Informa PLC 2024 Half-Year Results
24 July 2024

Operating Performance, Expansion and Balance Sheet Strength
Full year guidance increased, recommended offer for Ascential and credit rating upgrade
Informa (LSE: INF.L), the international B2B Events, B2B Digital Services and Academic Markets
Group today published half year results for 2024, delivering underlying operating profit growth of
18.8%, revenue growth of 11% and dividend growth of 10%, thereby increasing full year guidance.
Separately, the Group today announced a recommended cash offer for Ascential plc.

Stephen A. Carter, Group Chief Executive, Informa PLC, said:”As the world digitises at pace, our brands, our content and our market positions are becoming morevaluable. This is moving Informa into a faster growth lane for performance, expansion and returns, as
demonstrated by our full year target of up to £1bn of adjusted operating profit and today’s recommended
offer for Ascential plc.”

2024 Half Year Results…
•

Double-digit underlying growth: Underlying revenue growth of 11.0% and underlying adjusted
operating profit growth of 18.8% in H1 2024, reflecting further strong growth in B2B Markets
businesses (Informa Markets, Informa Connect and Informa Tech) and accelerating growth inAcademic Markets;•

Double-digit reported growth: On a reported basis, Informa delivered double-digit growth in
Revenues (+11.5% to £1,695.3m), Adjusted Operating Profit (+12.9% to £466.9m) and Free Cash
Flow (+27.1% to £285.5m);•

Increased 2024 full year guidance: Underlying growth, international expansion and AI partnerships
lead to a further increase in 2024 full year guidance. Results now expected to be above the top-endof the guidance range, including double-digit underlying revenue growth and an ambition to deliveradjusted operating profit of up to £1bn;•

Higher operating margin: Adjusted operating margin increased to 27.5% (H1 2023: 27.2%).
Continuing conversion of revenues to profits supports further margin expansion across the full year;•

Growth in adjusted earnings: Adjusted Diluted Earnings per Share +5.8% to 23.8p (H1 2023: 22.5p),
with underlying growth balanced by currency movements, biennial phasing, interest costs, tax rates
and a step up in non-controlling interests;•

Further statutory performance: H1 2024 statutory
revenue of £1,695.3m (H1 2023: £1,520.5m),
statutory operating profit of £262.9m (H1 2023:£298.9m) and statutory diluted EPS of 10.8p (H12023: 17.9p);•

Balance sheet strength: Operating performance, free
cash flow growth and capital allocation disciplinereflected in enhanced credit ratings, with Moody’s,
S&P Global and Fitch upgrading to Baa2, BBB andBBB respectively.

Growth and Acceleration• Underlying Revenue Growth: 11%• Reported Revenue Growth: 12%• Underlying Adjusted Operating Profit
Growth: 19%• Reported Adjusted Operating Profit
Growth: 13%• Dividend per Share Growth: 10%• Free Cash Flow Growth: 27%• Adjusted Diluted Earnings per Share
Growth: 6%

Recommended Offer for Ascential plc•

Informa.com

Recommended offer at 568p in cash: As detailed in a separate 2.7 statement, Informa hasannounced a recommended offer for Ascential plc, the owner of the Lions and Money20/20
businesses, for £1.2bn in cash;
Informa PLC | Half-Year Results for Six Months to 30 June 20241

Momentum and Growth in all divisions…
•

Informa Markets…Further strong growth: Increasing demand for high quality connections and live
B2B experiences delivering volume and value growth (12.9% underlying revenue growth in H1),
supported by investment in enhanced customer experience and value-added digital services;•

Informa Connect…Growth and expansion: Investment in first party data, customer value and event
festivalisation driving improved customer retention, higher yields and consistent strong growth(6.5% underlying revenue growth in H1). Addition of Tarsus and Winsight portfolios have added
scale and further depth in the Anti-Aging & Aesthetics and FoodService sectors;•

TechTarget…Continuing combination progress: Proposed combination of Informa Tech’s Digital
Businesses (Industry Dive, Omdia, Canalys, NetLine and the Digital Media Brands) with NASDAQlisted TechTarget on track to complete in Q4 2024, with preliminary SEC proxy statement filed andcombination planning well advanced;•

Taylor & Francis…Accelerated growth: Continuing growth in Open Research combined with robust
performance in Pay-to-Read products (Subscription renewals, Advanced Learning) is deliveringcontinuing underlying revenue growth, which is further boosted by AI partnership revenues (7.5%
underlying revenue growth in H1);•

Informa Group…Internationalisation and growth: Breadth and depth in fast-growth economies
delivering revenue acceleration through geo-adaptations and new event launches, with particularstrength in the IMEA region (India, Middle East and Africa);•

AI partnerships…Further momentum: Value of unique specialist content reflected in Partnershipand Data Access agreements with AI technology leaders; second major partnership secured, taking
AI-related revenues to $75m+ in 2024; commitment to reinvest up to one third of 2024 AI
partnership profit into accelerated Technology, Open Research and AI product development,
including specialised expert agents based on our unique content.

Strong Shareholder Returns…

1•

Free cash flow strength: Strong cash conversion providing flexibility to reinvest in organic growth
initiatives and inorganic expansion, with consistently strong shareholder returns;•

Strong shareholder returns: Share buybacks of £339m completed in the first half, additional cash
returns in July from payment of 2023 Final Dividend of 12.2p per share or £164m;•

Continuing dividend growth1: Strong underlying performance supports consistent dividend growth,with the interim dividend increased 10.3% year-on-year to 6.4p;•

Ongoing share buybacks in 2024: Share Buyback Programme further extended in May, c.£420m
completed to 23 July and over £1.45bn returned via buybacks since the divestment of ourIntelligence portfolio in 2022;•

Review of retained investments: We are currently reviewing our portfolio of retained minority
investments to determine the best route to unlock value from these interests. This follows strong
operating performances and expressions of interest from third parties.

In this report, we refer to non-statutory measures, as defined in the Glossary on page 59.

Enquiries

Informa.com

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

Informa PLC | Half-Year Results for Six Months to 30 June 2024

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2024 H1 Financial Summary
H1 2024

Revenue
Statutory operating profit
Adjusted operating profit3
Adjusted operating margin (%)3
Statutory profit before tax
Adjusted profit before tax3
Statutory diluted earnings per share (p)Adjusted diluted earnings per share (p)3
Cash flow from operating activities3
Free cash flow3
Net debt (incl. Leases)3
Dividend per share (p)H1 2023

Reported

Underlying2

£m

£m

%

%

1,695.3
262.9
466.9
27.5
237.4
441.2
10.8
23.8
285.4
285.5
1,712.6
6.4

1,520.5
298.9
413.5
27.2
314.6
416.3
17.9
22.5
188.6
224.6
1,214.1
5.8

11.5

11.0

12.9

18.8

H1 2024

H1 2023

Reported

Underlying2

£m

£m

%

%

838.3
176.9
274.8
32.8

760.8
133.8
238.1
31.3

10.2
32.2
15.4

12.9

328.3
24.9
67.4
20.5

278.7
18.1
60.7
21.8

17.8
37.6
11.0

6.5

227.6
(10.8)
30.3
13.3

197.6
87.4
27.6
14.0

15.2
n/a
9.8

15.5

301.1
71.9
94.4
31.4

283.4
59.6
87.1
30.7

6.2
20.6
8.4

7.5

5.8
27.1
10.3

2024 H1 Divisional Highlights
Informa Markets
Revenue
Statutory operating profit / (loss)
Adjusted operating profit3
Adjusted operating margin3 (%)
Informa Connect
Revenue
Statutory operating profit / (loss)
Adjusted operating profit3
Adjusted operating margin3 (%)
Informa Tech
Revenue
Statutory operating profit / (loss)
Adjusted operating profit3
Adjusted operating margin3 (%)
Taylor & Francis
Revenue
Statutory operating profit / (loss)
Adjusted operating profit3
Adjusted operating margin3 (%)

24.5

6.7

15.6

13.6

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 thedate of disposal in the comparative period. Statutory figures exclude such adjustments. Alternative performance measures are detailed in the Glossary.
2

In this document we also refer to Statutory (Reported) and Adjusted results, as well as other non-statutory financial measures. Adjusted results areprepared to provide an alternative measure to explain the Group’s performance. Adjusted results exclude adjusting items as set out in Note 4 to theCondensed 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.
3

Informa.com

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Trading Outlook
Informa’s strategy to internationalise and focus its businesses on structurally growing specialist sectors
and niche subject categories is serving the company well. Notwithstanding the uncertainty caused byongoing conflict, national elections and macro-economic headwinds, the execution of our strategy
combined with our investment in first party data, digital platforms and customer experience, is deliveringstrong operating momentum.

Further increase to 2024 Full Year GuidanceStrong underlying performances in all of Informa’s businesses through the first half of 2024, combinedwith good forward visibility and AI partnerships have led to a further increase in full year expectations.
Across our B2B Markets businesses (Informa Markets, Informa Connect, Informa Tech), we are now
targeting double digit aggregate underlying revenue growth and higher adjusted operating margins.
Similarly, in Academic Markets (Taylor & Francis), the addition of further AI partnerships is expected totake AI partnership revenues to $75m+ in 2024. This will increase total divisional underlying revenue
growth to a double-digit percentage, comprising underlying operational growth of c.4% and an additional
c.10% from AI-partnerships.
We continue to invest in first party data, enhancing our digital platforms and improving customer/author
experience through automation, simplification and high value services. Informa will be reinvesting up to
one third of the AI-partnership profits in Taylor & Francis into accelerated technology, Open Researchand AI product development across the Group.
Notwithstanding this investment programme, we are targeting a Group adjusted operating margin of
c.28% in 2024, in line with our stated margin ambitions.

Increased Market GuidanceGroup Underlying Revenue Growth
Revenues

2024 Updated Guidance2024 Current Guidance2023 Reported

Double-digit

High single digit

30.4%

Above the range

Upper end of range:£3,189.6m£3,450m - £3,500m
Adjusted Operating Profit

Above the range

Upper end of range:(up to £1bn)£950m - £970m£740m+£720m++£631.7m

B2B Markets Underlying Revenue Growth

Double-digit

High single digit

39.2%

Academic Markets Underlying Revenue Growth

Double-digit

5%+

3.0%

Adjusted Free Cash Flow£853.8m*Guidance excludes any effect of the proposed combination with TechTarget; GBP/USD 1.26

Informa Markets…Unique power brands driving consistent strong growth
Our transaction-led Live B2B Events business continues to deliver strong performances across the world
and the outlook for the remainder of 2024 and into 2025 remains very positive. As the world becomes
ever more digital, companies are putting greater emphasis on face-to-face connections and opportunities
to deepen customer relationships and develop new business, underpinning demand for our specialist
B2B products and services.
At the heart of our strength is the power of our unique B2B brands, which serve more than 20 specialist
sectors. Each brand is part of the fabric of its sector, acting as a platform for convening the industry,
showcasing innovation and driving growth, investment and expansion.
Over recent years, we have been investing in First Party Data through IIRIS, as well as continuing todevelop our range of value-added services for exhibitors and attendees. This is improving the overallcustomer experience and creating new revenue streams, driving up average yields across the portfolio.
Informa.com

Informa PLC | Half-Year Results for Six Months to 30 June 2024

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We are also delivering consistent volume growth, both at existing shows and through the launch of new
ones. Our international network is a key advantage, with powerful events platforms established in all
major geographic regions. This is providing access to rapidly expanding economies in ASEAN and IMEA
(India, Middle East, Africa), most notably in the Kingdom of Saudi Arabia, which is currently the fastest
growing geography for B2B Events.
Through our Tahaluf partnership, our business in the Kingdom of Saudi Arabia, has grown from nothing
three years ago to a portfolio that by the end of 2024 is on track to include 10 events in total, serving
sectors including Real Estate & Construction (Cityscape Global) and Food & Hospitality (Inflavour) as well
as Future Technology (LEAP) and Cyber Security (Black Hat Middle East). We will also this year launch a new
brand, 24 FinTech, into the rapidly growing FinTech sector in the region.
The combination of volume and value growth is expected to deliver double-digit underlying revenue
growth in Informa Markets in 2024, with more than 100 of its 350 major brands on track to grow morethan 15%.
These positive dynamics are expected to continue, which are reflected in strong rebooking trends acrossthe portfolio, with 2025 forward booked revenues tracking ahead of where they were at the same time
last year, suggesting another year of strong growth ahead.

Informa Connect…Customer value, festivalisation and growth
The core drivers of demand for our content-led Live B2B Events are similar to Informa Markets, withincreasing value being placed on face-to-face experiences that convene industries and professional
communities and deliver high value content and connections.
Amongst these events, we are also seeing an increasing trend towards festivalisation, mirroring the
growth in consumer events, with premium value paid for unique experiences that create a fear of missing
out, immersive activities that deepen connections to the community and those events offering a broad
spectrum of cutting-edge content and inspirational speakers.
A number of Informa Connect’s brands possess some of these characteristics (eg SuperReturn, IM Power)
and we are investing to expand and enhance these premium features both within these events andacross the wider portfolio, where relevant.
In tandem, we continue to leverage our first party customer data and analytics platform, IIRIS, to increasevalue for delegates and sponsors. IIRIS is embedded across our B2B Events portfolio, delivering 20m+
first party data records, and fuelling products like Lead Insights, an end-to-end platform for scoring,
qualifying and activating leads. This is enabling customers to analyse events/digital data in near real-timeand directly launch and track targeting campaigns, significantly increasing the utility and value of our data.
Data is also at the heart of our subscription-based businesses within Informa Connect: IGM (Fixed
Income/FX Data & Information), Zephyr (Wealth Management Data & Reporting) and Curinos (Retail
Banking Data & Intelligence). Following a period of investment to strengthen underlying technology andexpand our service offering, these specialist data and content businesses are building momentum, withgrowth anticipated to improve through the second half of the year.
In 2023, we expanded the Informa Connect portfolio through the addition of brands from the Tarsus andWinsight acquisitions, expanding our position in the Anti-Aging & Aesthetics (A4M Spring Congress),
Healthcare (Health Connect Partners) and FoodService (National Restaurant Association Show) sectors. Thesebusinesses are now fully integrated into Informa Connect’s platform and already contributing to growth.
The scale of Informa Connect will be further enhanced when our portfolio of B2B Technology Eventbrands currently managed within Informa Tech (Black Hat, GDC, London Tech Week etc) are combined into
the business, which will take total revenues for the division to more than $1bn.

Informa.com

Informa PLC | Half-Year Results for Six Months to 30 June 2024

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Looking forward, pacing on delegate and sponsorship revenues remains strong across the portfolio andwith accelerating growth expected in our subscriptions-based businesses through the second half of theyear, we expect full year underlying revenue growth to be above the run rate through the first half.

