Informa PLC (LSE:INF) said it expects to resume dividend payments as it enjoyed a strong return to live events and further growth and revealed a £324mln deal to purchase American business news publisher Industry Dive.
The FTSE 100 events organiser insisted the acquisition would strengthen its business-to-business (B2B) digital services.
In a half-year update the FTSE 100 events and media company confirmed its full-year targets as it said its new growth acceleration plan is "delivering further momentum".
The first half of 2022 is expected to close with a positive net cash position, compared to net debt of £1.9bn 12 months earlier, with non-core asset disposals fuelling share buy backs and a resumption of dividend payments.
Following the sale of its EPFR arm, the company said it is maintaining its £725mln share buyback programme, of which £323mln has been bought so far and is expected to complete into the first half of 2023, when Informa said "we will review our capital allocation and mix of shareholder returns".
Ordinary dividends will resume at the time of the interim results at 3.0p per share, it added, "reflecting the strength of our balance sheet, our confidence in the forward momentum and resilience of our cash flows" and boosted by its divestment programme.
Of the acquisition, chief executive Stephen Carter said: "Industry Dive [...] has repurposed the traditional B2B publishing model for specialist markets in the digital age. It provides high quality digital content and business journalism to 13 million decision makers through its 27 specialist Dives".
Informa shares climbed 4.9% to 563p by midday on Tuesday.