FTSE 100-listed information services provider and events company Informa PLC (LSE:INF) increased revenues by 30% to £3.2 billion in 2023 on an underlying basis, with underlying profits of £854 million exceeding the £845 million expected.
Statutory profit before tax shot up from £168.8 million in 2022 to £492.2 million in 2023.
Very strong free cash flow meant total dividends for the year of 18p per share were 84% higher year on year, with £550 million also returned to shareholders via buybacks.
Informa updated its 2024 guidance, with revenues tipped between £3.45 billion and £3.5 billion, with an adjusted operating profit target of £950 million to £970 million.
“At the heart of our expansion in Open Research is the increasing use of technology and artificial intelligence to drive efficiencies in editorial and production, leading to improving article acceptance rates and reduced processing times,” said the group.
Chief executive Stephen Carter also noted “strong growth” in the IMEA region (India, Middle East & Africa), “which is emerging as a material geographic growth engine alongside the Americas, China, ASEAN, and Europe”.