Informa Tech…Growth and US expansion
At Informa Tech, the focus for 2024 is twofold: firstly, to maintain positive trading momentum across theportfolio and, secondly, to complete the procedural elements of the proposed TechTarget combination
and bring the two businesses together effectively, with a view to completion in Q4 2024 and entering2025 as a new business listed on NASDAQ.
Trading through the first half of the year was strong, with underlying revenue growth of 15.5% driven
largely by the Events portfolio and strong performances in Future Technology (LEAP), Festivals (London
Tech Week) and Data (Data Center World). Our subscriptions-based Specialist Tech Research businesses,
Omdia and Canalys, also performed well, with the other digital businesses broadly flat in aggregate, in linewith wider industry trends. This was as anticipated at the start of the year, with an expectation thatmarketing investment by technology companies will start to pick up as we move into 2025.
Looking ahead, with fewer high growth brands running through the second six months of the year,
underlying revenue growth is expected to ease from first half levels.

TechTarget: On track for completion in Q4 2024
The proposed combination of Informa Tech’s digital businesses (Industry Dive, Omdia, Canalys, NetLine
and the Digital Media Brands) with US-listed TechTarget is progressing to plan and remains on schedule
to complete in Q4.
The combined business will be led by Gary Nugent, Informa Tech’s current CEO, and headquartered andlisted in the US, with the ambition to become a leading B2B growth accelerator for Technology companies.
As detailed in the preliminary proxy statement filed with the SEC in recent weeks, the ambition is to double
revenues of the combined business to $1bn within five years, through a combination of underlying growth
and targeted additions. Strong underlying revenue growth combined with $45m of operating synergies
is also expected to increase adjusted EBITDA margins to 35%+.

Academic Markets…Growth acceleration and AI partnerships
The breadth and volume of specialist research output continues to grow around the world, underpinned
by growth in higher education and consistent state-level investment in innovation. In a world where
inaccurate or fabricated outputs and claims are becoming more prevalent, all this research wants somelevel of independent validation and verification, alongside indexing and distribution. This is underpinning
demand for specialist academic services and fuelling growth in open research.
These dynamics are reflected in our own business, with traditional pay-to-read subscription and advanced
learning products maintaining strong relevance within institutions and with funders and authors. Thereis no shortage of high-quality research submissions to traditional peer review journals, ensuring
standards remain high and demand for access strong. This is underpinning journal subscriptions and thecontinuing importance and value of Read and Publish Agreements with certain institutions.
At the same time, we are seeing Open Research volumes grow and our investments in processes andplatforms over recent years are enabling us to capture and monetise more of this output. The
combination of robust revenues in traditional areas with acceleration in Open Research is driving theoverall rate of underlying growth higher. Additional AI-related revenues mean we will comfortably exceed
our stated ambition to deliver 4% underlying revenue growth in 2024 but excluding this new category ofrevenues, we remain on track to meet our original target for underlying operational growth.

Informa.com

Informa PLC | Half-Year Results for Six Months to 30 June 2024

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AI Development and Partnerships
Across the Group, we are deploying AI technology to drive operating efficiencies and enhance our
products and services. Within Academic Markets, this includes deployment in areas such as research
paper submissions, authenticity screening, factual verification and editorial.
We are also now partnering with two leading AI technology companies on the role of specialist expert
agents, exploring the potential to develop new products that help to further promote discovery, researchunderstanding, research integrity and knowledge creation.
These partnerships include Data Access agreements for non-exclusive access to certain archive content
of Taylor & Francis, to help train and improve the relevance of outputs from Large Language Models(“LLMs”). They are a source of significant new value for Taylor & Francis and additional royalties for
authors, with total AI partnership revenues expected to be over $75m in 2024. This covers access tohistorical content, with some additional recurring annual fees over the next three years for access to
newly created knowledge.
Discussions with other AI technology companies are ongoing. We are focused on ensuring we fully
leverage the power of AI in our own products and services and so have committed to reinvest up to one
third of the profit generated through our partnerships into technology, open research, research integrity
and AI product development at Informa, including in relation to improved discoverability and automatedcitations.

Informa.com

Informa PLC | Half-Year Results for Six Months to 30 June 2024

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Financial review
Income Statement
The financial results for the six months to 30 June 2024 (“H1 2024”) reflect a strong trading performance acrossboth our B2B Markets businesses (Informa Markets, Informa Connect and Informa Tech) and our Academic
Markets business, Taylor & Francis. Reported revenues and profits for these businesses were significantly higher
than the prior year, driven by strong underlying revenue growth in all businesses.

Revenue
Operating profit/(loss)
Fair value gain on
investments(Loss)/profit on disposal ofsubsidiaries and equity
interests
Net finance (costs)/income
Profit/(loss) before tax
Tax (charge)/credit
Profit/(loss) for the year
Adjusted operating margin
Adjusted diluted andstatutory diluted EPS

Informa.com

Adjusted
results
H1 2024£m
1,695.3
466.9-

Adjustingitems
H1 2024£m(204.0)
4.3

Statutory
results
H1 2024£m
1,695.3
262.9
4.3

Adjusted
results
H1 2023£m
1,520.5
413.5-

Adjustingitems
H1 2023£m(114.6)
9.4

Statutory
results
H1 2023£m
1,520.5
298.9
9.4

-

(4.1)

(4.1)

-

4.3

4.3

(25.7)
441.2(90.5)
350.7
27.5%
23.8

(203.8)27.7(176.1)(25.7)
237.4(62.8)
174.6

2.8
416.3
(79.1)
337.2
27.2%
22.5

(0.8)
(101.7)34.4(67.3)

2.0
314.6(44.7)
269.9

10.8

Informa PLC | Half-Year Results for Six Months to 30 June 2024

17.9

8

Financial Results
Informa delivered an 11.5% increase in revenue in the first half to £1,695.3m, reflecting an 11.0% increase on
an underlying basis. All divisions delivered revenue growth in the period.
The Group reported statutory operating profit of £262.9m, compared with statutory operating profit of £298.9m
for the six months to 30 June 2023, with the decrease reflecting the non-recurrence of fair value gains recordedin the prior period. Adjusted operating profit was £466.9m, which was 12.9% higher year-on-year and 18.8%
higher on an underlying basis, reflecting strong underlying revenue growth and increased adjusted operating
margins.
Statutory net finance costs were £25.7m for H1 2024 (H1 2023: net finance income £2.0m), and adjusted net
finance costs were £25.7m (H1 2023: net finance income £2.8m). The increase was driven by lower interest
earned on cash balances following the reinvestment of cash received from the divestment of the Informa
Intelligence businesses into targeted acquisitions, including Tarsus, Winsight and HIMSS Global HealthConference & Exhibition.
The combination of all these factors led to a statutory profit before tax of £237.4m, compared with £314.6m inthe six months ended 30 June 2023. The profit in the period led to a statutory tax charge of £62.8m in H1 2024
compared with a tax charge of £44.7m in the six months ended 30 June 2023.
This profit outcome translated into a statutory diluted earnings per share (EPS) of 10.8p compared with 17.9p
for the six months ended 30 June 2023. This decrease reflects lower statutory operating profit, partially offset
by fewer shares in issue as a result of the share buyback programme. Adjusted diluted EPS increased to 23.8p
from 22.5p in the six months to 30 June 2023.

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 befound in the glossary of terms on page 59. The divisional table on page 11 provides a reconciliation between
statutory operating profit and adjusted operating profit by division.
Underlying revenue and adjusted operating profit growth on an underlying basis are reconciled to statutory
growth in the table below:

H1 2024
Revenue
Adjusted operating profit

Informa.com

Underlying
growthPhasingand otheritems

Acquisitions
anddisposals

CurrencychangeReported
growth

11.0%
18.8%

(2.8)%(6.8)%

6.7%
5.0%(3.4)%(4.1)%

11.5%
12.9%

Informa PLC | Half-Year Results for Six Months to 30 June 2024

9

Adjusting Items
The items below have been excluded from adjusted results. The total adjusting items included in the operating
profit in the year were £204.0m (H1 2023: £114.6m). The most significant item in H1 2024 was intangible asset
amortisation of £155.9m.

Intangible asset amortisation1
Impairment – acquisition-related and other intangible assets
Impairment/(reversal) – right of use assets
Impairment – property and equipment
Acquisition costs
Integration costs
Restructuring and reorganisation costs
Fair value loss on contingent consideration
Fair value gain on contingent consideration
Foreign exchange loss on swap settlement
Credit in respect of unallocated cash
Adjusting items in operating profit
Fair value gain on investments
Loss/(profit) on disposal of subsidiaries and equity interests
Finance costs
Adjusting items in profit before tax
Tax related to adjusting items
Adjusting items in profit for the period

H1 2024
£m
155.9
3.5

H1 2023
£m
151.0
(0.5)

FY 2023
£m
312.8
25.1
(0.6)

0.4
23.7
11.5
4.9
19.5
(15.4)
204.0
(4.3)
4.1
203.8
(27.7)
176.1

36.5
3.1
0.3
3.0
(78.8)
114.6
(9.4)
(4.3)
0.8
101.7
(34.4)
67.3

53.3
19.7
11.0
12.0
(87.6)
5.6
(5.3)
346.0
(1.3)
(3.0)
0.8
342.5
(127.0)215.5

1. Excludes intangible product development and software amortisation.

Intangible amortisation of £155.9m relates to the historical addition of book lists and journal titles, acquired
databases, customer and attendee relationships and brands related to exhibitions, events and conferences. As
it relates to acquisitions, this is not treated as an ordinary cost. By contrast, intangible asset amortisation arisingfrom 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.
Acquisition costs of £23.7m principally relate to the proposed combination with TechTarget.

Informa.com

Informa PLC | Half-Year Results for Six Months to 30 June 2024

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Divisional Performance
The table below shows the H1 2024 results and adjusting items by Division, highlighting the continued strong
growth across all of our businesses.

Revenue
Underlying revenue growth
Statutory operating profit/(loss)
Add back:
Intangible asset amortisation1
Impairment – right of use assets
Impairment – property and equipment
Acquisition costs
Integration costs
Restructuring and reorganisation(credits)/costs
Fair value loss/(gain) on contingent
consideration
Adjusted operating profit
Underlying adjusted operating profit
growthInformaMarkets
£m
838.3
12.9%
176.9

Informa
Tech
£m
227.6
15.5%
(10.8)

Informa
Connect
£m
328.3
6.5%
24.9

Taylor &Francis
£m
301.1
7.5%
71.9

Group
£m
1,695.3
11.0%
262.9

90.3
0.3
2.3
4.5

18.8
1.4
0.1
20.6
1.7

26.0
1.8
0.3
4.8

20.8
0.3
0.5
0.5

155.9
3.5
0.4
23.7
11.5

(0.1)
0.6

4.5
(6.0)

0.1
9.5

0.4
-

4.9
4.1

274.8

30.3

67.4

94.4

466.9

24.5%

15.6%

6.7%

13.6%

18.8%

1. Intangible asset amortisation is in respect of acquired intangibles and excludes amortisation of software and product development.

Adjusted Net Finance Costs
Adjusted net finance costs for the period were £25.7m compared to net finance income of £2.8m in H1 2023. Net
statutory finance costs were £25.7m compared to net finance income of £2.0m in H1 2023. The movement in net
finance costs primarily relates to lower interest income on cash balances in H1 2024 compared with H1 2023
when cash proceeds of £2.1bn were received from the divestment of the Informa Intelligence portfolio.
The reconciliation of statutory finance costs and finance income to the adjusted net finance (income)/costs is asfollows:

Finance income
Finance costs
Statutory net finance costs/(income)Add back: adjusting items relating to finance costs
Adjusted net finance costs/(income)Informa.com

H1 2024
£m
(6.6)
32.3
25.7
25.7

Informa PLC | Half-Year Results for Six Months to 30 June 2024

H1 2023£m(37.9)
35.9
(2.0)
(0.8)
(2.8)

FY 2023£m(47.4)
67.4
20.0
(0.8)
19.2

11

Taxation
The Group continues to recognise that taxes paid are part of the economic benefit created for the societies inwhich 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 andconstructive working relationships with tax authorities worldwide. Our approach balances the interests ofstakeholders including shareholders, governments, colleagues and the communities in which we operate.
The Group’s adjusted effective tax rate (as defined in the Glossary) reflects the blend of tax rates and profits in thejurisdictions in which we operate. In H1 2024, the adjusted effective tax rate was 20.5% (H1 2023: 19.0%).

Earnings Per Share
Adjusted diluted EPS was 5.8% higher at 23.8p (H1 2023: 22.5p), largely reflecting higher adjusted earnings of£323.1m (H1 2023: £318.7m) together with a 3.9% decrease in the weighted average number of shares following
share buybacks completed during the year.
An analysis of adjusted diluted EPS and statutory diluted EPS is as follows:

Statutory profit for the year
Add back: Adjusting items in profit/loss for the year
Adjusted profit for the year
Non-controlling interests relating to adjusted profit
Adjusted earnings
Weighted average number of shares used in adjusted diluted EPS (m)Adjusted diluted EPS (p)H1 2024
£m
174.6
176.1
350.7
(27.6)
323.1
1,359.0
23.8

H1 2023
£m
269.9
67.3
337.2
(18.5)
318.7
1,414.3
22.5

FY 2023
£m
462.7
215.5
678.2
(43.1)
635.1
1,402.7
45.3

Statutory profit for the year
Non-controlling interests
Statutory earnings
Weighted average number of shares used in diluted EPS (m)Statutory diluted EPS (p)H1 2024£m
174.6(27.3)
147.3
1,359.0
10.8

H1 2023£m
269.9(16.4)
253.5
1,414.3
17.9

FY 2023£m
462.7(43.7)
419.0
1,402.7
29.9

Dividends
The Group has a progressive dividend policy, with a view to growing dividends steadily and consistently, striking abalance between rewarding shareholders and retaining the financial strength and flexibility to reinvest in thebusiness and pursue attractive growth opportunities.
For H1 2024, the Board has declared an interim dividend of 6.4p per share (H1 2023: 5.8p per share). The interim
dividend will be paid on 20 September 2024 to ordinary shareholders registered as at the close of business on 9
August 2024. The Dividend Reinvestment Plan (DRIP) will be available for the interim dividend and the last date forreceipt of elections for the DRIP will be 30 August 2024.

