defined benefit pension schemes - - - - 8.7 8.7 - 8.7
Tax relating to components of other comprehensive income - - 0.1 - 0.2 0.3 - 0.3
Total comprehensive (expense)/income for - - (27.1) 11.1 156.2 140.2 29.9 170.1
the period
Dividends to shareholders - - - - (163.6) (163.6) - (163.6)
Dividends to non- - - - - - - (11.6) (11.6)
controlling interests
Share award expense - - - 8.6 - 8.6 - 8.6
Issue of share capital - - - 37.5 - 37.5 - 37.5
Shares for Trust purchase - - - (3.4) - (3.4) - (3.4)
Share buyback(3) (0.1) - - 0.9 (338.8) (338.0) - (338.0)
Transfer of vested LTIPs - - - (12.9) 12.9 - - -
Acquisition of non-controlling interests - - - - - - 0.1 0.1
Transactions with non-controlling interests - - - (0.6) - (0.6) 0.6 -
Remeasurement of put call options - - - (2.5) - (2.5) - (2.5)
At 30 June 2024 1.3 1,878.6 (102.7) 2,129.3 2,520.2 6,426.7 455.1 6,881.8
1. See Note 11
2. Total attributable to equity holders of the Company
3. £338.9m of shares have been bought back during the period.
£0.9m represents the net movement in Informa's maximum liability for share
buybacks with Informa's broker through to the conclusion of the Company's
close period as at 30 June 2024 of £90.0m compared against £90.9m as at 31
December 2023
The notes on pages 30 to 58 are an integral part of these Condensed
Consolidated Financial Statements.
Condensed Consolidated Statement of Changes in Equity
For the year ended 31 December 2024 (audited)
Share premium Non- controlling
Share capital(1) account Translation Other reserves Retained earnings Total(2) interests Total equity
reserve
£m £m £m £m £m £m £m £m
At 1 January 2024 1.4 1,878.6 (75.6) 2,090.6 2,853.5 6,748.5 436.1 7,184.6
Profit for the year - - - - 297.7 297.7 68.7 366.4
Exchange gain on translation of foreign operations - - 91.6 - - 91.6 3.0 94.6
(Loss)/gain arising on net investment and cash flow hedges - - (80.3) 12.0 - (68.3) - (68.3)
Foreign exchange recycling of disposed entities - - (17.3) - - (17.3) - (17.3)
Exchange gain on the deconsolidation of former subsidiaries - - 3.9 - - 3.9 - 3.9
Actuarial loss on defined benefit pension schemes - - - - (1.0) (1.0) - (1.0)
Tax relating to components of other comprehensive income - - (4.4) - - (4.4) - (4.4)
Total comprehensive (expense)/income for the year - - (6.5) 12.0 296.7 302.2 71.7 373.9
Dividends to shareholders - - - - (248.2) (248.2) - (248.2)
Dividends to non- - - - - - - (31.4) (31.4)
controlling interests
Share award expense - - - 20.6 - 20.6 - 20.6
Issue of share capital - - - 37.5 - 37.5 - 37.5
Shares for Trust purchase - - - (5.4) - (5.4) - (5.4)
Transfer of vested LTIPs - - - (12.9) 12.9 - - -
Share buyback(3) (0.1) - - 90.9 (424.2) (333.4) - (333.4)
Deconsolidation of former subsidiaries - - - - 8.3 8.3 (41.4) (33.1)
Transfer to realised profit - - - (4.0) 4.0 - - -
Disposal of non-controlling interests - - - - (0.8) (0.8) (121.8) (122.6)
Acquisition of non-controlling interests(4) - - - - (41.7) (41.7) 518.9 477.2
Transactions with non-controlling interests - - - (0.6) - (0.6) 2.2 1.6
Remeasurement of put call options - - - (1.8) - (1.8) - (1.8)
At 31 December 2024 1.3 1,878.6 (82.1) 2,226.9 2,460.5 6,485.2 834.3 7,319.5
1. See Note 11
2. Total attributable to equity holders of the Company
3. £424.2m (2023: £548.3m) of shares have been bought back
during the period. The maximum liability for share buybacks with Informa's
broker through to the conclusion of the Company's close period as at 31
December 2024 is £nil (2023: £90.9m), given that the Group's share buyback
programme was paused in 2024
4. The acquisition of non-controlling interests includes
£518.6m relating to the TechTarget combination
The notes on pages 30 to 58 are an integral part of these Condensed
Consolidated Financial Statements.
Condensed Consolidated Balance Sheet
At 30 June 2025 At 30 June 2024 At 31 Dec 2024
(unaudited) (unaudited) (audited)
Notes £m £m £m
Goodwill 10 6,939.6 6,683.5 7,787.0
Other intangible assets 3,463.3 3,034.3 3,810.9
Property and equipment 71.4 60.5 75.0
Right-of-use assets 235.2 232.5 209.4
Investments in joint ventures and associates 92.9 48.3 92.7
Other investments
16 122.5 264.9 186.5
Deferred tax assets 75.9 11.4 85.7
Retirement benefit surplus 55.0 57.0 48.5
Finance lease receivables 7.6 7.2 8.8
Other receivables 42.4 32.1 51.2
Derivative financial instruments 16 127.8 - -
Non-current assets 11,233.6 10,431.7 12,355.7
Inventory 43.0 38.5 43.0
Trade and other receivables 734.2 655.7 717.0
Current tax assets 12.7 75.5 25.9
Cash and cash equivalents 13 764.9 342.0 484.3
Investments 13 - - 61.8
Finance lease receivables 3.3 2.1 2.9
Derivative financial instruments 16 - 0.2 0.1
Current assets 1,558.1 1,114.0 1,335.0
Total assets 12,791.7 11,545.7 13,690.7
Borrowings 15 (598.7) - (909.3)
Lease liabilities (48.1) (27.7) (34.4)
Current tax liabilities (82.2) (97.2) (128.5)
Provisions (23.3) (33.4) (26.8)
Trade and other payables (804.9) (799.3) (719.3)
Deferred income (1,115.5) (1,043.5) (1,166.6)
Derivative financial instruments 16 (2.3) (0.5) (76.4)
Current liabilities (2,675.0) (2,001.6) (3,061.3)
Borrowings 15 (2,952.7) (1,654.3) (2,298.3)
Lease liabilities (262.7) (264.7) (243.7)
Deferred tax liabilities (527.0) (532.8) (593.4)
Retirement benefit obligation (5.7) (5.4) (5.8)
Provisions (14.2) (29.0) (15.3)
Trade and other payables (26.3) (67.3) (25.6)
Derivative financial instruments 16 - (108.8) (127.8)
Non-current liabilities (3,788.6) (2,662.3) (3,309.9)
Total liabilities (6,463.6) (4,663.9) (6,371.2)
Net assets 6,328.1 6,881.8 7,319.5
Share capital 11 1.3 1.3 1.3
Share premium account 1,879.2 1,878.6 1,878.6
Translation reserve (384.0) (102.7) (82.1)
Other reserves 2,192.5 2,129.3 2,226.9
Retained earnings 2,058.3 2,520.2 2,460.5
Equity attributable to equity holders of the Company 5,747.3 6,426.7 6,485.2
Non-controlling interest 12 580.8 455.1 834.3
Total equity 6,328.1 6,881.8 7,319.5
The notes on pages 30 to 58 are an integral part of these Condensed
Consolidated Financial Statements.
The Directors approved these Condensed Consolidated Financial Statements on 22
July 2025.
Condensed Consolidated Cash Flow Statement
6 months 6 months Year ended
ended ended 31 December
30 June 2025 30 June 2024 2024
(unaudited) (unaudited) (audited)
Notes £m £m £m
Operating activities
Cash generated by operations 13 444.0 364.7 1,011.4
Income taxes paid (58.1) (54.1) (122.3)
Interest paid (58.1) (25.2) (87.5)
Net cash inflow from operating activities 327.8 285.4 801.6
Investing activities
Interest received 7.0 7.2 13.3
Dividends received from investments - - 1.4
Purchase of property and equipment (10.9) (8.2) (30.6)
Purchase of intangible software assets (27.6) (28.8) (51.2)
Product development costs additions (5.6) (6.5) (18.2)
Purchase of intangibles related to titles, brands, and customer relationships (1.8) (5.5) (8.2)
Acquisition of subsidiaries and operations, net of cash acquired (58.6) (83.6) (1,450.5)
Acquisition of investments - - (6.7)
Cash (outflow)/inflow from disposal of subsidiaries and operations (27.2) 1.0 199.2
Proceeds from sale of investments 13 62.2 - -
Finance lease receipts 1.6 0.5 2.4
Net cash outflow from investing activities (60.9) (123.9) (1,349.1)
Financing activities
Dividends paid to shareholders 8 - - (248.2)
Dividends paid to non-controlling interests (13.9) (11.6) (31.0)
Repayment of loans 14 (690.6) - (914.5)
Repayment of borrowings acquired 14 (331.1) - (59.2)
Proceeds from borrowings 14 1,279.1 165.0 2,379.1
Borrowing fees paid (6.1) - (21.8)
Loans from other parties - 7.9 7.9
Acquisition of non-controlling interests (3.3) (14.6) (14.6)
Repayment of principal lease liabilities (15.8) (13.6) (26.7)
Purchase of shares for share buyback (174.3) (332.8) (428.2)
Purchase of shares for Employee Share Trust (4.2) (3.4) (5.4)
Net cash inflow/(outflow) from financing activities 39.8 (203.1) 637.4
Net increase/(decrease) in cash and cash equivalents 306.7 (41.6) 89.9
Effect of foreign exchange rate changes (26.1) (5.7) 5.1
Cash and cash equivalents at beginning of the period 484.3 389.3 389.3
Cash and cash equivalents at end of the period 14 764.9 342.0 484.3
The notes on pages 30 to 58 are an integral part of these Condensed
Consolidated Financial Statements.
Notes to the Condensed Consolidated Financial Statements
For the six months ended 30 June 2025
1. General information and basis of preparation
Informa PLC (the 'Company') is a company incorporated and domiciled in the
United Kingdom under the Companies Act 2006 and is listed on the London Stock
Exchange. The Company is a public company limited by shares and is registered
in England and Wales with registration number 08860726. The address of the
registered office is 5 Howick Place, London, SW1P 1WG.
The unaudited Condensed Consolidated Financial Statements as at 30 June 2025
and for the six months then ended comprise those of the Company and its
subsidiaries and its interests in joint ventures and associates (together
referred to as the 'Group').
The Condensed Consolidated Financial Statements were approved for issue by the
Board of Directors on 22 July 2025 and have been prepared in accordance with
the United Kingdom adopted International Accounting Standard 34 and the
Disclosure Guidance and Transparency Rules of the United Kingdom's Financial
Conduct Authority.
The Condensed Consolidated Financial Statements have been prepared on a going
concern basis, as outlined on page 17, and do not constitute the Group's
statutory financial statements within the meaning of section 434 of the
Companies Act 2006. The Condensed Consolidated Financial Statements should be
read in conjunction with the Annual Report and Accounts for the year ended 31
December 2024, which have been prepared in accordance with international
accounting standards in conformity with the Companies Act 2006 and with UK
adopted International Accounting Standards.
