Shares in Informa PLC (LON:INF) nudged higher in a falling market as the exhibitions and business-to-business (B2B) publisher issued a confident trading update.
The group has more than half of its targeted Exhibitor and around two-thirds of its projected Subscription revenues for 2019 already booked.
The company said its accelerated integration plan (AIP) is ahead of schedule giving the group confidence that it can deliver continuing underlying revenue growth, improving margins and strong cash flow in 2019.
READ:Informa is confident of hitting full-year targets
For 2018, the group – which acquired rival UBM early last year – delivered underlying revenue growth of 3.7%, which meant it hit its target of growth of 3.5% or more.
Including a six-month contribution from UBM, group revenue rose 34.9% to £2.64bn from £1.76bn in 2017.
Profit before tax advanced to £282.1mln from £268.2mln the year before but as usual, there were plenty of one-off adjustments distorting the picture; adjusted profit before tax climbed to £649.7mln from £485.8mln in 2017.
#Informa - Strong Full Year revenue growth to £2.37bn v £1.76bn. Adjusted Operating profit £732.1bn v £726.5bn estimate. Continued progress across all operating divisions in ’18. Confident group can continue delivering underlying revenue growth going forward. #INF
— Robert Barron, MCSI (@RobBarronInvest) March 7, 2019
"In 2018, the Informa Group delivered a fifth consecutive year of improving growth, increasing adjusted profits, adjusted earnings per share, cash flow and dividends,” said Stephen Carter, the group’s chief executive.
"In 2019, our focus is on continuing performance and growth as we consolidate our market positions and further reduce complexity. This will enable us to make the most of our increased operating scale and industry specialisation, creating attractive opportunities for incremental growth and returns," he added.
Informa shares were up 2% at 725.8p in early deals.