Currency Movements
One of the Group’s strengths is its international reach and balance, with colleagues and businesses located inmost major economies of the world. This means the Group generates revenues and expenses in a mixture ofcurrencies, with particular exposure to the US dollar, as well as some exposure to the Euro and the Chinese
renminbi.
In H1 2024, approximately 64% (H1 2023: 65%) of Group revenue was received in USD or currencies pegged to
USD, with 8% (H1 2023: 6%) received in Euro and 8% (H1 2023: 11%) in Chinese renminbi.
Informa.com

Informa PLC | Half-Year Results for Six Months to 30 June 2024

12

Similarly, in H1 2024 we incurred approximately 54% (H1 2023: 55%) of our costs in USD or currencies pegged to
USD, with 7% (H1 2023: 8%) in Chinese renminbi and 3% (H1 2023: 3%) in Euro.
In H1 2024 each one cent ($0.01) movement in the USD to GBP exchange rate has a circa £18m (H1 2023: circa£16m) impact on annual revenue, and a circa £7m (H1 2023: circa £6m) impact on annual adjusted operating
profit.
The following rates versus GBP were applied during the period:

US dollar
Chinese renminbi
Euro

H1 2024
Closing
Average
rate
rate
1.26
1.27
9.19
9.12
1.18
1.17

H1 2023
Closing
rate
1.26
9.18
1.17

Average
rate
1.23
8.57
1.14

FY 2023
Closing
rate
1.27
9.05
1.15

Average
rate
1.24
8.82
1.15

Free Cash Flow
Cash management and cash generation remain a key priority and focus for the Group, providing the funds andflexibility 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 capitalintensity of the Group. In 2024, absolute levels of free cash flow continued to grow year-on-year driven by higher
profits and lower working capital outflows. Working capital in H1 2023 was impacted by cash being held at 31
December 2022 against 2023 events previously postponed, particularly in China.
The following table reconciles the statutory operating profit to operating cash flow and free cash flow, both ofwhich are defined in the glossary.
H1 2024
H1 2023
FY 2023£m£m£m
Statutory operating profit
262.9
298.9
507.8
Add back: Adjusting items
204.0
114.6
346.0
Adjusted operating profit
466.9
413.5
853.8
Depreciation of property and equipment
7.9
6.4
13.5
Depreciation of right of use assets
13.6
12.6
26.3
Software and product development amortisation
22.8
18.8
41.1
Share-based payments
9.0
11.5
20.8
Loss/(profit) on disposal of other assets
0.1
(0.1)
2.4
Adjusted share of joint venture and associate results
(1.3)
(1.1)
(5.8)
Adjusted EBITDA1
519.0
461.6
952.1
Capital expenditure(43.5)(41.5)(93.8)
2
Working capital movement(104.7)(149.3)(55.2)
Pension deficit contributions
(0.6)
(1.2)
(3.5)
Operating Cash Flow
370.2
269.6
799.6
Restructuring and reorganisation(12.6)(5.5)(15.4)
Onerous contracts and one-off costs paid associated with COVID-19
(0.9)
(0.9)
Net interest (payments)/receipts(18.0)
2.6(39.2)
Taxation(54.1)(41.2)(112.4)
Free Cash Flow
285.5
224.6
631.7
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, COVID-19 costs 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 capitalin the Free Cash Flow and the Consolidated Cash Flow Statement is driven by the non-cash movement on these items.

Informa.com

Informa PLC | Half-Year Results for Six Months to 30 June 2024

13

Free cash flow was £60.9m higher than H1 2023 principally due to the £53.4m higher adjusted operating profitand £44.6m lower working capital outflow. These movements have been partially offset by an increase of £20.6m
in interest payments, an increase of £12.9m in tax payments due to higher profits and an increase of £7.1m in
restructuring and reorganisation spend. H1 2023 benefitted from higher levels of interest income as cash balanceswere elevated during the period following the divestment of the Informa Intelligence portfolio.
The calculation of operating cash flow conversion and free cash flow conversion is as follows:

Operating Cash Flow
Adjusted operating profit
Operating Cash Flow conversion

H1 2024
£m
370.2
466.9
79.3%

H1 2023
£m
269.6
413.5
65.2%

FY 2023
£m
799.6
853.8
93.7%

Free Cash Flow
Adjusted operating profit
Free Cash Flow conversion

H1 2024
£m
285.5
466.9
61.1%

H1 2023
£m
224.6
413.5
54.3%

FY 2023
£m
631.7
853.8
74.0%

Net capital expenditure increased to £43.5m (H1 2023: £41.5m) and we expect full-year 2024 capital expenditure
to be c.3% of revenue, as further investments are made particularly in technology and real estate.
Net cash interest payments of £18.0m were £20.6m higher than the prior year, largely reflecting a reduction ininterest income on the Group’s lower cash balances following investment in targeted acquisitions, share buybacks
and dividends.
The following table reconciles net cash inflow from operating activities, as shown in the Condensed Consolidated
Cash Flow Statement, to Free Cash Flow:

Net cash inflow/(outflow) from operating activities per
statutory cash flow
Interest received
Purchase of property and equipment
Purchase of intangible software assets
Product development costs
Add back: Acquisition and integration costs paid
Free Cash Flow

H1 2024£m
285.4

H1 2023£m
188.6

FY 2023
£m
620.2

7.2
(8.2)
(28.8)
(6.5)
36.4
285.5

38.4
(9.1)
(22.3)(10.1)
39.1
224.6

47.9
(27.5)(55.1)(11.2)
57.4
631.7

Net cash from operating activities increased by £96.8m compared to H1 2023 to record an inflow of £285.4m,
principally driven by the increased adjusted profit and lower working capital outflow in the year.

Informa.com

Informa PLC | Half-Year Results for Six Months to 30 June 2024

14

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:

Cash generated by operations per statutory cash flow
Capital expenditure paid
Add back: Acquisition and integration costs paid
Add back: Restructuring and reorganisation costs paid
Onerous contracts associated with COVID-19
Operating Cash Flow

H1 2024£m
364.7(43.5)
36.4
12.6
370.2

H1 2023£m
265.6(41.5)
39.1
5.5
0.9
269.6

FY 2023£m
819.7(93.8)
57.4
15.4
0.9
799.6

The following table reconciles Free Cash Flow to net funds flow and net debt, with net debt increasing by £256.2m
to £1,712.6m during the period. This increase in net debt is primarily due to the ongoing share buyback
programme and investment in targeted acquisitions, partly offset by strong cash generation.

Free Cash Flow
Acquisitions
Disposals
Add back: repayment of acquired debt
Dividends paid to shareholders
Dividends paid to non-controlling interests
Dividends received from investments
Purchase of own shares through share buyback
Purchase of shares for Trust
Net funds flow
Non-cash movements
Foreign exchange
Net lease additions in the year
Net debt as at 1 January
Acquired debt
Net debt

H1 2024£m
285.5(140.1)
1.0(11.6)(332.8)(3.4)(201.4)(32.9)
16.9(38.8)(1,456.4)(1,712.6)

H1 2023£m
224.6(924.9)
(8.5)
443.9
(1.1)
0.5
(289.9)(3.0)(558.4)40.3
4.8(12.3)(244.6)(443.9)(1,214.1)

FY 2023£m
631.7(1,125.1)(16.0)
443.9(176.6)(16.0)
1.4(548.0)(4.8)(809.5)76.0
2.7(37.1)(244.6)(443.9)(1,456.4)

Financing and Leverage
Net debt increased by £256.2m in the period to £1,712.6m at 30 June 2024 (30 June 2023: net debt £1,214.1m;
31 December 2023: net debt £1,456.4m). This was largely due to the ongoing share buyback programme andinvestment in acquisitions made in H1 2024, as well as a £28.6m increase in lease liabilities. These movements
were partly offset by a strong free cash flow performance in the period.
The Group retains significant available liquidity, with unutilised committed financing facilities available to the Groupof £892.9m (30 June 2023: £1,098.3m; 31 December 2023: £1,097.1m). Combined with £342.0m of cash (30 June
2023: £1,057.5m; 31 December 2023: £389.3m), this resulted in available Group-level liquidity at 30 June 2024 of£1,234.9m (30 June 2023: £2,155.8m; 31 December 2023: £1,486.4m).

Informa.com

Informa PLC | Half-Year Results for Six Months to 30 June 2024

15

The average debt maturity on our drawn borrowings is 2.2 years at 30 June 2024 (30 June 2023: 2.6 years; 31
December 2023: 2.7 years). There are no maturities until October 2025.

Net debt and committed facilities
Cash and cash equivalents
Bond borrowings
Bond borrowing fees
Bank borrowings
Bank borrowing fees
Derivative liabilities associated with borrowings
Loans from other parties including joint ventures andassociates
Net debt before leases
Lease liabilities
Finance lease receivables
Net debt
Borrowings (excluding derivatives, leases, fees & overdrafts)
Unutilised committed facilities (undrawn RCF)
Unutilised committed facilities (undrawn Curinos facilities)
Total committed facilities

30 June2024£m(342.0)1,465.9
(5.2)
195.4
(1.8)
109.3
7.9

30 June2023£m(1,057.5)
1,865.9
(7.3)
38.8
(3.0)
123.9
-

31 December
2023£m(389.3)
1,492.6
(6.2)
30.4
(2.3)
77.9
-

1,429.5
292.4(9.3)
1,712.6

960.8
264.7
(11.4)
1,214.1

1,203.1
263.8(10.5)
1,456.4

1,661.3885.0
7.9
2,554.2

1,904.7
1,050.0
48.3
3,003.0

1,523.0
1,050.0
47.1
2,620.1

The Informa leverage ratio at 30 June 2024 is 1.6 times (30 June 2023: 1.2 times; 31 December 2023: 1.4 times),
and the Informa interest cover ratio is 18.5 times (30 June 2023: 179.3 times; 31 December 2023: 75.2 times).
Both are calculated consistently with our historical basis of reporting of financial covenants, albeit there are no
financial covenants on our Group-level debt facilities. 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:

Net debt
Adjusted EBITDA (12 months)
Adjusted leverage
Adjustment to EBITDA1
Adjustment to net cash/debt1
Informa leverage ratio

30 June2024£m
1,712.6
1,009.5
1.7x
0.2x(0.3)x
1.6x

30 June2023£m
1,214.1807.0
1.5x(0.3)x
1.2x

31 December
2023£m
1,456.4
952.1
1.5x
0.1x
(0.2)x
1.4x

30 June2024£m
1,009.5
46.8
21.6x(3.1)x
18.5x

30 June
2023
£m
807.0
13.1
61.6x
117.7x179.3x

31 December
2023
£m
952.1
19.2
49.6x
25.6x
75.2x

1. Refer to Glossary for details of the adjustments to EBITDA and Net Debt for Informa leverage ratio.

The calculation of Informa interest cover is as follows:

Adjusted EBITDA (12 months)
Adjusted net finance costs (12 months)
Adjusted interest cover
Adjustment to EBITDA1
Informa Interest cover
1. Refer to Glossary for details of the adjustments to EBITDA for Informa interest cover.

Informa.com

Informa PLC | Half-Year Results for Six Months to 30 June 2024

16

There are no financial covenants on any Group level borrowings. There are covenants on £30.4m (30 June 2023:£38.8m; 31 December 2023: £30.4m) of drawn borrowings in the Curinos business. These relate to borrowings of
the Curinos business only.

Corporate Development
Informa has a proven track record in creating value through identifying, executing and integrating complementarybusinesses effectively into the Group. In H1 2024, cash invested in acquisitions was £140.1m (H1 2023: £924.9m);
with £83.6m, net of cash acquired, relating to acquisitions (H1 2023: £434.9m), £5.5m (H1 2023: £7.0m) relating
to cash paid for business assets, £36.4m (H1 2023: £39.1m) for acquisition and integration spend, £14.6m (H12023: £nil) for the acquisition of non-controlling interests and £nil (H1 2023: £443.9m) in relation to the repaymentof acquired debt.
Net proceeds from disposals amounted to a £1.0m inflow (H1 2023: £8.5m outflow).

Acquisitions
The principal business combination in the period was the acquisition of Solar Media Limited. On 4 April 2024, theGroup acquired 100% of the issued share capital of Solar Media Limited (Solar Media). Solar Media is a UK-based
business specialising in the delivery of B2B Events focused on the clean energy sector.
Total consideration was £48.1m, of which £43.6m was paid in cash and £4.5m was deferred cash consideration.
The deferred consideration is payable 12 months after the date of completion. See note 14 to the Condensed
Consolidated Financial Statements for further details.

Share Buyback
As part of the GAP 2 strategy, the Group has committed to return capital to shareholders through a share buyback
programme totalling £1.56bn. During the six months to 30 June 2024, £338.9m of shares were repurchased and39.9m shares cancelled. Cumulatively by 30 June 2024, £1,404.8m of shares had been repurchased with 206.5m
shares cancelled. The shares acquired during the six months to 30 June 2024 were at an average price of 824.9p
per share, with prices ranging from 726p to 871p.

Pensions
The Group continues to meet all commitments to its pension schemes, which include five defined benefit schemes,
all of which are closed to future accruals.
At 30 June 2024, the Group had a net pension surplus of £51.6m (31 December 2023: £41.7m, 30 June 2023:£49.0m), comprising pension surplus of £57.0m (31 December 2023: £48.1m, 30 June 2023: £55.8m) and pension
deficits of £5.4m (31 December 2023: £6.4m, 30 June 2023: £6.8m). Gross liabilities were £453.9m at 30 June 2024
(31 December 2023: £478.2m, 30 June 2023: £448.1m). The decrease in liabilities is predominantly driven by theincrease in the discount rates used for calculating the present value of the pension liability, with rates for UK
schemes increasing 55 basis points from 4.60% at 31 December 2023 and decreasing 25 basis points from 5.40%
at 30 June 2023 to 5.15% at 30 June 2024, in line with increased yields on benchmark high-quality corporate bonds.

Informa.com

Informa PLC | Half-Year Results for Six Months to 30 June 202417

Principal Risks and Uncertainties
We believe that the more clearly we understand risk, the better we are at delivering Informa’s growth strategy.
We therefore manage risk in a way that supports the Company’s long-term growth: assessing business
opportunities in a risk-informed way so that we have a full and balanced picture of the risks we are choosing totake; developing and implementing effective strategies to manage those risks; and monitoring and reporting on
this process and its outcomes through our established governance bodies and channels.
We continuously improve how we manage risk, increasing our maturity to help the business be more resilient andresponsive. Risk management is fully embedded into our business and commercial activities across the Company.
The 2023 Informa Annual Report describes our overarching enterprise risk management framework and the fourstep 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 2023 Annual Report, as we
do every year. This assessment continues to apply and be valid, and no risks have materially changed at the Half
Year. Our 12 principal risks are outlined below, and full details can be found on pages 60 to 66 of the 2023 Annual
Report.
In alignment with the Trading Outlook and the strategy Informa is pursuing, described on page 4, during the firstsix months of 2024 we have paid particular attention to monitoring the following Principal Risks to ensure ourcontrols, practices and response plans continue to be robust and effective: Economic Instability and Market Risk
from a macro-economic perspective, Acquisition and Integration Risk, Ineffective Change Management andReliance on Key Partnerships as part of the execution of our strategy, and Technology Failure, Data Loss and Cyber
Breach and Privacy Regulation Risk in the areas of data and technology. Emerging risks, such as those relating to
the impact of artificial intelligence and climate change, are monitored as sub risks of our existing Principal Risks,
and as highlighted in the Trading Outlook, some emerging risks, such as artificial intelligence, present opportunities
and efficiency benefits for Informa as well.
Our 12 principal risks fall into three categories: Growth and Strategy, People, and Culture. They are categorised
accordingly below, and are not listed in order of magnitude.
Growth and Strategy

Informa.com•

Economic instability: General economic instability, changes in geopolitics or global trading patterns, or adownturn in a particular market or region could change customers’ demand for products and services.