The Group's most recent statutory financial statements, which comprise the
Annual Report and Accounts for the year ended 31 December 2024, were approved
by the Directors on 13 March 2025 and delivered to the Registrar of Companies.
The 31 December 2024 balances in this report have been extracted from the
Annual Report except for where labelled as unaudited and re-presented. The
Auditor's Report on those accounts was not qualified, did not include a
reference to any matters to which the auditors drew attention by way of
emphasis without qualifying the report and did not contain statements under
section 498 of the Companies Act 2006. The Consolidated Financial Statements
of the Group as at, and for the year ended, 31 December 2024 are available
upon request from the Company's registered office at 5 Howick Place, London,
SW1P 1WG, United Kingdom or at www.informa.com. (http://www.informa.com/)
2. Accounting policies and estimates
In the application of the Group's accounting policies, which are described in
the Annual Report and Accounts, the Directors are required to make judgements,
estimates and assumptions about the carrying amounts of assets and liabilities
that are not readily apparent from other sources. The estimates and associated
assumptions are based on historical experience and other factors that are
considered to be relevant. Actual results may differ from these estimates.
The same accounting policies and methods of computation are followed in the
Condensed Consolidated Financial Statements for the six months ended 30 June
2025 as compared with the most recent Annual Report and Accounts, with the
exception of the tax charge/credit in the Condensed Consolidated Income
Statement for the interim period which is determined using an estimate of the
effective tax rate for the full year, adjusted for any adjusting items in the
period.
Critical accounting judgements and key sources of estimation uncertainty
As at 30 June 2025, the Group noted the following judgements concerning the
amounts recognised in the Condensed Consolidated Financial Statements. There
are no critical accounting judgements or key sources of estimation uncertainty
relating to climate-related risks.
Identification of adjusting items
The Group provides adjusted results and underlying measures in addition to
statutory measures, in order to provide additional useful information on
business performance trends to shareholders. The Board considers these
non-GAAP measures as an appropriate way to measure the Group's performance
because it aids comparability to the prior period.
The terms 'adjusted' and 'underlying' are not defined terms under IFRS and may
not therefore be comparable with similarly titled measurements reported by
other companies. Management is therefore required to exercise its judgement in
appropriately identifying and describing these items. These measures are not
intended to be a substitute for, or superior to, IFRS measurements. Refer to
the Glossary of terms for further understanding of adjusting items.
The Financial Review provides reconciliations of alternative performance
measures (APMs) to statutory measures and provides the basis of calculation
for certain APMs. These APMs are provided on a consistent basis with the prior
year.
Estimation uncertainty
As at 30 June 2025, the Group noted two key sources of estimation uncertainty.
Details of the two key sources of estimation uncertainty are given below.
Measurement of retirement benefit obligations
The measurement of the retirement benefit obligation involves the use of
several assumptions which have been updated for 30 June 2025. The most
significant of these relate to the discount rate and mortality assumptions.
The most significant scheme is the UBM Pension Scheme (UBMPS). Note 35 of the
Financial Statements for the year ended 31 December 2024 details the principal
assumptions which have been adopted following advice received from independent
actuaries and provides sensitivity analysis with regard to changes to these
assumptions.
Assumptions used in the goodwill impairment assessment
The goodwill impairment assessment relies on management's estimate of future
cash flows, discount rates and long-term growth rates to calculate the
recoverable amount of each group of Cash Generating Units (CGUs). In line with
the requirements of IAS 1, management has considered the impact of these
assumptions on the future as well as at the Balance Sheet date. As a result,
it has been identified that a reasonably possible change in the discount rate,
long-term growth rate and future cash flow assumptions could cause a material
adjustment to the carrying value of the assets of the Informa TechTarget
division. Note 10 provides further details of the sensitivity analysis
conducted.
Basis of preparation
The following standard and interpretation has been adopted in the current
year, effective as of 1 January 2025:
● Amendments to IAS 21 - Lack of Exchangeability
The adoption of the above amendment and interpretation has not led to any
changes to the Group's accounting policies or had any material impact on the
financial position or performance of the Group. Other amendments to IFRSs
effective for the period ended 30 June 2025 have no impact on the Group.
The Group also notes the IFRS Interpretations Committee (IFRIC) agenda
decision released in July 2024 relating to disclosures under IFRS 8 -
Operating Segments. Whilst IFRIC decisions do not have an effective date, the
Group is completing its assessment of the impact of the agenda decision on the
presentation of its segments. Disclosures will be considered and reflected as
necessary in the Group's consolidated financial statements for the year ended
31 December 2025.
Revenue
IFRS 15 - Revenue from Contracts with Customers provides a single,
principles-based five-step model to be applied to all sales contracts. It is
based on the transfer of control of goods and services to customers and
requires the identification and assessment of the satisfaction/delivery of
each performance obligation in contracts in order to recognise revenue.
Where separate performance obligations are identified in a single contract,
total revenue is allocated on the basis of relative stand-alone selling prices
to each performance obligation, or management's best estimate of relative
value where stand-alone selling prices do not exist.
Revenue is measured and recognised with reference to the transaction price.
The transaction price is the amount of consideration to which the Group
expects to be entitled, in exchange for transferring promised goods or
services to a customer in the normal course of business, net of amounts
collected by third parties (such as sales taxes). Revenue for each category
type is typically fixed at the date of the order and is not variable.
Payments received in advance of the satisfaction of a performance obligation
are held as deferred income until the point at which the performance
obligation is satisfied. The aggregate amount of the transaction price in
respect of performance obligations that are unsatisfied at the reporting date
is the deferred income balance which will be satisfied within one year.
Revenue type Performance Revenue recognition Timing of customer
obligations accounting policy payments
Exhibitor and related services Provision of services associated with exhibition and conference events, Performance obligations are satisfied at the point of time that services are Payments for events are normally received in advance of the event dates, which
including virtual events. provided to the customer with revenue recognised when the event has taken are typically up to 12 months in advance of the event date and are held as
place. deferred income until the event date.
Subscriptions Provision of journals and online information services that are provided on a Performance obligations are satisfied both at a point in time, with revenue Subscription payments are normally received in advance of the commencement of
periodic basis or updated on a real-time basis. recognised at that point, and over time, with revenue recognised straight-line the subscription period, which is typically a 12-month period, and are held as
over the period of the subscription. deferred income and released over the subscription period.
Transactional sales Provision of exhibition or conference events, including one-off archive data Performance obligations are satisfied at the point of time that the event is Payments by attendees are normally received either in advance of the event
access. held, with attendee revenue recognised at this date. date and are held as deferred income until the event date, or at the event.
Attendee revenue Provision of exhibition or conference events. Performance obligations are satisfied at the point of time that the event is Payments by attendees are normally received either in advance of the event
held, with attendee revenue recognised at this date. date and are held as deferred income until the event date, or at the event.
Marketing and lead generation Provision of marketing services and leads. Performance obligations are satisfied over the period of the marketing Payments for such services are normally received in advance of the marketing
subscription or over the period when the marketing and lead generation or lead generation period and are held as deferred income until the services
services are provided. Revenue is recognised on a straight-line basis over are provided.
the subscription period.
Sponsorship revenue Provision of event sponsorship. Revenue relating to sponsorship at events is recognised on a point of time Payments for such services are normally received in advance of the sponsorship
basis at the event date. period and are held as deferred income until the services are provided.
Revenue relating to barter transactions is recorded at fair value of the goods
or services received from the customer, and the timing of recognition is in
line with the above. Expenses from barter transactions are recorded at fair
value and recognised as incurred. Barter transactions typically involve the
trading of show space or conference places in exchange for services provided
at events or media advertising.
There are no material contract assets arising on work performed in order to
deliver performance obligations. Where there are incremental costs of
obtaining a contract, the Group has elected to apply the practical expedient
in IFRS 15 which permits those costs to be expensed when incurred. See Note 3
for further details of revenue by type and business segment.
Goodwill
Goodwill is tested for impairment annually, or more frequently when there is
an indication that it may be impaired, at the segment level. This represents
an aggregation of the cash generating units (CGUs) and reflects the level at
which goodwill is monitored in the business. At each reporting date, the
Group reviews the composition of its CGUs to reflect the impact of changes to
cash flows associated with reorganisations of its management and reporting
structure.
Where an impairment test is performed, the carrying value is compared with the
recoverable amount which is the higher of the value in use and the fair value
less costs of disposal. Value in use is the present value of future cash flows
and is calculated using a discounted cash flow analysis based on the cash
flows of the CGU compared with the carrying value of that CGU, including
goodwill. The Group estimates the discount rates as the risk-adjusted cost of
capital for the particular CGU. Fair value less costs of disposal is the
amount that a market participant would pay for the asset or CGU less the costs
of disposal and uses an income-based approach calculated using a discounted
cash flow analysis based on the cash flows of the CGU on a post-tax basis. If
the recoverable amount of the CGU or group of CGUs is less than the carrying
amount of the unit, the impairment loss is allocated first to reduce the
carrying amount of any goodwill allocated to the unit and then to the other
assets of the unit pro-rata on the basis of the carrying amount of each asset
in the unit.
Financial risk management and financial instruments
The Group has exposure to the following risks from its use of financial
instruments:
● Insufficient capital risk management
● Financial market risk
● Credit risk
● Liquidity risk
The Condensed Consolidated Financial Statements do not include all financial
risk management information and disclosures required in the annual financial
statements; they should be read in conjunction with the Group's Financial
Statements as at 31 December 2024.
3. Business segments
The Group has identified reportable segments based on financial information
used by the Directors in allocating resources and making strategic decisions.
The Group considers the chief operating decision makers to be the Executive
Directors.
As of 30 June 2025, following the reorganisation of the Group which was
effective as of 1 January 2025, under IFRS 8 - Operating Segments, the Group
has five operating segments: Informa Markets, Informa Connect, Informa
Festivals, Taylor & Francis and Informa TechTarget, the results of which
are reported within three reportable segments: Live B2B Events, Taylor &
Francis and Informa TechTarget. The results of the Group's segments are
presented in this note, and the re-presentation of segments in relation to
prior reporting periods is presented in Note 17.
The following changes have taken place in the Group's segmental reporting
since the year ended 31 December 2024:
· Reporting of Informa Festivals as an operating segment following
the acquisition of Ascential in 2024, the reallocation of tech-related B2B
events from the previously reported Informa Tech segment and the transfer of
certain events from the Informa Markets and Informa Connect operating segments
to the Informa Festivals operating segment. The results of Ascential were
reported within Other for the year ended 31 December 2024
· Reallocation of tech-related B2B events, outside of those
allocated to the Informa Festivals operating segment, from the previously
reported Informa Tech operating segment to the Informa Markets and Informa
Connect operating segments
· Re-presentation of the digital marketing business from the
previously reported Informa Tech segment to the Informa TechTarget segment,
and the inclusion of TechTarget's results following the acquisition of
TechTarget, Inc in 2024. The results of TechTarget were reported within Other
for the year ended 31 December 2024
· Transfer of the HIMSS business from the Informa Markets operating
segment to the Informa Connect operating segment
· Aggregation of the Informa Markets, Informa Connect and Informa
Festivals operating segments into the Live B2B Events reportable segment. The
Group has aggregated these operating segments based on their similar economic
characteristics, together with the nature of services provided and markets
served, which management has determined meet the criteria for aggregation
under IFRS 8 Operating Segments
No changes have been made to the Taylor & Francis segment.
