As reported by Informa:
- H1 2020 Results: Adjusted Operating Profit of £118.6m (H1 2019: £435.7m) on revenues of £814.4m (H1 2019: £1,407.6m), amid significant pandemic-impact on physical Events business; COVID-19 non-cash impairments and exceptional costs impact statutory pre-tax loss of £739.9m;
- Data & Depth: Continued strong demand for specialist data and intelligence helping offset COVID-19 disruption to physical Events, with solid performance in Subscriptions businesses and specialist B2B brands, underpinned by Informa’s geographic breadth and depth of customer relationships;
- Recovery & Return: Physical Events business in Mainland China back to operating capability, with 20 further B2B events scheduled before year-end, highlighting recovery potential as permissions return and confidence rebuilds; elsewhere, customer engagement remains high with continued commitment to forward bookings and growing participation in virtual events;
- COVID-19 Action Plan: Group announces next stage of its ongoing COVID-19 Action Plan to support Colleagues, stabilise the business and secure baseline full-year revenues of c.£1.7bn/£1.7bn-, including extending The Postponement Programme to mid/late Spring 2021 and expansion of the Cost Management Programme to deliver more than £600m+ of savings by year-end;
- 2021 Cashflow Positive: Combination of lower costs, more efficient financing and effective cash management will secure positive monthly cashflow position by January 2021, even assuming no physical events activity other than shows within Mainland China and outdoor events.
- Balance sheet & Financing Security: Current liquidity of £2.8bn, with intention to renegotiate or repay US private placement notes, combined with planned issue of around £500m equivalent Euro Bonds, extending drawn debt maturity through to 2023.
Stephen A. Carter, Group Chief Executive, Informa PLC, said: “Despite the first-half disruption to physical Events businesses caused by the pandemic, we are seeing strong demand and resilience in our specialist Subscriptions, Data and Content, reflecting the power of our brands and depth of geographic reach and customer relationships. Encouragingly, we have also seen our physical Events business recover in Mainland China, whilst our increasing participation in virtual events is maintaining our brands, developing our digital services and enhancing our data capabilities.”
“We have extended our COVID-19 Action Plan to deliver further business stability and security through to the end of 2021. This package of measures extends our Postponement Programme to mid/late Spring 2021, further lowers costs, reduces cash expenditures and strengthens our balance sheet, underpinning full year revenues of c.£1.7bn/£1.7bn-, which will also serve as our baseline for 2021.”
He added: “The combination of our resilient Subscriptions-led businesses and the actions we are taking position Informa securely through to the end of 2021. We remain confident that Informa will emerge from the pandemic with Stability and Security, delivering long-term sustainable growth and shareholder value.”