•

Market risk: We work in a range of specialist sectors, each of which could grow, decline or change fordifferent 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 canexceed or fall short of expectations if market conditions change or if the integration process is more orless 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 orservice provision were disrupted or failed, it could affect the delivery of certain products and services andnormal 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 andInforma PLC | Half-Year Results for Six Months to 30 June 202418

our reputation.
•

Data loss and cyber breach: Cyber threats are evolving, and cyber attacks are increasing. A cyber breachor loss of sensitive or valuable data, content or intellectual property could create losses for our
stakeholders, affect our reputation and disrupt the business.

•

Privacy regulation risk: We use data in an increasing number of ways to capture commercial opportunityand better serve customers. Using personal information is governed by privacy and data protection
legislation. These are different, evolving and increasing in many of the jurisdictions we operate in.

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 affectour colleagues and customers, and disrupt our operations and events.

Culture•Informa.com

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.

Informa PLC | Half-Year Results for Six Months to 30 June 2024

19

Going Concern
Introduction
The Directors have completed a going concern assessment of whether the Group has adequate resources tocontinue 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 haveconsidered the future trading prospects of the Group’s businesses, the Group’s cash generation in H1 2024,
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 2024, including £342m of cash and undrawn committed credit
facilities of £893m. There are no borrowing maturities until the €700m EMTN borrowings in October 2025. The
Group Revolving Credit Facility matures in February 2026. The Group is a well-established borrower with aninvestment grade credit rating recently upgraded by all three agencies that rate the Group’s credit (Fitch, Moody’s
and S&P Global) which provides the Directors with confidence that the Group could further increase liquidity byraising additional debt finance. The Group has no financial covenants on any of its Group level borrowings. The€700m EMTN borrowing facility is assumed to renew in October 2025 in the financial models. A new facility for£1,250m was obtained for the planned acquisition of Ascential plc available until July 2026.
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 2025. Separately, the Directors modelled both the Base Case with
Sensitivities and the Reverse Stress Test including the completion of the proposed TechTarget and Ascential plc
combinations in Q4 2024 together with the $350 million and £1.2 billion payments to TechTarget and Ascential
plc shareholders respectively.
The following sensitivities have been modelled individually and in combination to reflect a prudent scenario forthe going concern assessment and do not reflect Management expectations:•

A pandemic risk, with no events trading from August to December 2024, and business returning to 75%
of Base Case forecast revenues in H1 2025 and 90% in H2 2025.

•

A market / economic risk, where a recession reduces Live and On-demand Events revenue by 10% in 2024
H2, and revenues grow only 6% in 2025 off the sensitised 2024 outturn.

•In the combined risk scenario, the market / economic risk is removed when the pandemic risk has beenmodelled (August 2024 to July 2025).

•

A reduction of Digital revenues by 10% in H2 2024 versus forecast, with 5% growth in 2025 off thesensitised 2024 outturn.

•An assumption that Taylor & Francis Pay to Publish revenues in H2 2024 reduce by 10% versus theforecast, with 5% growth in 2025 off the sensitised 2024 outturn.

•

The cash impact of lower revenues on working capital and interest payable, together with the cash benefit
of lower tax payable.

In the combined risk scenario including all the sensitivities listed above and including the proposed combinationsof TechTarget and Ascential plc, the Group maintains liquidity headroom of more than £350 million. Under ascenario where the €700m EMTN borrowings maturing in October 2025 are repaid at that date, the Group isInforma.com

Informa PLC | Half-Year Results for Six Months to 30 June 2024

20

forecast to have sufficient cash reserves to maintain liquidity.
The reverse stress test, including the proposed TechTarget and Ascential plc combinations, indicates that theGroup can afford to lose 42% of its revenue from 1 August 2024 to the end of 2025 and still maintain positive
liquidity headroom. This scenario assumes no action is taken to deliver indirect cost savings, that existing customer
receipts are refunded, and that no further receipts are collected in the period.
Going concern basis
Based on the scenarios modelled the Directors believe that the Group is well placed to manage its financing andother 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.

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Informa PLC | Half-Year Results for Six Months to 30 June 2024

21

Cautionary statements
This interim management report contains certain forward-looking statements. These statements are subject to anumber 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 forwardlooking 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 ofcompetitors; 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 orundertaking to release publicly any updates or revisions to any forward-looking statements contained in thisdocument to reflect any change in the Group’s expectations or any change in events, conditions or circumstanceson which any such statement is based after the date of this announcement or to update or keep current any otherinformation 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.

Informa.com

Informa PLC | Half-Year Results for Six Months to 30 June 2024

22

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 theapplicable set of accounting standards, give a true and fair view of the assets, liabilities, financial positionand profit or loss of the issuer, or the undertakings included in the consolidation as a whole as requiredby DTR 4.2.4R;
the interim management report includes a fair review of the information required by DTR 4.2.7R, namely;oan 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; andoa description of the principal risks and uncertainties for the remaining six months of the financialyear.

the interim management report includes, as required by DTR 4.2.8, a fair review of material related party
transactions that have taken place in the first six months of the financial year and any material changes in
the related-party transactions described in the 2023 Annual Report.

Approved by the Board on 24 July 2024 and signed on its behalf by:

Stephen A. Carter
Chief Executive

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Informa PLC | Half-Year Results for Six Months to 30 June 2024

23

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 2024 Half-Year Results of Informa PLC for the 6 month period ended 30 June 2024 (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 2024;• 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 in Equity for the period then ended; and• the explanatory notes to the interim financial statements.
The interim financial statements included in the 2024 Half-Year Results of Informa PLC have been prepared in accordancewith UK adopted International Accounting Standard 34, 'Interim Financial Reporting' and the Disclosure Guidance andTransparency 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 foruse 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 mattersthat might be identified in an audit. Accordingly, we do not express an audit opinion.
We have read the other information contained in the 2024 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 forconclusion 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 accordancewith 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 2024 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 2024 Half-Year Results in accordance with the Disclosure
Guidance and Transparency Rules sourcebook of the United Kingdom’s Financial Conduct Authority. In preparing the 2024
Informa.com

Informa PLC | Half-Year Results for Six Months to 30 June 202424

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 2024 Half-Year Results based on
our review. Our conclusion, including our Conclusions relating to going concern, is based on procedures that are lessextensive 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 otherpurpose. 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 inwriting.

PricewaterhouseCoopers LLP
Chartered Accountants
London24 July 2024

Informa.com

Informa PLC | Half-Year Results for Six Months to 30 June 202425

Condensed Consolidated Income Statement
6 months ended 30 June (unaudited)

Notes

Adjusted
results
2024

Adjusting
items
2024

Statutory
results
2024

Adjusted
results
2023

Adjusting
items
2023

Statutory
results
2023

Statutory
results
Year ended
31 Dec2023(audited)
£m

£m

£m

£m

£m

£m

£m

Revenue
Net operating expenses

3

1,695.3-

1,695.3(1,447.6)
15.4

1,520.5(1,301.5)

4(217.9)15.4(193.4)

Other operating income(1,229.7)-

1,520.5(1,108.1)
-

78.8

78.8

(2,773.7)
87.6

Operating profit/(loss)
before joint ventures
and associates
Share of results of joint
ventures and associates

465.6(202.5)

263.1

412.4

(114.6)

297.8

503.5

1.3

(1.5)

(0.2)

1.1

-

1.1

4.3

Operating profit/(loss)

466.9

262.9
4.3
(4.1)

413.5

(114.6)

298.9

-

9.4
4.3

9.4
4.3

507.8
1.3
3.0

3,189.6

Fair value gain on investments(Loss)/profit on disposal ofsubsidiaries and equity
interests
Finance income
Finance costs
Profit/(loss) before tax

44-(204.0)
4.3
(4.1)

5
6

6.6
(32.3)
441.2(203.8)6.6(32.3)
237.4

37.9(35.1)
416.3(0.8)(101.7)37.9(35.9)
314.6

Tax (charge)/credit
Profit/(loss) for the7(90.5)
350.7

27.7(176.1)(62.8)
174.6(79.1)
337.2

34.4(67.3)(44.7)
269.9

492.1(29.4)
462.7

323.1

(175.8)

147.3

318.7

(65.2)

253.5

419.0

27.6

(0.3)

27.3

18.5

(2.1)

16.4

43.7

47.4
(67.4)

periodProfit for the period
attributable to:Equity holders of theCompany
Non-controlling interests
Earnings per Share
Basic (p)

9

23.9

10.9

22.7

18.0

30.1

Diluted (p)

9

23.8

10.8

22.5

17.9

29.9

The notes on pages 33 to 58 are an integral part of these Condensed Consolidated Financial Statements.

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Informa PLC | Half-Year Results for Six Months to 30 June 2024

26

Condensed Consolidated Statement of Comprehensive Income
6 months
ended
30 June6 months
ended
30 JuneYear
ended
31 December

2024(unaudited)£m2023(unaudited)£m2023(audited)
£m

174.6

269.9

462.7

8.7
0.2
8.9

(2.3)
0.1
(2.2)

(11.8)(11.8)(0.9)(263.8)(351.5)(0.9)(22.8)

7.4(39.3)

7.4
92.5(26.3)
31.7
5.7
0.1

(5.4)
36.7
(1.1)
0.9

(28.2)
34.2
(6.7)
(1.2)

Total items that may be reclassified subsequently to profit or(13.4)(264.6)(253.5)loss
Other comprehensive expense for the period
Total comprehensive income for the period
Total comprehensive income for the period attributable to:

(4.5)
170.1

(266.8)3.1(265.3)197.4– Equity holders of the Company

140.2

0.9

155.4

– Non-controlling interest

29.9

2.2

42.0

Profit for the period
Items that will not be reclassified subsequently to profit or loss:
Remeasurement of the net retirement benefit pension obligation
Tax relating to items that will not be reclassified to profit or loss
Total items that will not be reclassified subsequently to profit
or loss
Items that may be reclassified subsequently to profit or loss
Exchange loss on translation of foreign operations
Net investment hedges
Exchange (loss)/gain on net investment hedge(Loss)/gain on derivatives in net investment hedging relationships
Cash flow hedges
Fair value loss arising on hedging instruments
Less: gain reclassified to profit or loss
Movement in cost of hedging reserve
Tax credit/(charge) relating to items that may be reclassified
subsequently to profit or loss

The notes on pages 33 to 58 are an integral part of these Condensed Consolidated Financial Statements.

Informa.com

Informa PLC | Half-Year Results for Six Months to 30 June 202427

Condensed Consolidated Statement of Changes in Equity
For the six months ended 30 June 2024 (unaudited)

At 1 January 2024
Profit for theperiodExchange loss ontranslation of foreign
operations
Exchange gain on net
investment hedge debt
(Loss)/gain arising onderivative hedges
Actuarial loss on
defined benefit pension
schemesTax relating tocomponents of othercomprehensive income
Total comprehensive(expense)/income forthe period
Dividends to shareholders
Dividends to noncontrolling interests
Share award expense
Issue of share capital
Own shares purchased
Share buyback2
Transfer of vested LTIPs
Acquisition of NCI
Transactions with NCI
Remeasurement of put call
options
At 30 June 2024

SharecapitalSharepremium
account

Total1

Noncontrollinginterests

Total
equity

£m

£m

£m

£m

£m

2,090.6-

2,853.5
147.3

6,748.5
147.3

436.1
27.3

7,184.6
174.6

(3.5)

-

-

(3.5)

2.6

(0.9)

-

(0.9)

-

-

(0.9)

-

(0.9)

-

-

(22.8)

11.1-(11.7)-(11.7)

-

-

-

-

8.7

8.7

-

8.7

-

-

0.1

-

0.2

0.3

-

0.3

-

-

(27.1)

11.1

156.2

140.2

29.9

170.1

-

-

-

-

(163.6)(163.6)-(163.6)

-

-

-

-

-

-

(11.6)(11.6)

-

-

-

8.6
37.5

-

8.6
37.5

-

8.6
37.5

(0.1)
-

-

-

(3.4)
0.9
(12.9)(0.6)(2.5)(338.8)
12.9
-

(3.4)
(338.0)
(0.6)
(2.5)

0.1
0.6
-

(3.4)
(338.0)
0.1
(2.5)

1.3

1,878.6(102.7)2,129.3

2,520.2

6,426.7455.1

6,881.8

Other
reserves£m

Translationreserve£m

Retainedearnings

£m

1.4
-

1,878.6-(75.6)----

1. Total attributable to equity holders of the Company
2. £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 33 to 58 are an integral part of these Condensed Consolidated Financial Statements.

Informa.com

Informa PLC | Half-Year Results for Six Months to 30 June 202428

Condensed Consolidated Statement of Changes in Equity (continued)
For the six months ended 30 June 2023 (unaudited)
Translation
reserve

Other
reserves£m

Sharepremium
account£m

Total
equity£m

Total1£m

Noncontrollinginterests
£m

£m

£m

1.4
-

1,878.6-

175.5-

1,928.2-

3,168.4
253.5

7,152.1
253.5

314.2
16.4

7,466.3
269.9

-

-

(249.6)--(249.6)(14.2)(263.8)

-

-

7.4

-

-

7.4

-

7.4

-

-

(39.3)

30.2

-

(9.1)

-

(9.1)

-

-

-

-

(2.3)

(2.3)

-

(2.3)

-

-

0.9

-

0.1

1.0

-

1.0

-

-

(280.6)

30.2

251.3

0.9

2.2

3.1

-

-

-

-

(95.7)(95.7)-(95.7)

-

-

-

-

-

-

(1.0)

(1.0)

1.4

1,878.6(105.1)

10.7
169.7
(3.0)
38.1
(11.0)
2,162.9(290.3)11.0
3,044.7

10.7
169.7
(3.0)
(252.2)
6,982.5

87.2
402.6

10.7
169.7
(3.0)
(252.2)87.2
7,385.1

SharecapitalAt 1 January 2023
Profit for theperiodExchange loss on translationof foreign operations
Exchange gain on net
investment hedge debt
(Loss)/gain arising onderivative hedges
Actuarial loss on defined
benefit pension
schemesTax relating tocomponents of othercomprehensive income
Total comprehensive(expense)/income forthe period
Dividends to shareholders
Dividends to noncontrolling interests
Share award expense
Issue of share capital
Own shares purchased
Share buyback2
Transfer of vested LTIPs
Acquisition of NCI3
At 30 June 2023

Retainedearnings£m

1. Total attributable to equity holders of the Company
2. £290.3m of shares have been bought back during the period. £38.1m 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 2023 of £36.8m compared against £74.9m as at 31 December 2022
3. Acquired as part of the Tarsus acquisition. See Note 17 in the 2023 Annual Report and Accounts

The notes on pages 33 to 58 are an integral part of these Condensed Consolidated Financial Statements.