Segment revenue by type
An analysis of the Group's revenue by segment and type is as follows:
Six months ended 30 June 2025 (unaudited)
Informa Markets Informa Connect Informa Festivals Live B2B Events Taylor & Francis Informa TechTarget
Total
£m £m £m £m £m £m £m
Exhibitor and related services 751.6 144.5 25.7 921.8 - - 921.8
Subscriptions 20.3 28.7 17.9 66.9 177.9 30.1 274.9
Transactional sales 2.7 15.9 39.4 58.0 150.0 12.9 220.9
Attendee revenue 54.7 112.2 58.2 225.1 - 1.3 226.4
Marketing and lead generation 43.5 18.0 1.5 63.0 0.8 127.3 191.1
Sponsorship revenue 79.4 53.6 67.8 200.8 - - 200.8
Total 952.2 372.9 210.5 1,535.6 328.7 171.6 2,035.9
Six months ended 30 June 2024 (unaudited and re-presented)
The business segment revenue by type for the six months ended 30 June 2024 has
been re-presented. Refer to Note 17 for further details.
Informa Markets Informa Connect Informa Festivals Live B2B Events Taylor & Francis Informa TechTarget
Total
£m £m £m £m £m £m £m
Exhibitor and related services 687.0 107.9 16.3 811.2 - 0.1 811.3
Subscriptions 19.6 75.7 - 95.3 171.1 33.1 299.5
Transactional sales 3.2 20.1 - 23.3 129.1 11.7 164.1
Attendee revenue 47.6 108.4 13.0 169.0 - 0.2 169.2
Marketing and lead generation 40.4 19.6 0.8 60.8 0.9 54.2 115.9
Sponsorship revenue 68.1 58.2 8.8 135.1 - 0.2 135.3
Total 865.9 389.9 38.9 1,294.7 301.1 99.5 1,695.3
Year ended 31 December 2024 (unaudited and re-presented)
The business segment revenue by type for the year ended 31 December 2024 has
been re-presented. Refer to Note 17 for further details.
Informa Markets Informa Connect Informa Festivals Live B2B Events Taylor & Francis Informa TechTarget
Total
£m £m £m £m £m £m £m
Exhibitor and related services 1,389.4 169.0 74.7 1,633.1 - 0.1 1,633.2
Subscriptions 38.2 151.5 9.8 199.5 368.8 53.2 621.5
Transactional sales 6.0 44.3 5.0 55.3 327.6 41.4 424.3
Attendee revenue 79.0 196.0 73.2 348.2 - 6.0 354.2
Marketing and lead generation 96.4 38.0 3.1 137.5 1.8 110.2 249.5
Sponsorship revenue 128.9 102.2 32.8 263.9 - 6.5 270.4
Total 1,737.9 701.0 198.6 2,637.5 698.2 217.4 3,553.1
Segment results
Six months ended 30 June 2025 (unaudited)
Live B2B Events Taylor & Francis Informa TechTarget
Total
£m £m £m £m
Adjusted operating profit before joint ventures and associates(1) 466.5 110.4 0.2 577.1
Share of adjusted results of joint ventures and associates 1.8 - - 1.8
Adjusted operating profit 468.3 110.4 0.2 578.9
Intangible asset amortisation(2) (Note 4) (133.8) (10.3) (29.8) (173.9)
Impairment - goodwill (Note 10) - - (484.2) (484.2)
Impairment - acquisition-related and other intangibles (Note 4) (8.5) - - (8.5)
Impairment - right-of-use assets (Note 4) (1.3) (0.1) (3.8) (5.2)
Acquisition costs (Note 4) (1.2) - (2.1) (3.3)
Integration costs (Note 4) (16.6) (0.5) (16.6) (33.7)
Restructuring and reorganisation (costs)/credit (Note 4) (4.0) (5.5) 0.5 (9.0)
Exceptional foreign exchange gain (Note 4) 3.6 0.8 0.4 4.8
Fair value gain on contingent consideration (Note 4) 1.4 - - 1.4
Fair value loss on contingent consideration (Note 4) (4.3) - - (4.3)
Operating profit/(loss) 303.6 94.8 (535.4) (137.0)
Fair value loss on investments (Note 16) (51.9)
Profit on disposal of subsidiaries and operations 0.3
Finance income (Note 5) 7.5
Finance costs (Note 6) (73.1)
Loss before tax (254.2)
1. Adjusted operating profit before joint ventures and
associates included the following amounts for depreciation and other
amortisation: £36.1m for Live B2B Events, £9.3m for Taylor & Francis and
£4.5m for Informa TechTarget
2. Intangible asset amortisation is in respect of acquired
intangibles and excludes amortisation of software and non-acquired product
development
Six months ended 30 June 2024 (unaudited and re-presented)
The business segment results for the six months ended 30 June 2024 have been
re-presented. Refer to Note 17 for further details.
Live B2B Events Taylor & Francis Informa TechTarget
Total
£m £m £m £m
Adjusted operating profit/(loss) before joint ventures and associates(1) 371.5 94.4 (0.3) 465.6
Share of adjusted results of joint ventures and associates 1.3 - - 1.3
Adjusted operating profit 372.8 94.4 (0.3) 466.9
Intangible asset amortisation(2) (Note 4) (122.2) (20.8) (12.9) (155.9)
Impairment - right-of-use assets (Note 4) (2.1) (0.3) (1.5) (3.9)
Acquisition costs (Note 4) (2.6) (0.5) (20.6) (23.7)
Integration costs (Note 4) (9.4) (0.5) (1.6) (11.5)
Restructuring and reorganisation costs (Note 4) (0.2) (0.4) (4.3) (4.9)
Fair value gain on contingent consideration (Note 4) 9.4 - 6.0 15.4
Fair value loss on contingent consideration (Note 4) (19.5) - - (19.5)
Operating profit/(loss) 226.2 71.9 (35.2) 262.9
Fair value gain on investments (Note 16) 4.3
Loss on disposal of subsidiaries and operations (4.1)
Finance income (Note 5) 6.6
Finance costs (Note 6) (32.3)
Profit before tax 237.4
1. Adjusted operating profit before joint ventures and
associates included the following amounts for depreciation and other
amortisation: £30.3m for Live B2B Events, £10.5m for Taylor & Francis
and £3.5m for Informa TechTarget
2. Intangible asset amortisation is in respect of acquired
intangibles and excludes amortisation of software and non-acquired product
development
Year ended 31 December 2024 (unaudited and re-presented)
The business segment results for the year ended 31 December 2024 have been
re-presented. Refer to Note 17 for further details.
Live B2B Events Taylor & Francis Informa TechTarget
Total
£m £m £m £m
Adjusted operating profit before joint ventures and associates(1) 715.1 255.7 21.4 992.2
Share of adjusted results of joint ventures and associates 2.8 - - 2.8
Adjusted operating profit 717.9 255.7 21.4 995.0
Intangible asset amortisation(2) (Note 4) (251.3) (31.7) (26.6) (309.6)
Impairment - acquisition-related and other intangibles (Note 4) (11.6) (16.2) (0.7) (28.5)
Impairment - right-of-use assets (Note 4) (2.2) (0.3) (2.5) (5.0)
Acquisition costs (Note 4) (32.4) (1.5) (32.1) (66.0)
Integration costs (Note 4) (24.0) (1.0) (17.2) (42.2)
Restructuring and reorganisation costs (Note 4) (10.9) (2.5) (0.7) (14.1)
Fair value gain on contingent consideration (Note 4) 10.8 - 18.7 29.5
Fair value loss on contingent consideration (Note 4) (16.3) - - (16.3)
Operating profit/(loss) 380.0 202.5 (39.7) 542.8
Fair value loss on investments (Note 16) (9.2)
Loss on disposal of subsidiaries and operations (24.1)
Finance income (Note 5) 12.9
Finance costs (Note 6) (115.1)
Profit before tax 407.3
1. Adjusted operating profit before joint ventures and
associates included the following amounts for depreciation and other
amortisation: £61.9m for Live B2B Events, £21.5m for Taylor & Francis
and £7.3m for Informa TechTarget
2. Intangible asset amortisation is in respect of acquired
intangibles and excludes amortisation of software and non-acquired product
development
4. Adjusting items
The Board considers certain items should be recognised as adjusting items (see
Glossary of terms for the definition of adjusting items) since, due to their
nature or infrequency, such presentation is relevant to an understanding of
the Group's performance. These items do not relate to the Group's underlying
trading and are adjusted from the Group's adjusted operating profit measure.
The following charges/(credits) are presented as adjusting items:
6 months 6 months Year ended
ended ended 31 December
30 June 2025 30 June 2024 2024
(unaudited) (unaudited) (audited)
£m £m £m
Intangible asset amortisation(1) 173.9 155.9 309.6
Impairment - goodwill (Note 10) 484.2 - -
Impairment - acquisition-related and other intangible assets 8.5 - 28.5
Impairment - right-of-use assets 5.2 3.9 5.0
Acquisition costs 3.3 23.7 66.0
Integration costs(2) 33.7 11.5 42.2
Restructuring and reorganisation costs 9.0 4.9 14.1
Exceptional foreign exchange gain (4.8) - -
Fair value gain on contingent consideration (1.4) (15.4) (29.5)
Fair value loss on contingent consideration 4.3 19.5 16.3
Adjusting items in operating (loss)/profit(2) 715.9 204.0 452.2
Fair value loss/(gain) on investments 51.9 (4.3) 9.2
(Profit)/loss on disposal of subsidiaries and operations (0.3) 4.1 24.1
Finance costs 2.6 - 22.6
Adjusting items in (loss)/profit before tax 770.1 203.8 508.1
Tax related to adjusting items (88.6) (27.7) (137.3)
Adjusting items in (loss)/profit for the period 681.5 176.1 370.8
1. Intangible asset amortisation is in respect of acquired
intangibles and excludes amortisation of software and non-acquired product
development of £19.0m (HY 2024: £22.8m; FY 2024: £46.1m)
2. Includes £nil (H1 2024: £1.5m; FY 2024: £1.5m) relating
to joint ventures and associates
Further descriptions of the above adjusting items are as follows:
● Intangible asset amortisation is charged in respect of intangible
assets, including product development, acquired through business combinations
or the acquisition of trade and assets. The charge is not considered to be
related to the underlying performance of the Group and it can fluctuate
materially period-on-period as and when new businesses are acquired or
disposed of. Revenue and results from the related business combinations have
been included within the adjusted results.
● Impairment of goodwill is the impairment charge arising as a
result of the Group's review of the carrying value of goodwill on the Group's
balance sheet. The impairment review is performed at least annually or more
frequently where an indicator exists. The impairment charge recognised in the
six months to 30 June 2025 relates to the Informa TechTarget group of CGUs.