Informa.com

Informa PLC | Half-Year Results for Six Months to 30 June 2024

29

Condensed Consolidated Statement of Changes in Equity (continued)
For the twelve months ended 31 December 2023 (audited)
Sharepremium Translationaccount
reserve
£m
£m

Other
reserves£m

Total1£m

Noncontrollinginterests£m

Total
equity£m

1.4-

1,878.6-

175.5(349.8)

1,928.2 3,168.4
419.0-

7,152.1
419.0(349.8)

314.2
43.7
(1.7)

7,466.3
462.7(351.5)

-

-

7.4

-

-

7.4

-

7.4

-

-

92.5

(0.7)

-

91.8

-

91.8

-

-

-

-

(11.8)(11.8)-(11.8)

-

-

(1.2)

-

-

(1.2)

-

(1.2)

-

-

(251.1)

(0.7)

407.2

155.4

42.0

197.4

-

-

-

-

(176.6)(176.6)-(176.6)

-

-

-

-

-

-

(16.0)(16.0)

Share award expense

-

-

-

19.6

-

19.6

-

19.6

Issue of share capital

0.1

-

-

173.7

-

173.8

-

173.8

Shares for Trust purchase

-

-

-

(4.8)

-

(4.8)

-

(4.8)

Transfer of vested LTIPs

-

-

-

(11.1)

11.1

-

-

-

(0.1)

-

-

(15.8)(548.3)(564.2)-(564.2)

-

-

-

-

-

-

92.3

92.3

Transactions with NCI

-

-

-

-

(8.3)

(8.3)

3.6

(4.7)

Remeasurement of put call

-

-

-

1.5

-

1.5

-

1.5

1.4

1,878.6(75.6)

2,090.6 2,853.5

6,748.5

436.1

7,184.6

Sharecapital£m

At 1 January 2023
Profit for the year
Exchange loss ontranslation of foreign
operations
Exchange gain on net
investment hedge debt
Gain arising on derivative
hedgesActuarial gain on defined
benefit pension schemes
Tax relating to components
of other comprehensive
incomeTotal comprehensive(expense)/income forthe year
Dividends to shareholders
Dividends to non-controlling

Retainedearnings£minterests

Share buyback2

Acquisition of NCI

3

options
At 31 December 2023

1. Total attributable to equity holders of the Company
2. £548.3m of shares have been bought back during the period. £15.9m 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 31 December 2023 of £90.9m
3. The acquisition of non-controlling interests includes £87.2m relating to the Tarsus acquisition. See Note 17 in the 2023 Annual Report and Accounts

The notes on pages 33 to 58 are an integral part of these Condensed Consolidated Financial Statements.

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Informa PLC | Half-Year Results for Six Months to 30 June 2024

30

Condensed Consolidated Balance Sheet
Notes

Goodwill
Other intangible assets
Property and equipment
Right-of-use assets
Investments in joint ventures and associates
Other investments
Deferred tax assets
Retirement benefit surplus
Other receivables
Non-current assets
Inventory
Trade and other receivables
Current tax asset
Cash and cash equivalents
Derivative financial instruments
Current assets
Total assets
Borrowings
Lease liabilities
Derivative financial instruments
Current tax liabilities
Provisions
Contingent consideration and put call options
Trade and other payables
Deferred income
Current liabilities
Borrowings
Lease liabilities
Derivative financial instruments
Deferred tax liabilities
Retirement benefit obligation
Provisions
Contingent consideration and put call options
Trade and other payables
Deferred income
Non-current liabilities
Total liabilities
Net assets
Share capital
Share premium accountTranslation reserve
Other reserves
Retained earnings
Equity attributable to equity holders of the Company
Non-controlling interest
Total equity

10

16

12

13

16

13

16

11

At 30 June 2024
(unaudited)£m

At 30 June 2023
(unaudited)£m

At 31 Dec 2023
(audited)£m6,683.5
3,034.3
60.5
232.5
48.3
264.9
11.4
57.0
39.3
10,431.7
38.5
657.8
75.5
342.0
0.2
1,114.0
11,545.7(27.7)(0.5)(97.2)(33.4)(36.7)(762.6)(1,043.5)(2,001.6)(1,654.3)(264.7)(108.8)(532.8)(5.4)(29.0)(44.9)(15.1)(7.3)(2,662.3)(4,663.9)
6,881.8
1.3
1,878.6(102.7)2,129.3
2,520.2
6,426.7455.1
6,881.8

6,505.7
3,241.3
50.6
201.1
57.8
263.9
1.8
55.8
57.3
10,435.3
28.9
594.6
0.1
1,057.5
0.6
1,681.7
12,117.0(386.2)(30.9)(10.2)(71.4)(19.8)(15.3)(681.6)(918.6)(2,134.0)(1,508.2)(233.8)(115.7)(554.0)(6.8)(36.9)(116.8)(12.3)(13.4)(2,597.9)(4,731.9)
7,385.1
1.4
1,878.6(105.1)
2,162.9
3,044.7
6,982.5402.6
7,385.1

6,629.8
3,140.9
60.8
211.1
58.8
260.8
17.6
48.1
40.8
10,468.7
36.2
549.2
80.2
389.3
0.6
1,055.5
11,524.2(28.4)(85.6)(38.1)(28.6)(635.7)(972.8)(1,789.2)(1,514.5)(235.4)(77.9)(540.9)(6.4)(33.5)(109.3)(24.9)(7.6)(2,550.4)(4,339.6)
7,184.6
1.4
1,878.6(75.6)
2,090.6
2,853.5
6,748.5
436.1
7,184.6

The notes on pages 33 to 58 are an integral part of these Condensed Consolidated Financial Statements.
The Directors approved these Condensed Consolidated Financial Statements on 24 July 2024.

Informa.com

Informa PLC | Half-Year Results for Six Months to 30 June 2024

31

Condensed Consolidated Cash Flow Statement
6 months
ended
30 June 2024
(unaudited)

6 months
ended
30 June 2023
(unaudited)Year ended
31 December
2023(audited)

£m

£m

£m

364.7
(54.1)(25.2)
285.4

265.6(41.2)(35.8)
188.6

819.7(112.4)(87.1)
620.2

7.2
(8.2)
(28.8)(6.5)(5.5)(83.6)(14.6)
1.0(139.0)

38.4
0.5
(9.1)
(22.3)(10.1)(7.0)(434.9)(8.5)(453.0)47.9
1.4(27.5)(55.1)(11.2)(22.8)(596.7)(4.3)(16.0)(684.3)(11.6)
165.0
7.9(13.6)
0.5(332.8)
(3.4)

(1.1)
(443.9)(1.2)(12.7)
1.0(289.9)(3.0)(176.6)(16.0)(393.9)(443.9)(1.2)(33.8)
1.3(8.2)(548.0)(4.8)(188.0)(41.6)
(5.7)
389.3
342.0

(750.8)(1,015.2)(53.1)
2,125.8
1,057.5(1,625.1)(1,689.2)(47.3)
2,125.8
389.3

Notes

Operating activities
Cash generated by operations
Income taxes paid
Interest paid
Net cash inflow from operating activities
Investing activities
Interest received
Dividends received from investments
Purchase of property and equipment
Purchase of intangible software assets
Product development costs
Purchase of brands and customer relationships
Acquisition of subsidiaries and operations, net of cash acquired
Acquisition of non-controlling interests
Acquisition of investments
Cash inflow/(outflow) from disposal of subsidiaries and operations
Net cash outflow from investing activities
Financing activities
Dividends paid to shareholders
Dividends paid to non-controlling interests
Repayment of loans
Repayment of borrowings acquired
Drawdown on borrowings
Borrowing fees paid
Loans from other parties including joint ventures and associates
Repayment of principal lease liabilities
Finance lease receipts
Settlement of derivative liability associated with borrowings
Cash outflow from share buyback
Cash outflow from purchase of shares for Trust
Net cash outflow from financing activities
Net decrease in cash and cash equivalents
Effect of foreign exchange rate changes
Cash and cash equivalents at beginning of the year
Cash and cash equivalents at end of period

12

14

8

13

12

The notes on pages 33 to 58 are an integral part of these Condensed Consolidated Financial Statements.

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Informa PLC | Half-Year Results for Six Months to 30 June 2024

32

Notes to the Condensed Consolidated Financial Statements
For the six months ended 30 June 2024

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 2024 and for the six months
then ended comprise those of the Company and its subsidiaries and its interests in joint ventures andassociates (together referred to as the ‘Group’).
The Condensed Consolidated Financial Statements were approved for issue by the Board of Directors
on 24 July 2024 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 20, and do not constitute the Group’s statutory financial statements within themeaning 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
2023, 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 andAccounts for the year ended 31 December 2023, were approved by the Directors on 7 March 2024 anddelivered to the Registrar of Companies. The 31 December 2023 balances in this report have been
extracted from the Annual Report. The Auditor’s Report on those accounts was not qualified, did notinclude 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 2023 areavailable upon request from the Company’s registered office at 5 Howick Place, London, SW1P 1WG,
United Kingdom or at www.informa.com.

2. Accounting policies and estimates
In the application of the Group’s accounting policies, which are described in the Annual Report andAccounts, the Directors are required to make judgements, estimates and assumptions about thecarrying 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 areconsidered 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 2024 as compared with the mostrecent 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 theEffective 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 2024, 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.
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Informa PLC | Half-Year Results for Six Months to 30 June 2024

33

Identification of adjusting items
The Group provides adjusted results and underlying measures in addition to statutory measures, inorder 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 becomparable 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 aconsistent basis with the prior year.
Estimation uncertainty
As at 30 June 2024, the Group noted two key sources of estimation uncertainty. As set out in Note 10,
no reasonably possible change in assumptions for the goodwill impairment assessment would give riseto an impairment, and therefore the cashflow forecasts for the impairment assessment of goodwill are
not assessed to be a key source of estimation uncertainty at 30 June 2024, in line with 31 December
2023. 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 whichhave been updated for 30 June 2024. The most significant of these relate to the discount rate andmortality assumptions. The most significant scheme is the UBM Pension Scheme (UBMPS). Note 33 of
the Financial Statements for the year ended 31 December 2023 details the principal assumptions whichhave been adopted following advice received from independent actuaries and also provides sensitivity
analysis with regard to changes to these assumptions. As at 30 June 2024, the Group has a total pension
liability of £453.9m (30 June 2023: £448.1m, 31 December 2023: £478.2m), and a net pension surplusof £51.6m (30 June 2023: net surplus of £49.0m, 31 December 2023: net surplus of £41.7m).
Measurement of retained stake in Pharma Intelligence
As part of the disposal of Pharma Intelligence in 2022, the Group retained an investment of 15%.
Pharma Intelligence was subsequently merged with Norstella leaving Informa with an effective stake of
6.7% which is held at a fair value of £161.3m as at 30 June 2024. The valuation of the investment involves
a number of unobservable inputs, with the most significant of these being the discount rate where areasonable change to the rate could cause a material adjustment to the fair value of the investment
within the next financial year. The £161.3m fair value is based on a discount rate of 9.4%. Sensitivities
have been run on the discount rate, with a 0.5% change being considered a reasonable possible change
for the purposes of sensitivity analysis. A 9.9% discount rate would result in a fair value of £144.7m whilea discount rate of 8.9% would result in a fair value of £180.4m.
Basis of preparation
The Group has adopted new standards and interpretations effective as of 1 January 2024, specifically,
these are:●●●

Amendments to IFRS 16 – Leases on sale and leaseback
Amendments to IAS 1 – Non-current liabilities with covenants
Amendment to IAS 7 and IFRS 7 – Supplier finance

The adoption of these amendments and interpretations 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.
Informa.com

Informa PLC | Half-Year Results for Six Months to 30 June 2024

34

Other amendments to IFRSs effective for the period ended 30 June 2024 have no impact on the Group.
Revenue
IFRS 15 Revenue from Contracts with Customers provides a single, principles-based five-step model tobe 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 of delivery of each performanceobligation in contracts in order to recognise revenue.
Where separate performance obligations are identified in a single contract, total revenue is allocatedon 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 at the fair value of consideration received or receivable and represents amounts
receivable for goods and services provided in the normal course of business, net of discounts, VAT andother sales-related taxes, and provisions for returns and cancellations. Revenue for each category typeis 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 deferredincome until the point at which the performance obligation is satisfied. Aside from an immaterial
amount which is separately disclosed on the face of the Condensed Consolidated Balance Sheet under
non-current liabilities and relates to payment in advance received for biennial and triennial events andexhibitions, deferred income balances included in current liabilities at the reporting date will berecognised as revenue within 12 months. Therefore, the aggregate amount of the transaction price inrespect of performance obligations that are unsatisfied at the reporting date is the deferred income
balance which will be satisfied within one year.

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Informa PLC | Half-Year Results for Six Months to 30 June 2024

35

Revenue type Performance
Exhibitor andrelatedservices

Subscriptions

Transactional
sales

Attendeerevenue

Marketingandadvertising
services

Revenue recognition

Timing of customer

obligations
accounting policy
payments
Provision of services
Performance obligations are Payments for events areassociated with exhibition satisfied at the point of timenormally received in advance ofand conference events,that services are provided to the event dates, which areincluding virtual events.
the customer with revenue
typically up to 12 months inrecognised when the event has advance of the event date, andtaken place.
are held as deferred income
until the event date.
Provision of journals and Performance obligations are
Subscription payments areonline information
satisfied both at a point in time, normally received in advance ofservices that are provided with revenue recognised at
the commencement of theon a periodic basis orthat point and over time, with subscription period, which is
updated on a real-timerevenue recognised straight- typically a 12-month period, andbasis.
line over the period of theare held as deferred income.
subscription.
Revenue is recognised at the Transactional sales toProvision of books andspecific publications inpoint of time when control of customers are typically on credit
print or digital format.
terms and customers pay
the product is passed to theaccording to these terms.
customer or the
information service has been
provided. Control is passed tothe customer when the goods
have been delivered to them.
Provision of exhibition or Performance obligations areconference events.
satisfied at the point of timethat the event is held, withattendee revenue recognised
at this date.
Provision of advertisingand marketing services.

Payments by attendees arenormally received either inadvance of the event date andare held as deferred income
until the event date, or at theevent.
Performance obligations are
Payments for such services are
satisfied over the period of the normally received in advance ofthe marketing or advertising
advertising subscription or
period and are held as deferredover the period when theincome until the services aremarketing services areprovided.
provided. Revenue isrecognised on a straight-line
basis over the subscription
period.

Sponsorshiprevenue

Provision of event
sponsorship.

Revenue relating tosponsorship at events is
recognised on a point of timebasis at the event date.

Payments for such services arenormally received in advance ofthe sponsorship period and areheld as deferred income until
the services are provided.

Revenue relating to barter transactions is recorded at fair value and the timing of recognition is in linewith 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 inexchange for services provided at events or media advertising.

Informa.com

Informa PLC | Half-Year Results for Six Months to 30 June 2024

36

There are no material contract assets arising on work performed in order to deliver performanceobligations. Where there are incremental costs of obtaining a contract, the Company has elected toapply 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, business segment and geographic location.
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 2023.
Impairment of goodwill
We consider whether the carrying value of our goodwill is impaired on an annual basis and more
frequently if there are indicators of impairment. The most recent annual impairment review was
performed as at 31 December 2023. For the half year we consider whether there have been any
impairment indicators identified, either internal or external and undertake an impairment review if
indicators are identified.
We test for the impairment of intangible assets at the individual Cash Generating Unit (“CGU”) level anddo this by comparing the carrying value of assets in each cash CGU with the recoverable amount being
the higher of the fair value less cost to sell and value in use calculations derived from the latest Groupcash flow projections.
We test for the impairment of goodwill at the level at which goodwill is monitored, being the businesssegment level for all segments. We test for goodwill impairment by aggregating the carrying value of
assets across CGUs or individual CGUs and comparing this to the recoverable amount.
Business combinations
The acquisition of subsidiaries and other asset purchases that are assessed as meeting the definitionof a business under the rules of IFRS 3 Business Combinations are accounted for using the acquisition
method. The consideration for each acquisition is measured at the aggregate of fair values of assets
given, liabilities incurred or assumed, and equity instruments issued by the Group in exchange forcontrol of the acquiree. If the accounting for business combinations involves provisional amounts, which
are finalised in a subsequent reporting period during the 12-month measurement period as permitted
under IFRS 3, restatement of these provisional amounts may be required in the subsequent reporting
period. Acquisitions of the Group could be subject to post-acquisition adjustments, therefore, as
permitted by IFRS 3, acquisitions have been accounted for using a provisional accounting basis.
Acquisition and integration costs incurred are expensed and included in adjusting items in theConsolidated Income Statement.
If the business combination is achieved in stages, the acquisition-date fair value of the acquirer’s
previously held equity interest in the acquiree is remeasured to fair value at the acquisition date throughthe Consolidated Income Statement. Any contingent consideration to be transferred by the acquirer
will be recognised at fair value at the acquisition date. Subsequent changes to the fair value of thecontingent consideration, which is classified as a financial liability that is within the scope of IFRS 9
Financial Instruments, will be recognised in the Income Statement.
Goodwill is initially measured at cost, being the excess of the aggregate of the consideration transferred
and the amount recognised for non-controlling interests over the net identifiable assets acquired andliabilities assumed. If this consideration is lower than the fair value of the net assets of the subsidiary
Informa.com

Informa PLC | Half-Year Results for Six Months to 30 June 202437

acquired, the difference is recognised in the Consolidated Income Statement. The Group recognises
any non-controlling interest at the proportionate share of the acquiree’s identifiable net assets.

3.

Business segments

The Group has identified reportable segments based on financial information used by the Directors inallocating resources and making strategic decisions. We consider the chief operating decision makers tobe the Executive Directors. The Group’s four identified reportable segments under IFRS 8 Operating
Segments are as described in the Divisional Trading Review. There is no difference between the Group’s
operating segments and the Group’s reportable segments. Tarsus was presented as a separate segment
at 30 June 2023 and has been subsequently integrated within Informa Markets and Informa Connect.
Segment revenue and results
Six months ended 30 June 2024 (unaudited)
InformaMarkets£m

InformaTech£mInforma
Connect£mTaylor &Francis
£m

Total
£m

Revenue

838.3

227.6

328.3

301.1

1,695.3

Adjusted operating profit before joint ventures
and associates1
Share of adjusted results of joint

273.5

30.3

67.4

94.4

465.6

1.3

-

-

-

1.3

Adjusted operating profit
Intangible asset amortisation2
Impairment – right-of-use assets
Impairment – property and equipment
Acquisition costs

274.8(90.3)
(0.3)
(2.3)

30.3
(18.8)(1.4)(0.1)(20.6)

67.4(26.0)
(1.8)
(0.3)

94.4
(20.8)
(0.3)
(0.5)

466.9
(155.9)(3.5)(0.4)(23.7)

Integration costs

(4.5)

(1.7)

(4.8)

(0.5)

(11.5)

Restructuring and reorganisation credit/(costs)

0.1
(0.6)

(4.5)
6.0

(0.1)
(9.5)

(0.4)
-

(4.9)
(4.1)

176.9

(10.8)

24.9

71.9

262.9
4.3
(4.1)

ventures and associates

Fair value (loss)/gain on contingent
consideration
Operating profit/(loss)
Fair value gain on investments
Loss on disposal of subsidiaries
and equity interests
Finance income
Finance costs
Profit before tax

6.6(32.3)
237.4

1. Adjusted operating profit before joint ventures and associates included the following amounts for depreciation and other amortisation: £17.2m
for Informa Markets, £4.4m for Informa Tech, £12.2m for Informa Connect and £10.5m for Taylor & Francis
2. Excludes acquired intangible product development and software amortisation

Informa.com

Informa PLC | Half-Year Results for Six Months to 30 June 2024

38

Six months ended 30 June 2023 (unaudited and re-presented)
The business segment results for the six months ended 30 June 2023 have been re-presented, with no
impact on the reported Condensed Consolidated Income Statement, to reflect:• Integrating the Tarsus business into the existing Informa segments•

A transfer of the Aesthetics Medicine business from the Informa Markets segment to the Informa Connect
segment•

Reallocation of events between Informa divisions
InformaMarkets3,4,5£m

InformaTech5£mInforma
Connect3,4,5£mTaylor &Francis
£m

Total
£m

Revenue

760.8

197.6

278.7

283.4

1,520.5

Adjusted operating profit before joint ventures
and associates1
Share of adjusted results of joint

237.0

27.6

60.7

87.1

412.4

1.1

-

-

-

1.1

238.1
(87.5)(15.8)(0.6)

27.6(18.8)
1.5
(0.6)

60.7
(18.1)
0.5(22.0)(1.9)

87.1(26.6)
(0.2)
-

413.5
(151.0)0.5(36.5)(3.1)

ventures and associates6
Adjusted operating profit
Intangible asset amortisation2,7
Reversal of impairment – right-of-use assets
Acquisition costs8
Integration costs8
Restructuring and reorganisation credit/(costs)

0.7

(0.3)

(0.7)

-

(0.3)

Fair value (loss)/gain on contingent
consideration
Operating profit
Fair value gain on investments
Profit on disposal of subsidiaries

(1.1)

78.0

(0.4)

(0.7)

75.8

133.8

87.4

18.1

59.6

298.9
9.4
4.3

and equity interests
Finance income
Finance costs

37.9(35.9)

Profit before tax

314.6

1. Adjusted operating profit before joint ventures and associates included the following amounts for depreciation and other amortisation: £16.8m
for Informa Markets, £3.2m for Informa Tech, £9.8m for Informa Connect and £8.0m for Taylor & Francis
2. Excludes acquired intangible product development and software amortisation
3. As a result of the Aesthetic Medicine business transferring from Informa Markets to Informa Connect, these figures have been re-presented.
Aesthetic Medicine generated £17.2m in revenue for the six months ended 30 June 2023 which translated to £8.6m in adjusted operating profit before joint
ventures and associates
4. The figures have also been re-presented to integrate the Tarsus business into the existing Informa segments, with £21.7m in revenue transferring toInforma Markets and £9.2m to Informa Connect and £6.3m and £1.4m in adjusted operating profit before joint ventures and associates respectively
5. Remaining movements relate to the reallocation of events between Informa divisions, with Informa Markets transferring events to Informa Connect andInforma Tech. The events allocated to Informa Connect had £1.8m in revenue for the six months ended 30 June 2023 which translated to £0.5m in adjusted
operating profit before joint ventures and associates and Informa Tech £0.8m and £0.4m respectively
6. £0.2m of Tarsus share of adjusted results of joint ventures and associates were re-presented within Informa Markets
7. This balance has been re-presented to allocate £4.2m within Informa Markets and £2.7m within Informa Connect from the Tarsus business. Aesthetic
Medicine had £0.8m in intangible asset amortisation in the period
8. The Tarsus acquisition and integration costs were allocated to existing Informa divisions. £15.6m of acquisition costs and £0.5m integration costs weretransferred to Informa Markets, and £9.2m and £0.3m respectively were transferred to Informa Connect

Informa.com

Informa PLC | Half-Year Results for Six Months to 30 June 2024

39

Year ended 31 December 2023 (audited)

Revenue
Adjusted operating profit before joint ventures
and associates1
Share of adjusted results of joint

InformaMarkets£m

InformaTech£mInforma
Connect£mTaylor &Francis
£m

Total
£m

1,593.3

396.7

580.6

619.0

3,189.6

454.7

72.9

102.5

217.9

848.0

5.8

-

-

-

5.8

460.5
(179.0)(24.5)

72.9(37.5)(0.3)

102.5(43.4)(0.3)

217.9(52.9)-

853.8(312.8)(25.1)

0.1

(0.3)

0.8

-

0.6

(15.7)
(8.3)
1.8
(7.3)

(17.0)
(2.9)
1.1
82.4

(19.7)
(8.5)
(0.5)
0.7

(0.9)
(13.4)(0.2)(53.3)(19.7)(11.0)
75.6

(2.8)
3.3
228.1

(0.7)
0.8
98.5

(1.0)
1.2
31.8

(1.1)
149.4

(5.6)
5.3
507.8
1.3
3.0

ventures and associates
Adjusted operating profit
Intangible asset amortisation2
Impairment – acquisition-related and otherintangibles
Reversal of impairment/(impairment) – IFRS 16
right-of-use assets
Acquisition costs
Integration costs
Restructuring and reorganisation credits/(costs)
Fair value (loss)/gain on contingent
consideration
Foreign exchange loss on swap settlement
Credit in respect of unallocated cash
Operating profit
Fair value gain on investments
Profit on disposal of subsidiaries
and equity interests
Finance income
Finance costs
Profit before tax

47.4(67.4)
492.1

1. Adjusted operating profit before joint ventures and associates included the following amounts for depreciation and other amortisation: £33.7m
for Informa Markets, £22.1m for Informa Connect, £6.9m for Informa Tech and £18.2m for Taylor & Francis
2. Excludes acquired intangible product development and software amortisation

Informa.com

Informa PLC | Half-Year Results for Six Months to 30 June 2024

40

Segment revenue by typeAn analysis of the Group’s revenue by segment and type is as follows:
Six months ended 30 June 2024 (unaudited)
InformaMarkets£m

InformaTech

Exhibitor
Subscriptions
Transactional sales
Attendee
Marketing and advertising services
Sponsorship
Total

£m

Informa
Connect£mTaylor &Francis
£m

Total
£m

680.0
19.6
3.2
56.8
38.2
40.5

53.9
33.5
12.1
20.3
57.3
50.5

77.4
75.3
19.7
92.1
19.5
44.3

171.1
129.1
0.9
-

811.3
299.5
164.1
169.2
115.9
135.3

838.3

227.6

328.3

301.1

1,695.3

Taylor &Francis
£m

Total
£m

Six months ended 30 June 2023 (unaudited and re-presented)
InformaMarkets1,2,3£m

InformaTech3£mInforma
Connect1,2.3£mExhibitor
Subscriptions
Transactional sales
Attendee
Marketing and advertising services
Sponsorship

626.8
16.7
2.0
41.5
40.1
33.7

45.1
31.9
12.5
20.7
60.9
26.5

60.5
67.4
22.0
76.8
15.3
36.7

165.5
117.4
0.5
-

732.4
281.5
153.9
139.0
116.8
96.9

Total

760.8

197.6

278.7

283.4

1,520.5

1. As a result of the Aesthetic Medicine business transferring from Informa Markets to Informa Connect, these figures have been re-presented.
Aesthetic Medicine generated £17.2m in revenue for the six months ended 30 June 2023
2. The figures have also been re-presented to integrate the Tarsus business into the existing Informa segments, with £21.7m in revenue transferring toInforma Markets and £9.2m to Informa Connect
3. Remaining movements relate to the reallocation of events between Informa divisions

Year ended 31 December 2023 (audited)

Exhibitor
Subscriptions
Transactional sales
Attendee
Marketing and advertising services
Sponsorship
Total

Informa.com

InformaMarkets£m

InformaTech£mInforma
Connect£mTaylor &Francis£m

1,309.4
34.8
4.3
74.8

85.1
58.7
26.5
54.4

103.8
144.0
45.6
164.8

346.1
272.0
-

91.0
79.0

116.3
55.7

36.0
86.4

0.9
-

1,498.3
583.6
348.4
294.0
244.2
221.1

1,593.3

396.7

580.6

619.0

3,189.6

Informa PLC | Half-Year Results for Six Months to 30 June 2024

Total
£m

41

4. Adjusting items
The Board considers certain items should be recognised as adjusting items (see glossary of terms for thedefinition of adjusting items) since, due to their nature or infrequency, such presentation is relevant to anunderstanding 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) arepresented as adjusting items:
6 months
ended
30 June 2024

6 months
ended
30 June 2023

Year ended
31 December
2023(unaudited)(unaudited)(audited)

£m

£m

£m

Intangible asset amortisation
Impairment – acquisition-related and other intangible
assetsImpairment/(reversal) – right-of-use assets
Impairment – property and equipment
Acquisition costs
Integration costs2
Restructuring and reorganisation costs
Fair value loss on contingent consideration

155.9
-

151.0
-

312.8
25.1

3.5
0.4
23.7
11.5
4.9
19.5

(0.5)
36.5
3.1
0.3
3.0

(0.6)
53.3
19.7
11.0
12.0

Fair value gain on contingent consideration
Foreign exchange loss on swap settlement
Credit in respect of unallocated cash
Adjusting items in operating profit2
Fair value gain on investments
Loss/(profit) on disposal of subsidiaries and equity
interests
Finance costs
Adjusting items in profit before tax
Tax related to adjusting items
Adjusting items in profit for the period(15.4)
204.0
(4.3)
4.1

(78.8)
114.6
(9.4)
(4.3)

(87.6)
5.6
(5.3)
346.0
(1.3)
(3.0)

203.8
(27.7)
176.1

0.8
101.7
(34.4)
67.3

0.8
342.5
(127.0)
215.5

1

1.
2.

Intangible asset amortisation is in respect of acquired intangibles and excludes amortisation of software and product development
Includes £1.5m (HY 2023: nil; FY 2023: £1.5m) relating to joint ventures and associates

Intangible asset amortisation is the amortisation charged in respect of intangible assets acquired
through business combinations or the acquisition of trade and assets. The charge is not consideredrelated 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. It is noted that the revenue and results fromthe related business combinations have been included within the adjusted results.
● Impairment/(reversal) of right-of-use assets mainly relate to the permanent closure or re-opening ofpreviously impaired office properties. These have been classified as adjusting items based on being
infrequent in nature and therefore not being considered to be part of the usual underlying costs of
the Group and to provide comparability of underlying results to prior periods.
● Acquisition and integration costs are costs incurred in acquiring and integrating share and asset
acquisitions. These are classified as adjusting items as these costs relate to M&A activity, which is notconsidered to be part of the usual underlying activities of the Group.
● Restructuring and reorganisation costs are costs incurred by the Group in business restructuring andoperating model changes and specific and non-recurring legal costs. These have been classified as
adjusting items when they relate to specific initiatives following reviews of our organisational
operations during the period and are therefore adjusted to provide comparability to prior periods.