Refer to Note 10 for further details.
● Impairment of acquisition-related and other intangible assets is
the impairment charged as a result of the annual impairment test or more
frequently when an indicator exists.
● Impairment of right-of-use assets mainly relates to the permanent
closure of office properties. This has been classified an adjusting item based
on being infrequent in nature and therefore not being considered to be part of
the usual underlying costs of the Group.
● Acquisition and integration costs are costs incurred in acquiring
and integrating share and asset acquisitions as part of M&A activity.
● Restructuring and reorganisation costs are charges incurred by the
Group in business restructuring, operating model changes and non-recurring
legal costs. These costs relate to specific initiatives following reviews of
the Group's organisational operations.
● Exceptional foreign exchange gain relates to the recognition of
derivative contracts entered into alongside the 2031 Euro Medium Term Note
issuance. Refer to Note 15 for further details.
● Fair value loss/(gain) on contingent consideration arise as a
result of acquisitions. The fair value remeasurement is recognised in the
period as charges or credits to the Consolidated Income Statement, unless
these qualify as measurement period adjustments arising within one year from
the acquisition date.
● Fair value loss/(gain) on investments is the result of a decrease,
or increase, in the fair value of investments held.
● (Profit)/loss on disposal of subsidiaries and operations relates
to disposals in the current period or subsequent costs relating to prior
disposals.
● Finance costs relate to charges incurred specifically for
arranging financing in respect of share and asset acquisitions as part of
M&A activity.
5. Finance income
6 months 6 months Year ended
ended ended 31 December
30 June 2025 30 June 2024 2024
(unaudited) (unaudited) (audited)
£m £m £m
Interest income on bank deposits 7.2 6.2 12.1
Interest income finance lessor leases 0.1 0.2 0.4
Fair value gain on financial instruments 0.2 0.2 0.4
Total finance income 7.5 6.6 12.9
6. Finance costs
6 months 6 months Year ended
ended ended 31 December
30 June 2025 30 June 2024 2024
(unaudited) (unaudited) (audited)
£m £m £m
Interest expense on borrowings and loans(1) 63.1 25.1 79.4
Interest on lease liabilities 7.9 6.6 13.3
Interest (income)/cost on pension scheme net surplus (0.9) 0.5 (1.9)
Total interest expense 70.1 32.2 90.8
Other 0.4 0.1 1.7
Financing costs before adjusting items 70.5 32.3 92.5
Adjusting items(2) 2.6 - 22.6
Total finance costs 73.1 32.3 115.1
1. Included in interest expense above is the amortisation of bond
borrowing fees of £2.7m (H1 2024: £1.0m; FY 2024: £2.8m)
2. The adjusting items relating to finance costs for the six months
ended 30 June 2025 relate to a fair value adjustment arising on convertible
loan notes acquired as part of the TechTarget acquisition in December 2024.
The adjusting items for finance costs in 2024 relate to fair value losses on
derivative contracts executed in expectation of the October 2024 EMTN issuance
and fees on the Ascential acquisition bridge facility
7. Taxation
The tax charge comprises:
6 months 6 months Year ended
ended ended 31 December
30 June 2025 30 June 2024 2024
(unaudited) (unaudited) (audited)
£m £m £m
Current tax 57.1 71.2 222.7
Deferred tax (39.9) (8.4) (181.8)
Total tax charge on (loss)/profit on ordinary activities 17.2 62.8 40.9
The adjusted effective tax rate of 20.5% (H1 2024: 20.5%) has been estimated
using full year forecasts and has then been applied to the adjusted profit
before tax for the period. The tax charge on adjusting items for the period
has been calculated by applying to each adjusting item the tax rate for the
jurisdiction in which the adjusting item arises, to the extent the item is
expected to be taxable/deductible.
8. Dividends
As at 30 June 2025, £177.8m (30 June 2024: £163.9m; 31 December 2024:
£0.3m) of dividends are still to be paid. The proposed final dividend for the
year ended 31 December 2024 of 13.6 pence per share was approved at the AGM on
19 June 2025 and was paid on 11 July 2025. This has been included as a
liability as at 30 June 2025.
The proposed interim dividend for the six months ended 30 June 2025 of 7.0
pence per share (30 June 2024: 6.4 pence per share), has been approved by the
Board and will be paid on 19 September 2025 to ordinary shareholders
registered as at the close of business on 8 August 2025. This has not been
included as a liability in these Condensed Consolidated Financial Statements.
9. Earnings per share
Basic EPS
The basic earnings per share (EPS) calculation is based on the profit/(loss)
attributable to the equity holders of the Parent Company divided by the
weighted average number of shares in issue less those shares held by the
Employee Share Trust and ShareMatch.
The diluted EPS calculation is based on the basic EPS calculation above,
except that the weighted average number of shares includes all potentially
dilutive options granted by the reporting date as if those options had been
exercised on the first day of the accounting period or the date of the grant,
if later.
The table below sets out the weighted average number of shares used in the
calculation of basic diluted EPS showing no adjustment in respect of dilutive
potential ordinary shares. As at 30 June 2025, there were 9,213,090 potential
ordinary shares which are anti-dilutive and are therefore excluded from the
weighted average number of ordinary shares for the purpose of calculating
diluted earnings per share.
6 months ended 6 months ended Year ended
30 June 2025 30 June 2024 31 December 2024
(unaudited) (unaudited) (audited)
Weighted average number of shares used in basic EPS 1,313,291,835 1,350,895,110 1,335,773,495
Effect of dilutive potential ordinary shares - 8,104,397 8,218,817
Weighted average number of shares used 1,313,291,835 1,358,999,507 1,343,992,312
in basic diluted EPS calculation
6 months ended 6 months ended Year ended
30 June 2025 30 June 2024 31 December 2024
(unaudited) (unaudited) (audited)
Per share Per share Per share
Earnings amount Earnings amount Pence Earnings amount
£m Pence £m £m Pence
(Loss)/profit for the period (271.4) 174.6 366.4
Non-controlling interests 194.0 (27.3) (68.7)
(Loss)/earnings for the purpose of basic EPS (p) (77.4) (5.9) 147.3 10.9 297.7 22.3
Effect of dilutive potential ordinary shares - - - (0.1) - (0.1)
(Loss)/earnings for the purpose of basic diluted EPS (p) (77.4) (5.9) 147.3 10.8 297.7 22.2
Adjusted EPS
In addition to basic EPS, adjusted diluted EPS has been calculated to provide
useful additional information on underlying earnings performance. Adjusted
diluted EPS is based on profit attributable to equity holders which has been
adjusted to exclude items that, in the opinion of the Directors, would distort
underlying results (see Note 4).
The diluted EPS calculation is based on the basic EPS calculation above,
except that the weighted average number of shares includes all potentially
dilutive options granted by the reporting date as if those options had been
exercised on the first day of the accounting period or the date of the grant,
if later.
6 months ended 6 months ended Year ended
30 June 2025 30 June 2024 31 December 2024
(unaudited) (unaudited) (audited)
Weighted average number of shares used in basic EPS 1,313,291,835 1,350,895,110 1,335,773,495
Effect of dilutive potential ordinary shares 9,213,090 8,104,397 8,218,817
Weighted average number of shares used 1,322,504,925 1,358,999,507 1,343,992,312
in adjusted diluted EPS calculation
6 months ended 6 months ended Year ended
30 June 2025 30 June 2024 31 December 2024
(unaudited) (unaudited) (audited)
Per share Per share Per share
Earnings amount Earnings amount Pence Earnings amount
£m Pence £m £m Pence
(Loss)/earnings for the purpose of basic EPS (p) (77.4) (5.9) 147.3 10.9 297.7 22.3
Intangible asset amortisation 173.9 13.2 155.9 11.5 309.6 23.2
Impairment - goodwill 484.2 36.9 - - - -
Impairment - acquisition-related and other intangible assets 8.5 0.6 - - 28.5 2.1
Impairment - right-of-use assets 5.2 0.4 3.9 0.3 5.0 0.3
Acquisition costs 3.3 0.3 23.7 1.8 66.0 4.9
Integration costs 33.7 2.6 11.5 0.8 42.2 3.2
Restructuring and reorganisation costs 9.0 0.7 4.9 0.4 14.1 1.1
Exceptional foreign exchange gain (4.8) (0.4) - - - -
Fair value gain on contingent consideration (1.4) (0.1) (15.4) (1.1) (29.5) (2.2)
Fair value loss on contingent consideration 4.3 0.3 19.5 1.4 16.3 1.2
Fair value loss/(gain) on investments 51.9 3.9 (4.3) (0.3) 9.2 0.7
(Profit)/loss on disposal of subsidiaries and operations (0.3) - 4.1 0.3 24.1 1.8
Finance costs 2.6 0.2 - - 22.6 1.7
Tax related to adjusting items (88.6) (6.7) (27.7) (2.1) (137.3) (10.3)
Non-controlling interest adjusting items (209.4) (15.9) (0.3) - 4.8 0.4
Earnings for the purpose of adjusted basic EPS (p) 394.7 30.1 323.1 23.9 673.3 50.4
Effect of dilutive potential ordinary shares - (0.3) - (0.1) - (0.3)
Earnings for the purpose of adjusted diluted EPS (p) 394.7 29.8 323.1 23.8 673.3 50.1
10. Goodwill
(Unaudited)
£m
Cost
At 1 January 2025 8,429.1
Additions in the period 26.7
Exchange differences (424.9)
At 30 June 2025 8,030.9
Accumulated impairment losses
At 1 January 2025 (642.1)
Charge in the period (484.2)
Exchange differences 35.0
At 30 June 2025 (1,091.3)
Carrying amount
At 30 June 2025 6,939.6
At 31 December 2024 7,787.0
Following the Group's reorganisation, the composition of the CGU groups to
which goodwill was previously allocated has now changed to reflect the Group's
current structure. Refer to Note 3 for details of the changes in the Group's
reportable segments and Note 17 for details of the Group's re-presentation of
goodwill by segment as at 31 December 2024.
Impairment trigger
The Group has historically tested goodwill for impairment at the business
segment level (see Note 3) representing an aggregation of CGUs, reflecting the
level at which goodwill is monitored. There were five groups of CGUs for
goodwill impairment trigger testing at 30 June 2025 (31 December 2024: six
groups of CGUs). In preparing the 30 June 2025 Condensed Consolidated Balance
Sheet, the Directors reviewed the carrying value of the Group's goodwill to
assess if there were indicators of impairment.
For the six months to 30 June 2025, Informa TechTarget has reported a 4.3%
decline in underlying revenues, in line with management guidance. This
reflects a market backdrop that remained relatively subdued through the
period, with enterprise technology customers continuing to prioritise
AI-related research and development over investment in product marketing and
sales support. Management expects this backdrop to persist in the short-term,
although as it starts to reap the benefits of increased scale and its expanded
product offering post combination, it is targeting an improvement in growth
trends through the second half of the year, with a target for broadly flat
revenues across the full year.