●

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Informa PLC | Half-Year Results for Six Months to 30 June 2024

42

● Fair value (gains)/losses on contingent consideration are 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. These are classified as adjusting items as they arise
as a result of acquisitions and are not part of the underlying operations of the business and are
therefore adjusted to provide comparability of underlying results to prior periods. It is noted that therevenue and results from the related acquisitions have been included within the adjusted results.
● Fair value gain on investments is the gain as a result of an increase in the fair value of investments held.
This is classified as an adjusting item as is not considered related to the underlying trading operations
and performance of the Group and is therefore adjusted to provide comparability to prior periods.
● Loss/(profit) on disposal of subsidiaries and equity interests relates to disposals in the current period orsubsequent costs or credits relating to prior disposals. These are classified as adjusting items as theselosses/(profits) relate to disposals and are not considered part of the underlying operations of thebusiness and are therefore adjusted to provide comparability of underlying results to prior periods.

5. Finance income

6 months
ended
30 June2024(unaudited)

6 months
ended
30 June2023(unaudited)Year ended
31 December
2023

£m

£m

£m

6.2
0.2
0.2

37.7
0.1
0.1

46.7
0.4
0.3

6.6

37.9

47.4

6 months

6 months
ended
30 June 2023

Year ended
31 December
2023(unaudited)£m(audited)
£m

25.1
6.6
0.5
32.2
0.1

30.2
5.5
0.5
36.2
(1.1)

58.2
11.2
(1.8)
67.6
0.1
(1.1)

32.3

35.1

66.6

-

0.8

0.8

32.3

35.9

67.4

Interest income on bank deposits
Interest income finance lessor leases
Fair value gain on financial instruments through the income(audited)statement
Total finance income

6. Finance costs

ended
30 June 2024
(unaudited)£mInterest expense on borrowings and loans
Interest on IFRS 16 leases
Interest cost on pension scheme net surplus
Total interest expense
Non-income taxes in relation to intra-Group financing
Fair value gain/(loss) on financial instruments through theincome statement
Financing costs before adjusting items
Adjusting items1
Total finance costs

1. The adjusting item for 2023 relates to the revaluation of the BolognaFiere convertible bond issued in December 2022

Informa.com

Informa PLC | Half-Year Results for Six Months to 30 June 2024

43

7. Taxation
The tax charge comprises:

Current tax
Deferred tax
Total tax charge on profit on ordinary activities

6 months
ended
30 June 2024
(unaudited)£m

6 months
ended
30 June 2023
(unaudited)£mYear ended
31 December
2023(audited)

71.2
(8.4)
62.8

62.9
(18.2)
44.7

74.3(44.9)
29.4£m

The Adjusted Effective Tax Rate of 20.5% (H1 2023: 19.0%) has been estimated using full year forecasts andhas 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 inwhich the adjusting item arises, to the extent the item is expected to be taxable/deductible.

8. Dividends
As at 30 June 2024, £163.9m (30 June 2023: £95.9m and 31 December 2023: £0.3m) of dividends arestill to be paid. The proposed final dividend for the year ended 31 December 2023 of 12.2 pence pershare was approved at the AGM on 21 June 2024 and was paid on 12 July 2024. This has been included
as a liability as at 30 June 2024.
The proposed interim dividend for the six months ended 30 June 2024 of 6.4 pence per share (30 June
2023: 5.8 pence per share), has been approved by the Board and will be paid on 20 September 2024
to ordinary shareholders registered as at the close of business on 9 August 2024. 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 attributable to Equity Shareholdersof the Company. To calculate basic earnings per share this amount is divided by the weighted average
number of shares in issue (which is stated after deducting shares held by the Employee Share Trust andShareMatch).
Diluted EPS
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.
Weighted average number of shares
The table below sets out the weighted average number of shares used in the calculation of diluted EPS
for both statutory and adjusted purposes showing the adjustment in respect of dilutive potential
Ordinary Shares.
6 months ended

6 months ended

Year ended

30 June 2024
(unaudited)

30 June 2023
(unaudited)

31 December 2023
(audited)

Weighted average number of shares used inbasic earnings per share

1,350,895,110

1,405,563,269

1,394,051,260

Effect of dilutive potential ordinary shares
Weighted average number of shares used

8,104,397
1,358,999,507

8,695,670

8,670,882
1,402,722,142

1,414,258,939

in diluted EPS calculation

Informa.com

Informa PLC | Half-Year Results for Six Months to 30 June 2024

44

Statutory EPS
6 months ended

6 months ended

Year ended

30 June 2024
(unaudited)

30 June 2023
(unaudited)

31 December 2023
(audited)

Per shareamountPence

Earnings£mEarnings£m

Per shareamountPence

Per shareamountPence

Earnings£mEarnings for the purpose of basic EPS

174.6

269.9

462.7

Non-controlling interests(27.3)(16.4)(43.7)

Earnings for the purpose of statutory
basic EPS (p)Effect of dilutive potential ordinary
shares

147.3

10.9

253.5

18.0

419.0

30.1

-

(0.1)

-

(0.1)

-

(0.2)

Earnings for the purpose of statutory
diluted EPS (p)

147.3

10.8

253.5

17.9

419.0

29.9

Adjusted EPS
The basic and diluted adjusted EPS calculations have been presented to provide additional useful
information on the underlying performance. Profits are based on operations attributable to equity
shareholders and are adjusted to exclude items that in the opinion of the Directors would distort
underlying results, with those items detailed in Note 4.
6 months ended

6 months ended

Year ended

30 June 2024
(unaudited)

30 June 2023
(unaudited)

31 December 2023
(audited)

Earnings£m

Per shareamountPence

Earnings£m

Per shareamountPence

Earnings£m

Per shareamountPence

Earnings for the purpose of basic

147.3

10.9

253.5

18.0

419.0

30.1

EPS/statutory basic EPS (p)Adjusting items:
Intangible asset amortisation
Impairment – acquisition-related

155.9
-

11.5
-

151.0
-

10.7
-

312.8
25.1

22.4
1.8

intangible assets
Impairment/(reversal) – right-of-use

3.5

0.3

(0.5)

-

(0.6)

-

0.4
23.7
11.5
4.9
19.5

1.8
0.8
0.4
1.4

36.5
3.1
0.3
3.0

2.6
0.2
0.2

53.3
19.7
11.0
12.0

3.8
1.4
0.8
0.9

(15.4)(1.1)(78.8)(5.6)(87.6)

(6.3)

-

-

-

-

5.6

0.4

(4.3)
4.1

(0.3)
0.3

(9.4)
(4.3)

(0.7)
(0.3)

(5.3)
(1.3)
(3.0)

(0.4)
(0.1)
(0.2)

assetsImpairment – property and equipment
Acquisition costs
Integration costs
Restructuring and reorganisation costs
Fair value loss on contingent
consideration
Fair value gain on contingent
consideration
Foreign exchange loss on swap
settlement
Credit in respect of unallocated cash
Fair value gain on investments
Loss/(profit) on disposal of subsidiaries
and equity interests
Informa.com

Informa PLC | Half-Year Results for Six Months to 30 June 2024

45

Finance costs
Tax related to adjusting items(27.7)(2.1)

0.8(34.4)

0.1
(2.4)

0.8
(127.0)0.1(9.1)

Non-controlling interest adjusting items

(0.3)

-

(2.1)

(0.1)

0.6

-

Earnings for the purpose of adjusted

323.1

23.9

318.7

22.7

635.1

45.6

-

(0.1)

-

(0.2)

-

(0.3)

323.1

23.8

318.7

22.5

635.1

45.3

basic EPS/adjusted basic EPS (p)Effect of dilutive potential ordinary
shares
Earnings for the purpose of adjusted
diluted EPS (p)10. Goodwill(Unaudited)£m

Cost
At 1 January 2024
AdditionsExchange differences
At 30 June 2024

7,281.6
53.4(2.0)
7,333.0

Accumulated impairment losses
At 1 January 2024
Exchange differences
At 30 June 2024

(651.8)2.3(649.5)Carrying amountAt 30 June 2024
At 31 December 2023

6,683.5
6,629.8

Impairment trigger test and impairment review
In preparing the 30 June 2024 Condensed Consolidated Balance Sheet, the Directors reviewed the carrying
value of the Group’s goodwill to assess if there were indicators of impairment. This review starts with anassessment of current and forecasted trading against the budget used in the 2023 year-end impairment
review. This assessment was undertaken at 30 June 2024 and concluded that there were no indicators of
impairment across the Group.

Informa.com

Informa PLC | Half-Year Results for Six Months to 30 June 202446

11. Share capital
Share capital as at 30 June 2024 amounted to £1.3m (30 June 2023: £1.4m and 31 December 2023: £1.4m).
6 months ended

6 months ended

Year ended

30 June 2024
(unaudited)
Number of shares

30 June 2023
(unaudited)
Number of shares

31 December 2023
(audited)
Number of shares

At 1 January
Issue of new shares to Employee Share Trust
Issue of shares
Share buyback

1,368,029,699
8,860,000
4,397,622(41,067,602)

1,418,525,746
25,957,663(41,493,317)

1,418,525,746
26,492,800(76,988,847)

At 30 June / 31 December

1,340,219,719

1,402,990,092

1,368,029,699

As at 30 June 2024, the Informa Employee Share Trust (EST) held 8,038,925 (30 June 2023: 901,990; 31
December 2023: 804,045) ordinary shares in the Company at a market value of £68.8m (30 June 2023:£6.5m; 31 December 2023: £6.3m). As at 30 June 2024 the ShareMatch scheme held 2,173,186 (30 June
2023: 1,487,968; 31 December 2023: 1,889,766) ordinary shares in the Company. At 30 June 2024, theGroup held 0.8% (30 June 2023: 0.2%; 31 December 2023: 0.2%) of its own called-up share capital.
The Company issued 4,397,622 new ordinary shares of 0.1 pence each on 16 May 2024. The shares were
issued as part of the consideration for the acquisition of Tarsus Group.
During the period, the Company bought back 41,067,602 ordinary shares at the nominal value of 0.1p fora total consideration of £338.9m and cancelled 39,907,891 of these shares. 1,159,711 shares (£10.1m)
were settled and cancelled subsequent to 30 June 2024.
A share buyback liability of £90.0m (30 June 2023: £36.8m; 31 December 2023: £90.9m) has been included
in trade and other payables at 30 June 2024 which reflects the maximum liability for the purchase of theCompany’s own shares through to the conclusion of the Group’s close period on 24 July 2024 following an
irrevocable instruction issued to the Group’s broker in connection with the previously announced sharebuyback programme.

Informa.com

Informa PLC | Half-Year Results for Six Months to 30 June 202447

12. Notes to the Cash Flow Statement

Note

Profit before tax
Adjustments for:
Depreciation of property and equipment
Depreciation of right-of-use assets
Amortisation of other intangible assets
Impairment – acquisition-related intangible assets
Impairment/(reversal) – right-of-use assets
Impairment – property and equipment
Share-based payments
Fair value gain on contingent consideration
16
Fair value loss on contingent consideration
16
Lease modifications
Loss/(profit) on disposal of businesses
Loss/(profit) on disposal of property and equipment andsoftware
Fair value gain on investments
Finance income
5
Finance costs
6
Adjusted share of results of joint ventures andassociates
Operating cash inflow before movements in working
capitalIncrease in inventories
Increase in receivables
Increase/(decrease) in payables
Movements in working capital
Pension deficit recovery contributions
Cash generated from operations

Informa.com

Year
ended

6 months
ended
30 June2024(unaudited)£m

6 months
ended
30 June2023(unaudited)£m

31 December
2023(audited)
£m

237.4

314.6

492.1

7.9
13.6
178.7
3.5
0.4
9.0
(15.4)
19.5
(0.4)
4.1
0.1

6.4
12.6
169.8
(0.5)
11.5
(78.8)
3.0
(1.9)
(4.3)
(0.1)

13.5
26.3
353.9
25.1
(0.6)
20.8
(87.6)
12.0
(5.1)
(3.0)
2.4

(4.3)
(6.6)
32.3
(1.3)

(9.4)
(37.9)
35.9
(1.1)

(1.3)
(47.4)
67.4
(5.8)

478.5

419.8

862.7

(2.3)
(113.3)2.4(113.2)
(0.6)
364.7

(0.7)
(73.5)(78.8)(153.0)
(1.2)
265.6

(7.4)
(16.1)(16.0)(39.5)(3.5)
819.7

Informa PLC | Half-Year Results for Six Months to 30 June 2024

48

Analysis of movement in net debt (unaudited) as at 30 June 2024:

Cash and cash equivalents
Other financing assets
Derivative assets associated with borrowings

At 1 Jan2024£m

Non-cash
movements
£m

389.3

-

Cash flow£mExchange
movements
£m

At 30
June
2024
£m

(41.6)

(5.7)

342.0

-

-

-

-

-

Finance lease receivables

10.5

-

(0.5)

(0.7)

9.3

Total other financing assets

10.5

-

(0.5)

(0.7)

9.3

(1,492.6)

-

-

26.7

(1,465.9)(30.4)-(165.0)-(195.4)

Bond borrowing fees

6.2

(1.0)

-

-

5.2

Bank loan fees due in more than one year

2.3

(0.5)

-

-

1.8

(77.9)(31.4)--(109.3)

Other financing liabilities
Bond borrowings due in more than one year
Bank loans due in more than one year

Derivative liabilities associated withborrowings

Informa.com

Lease liabilities
Bond borrowings due in less than one year
Acquired debt
Loans from other parties including joint
ventures and associates
Total other financing liabilities
Total net financing liabilities(263.8)-(38.8)
-

13.6
(7.9)

(3.4)
-

(292.4)(7.9)(1,856.2)(1,845.7)(71.7)(71.7)(159.3)(159.8)23.3
22.6(2,063.9)(2,054.6)

Net debt(1,456.4)(71.7)(201.4)16.9(1,712.6)

Informa PLC | Half-Year Results for Six Months to 30 June 2024

49

Analysis of movement in net debt (unaudited) as at 30 June 2023:
Cash flow£mExchange
movements
£m

At 30
June
2023
£m

-

(1,015.2)(53.1)

1,057.5

2.2
6.7
8.9

(2.2)
5.8
3.6

(1.0)
(1.0)

(0.1)
(0.1)

11.4
11.4

(1,512.3)

-

0.1

32.5

(1,479.7)(41.3)
8.8

(1.4)

-

2.5
(0.1)

(38.8)
7.3

2.4

(0.3)

1.2

(0.3)

3.0

(168.1)

44.2

-

-

(123.9)(270.4)(398.4)(2,379.3)(2,370.4)(18.1)(443.9)(419.5)(415.9)