The Informa TechTarget group of CGUs is listed on the NASDAQ stock exchange,
so the market capitalisation was compared to the net assets of the Informa
TechTarget Group of CGUs. The market capitalisation was below the net assets
as at 30 June 2025. This, along with the above performance for the six months
to 30 June 2025, were impairment indicators and therefore a full impairment
test was undertaken for Informa TechTarget.
For the other groups of CGUs, this review started with an assessment of
current and forecasted trading against the budget used in the 2024 year-end
impairment review. This assessment was undertaken as at 30 June 2025 and
concluded that there were no indicators of impairment.
Impairment review
A goodwill impairment charge of £484.2m on the Informa TechTarget Group of
CGUs has been recorded as at 30 June 2025. After the goodwill impairment
charge, the goodwill relating to Informa TechTarget was £157.5m as at 30 June
2025. Impairment testing involved comparing the aggregated carrying value of
assets with the recoverable value. Fair value less costs of disposal was
higher than value in use and was therefore used to calculate the recoverable
amount. The fair value less costs of disposal calculation was derived from the
latest Group cash flow projections, which are Level 3 inputs per IFRS 13 and
resulted in a recoverable amount of £695.8m.
Key assumptions
Projected cashflows
The projected cashflows have been based on the following:
· 2025: Latest full-year forecast
· 2026-2028: Updated three-year strategic plan
· 2029-2031: Extrapolated using linearly declining growth rates to
arrive at the long-term growth rate
The key assumption in the projected cash flows is the revenue growth rates,
which have been reduced compared to the growth rates projected as at the 2024
year-end. Over the period of 2025 to 2028 growth rates increase as management
expect Informa TechTarget to use its scale and breadth to take advantage of
the strong underlying demand for efficient, data-driven B2B marketing
solutions. Revenue growth rates have been benchmarked against industry data.
The forecasts include management expectations of the business's future
performance and represent the Directors' best estimate of the future
performance of these businesses. All cashflows are post-tax, in accordance
with the selection of the fair value less costs of disposal methodology.
Management has considered the quantitative impact of unmitigated
climate-related risks on asset recoverable amounts and concluded that this
would not cause a material impact to annual cash flows. In its forecasts,
management has considered recent trading performance, current market
conditions and relevant uncertainties when determining these estimates.
Long-term growth rate
For the fair value less costs of disposal calculation, a 3% perpetual growth
rate has been applied to the 2031 operating cash flows. The long-term growth
rate is based on external reports of long-term Consumer Price Index rates for
the main geographic markets in which Informa TechTarget operates and therefore
are not considered to exceed the long-term average growth prospects for the
individual markets. Long-term growth rates have not been risk adjusted to
reflect any of the uncertainties noted above, as these uncertainties are
already reflected in the forecasts.
Discount rate applied
A discount rate of 11.0% was used in the fair value less costs of disposal
calculation. To calculate discount rates, we have considered market rates for
comparable entities for the cost of debt, and the cost of equity is calculated
using the Capital Asset Pricing Model (CAPM). Discount rates have not been
risk adjusted to reflect any of the uncertainties noted above, as these
uncertainties are already reflected in the forecasts.
Sensitivity analysis
Key uncertainties relate to the length of subdued market activity, the speed
of recovery and the uncertainty in the macro-economic environment, which may
impact the future cash flows, discount rates and long-term growth rates.
Management has applied sensitivities to each of those three areas.
The cash flow scenario considered a 10% reduction in cash flows in all
forecast periods, 2025 to 2028, including the perpetuity year, reflecting an
estimation of the impact of a longer period of subdued activity followed by a
slower recovery. In addition, a scenario of a 2% decrease in revenue growth
was considered in all forecast periods, 2025 to 2028. To reflect
disadvantageous changes in the economies in which the Group operates, we
applied 1.0% increases in discount rates and 0.5% decreases in long-term
growth rates. The sensitivities indicate management's assessment of reasonably
plausible, material changes to assumptions.
The results, as presented below, indicate the overall impairment charge which
would have been recorded as at 30 June 2025 for each of these sensitivities:
Impairment at After 10% reduction After 1% increase in discount rates After 0.5% reduction After 2% decrease in revenue growth
to cash flows
in long term
30 June 2025
growth rate
£m £m £m £m £m
484.2 545.5 559.9 513.3 549.1
11. Share capital
Share capital as at 30 June 2025 amounted to £1.3m (30 June 2024: £1.3m; 31
December 2024: £1.3m).
6 months ended 6 months ended Year ended
30 June 2025 30 June 2024 31 December 2024
(unaudited) (unaudited) (audited)
Number of shares Number of shares Number of shares
At 1 January 1,330,244,733 1,368,029,699 1,368,029,699
Issue of new shares to Employee Share Trust - 8,860,000 8,860,000
Issue of shares 71,437 4,397,622 4,397,622
Share buyback (23,466,977) (41,067,602) (51,042,588)
At 30 June / 31 December 1,306,849,193 1,340,219,719 1,330,244,733
As at 30 June 2025, the Informa Employee Share Trust (EST) held 5,920,710 (30
June 2024: 8,038,925; 31 December 2024: 7,518,844) ordinary shares in the
Company at a market value of £47.7m (30 June 2024: £68.8m; 31 December 2024:
£60.0m). As at 30 June 2025, the ShareMatch scheme held 2,706,788 (30 June
2024: 2,173,186; 31 December 2024: 2,316,743) ordinary shares in the Company
at a market value of £21.8m (30 June 2024: £18.6m; 31 December 2024:
£18.5m). As at 30 June 2025, the Group held 0.7% (30 June 2024: 0.8%; 31
December 2024: 0.7%) of its own called-up share capital.
The Company issued 71,437 new ordinary shares of 0.1p each on 3 February 2025
as consideration for the acquisition of TM Events S.à.r.l., parent company of
the Top Marques brand.
During the period, the Company bought back 23,466,977 (30 June 2024:
41,067,602; 31 December 2024: 51,042,588) ordinary shares at the nominal value
of 0.1p for a total consideration of £176.7m (30 June 2024: £338.9m; 31
December 2024: £424.2m) and cancelled 23,175,109 (30 June 2024: 39,907,891;
31 December 2024: 51,554,769) of these shares. 291,868 (30 June 2024:
1,159,711; 31 December 2024: 512,181) shares were settled and cancelled
subsequent to 30 June 2025, for consideration of £2.4m (30 June 2024:
£10.1m; 31 December 2024: £4.0m).
A share buyback liability of £24.4m (30 June 2024: £90.0m; 31 December 2024:
£nil) has been included in trade and other payables at 30 June 2025 which
reflects the maximum liability for the purchase of the Company's own shares
through to the conclusion of the Group's close period on 23 July 2025,
following an irrevocable instruction issued to the Group's broker in
connection with the previously announced share buyback programme.
12. Non-controlling interests
The Group has subsidiary undertakings where there are non-controlling
interests, of which the most significant is in Informa TechTarget. The
non-controlling interest in Informa TechTarget represents a minority
shareholding of 43% on a fully diluted basis.
As at 30 June 2025, the accumulated non-controlling interest of Informa
TechTarget was £254.4m (31 December 2024: £522.2m), and before intercompany
eliminations Informa TechTarget's total assets were £903.0m (31 December
2024: £1,756.8m) and total liabilities were £316.9m (31 December 2024:
£539.7m).
13. Notes to the Cash Flow Statement
6 months 6 months Year
ended ended ended
30 June 30 June 31 December
2025 2024 2024
(unaudited) (unaudited) (audited)
Note £m £m £m
(Loss)/profit before tax (254.2) 237.4 407.3
Adjustments for:
Amortisation of other intangible assets 192.9 178.7 355.7
Depreciation of property and equipment 9.9 7.9 17.5
Depreciation of right-of-use assets 21.0 13.6 27.1
Impairment - goodwill 10 484.2 - -
Impairment - acquisition-related and other intangible assets 8.5 - 28.5
Impairment - right-of-use assets 5.2 3.9 5.0
Share-based payments 20.2 9.0 22.2
Fair value gain on contingent consideration 4 (1.4) (15.4) (29.5)
Fair value loss on contingent consideration 4 4.3 19.5 16.3
Lease modifications (1.1) (0.4) 1.3
Fair value loss/(gain) on investments 51.9 (4.3) 9.2
(Profit)/loss on disposal of subsidiaries and operations (0.3) 4.1 24.1
Loss on disposal of property and equipment and software 0.1 0.1 0.1
Finance income 5 (7.5) (6.6) (12.9)
Finance costs 6 73.1 32.3 115.1
Share of adjusted results of joint ventures and associates (1.8) (1.3) (2.8)
Net exchange differences - - 0.9
Operating cash inflow before movements in working capital 605.0 478.5 985.1
Increase in inventories - (2.3) (6.8)
Increase in receivables (63.2) (113.3) (174.4)
(Decrease)/increase in payables (97.7) 2.4 208.6
Movements in working capital (160.9) (113.2) 27.4
Pension deficit recovery contributions (0.1) (0.6) (1.1)
Cash generated from operations 444.0 364.7 1,011.4
Investments
The Floating Rate and Short-Term Bond Funds, which were acquired as part of
the TechTarget acquisition in December 2024 and presented within Investments
on the Group's Consolidated Balance Sheet as at 31 December 2024 of £61.8m,
were converted to cash in January 2025. This resulted in a £62.2m cash inflow
in investing activities as presented within the Condensed Consolidated Cash
Flow Statement, reflecting the value of the investment at date of settlement.
14. Movements in net debt
Net debt consists of cash and cash equivalents and includes bank overdrafts
when applicable, borrowings, derivatives associated with debt instruments,
finance leases, lease liabilities, deferred borrowing fees and other loan note
receivables (excluding fair value through profit or loss items and amounts
held in escrow) where these are interest bearing and do not relate to deferred
contingent arrangements.
Analysis of movement in net debt as at 30 June 2025 (unaudited)
At 30
At 1 January Non-cash movements Cash flow Exchange movements June
2025 £m £m £m 2025
£m £m
Cash and cash equivalents 484.3 - 306.7 (26.1) 764.9
Other financing assets
Derivative assets associated with borrowings - 127.8 - - 127.8
Finance lease receivables 11.7 1.0 (1.6) (0.2) 10.9
Total other financing assets 11.7 128.8 (1.6) (0.2) 138.7
Other financing liabilities
Bond borrowings due in more than one year (2,317.7) (0.2) (588.5) (69.3) (2,975.7)
Bond borrowings due in less than one year (580.6) - - (18.3) (598.9)
Bond borrowing fees 16.4 (2.7) 6.1 - 19.8
Bank loan fees due in more than one year 3.8 (0.4) - - 3.4
Acquired debt (329.5) (2.6) 331.1 1.0 -
Derivative liabilities associated with borrowings due in more than one year (127.8) 127.8 - - -
Derivative liabilities associated with borrowings due in less than one year (76.4) 74.1 - - (2.3)
Lease liabilities (278.1) (70.1) 15.8 21.6 (310.8)
Loans from other parties (7.9) - - - (7.9)
Total other financing liabilities (3,697.8) 125.9 (235.5) (65.0) (3,872.4)
Total net financing liabilities (3,686.1) 254.7 (237.1) (65.2) (3,733.7)
Net debt (3,201.8) 254.7 69.6 (91.3) (2,968.8)
Analysis of movement in net debt as at 30 June 2024 (unaudited)
At 30
At 1 January Non-cash movements Cash flow Exchange movements June
2024 £m £m £m 2024
£m £m
Cash and cash equivalents 389.3 - (41.6) (5.7) 342.0
Other financing assets
Finance lease receivables 10.5 - (0.5) (0.7) 9.3
Total other financing assets 10.5 - (0.5) (0.7) 9.3
Other financing liabilities
Bond borrowings due in more than one year (1,492.6) - - 26.7 (1,465.9)
Bond borrowing fees 6.2 (1.0) - - 5.2
Bank loans due in more than one year (30.4) - (165.0) - (195.4)
Bank loan fees due in more than one year 2.3 (0.5) - - 1.8
Derivative liabilities associated with borrowings due in more than one year (77.9) (30.9) - - (108.8)
Derivative liabilities associated with borrowings due in less than one year - (0.5) - - (0.5)
Lease liabilities (263.8) (38.8) 13.6 (3.4) (292.4)
Loans from other parties - - (7.9) - (7.9)
Total other financing liabilities (1,856.2) (71.7) (159.3) 23.3 (2,063.9)
Total net financing liabilities (1,845.7) (71.7) (159.8) 22.6 (2,054.6)
Net debt (1,456.4) (71.7) (201.4) 16.9 (1,712.6)
Analysis of movement in net debt as at 31 December 2024 (audited)
At 1 January 2024 Non-cash movements Cash flow Exchange movements At 31 December 2024
£m £m £m £m £m
Cash and cash equivalents 389.3 - 89.9 5.1 484.3
Other financing assets
Finance lease receivables 10.5 3.8 (2.4) (0.2) 11.7
Total other financing assets 10.5 3.8 (2.4) (0.2) 11.7
Other financing liabilities
Bond borrowings due in more than one year (1,492.6) 606.5 (1,464.6) 33.0 (2,317.7)
Bond borrowings due in less than one year - (608.2) - 27.6 (580.6)
Bond borrowing fees 6.2 (2.8) 13.4 (0.4) 16.4
Bank loans due in more than one year (30.4) 38.3 - (7.9) -
Bank loan fees due in more than one year 2.3 (7.1) 8.4 0.2 3.8
Acquired debt - (384.9) 59.2 (3.8) (329.5)
Derivative liabilities associated with borrowings due in more than one year (77.9) (49.9) - - (127.8)
Derivative liabilities associated with borrowings due in less than one year - (76.4) - - (76.4)
Lease liabilities (263.8) (37.8) 26.7 (3.2) (278.1)
Loans from other parties - - (7.9) - (7.9)
Total other financing liabilities (1,856.2) (522.3) (1,364.8) 45.5 (3,697.8)
Total net financing liabilities (1,845.7) (518.5) (1,367.2) 45.3 (3,686.1)
Net debt (1,456.4) (518.5) (1,277.3) 50.4 (3,201.8)
Reconciliation of movement in net debt
6 months 6 months Year ended
ended ended 31 December
30 June 2025 30 June 2024 2024
(unaudited) (unaudited) (audited)
£m £m £m
Increase/(decrease) in cash and cash equivalents in the period 306.7 (41.6) 89.9
(including cash acquired)
Cash flows from net drawdown of borrowings, (237.1) (159.8) (1,367.2)
derivatives associated with debt, and lease liabilities
Change in net debt resulting from cash flows 69.6 (201.4) (1,277.3)
Non-cash movements including foreign exchange and excluding net lease 232.5 (16.0) (434.1)
additions
Movement in net debt in the period 302.1 (217.4) (1,711.4)
Net debt at beginning of the period (3,201.8) (1,456.4) (1,456.4)
Net lease additions in the period (69.1) (38.8) (34.0)
Net debt at end of the period (2,968.8) (1,712.6) (3,201.8)
15. Borrowings
The Group had £4.7bn of committed facilities at 30 June 2025 (30 June 2024:
£2.6bn; 31 December 2024: £4.3bn). The total borrowings, excluding lease
liabilities as well as derivative assets and liabilities associated with
borrowings, are as follows:
At 31
At 30 June At 30 June December
2025 2024 2024
(unaudited) (unaudited) (audited)
£m £m £m
Current
Convertible notes - - 329.5
Bank borrowings - current - - 329.5
Euro Medium Term Note (€700.0m) - due October 2025 598.9 - 580.6
Euro Medium Term Note issue costs (0.2) - (0.8)
Euro Medium Term Note borrowings - current 598.7 - 579.8
Total current borrowings 598.7 - 909.3
Non-current
Bank borrowings - revolving credit facility - 165.0 -
Bank borrowings issue costs (3.4) (1.8) (3.8)
Bank borrowings - other - 30.4 -
Bank borrowings - non-current (3.4) 193.6 (3.8)
Euro Medium Term Note (€700.0m) - due October 2025 - 592.6 -
Euro Medium Term Note (£450.0m) - due July 2026 450.0 450.0 450.0
Euro Medium Term Note (€600.0m) - due October 2027 513.3 - 497.6
Euro Medium Term Note (€500.0m) - due April 2028 427.8 423.3 414.7
Euro Medium Term Note (€650.0m) - due October 2030 557.9 - 540.7
Euro Medium Term Note (€700.0m) - due June 2031 598.9 - -
Euro Medium Term Note (€500.0m) - due October 2034 427.8 - 414.7
Euro Medium Term Note issue costs (19.6) (5.2) (15.6)
Euro Medium Term Note borrowings - non-current 2,956.1 1,460.7 2,302.1
Total borrowings - non-current 2,952.7 1,654.3 2,298.3
Total borrowings 3,551.4 1,654.3 3,207.6
The Group does not have any of its property and equipment and other intangible
assets pledged as security over its Group-level loans. The Group's borrowings
do not have any financial covenants.
The Group has access to a revolving credit facility of £1,145.5m, of which
£nil was drawn at 30 June 2025 (30 June 2024: £165.0m drawn; 31 December
2024: £nil drawn). The facility matures in August 2030.
On 9 June 2025, the Group issued a 6-year fixed term Euro Medium Term Note of
€697.2m (notional value €700.0m).
Convertible notes were acquired as part of the TechTarget acquisition on 2
December 2024. The Group subsequently repurchased the notes for cash at a
purchase price equal to 100% of the aggregate principal amount, plus accrued
and unpaid interest, on 24 January 2025.
16. Financial instruments
This note provides an update on the judgements and estimates made by the Group
in determining the fair values of the financial instruments since the 2024
Annual Report and Accounts.
Fair value hierarchy
Valuation techniques use observable market data where it is available and rely
as little as possible on entity-specific estimates. The fair values of
interest rate swaps and forward exchange contracts are measured using
discounted cash flows. Future cash flows are based on forward
interest/exchange rates (from observable yield curves/forward exchange rates
at the end of the reporting period) and contract interest/forward rates,
discounted at a rate that reflects the credit risk of the counterparties.
The fair values of put call options over non-controlling interests (including
exercise price) and contingent consideration on acquisitions are measured
using discounted cash flow models with inputs derived from the projected
financial performance in relation to the specific contingent consideration
criteria for each acquisition, as no observable market data is available. The
fair values are most sensitive to the projected financial performance of each
acquisition; management makes a best estimate of these projections at each
financial reporting date and regularly assesses a range of reasonably possible
alternatives for those inputs and determines their impact on the total fair
value.
The fair value of the deferred consideration on acquisitions is the fair value
of the balance less any provision.
Financial instruments that are measured subsequent to initial recognition at
fair value are grouped into Levels 1 to 3, based on the degree to which the
fair value is observable, as follows:
● Level 1 fair value measurements are those derived from unadjusted
quoted prices in active markets for identical assets or liabilities.
● Level 2 fair value measurements are those derived from inputs,
other than quoted prices included within Level 1, that are observable for the
asset or liability, either directly (as prices) or indirectly (derived from
prices).
● Level 3 fair value measurements are those derived from valuation
techniques that include inputs for the asset or liability that are not based
on observable market data (unobservable inputs), such as internal models or
other valuation methods. Level 3 balances for contingent consideration and
other investments use future cash flow forecasts to determine the fair value.
Financial assets and liabilities measured at fair value in the Condensed
Consolidated Balance Sheet and their categorisation in the fair value
hierarchy at 30 June 2025, 30 June 2024 and 31 December 2024:
Level 1 Level 2 Level 3 Total
At 30 June At 30 June At 30 June At 30 June
2025 2025 2025 2025
(unaudited) (unaudited) (unaudited) (unaudited)
£m £m £m £m
Financial assets
Derivative financial instruments in designated hedge - 127.8 - 127.8
accounting relationships(2)
Cash and cash equivalents measured at fair value 438.8 - - 438.8
Other investments(1) - 28.6 93.9 122.5
438.8 156.4 93.9 689.1
Financial liabilities at fair value through profit or
loss and through equity
Derivative financial instruments in designated hedge - 1.0 - 1.0
accounting relationships(2)
Unhedged derivative financial instruments - 1.3 - 1.3
Deferred consideration on acquisitions(3) 2.8 - - 2.8
Contingent consideration and put call options on acquisitions(3) - - 21.1 21.1
2.8 2.3 21.1 26.2
1. See below table for breakdown of movement
2. Amount relates to cross-currency interest rate swaps associated with Euro
Medium Term Notes
3. Classified within Trade and other payables on the Condensed Consolidated
Balance Sheet
Level 1 Level 2 Level 3 Total
At 30 June At 30 June At 30 June At 30 June
2024 2024 2024 2024
(unaudited) (unaudited) (unaudited) (unaudited)
£m £m £m £m
Financial assets
Unhedged derivative financial instruments - 0.2 - 0.2
Cash and cash equivalents measured at fair value 39.1 - - 39.1
Other investments(1) - - 264.9 264.9
39.1 0.2 264.9 304.2
Financial liabilities at fair value through profit or loss and through equity
Derivative financial instruments in designated hedge accounting - 108.8 - 108.8
relationships(2)
Unhedged derivative financial instruments - 0.5 - 0.5
Deferred consideration on acquisitions(3) 12.7 - - 12.7
Contingent consideration and put call options on acquisitions(3) - - 81.6 81.6
12.7 109.3 81.6 203.6
1. See below table for breakdown of movement
2. Amount relates to cross-currency interest rate swaps associated with Euro
Medium Term Notes
3. Classified within Trade and other payables on the Condensed Consolidated
Balance Sheet
Level 1 Level 2 Level 3 Total
At 31 At 31 At 31 At 31
December December December December
2024 2024 2024 2024
(audited) (audited) (audited) (audited)
£m £m £m £m
Financial assets
Unhedged derivative financial instruments - 0.1 - 0.1
Investments - 61.8 - 61.8
Cash and cash equivalents measured at fair value 1.6 - - 1.6
Other investments(1) - 27.6 158.9 186.5
1.6 89.5 158.9 250.0
Financial liabilities at fair value through profit or loss and through equity
Unhedged derivative financial instruments - 1.5 - 1.5
Derivative financial instruments in designated hedge accounting - 202.7 - 202.7
relationships(2)
Deferred consideration on acquisitions(3) 8.6 - - 8.6
Contingent consideration and put call options on acquisitions(3) - - 46.3 46.3
8.6 204.2 46.3 259.1
1. See below table for breakdown of movement
2. Amount relates to cross-currency interest rate swaps associated with Euro
Medium Term Notes
3. Classified within Trade and other payables on the Condensed Consolidated
Balance Sheet
Other investments
The Group's other investments as at 30 June 2025 are as follows:
(Unaudited)
£m
At 1 January 2024 260.8
Fair value gain 4.3
Foreign exchange loss (0.2)
At 30 June 2024 264.9
Arising on acquisition of subsidiaries and operations 2.5
Additions of listed equity securities 6.7
Disposal of preference shares(1) (74.2)
Fair value loss (13.5)
Foreign exchange gain 0.1
At 31 December 2024 186.5
Fair value loss (51.9)
Foreign exchange loss (12.1)
At 30 June 2025 122.5
1. On 1 December 2024, the Group disposed of its ordinary and preference
shares held in Swordfish TopCo Limited (previously referred to as Maritime
Intelligence) for a total cash consideration of £74.9m (of which £74.2m
relate to the Group's preference shareholding)
Other investments consist of investments in listed equity securities, unlisted
equity securities and preference shares. The most significant of these is the
retained equity interest in Norstella, previously Pharma Intelligence,
following the sale of the Informa Intelligence division in 2022. A fair value
loss of £51.9m has been recognised in the Condensed Consolidated Income
Statement in relation to the retained Pharma Intelligence stake for the six
months ended 30 June 2025.
Fair value of other financial instruments (unrecognised)
The Group also has a number of financial instruments which are not measured at
fair value on the balance sheet. For the majority of these instruments, the
fair values are not materially different to their carrying amounts, since the
interest receivable/payable is either close to current market rates or the
instruments are short-term in nature. Significant differences were identified
for the following instruments at 30 June 2025, 30 June 2024 and 31 December
2024:
Carrying Estimated Carrying Estimated Carrying Estimated
amount fair value amount fair value amount fair value
30 June 30 June 30 June 30 June 31 December 31 December
2025 2025 2024 2024 2024 2024
(unaudited) (unaudited) (unaudited) (unaudited) (audited) (audited)
£m £m £m £m £m £m
Financial liabilities
Bond borrowings 3,554.8 3,539.4 1,460.7 1,396.5 2,881.9 2,850.5
17. Re-presentation
The segments and revenue by type results have been re-presented to reflect the
changes in segments as disclosed in Note 3.
The tables below provide a reconciliation between the Group's previous and
current segmental reporting for the six months ended 30 June 2024 and the year
ended 31 December 2024.
Segment revenue by type
Six months ended 30 June 2024
As previously reported
Informa Markets Re-presentation(1) Informa Markets
£m £m £m
Exhibitor and related services 680.0 7.0 687.0
Subscriptions 19.6 - 19.6
Transactional sales 3.2 - 3.2
Attendee revenue 56.8 (9.2) 47.6
Marketing and lead generation 38.2 2.2 40.4
Sponsorship revenue 40.5 27.6 68.1
Total 838.3 27.6 865.9
1. Re-presentation reflects the reallocation of certain
tech-related B2B events from the previously reported Informa Tech segment to
Informa Markets, the transfer of the HIMSS business from Informa Markets to
Informa Connect, and the transfer of certain events from Informa Markets to
Informa Festivals. Refer to Note 3 for further details
As previously reported
Informa Connect Re-presentation(1) Informa Connect
£m £m £m
Exhibitor and related services 77.4 30.5 107.9
Subscriptions 75.3 0.4 75.7
Transactional sales 19.7 0.4 20.1
Attendee revenue 92.1 16.3 108.4
Marketing and lead generation 19.5 0.1 19.6
Sponsorship revenue 44.3 13.9 58.2
Total 328.3 61.6 389.9
1. Re-presentation reflects the reallocation of certain
tech-related B2B events from the previously reported Informa Tech segment to
Informa Connect, the transfer of the HIMSS business from Informa Markets to
Informa Connect, and the transfer of certain events from Informa Connect to
Informa Festivals. Refer to Note 3 for further details
As previously reported
Other Re-presentation(1) Informa Festivals
£m £m £m
Exhibitor and related services - 16.3 16.3
Subscriptions - - -
Transactional sales - - -
Attendee revenue - 13.0 13.0
Marketing and lead generation - 0.8 0.8
Sponsorship revenue - 8.8 8.8
Total - 38.9 38.9
1. Re-presentation reflects the reallocation of certain
tech-related B2B events from the previously reported Informa Tech segment, and
the transfer of certain events from the Informa Markets and Informa Connect
segments to the Informa Festivals segment. Refer to Note 3 for further details
As previously reported
Informa Tech Re-presentation(1) Informa TechTarget
£m £m £m
Exhibitor and related services 53.9 (53.8) 0.1
Subscriptions 33.5 (0.4) 33.1
Transactional sales 12.1 (0.4) 11.7
Attendee revenue 20.3 (20.1) 0.2
Marketing and lead generation 57.3 (3.1) 54.2
Sponsorship revenue 50.5 (50.3) 0.2
Total 227.6 (128.1) 99.5
1. Re-presentation reflects the reallocation of tech-related B2B
events from the previously reported Informa Tech segment into Informa Markets,
Informa Connect and Informa Festivals, such that the Informa TechTarget
segment only includes Informa Tech's digital businesses. Refer to Note 3 for
further details
Year ended 31 December 2024
As previously reported
Informa Markets Re-presentation(1) Informa Markets
£m £m £m
Exhibitor and related services 1,392.4 (3.0) 1,389.4
Subscriptions 38.2 - 38.2
Transactional sales 6.0 - 6.0
Attendee revenue 88.6 (9.6) 79.0
Marketing and lead generation 95.1 1.3 96.4
Sponsorship revenue 102.7 26.2 128.9
Total 1,723.0 14.9 1,737.9
1. Re-presentation reflects the reallocation of certain
tech-related B2B events from the previously reported Informa Tech segment to
Informa Markets, the transfer of the HIMSS business from Informa Markets to
Informa Connect, and the transfer of certain events from Informa Markets to
Informa Festivals. Refer to Note 3 for further details
As previously reported
Informa Connect Re-presentation(1) Informa Connect
£m £m £m
Exhibitor and related services 132.7 36.3 169.0
Subscriptions 150.9 0.6 151.5
Transactional sales 43.3 1.0 44.3
Attendee revenue 179.3 16.7 196.0
Marketing and lead generation 38.5 (0.5) 38.0
Sponsorship revenue 86.3 15.9 102.2
Total 631.0 70.0 701.0
1. Re-presentation reflects the reallocation of certain
tech-related B2B events from the previously reported Informa Tech segment to
Informa Connect, the transfer of the HIMSS business from Informa Markets to
Informa Connect, and the transfer of certain events from Informa Connect to
Informa Festivals. Refer to Note 3 for further details
As previously reported
Other Re-presentation(1) Informa Festivals
£m £m £m
Exhibitor and related services 9.5 65.2 74.7
Subscriptions 9.5 0.3 9.8
Transactional sales 19.3 (14.3) 5.0
Attendee revenue 30.7 42.5 73.2
Marketing and lead generation - 3.1 3.1
Sponsorship revenue 8.0 24.8 32.8
Total 77.0 121.6 198.6
1. Re-presentation reflects the reallocation of certain
tech-related B2B events from the previously reported Informa Tech segment to
Informa Festivals, the transfer of certain events from Informa Markets and
Informa Connect to Informa Festivals, and the exclusion of the results of
TechTarget, which was acquired in December 2024 and reported within Other for
the year ended 31 December 2024. Refer to Note 3 for further details
As previously reported
Informa Tech Re-presentation(1) Informa TechTarget
£m £m £m
Exhibitor and related services 98.6 (98.5) 0.1
Subscriptions 54.1 (0.9) 53.2
Transactional sales 28.1 13.3 41.4
Attendee revenue 55.6 (49.6) 6.0
Marketing and lead generation 114.1 (3.9) 110.2
Sponsorship revenue 73.4 (66.9) 6.5
Total 423.9 (206.5) 217.4
1. Re-presentation reflects the reallocation of tech-related
B2B events from the previously reported Informa Tech segment to Informa
Markets, Informa Connect and Informa Festivals, and the inclusion of the
results of TechTarget, which was acquired in December 2024 and reported within
Other for the year ended 31 December 2024. Refer to Note 3 for further details
Segment results
Six months ended 30 June 2024
As previously reported
Informa Markets and Informa Connect Re-presentation(1) Live B2B Events
£m £m £m
Adjusted operating profit before joint ventures and associates 340.9 30.6 371.5
Share of adjusted results of joint ventures and associates 1.3 - 1.3
Adjusted operating profit 342.2 30.6 372.8
Intangible asset amortisation(2) (116.3) (5.9) (122.2)
Impairment - right-of-use assets (2.1) - (2.1)
Acquisition costs (2.6) - (2.6)
Integration costs (9.3) (0.1) (9.4)
Restructuring and reorganisation costs - (0.2) (0.2)
Fair value gain on contingent consideration 9.4 - 9.4
Fair value loss on contingent consideration (19.5) - (19.5)
Operating profit 201.8 24.4 226.2
1. Re-presentation reflects the reallocation of certain
tech-related B2B events from the previously reported Informa Tech segment into
the Live B2B Events segment. Refer to Note 3 for further details
2. Excludes acquired intangible product development and
software amortisation
As previously reported
Informa Tech Re-presentation(1) Informa TechTarget
£m £m £m
Adjusted operating profit/(loss) before joint ventures and associates 30.3 (30.6) (0.3)
Share of adjusted results of joint ventures and associates - - -
Adjusted operating profit/(loss) 30.3 (30.6) (0.3)
Intangible asset amortisation(2) (18.8) 5.9 (12.9)
Impairment - right-of-use assets (1.5) - (1.5)
Acquisition costs (20.6) - (20.6)
Integration costs (1.7) 0.1 (1.6)
Restructuring and reorganisation costs (4.5) 0.2 (4.3)
Fair value gain on contingent consideration 6.0 - 6.0
Operating loss (10.8) (24.4) (35.2)
1. Re-presentation reflects the reallocation of tech-related
B2B events from the previously reported Informa Tech segment into the Live B2B
Events segment, such that the Informa TechTarget segment only includes Informa
Tech's digital businesses. Refer to Note 3 for further details
2. Excludes acquired intangible product development and
software amortisation
Year ended 31 December 2024
As previously reported
Informa Markets, Informa Connect and Other(1) Re-presentation(2) Live B2B Events
£m £m £m
Adjusted operating profit before joint ventures and associates 654.3 60.8 715.1
Share of adjusted results of joint ventures and associates 2.8 - 2.8
Adjusted operating profit 657.1 60.8 717.9
Intangible asset amortisation(3) (240.8) (10.5) (251.3)
Impairment - acquisition-related and other intangibles (11.4) (0.2) (11.6)
Impairment - right-of-use assets (3.2) 1.0 (2.2)
Acquisition costs (63.8) 31.4 (32.4)
Integration costs (24.2) 0.2 (24.0)
Restructuring and reorganisation costs (10.2) (0.7) (10.9)
Fair value gain on contingent consideration 10.8 - 10.8
Fair value loss on contingent consideration (16.3) - (16.3)
Operating profit 298.0 82.0 380.0
1. Other comprised the results of Ascential and TechTarget
for the year ended 31 December 2024
2. Re-presentation reflects the reallocation of tech-related
B2B events from the previously reported Informa Tech segment into the Live B2B
Events segment, and the exclusion of the results of TechTarget, which were
previously reported in Other for the year ended 31 December 2024
3. Excludes acquired intangible product development and
software amortisation
As previously reported
Informa Tech Re-presentation(1) Informa TechTarget
£m £m £m
Adjusted operating profit/(loss) before joint ventures and associates 82.2 (60.8) 21.4
Share of adjusted results of joint ventures and associates - - -
Adjusted operating profit/(loss) 82.2 (60.8) 21.4
Intangible asset amortisation(2) (37.1) 10.5 (26.6)
Impairment - acquisition-related and other intangibles (0.9) 0.2 (0.7)
Impairment - right-of-use assets (1.5) (1.0) (2.5)
Acquisition costs (0.7) (31.4) (32.1)
Integration costs (17.0) (0.2) (17.2)
Restructuring and reorganisation (costs)/credit (1.4) 0.7 (0.7)
Fair value gain on contingent consideration 18.7 - 18.7
Operating profit/(loss) 42.3 (82.0) (39.7)
1. Re-presentation reflects the reallocation of tech-related
B2B events from the previously reported Informa Tech segment into the Live B2B
Events segment, and the inclusion of the results of TechTarget, which were
previously reported in Other for the year ended 31 December 2024
2. Excludes acquired intangible product development and
software amortisation
Segment assets
Year ended 31 December 2024
As a result of the changes in segments as described in Note 3, total segment
assets as at 31 December 2024 have been re-presented to reflect the Group's
current reportable segments, as follows:
As previously reported Re-presentation Re-presented
£m £m £m
Live B2B Events(1,2,3) 8,043.2 2,289.8 10,333.0
Informa TechTarget(3,4) - 1,524.1 1,524.1
Taylor & Francis 1,022.2 - 1,022.2
Informa Tech(3) 1,337.6 (1,337.6) -
Ascential(2) 1,462.9 (1,462.9) -
TechTarget(4) 1,013.4 (1,013.4) -
Total segment assets 12,879.3 - 12,879.3
Unallocated assets 811.4 - 811.4
Total assets 13,690.7 - 13,690.7
1. Live B2B Events segment assets as previously reported
comprises the following amounts: £6,699.9m for Informa Markets, £1,343.3m
for Informa Connect, and £nil for Informa Festivals
2. Assets previously reported within Ascential for the year
ended 31 December 2024 have been reallocated to Live B2B Events
3. Assets relating to tech-related B2B events from the
previously reported Informa Tech segment have been reallocated to the Live B2B
Events and Informa TechTarget segments
4. Assets previously reported within TechTarget for the year
ended 31 December 2024 have been reallocated to the Informa TechTarget segment
Further information on the re-presentation of goodwill, which is included in
total segment assets, is provided below:
As previously reported Re-presentation Re-presented
£m £m £m
Live B2B Events(1,2,3) 5,094.5 1,406.3 6,500.8
Informa TechTarget(3,4) - 698.0 698.0
Taylor & Francis 588.2 - 588.2
Informa Tech(3) 835.1 (835.1) -
Other(2,4,5) 1,269.2 (1,269.2) -
Total goodwill 7,787.0 - 7,787.0
1. Goodwill relating to Live B2B Events as previously
reported comprises the following amounts: £4,223.2m for Informa Markets and
£871.3m for Informa Connect, and £nil for Informa Festivals
2. Goodwill relating to Ascential, which was previously
reported within Other for the year ended 31 December 2024, has been
reallocated to Live B2B Events
3. Goodwill previously reported within the Informa Tech
segment has been reallocated to the Live B2B Events and Informa TechTarget
segments
4. Goodwill relating to TechTarget, which was previously
reported within Other for the year ended 31 December 2024, has been
reallocated to the Informa TechTarget segment
5. Other as previously reported comprised the post-acquisition
values of Ascential and TechTarget, which were acquired during the year ended
31 December 2024
Glossary of terms: Alternative Performance Measures
The Group provides adjusted results and underlying measures in addition to
statutory measures, in order to provide additional useful information on
business performance trends to Shareholders. The Board considers these
non-GAAP measures to be a useful and alternative way to measure the Group's
performance in a way that is comparable to the prior year.
The terms 'adjusted' and 'underlying' are not defined terms under IFRS and may
not therefore be comparable with similarly titled measurements reported by
other companies. These measures are not intended to be a substitute for, or
superior to, IFRS measurements. The Financial Review provides reconciliations
of alternative performance measures (APMs) to statutory measures and the basis
of calculations for certain APM metrics. These APMs are provided on a
consistent basis with the prior year.
Adjusted results and adjusting items
Adjusted results exclude items that are commonly excluded across the media
sector: amortisation and impairment of goodwill and intangible assets relating
to businesses acquired and other intangible asset purchases of book lists,
journal titles, acquired databases and brands related to exhibitions and
conferences, acquisition and integration costs, profit or loss on disposal of
businesses, restructuring costs and other items that in the opinion of the
Directors would impact the comparability of underlying results. Adjusting
items are detailed in Note 4 to the Condensed Consolidated Financial
Statements.
Adjusted results are prepared for the following measures which are provided in
the Condensed Consolidated Income Statement on page 23: adjusted operating
profit, adjusted net finance costs, adjusted profit before tax (PBT), adjusted
tax charge, adjusted profit after tax, adjusted earnings and adjusted diluted
earnings per share. Adjusted operating margin, effective tax rate on adjusted
profits and Adjusted EBITDA are used in the Financial Review on pages 6, 9 and
11 respectively.
Adjusted EBITDA
● Adjusted EBITDA is earnings before interest, tax, depreciation,
amortisation and other non-cash items such as share-based payments and
adjusting items. The full reconciliation and definition of Adjusted EBITDA is
provided in the Financial Review.
● Covenant-adjusted EBITDA for Informa interest cover purposes under the
Group's previous financial covenants on debt facilities is earnings before
interest, tax, depreciation and amortisation and adjusting items. It is
adjusted to be on a pre-IFRS 16 basis.
● Covenant-adjusted EBITDA for Informa leverage purposes under the
Group's previous financial covenants on debt facilities is earnings before
interest, tax, depreciation and amortisation and adjusting items. It is
adjusted to include a full year's trading for acquisitions and remove trading
results for disposals and adjusted to be on a pre-IFRS 16 basis.
Adjusted EBITDA margin
Adjusted EBITDA margin is shown as a percentage and is calculated by dividing
Adjusted EBITDA by revenue, which is provided as an additional useful metric
to readers.
Adjusted operating margin
The Adjusted operating margin is shown as a percentage and calculated by
dividing adjusted operating profit by revenue. The Financial Review on page 6
shows the calculation of the Adjusted operating margin, which is provided as
an additional useful metric on underlying performance to readers.
Adjusted tax charge
The Adjusted tax charge excludes the tax effects of adjusting items, deferred
tax movements relating to tax losses in Luxembourg as well as other
significant one-off items. It includes the allowable tax benefit for goodwill
amortisation in the US and elsewhere.
Adjusted effective tax rate
The Adjusted effective tax rate is shown as a percentage and is calculated by
dividing the adjusted tax charge by the adjusted profit before tax, which is
provided as an additional useful metric for readers on the Group's tax
position.
Free cash flow
Free cash flow is a key financial measure of cash generation and represents
the cash flow generated by the business before cash flows relating to
acquisitions and disposals and their related costs, dividends, and any new
equity issuance or repurchases of own shares and debt issues or repayments.
Free cash flow is one of the Group's key performance indicators and is an
indicator of operational efficiency and financial discipline, illustrating the
capacity to reinvest, fund future dividends and repay debt. The Financial
Review on page 10 provides a reconciliation of free cash flow to statutory
measures.
Informa interest cover
Informa interest cover is calculated according to the Group's previous
financial covenants on debt facilities and is the ratio of covenant-adjusted
EBITDA for interest cover purposes to adjusted net finance costs and excluding
finance fair value items. It is provided to enable the assessment of our debt
position together with our compliance with these previous specific debt
covenants. The Financial Review on page 13 provides the basis of the
calculation of Informa interest cover.
Informa leverage ratio
The Informa leverage ratio is calculated according to the Group's previous
financial covenants on debt facilities and is the ratio of net debt to
covenant-adjusted EBITDA, further adjusted for share-based payments charges,
for Informa leverage information purposes and is provided to enable the
assessment of our debt position together with compliance with these previous
specific debt covenants. The Financial Review on page 13 provides the basis of
the calculation of the Informa leverage ratio.
Net debt
Net debt consists of cash and cash equivalents, and includes bank overdrafts
(where applicable), borrowings, derivatives associated with debt instruments,
finance leases, lease liabilities, deferred borrowing fees and other loan
receivables or loan payables where these are interest bearing and do not
relate to deferred consideration arrangements for acquisitions or disposals.
Operating cash flow and operating cash flow conversion
Operating cash flow is a financial measure used to determine the efficiency of
cash flow generation in the business and is measured by and represents free
cash flow before interest, tax, restructuring and reorganisation costs. The
Financial Review on page 12 reconciles operating cash flow to statutory
measures.
Operating cash flow conversion is a measure of the strength of cash generation
in the business and is measured as a percentage by dividing operating cash
flow by adjusted operating profit in the reporting period. The Financial
Review on page 11 provides the calculation of operating cash flow conversion.
Underlying revenue and underlying adjusted operating profit
Underlying revenue and underlying adjusted operating profit refer to results
adjusted for acquisitions and disposals, the phasing of events, including
biennials, the impact of changes from implementing new accounting standards
and accounting policy changes and the effects of changes in foreign currency
by adjusting the current year and prior year amounts to use consistent
currency exchange rates.
Phasing and biennial adjustments relate to the alignment of comparative period
amounts to the usual scheduling cycle of events in the current year. Where an
event originally scheduled for 2024 or 2025 was either cancelled or postponed
there was an adverse impact on 2024 or 2025 underlying growth as no adjustment
was made for these in the calculation.
The results from acquisitions are included on a pro-forma basis from the first
day of ownership in the comparative period. Disposals are similarly adjusted
for on a pro-forma basis to exclude results in the comparative period from the
date of disposal. Underlying measures are provided to aid comparability of
revenue and adjusted operating profit results against the prior year. The
Financial Review on page 7 provides the reconciliation of underlying measures
of growth to reported measures of growth in percentage terms.
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