12.6
443.9
457.8
456.8

11.2
12.2
58.0
57.9

(264.7)(386.2)(2,283.0)(2,271.6)(244.6)(415.9)(558.4)4.8(1,214.1)
At 31
December2023£m

Non-cash
movements£m

2,125.8

At 1 Jan
2023£m

Cash and cash equivalents
Other financing assets
Derivative assets associated with borrowings
Finance lease receivables
Total other financing assets
Other financing liabilities
Bond borrowings due in more than one year
Bank loans due in more than one year
Bond borrowing fees
Bank loan fees due in more than one year
Derivative liabilities associated withborrowings
Lease liabilities
Bond borrowings due in less than one year
Acquired debt
Total other financing liabilities
Total net financing liabilities
Net debt

Analysis of movement in net debt (audited) as at 31 December 2023:

Cash and cash equivalents

At 1 Jan
2023£m

Non-cash
movements£m

Cash flow£mExchange
movements£m

2,125.8-(1,689.2)(47.3)

389.3

Other financing assets
Derivative assets associated with borrowings
Finance lease receivables
Total other financing assets
Other financing liabilities
Bond borrowings due in more than one year

2.2
6.7
8.9

(2.2)
5.9
3.7

(1.3)
(1.3)

(0.8)
(0.8)

10.5
10.5

(1,512.3)

-

-

19.7

(1,492.6)

Bank loans due in more than one year
Bond borrowing fees
Bank loan fees due in more than one year
Derivative liabilities associated with

(41.3)
8.8
2.4(168.1)

0.5
(2.7)
(1.6)
82.0

7.9
1.2
8.2

2.5
0.1
0.3
-

(30.4)
6.2
2.3(77.9)(270.4)(398.4)(2,379.3)(2,370.4)(43.0)(443.9)(408.7)(405.0)

33.8
443.9
386.0
881.0
879.7

15.8
12.4
50.8
50.0

(263.8)(1,856.2)(1,845.7)(244.6)(405.0)(809.5)2.7(1,456.4)

borrowings
Lease liabilities
Acquired debt
Bond borrowings due in less than one year
Total other financing liabilities
Total net financing liabilities
Net debt

Informa.com

Informa PLC | Half-Year Results for Six Months to 30 June 202450

Reconciliation of movement in net debt

6 monthsended

6 months
endedYear ended
31 December

30 June 2024

30 June 2023

2023

(unaudited)(unaudited)(audited)

£m

£m

£m

Decrease in cash and cash equivalents in the period(including cash acquired)(41.6)(1,015.2)(1,689.2)

Cash flows from net drawdown of borrowings andderivatives associated with debt

(159.8)

456.8

879.7

Change in net debt resulting from cash flows(201.4)(558.4)(809.5)

Non-cash movements including foreign exchange andexcluding net lease additions
Movement in net debt in the period(16.0)(398.8)(365.2)(217.4)(957.2)(1,174.7)(1,456.4)(244.6)(244.6)Net lease additions in the period(38.8)(12.3)(37.1)Net debt at end of the period(1,712.6)(1,214.1)(1,456.4)

Net debt at beginning of the period

Informa.com

Informa PLC | Half-Year Results for Six Months to 30 June 202451

13. Borrowings
The Group had £2.6bn of committed facilities at 30 June 2024 (£3.0bn at 30 June 2023 and £2.6bn at
31 December 2023). The total borrowings excluding lease liabilities as well as derivative assets andliabilities associated with borrowings are as follows:
At 30 June
2024
(unaudited)

At 30 June
2023
(unaudited)

At 31
December
2023(audited)

£m

£m

£m

Euro Medium Term Note (€450.0m) – matured July 2023

-

386.2

-

EMTN borrowings – current

-

386.2

-

165.0
30.4
(1.8)
193.6
592.6
450.0
423.3
(5.2)
1,460.7
1,654.3
1,654.3

38.8
(3.0)
35.8
600.7
450.0
429.0
(7.3)
1,472.4
1,508.2
1,894.4

30.4
(2.3)
28.1
608.2
450.0
434.4
(6.2)
1,486.4
1,514.5
1,514.5

Current

Non-current
Bank borrowings – revolving credit facility
Bank borrowings – other
Bank debt issue costs
Bank borrowings – non-current
Euro Medium Term Note (€700.0m) – due October 2025
Euro Medium Term Note (£450.0m) – due July 2026
Euro Medium Term Note (€500.0m) – due April 2028
EMTN borrowings issue costs
EMTN borrowings – non-current
Total borrowings – non-current
Total borrowings

Bank borrowings reflect £30.4m of a drawn loan facility, acquired as part of the 2021 Curinos (Novantas)
transaction. There are total loan facilities available relating to Curinos of up to $48.5m which maturesin May 2027, $10.0m of these facilities remains undrawn at 30 June 2024. The $50.0m delayed draw
term loan acquired as part of the Curinos transaction expired on 28 May 2024. The Group also hasaccess to revolving credit facilities of £1,050.0m, of which £165.0m was drawn at 30 June 2024 (31December 2023: nil drawn, 30 June 2023: nil drawn). The facility matures in February 2026.
The Group does not have any of its property and equipment and other intangible assets pledged as
security over its Group-level loans.

Informa.com

Informa PLC | Half-Year Results for Six Months to 30 June 202452

14. Business combinations
Business combinations made in the six months ended 30 June 2024
The principal business combination in the period was the acquisition of Solar Media Limited. The
provisional amounts recognised in respect of the estimated fair value of identifiable assets and liabilitiesof this acquisition are provided below.
Solar Media Limited
On 4 April 2024, the Group acquired 100% of the issued share capital of Solar Media Limited (SolarMedia). Solar Media is a UK-based media company specialising in the delivery of conferences focussed
on the clean energy sector.
Total consideration was £48.1m, of which £43.6m was paid in cash and £4.5m was deferred cash
consideration. The deferred consideration is payable 12 months after the date of completion.
The provisional fair value of the identifiable assets acquired and liabilities assumed at the acquisition
date are shown below:
Provisional
fair value£m1.

Acquisition intangible assets
Trade and other receivables1
Cash and cash equivalents
Trade and other payables
Deferred income
Provisions
Current tax liabilities
Deferred tax liabilities
Total identifiable net assets acquired
Provisional goodwill
Total consideration

14.3
2.3
6.2
(2.0)
(3.0)
(0.7)
(1.2)
(3.6)
12.3
35.8
48.1

Satisfied by:
Cash
Deferred consideration
Total

43.6
4.5
48.1

£m

Trade and other receivables include trade receivables that represent the gross contractual amounts and the amounts that are
expected to be collected in full

Acquisition intangible assets of £14.3m consist of £6.8m of trade names fair valued using the relief fromroyalty method, £6.6m of customer relationships fair valued using the excess earnings income method,and £0.9m of content library fair valued using the cost approach. A deferred tax liability has beenrecognised as a result of the recognition of these acquisition intangible assets.
The provisional goodwill arising from the acquisition has initially been identified as relating to thefollowing factors:•••

Informa.com

Expansion into the solar energy market via Solar Media’s existing position;
Ability to leverage strength and market positions of Solar Media and Informa’s existing portfolio toaccelerate growth in both;
Synergies across all clean energy content, customers, products and partners.
Informa PLC | Half-Year Results for Six Months to 30 June 2024

53

Goodwill recognised is included in the Informa Markets group of CGUs as at 30 June 2024. None of the
goodwill recognised is expected to be deductible for tax purposes.
Total acquisition-related costs of £0.9m were recognised within adjusting items in the Condensed
Consolidated Income Statement.
Solar Media generated revenue of £2.9m and a statutory loss after tax of £0.7m for the period fromthe date of acquisition to 30 June 2024.
If the Solar Media acquisition had completed on the first day of the reporting period, the total revenueof the Group would have been £1,701.6m and statutory profit after tax of the Group would have been
£175.8m for the six months ended 30 June 2024.

15. Related party transactions
All transactions with related parties are conducted on an arm’s-length basis and in accordance withnormal business terms. Transactions between related parties that are Group subsidiaries are
eliminated on consolidation. The related parties identified by the Directors include joint ventures,
associates and key management personnel.
Transactions with joint ventures and associates
All transactions with joint ventures and associates are in the normal course of business. Transactions
between the Group and its joint ventures and associates are disclosed below:
6 months ended
30 June 2024£m

6 months ended
30 June 2023£m

Year ended 31
December 2023
£m

(0.1)

-

(0.1)

-

-

(1.7)

Purchases from joint ventures

0.1

0.1

-

Purchases from associates

1.2

0.2

2.2

Trade receivables owed by joint ventures

-

-

0.1

Trade receivables owed by associates

-

-

0.5

Trade payables owed to joint ventures

(0.1)

-

-

Sales to joint ventures
Sales to associates

Trade payables owed to joint ventures are settled net of trade receivables due from joint ventures 60
days after the delivery of goods or services. There are no loans to or from joint ventures.
Transactions with key management personnel
There were no material transactions with the Directors of the Company during the period, except for
those relating to remuneration and shareholdings. For the purposes of IAS 24 Related Party Disclosures,
Executives below the level of the Company’s Board are not regarded as related parties.
Other related party disclosures
At 30 June 2024, Informa Group companies have guaranteed the pension scheme liabilities of the Taylor& Francis Group Pension and Life Assurance Scheme, the Informa Final Salary Scheme and the UBM
Pension Scheme.

16. Financial instruments
This note provides an update on the judgements and estimates made by the Group in determining thefair values of the financial instruments since the 2023 Annual Report and Accounts.

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Fair value hierarchy
Valuation techniques use observable market data where it is available and rely as little as possible onentity-specific estimates. The fair values of interest rate swaps and forward exchange contracts aremeasured 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) andcontract interest/forward rates, discounted at a rate that reflects the credit risk of the counterparties.
The fair values of put options over non-controlling interests (including exercise price) and contingent
and deferred 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 aremost 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 ofreasonably possible alternatives for those inputs and determines their impact on the total fair value.
The fair value of the contingent and deferred consideration on acquisitions is not materially sensitive
to a reasonable change in the forecast performance.
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:●●●

Informa.com

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), suchas internal models or other valuation methods. Level 3 balances for contingent consideration andother investments use future cash flow forecasts to determine the fair value.

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55

Financial assets and liabilities measured at fair value in the Consolidated Balance Sheet and theircategorisation in the fair value hierarchy at 30 June 2024, 31 December 2023 and 30 June 2023:

Financial assets
Unhedged derivative financial instruments
Cash and cash equivalents measured at fair value
Other investments1

Level 1
At 30 June
2024
(unaudited)£m

Level 2
At 30 June
2024
(unaudited)£m

Level 3
At 30 June
2024
(unaudited)
£m

Total
At 30 June
2024
(unaudited)
£m

39.1
39.1

0.2
0.2

264.9
264.9

0.2
39.1
264.9
304.2

-

108.8

-

108.8

12.7
-

0.5
-

81.6

0.5
12.7
81.6

12.7

109.3

81.6

203.6

Level 1
At 30 June
2023
(unaudited)

Level 2
At 30 June
2023
(unaudited)

Level 3
At 30 June
2023
(unaudited)Total
At 30 June
2023
(unaudited)

£m

£m

£m

£m

789.0
789.0

0.6
0.6

263.9
263.9

0.6
789.0
263.9
1,053.5

-

123.9

-

123.9

-

2.0

-

2.0

1.4
-

-

132.1

1.4
132.1

1.4

125.9

132.1

259.4

Financial liabilities at fair value through profit orloss
Derivative financial instruments in designated hedge
accounting relationships
Unhedged derivative financial instruments
2

Deferred consideration on acquisitions3
Contingent consideration and put call options on
acquisitions1

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

Financial assets
Unhedged derivative financial instruments
Cash and cash equivalents measured at fair value
Other investments1
Financial liabilities at fair value through profit orloss
Derivative financial instruments in designated hedge
accounting relationships2
Unhedged derivative financial instruments
Deferred consideration on acquisitions
Contingent consideration and put call options on
acquisitions13

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

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Level 1
At 31
December
2023(audited)£mLevel 2
At 31
December
2023(audited)£mLevel 3
At 31
December
2023(audited)
£m

Total
At 31
December
2023(audited)
£m

-

0.6

-

0.6

Cash and cash equivalents measured at fair value

141.0

-

-

141.0

Other investments

141.0

28.3
28.9

232.5
232.5

260.8
402.4

-

77.9

-

77.9

-

77.9

15.0
137.9
152.9

15.0
137.9
230.8

Financial assets
Unhedged derivative financial instruments
1

Financial liabilities at fair value through profit orloss
Derivative financial instruments in designated hedge
accounting relationships

2

Deferred consideration on acquisitions3
Contingent consideration on acquisitions1

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 at 30 June 2024 are as follows:(Unaudited)£m

At 1 January 2023
Fair value gain
Exchange differences
At 30 June 2023
Additions of listed equity securities
Conversion of convertible bonds to investments
Fair value loss
Exchange differences
At 31 December 2023
Fair value gain
Exchange differences
At 30 June 2024

262.7
5.6
(4.4)
263.9
24.9
(20.6)
(3.1)
(4.3)
260.8
4.3
(0.2)
264.9

Other investments consist of investments in listed equity securities, unlisted equity securities andpreference 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.
Refer to Note 2 for details of the key source of estimation uncertainty involved in the calculation of thefair value of the retained Pharma Intelligence stake. A fair value gain of £6.9m has been recognised in
the Condensed Consolidated Income Statement in relation to the retained Pharma Intelligence stakefor the six months ended 30 June 2024.

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Contingent consideration and put call options on acquisitions(Unaudited)£m

At 1 January 2023
Acquisition of subsidiaries
Amounts assumed at acquisition date
Fair value gain through profit or loss
Fair value loss through profit or loss
Payment
Exchange differences
At 30 June 2023
Acquisition of subsidiaries
Acquisition of assets
Fair value gain through profit or loss
Fair value loss through profit or loss
Fair value gain through equity on put call options
Payment
Transfers1
Exchange differences
At 31 December 2023
Acquisition of subsidiaries
Acquisition of assets
Fair value gain through profit or loss
Fair value loss through profit or loss
Fair value loss through equity on put call options
Payment
Exchange differences
At 30 June 2024

133.3
33.9
56.5
(78.8)
3.0(2.2)(13.6)
132.1
11.5
5.0
(8.8)
9.0
(1.5)
(7.1)
(13.1)
10.8
137.9
2.8
0.8
(15.4)
19.5
2.5(66.2)(0.3)
81.6

1. The transfers relate to amendments to agreements during 2023, finalising fixed amounts to be paid in 2024. As such, these contracts werereclassified as deferred consideration in 2023

Fair value of other financial instruments (unrecognised)
The Group also has a number of financial instruments which are not measured at fair value on thebalance sheet. For the majority of these instruments, the fair values are not materially different to theircarrying 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 2024:
Carrying
amount30 June2024(unaudited)£m

Estimated fairvalue
30 June2024(unaudited)£m

Carrying
amount31 December
2023(audited)£m

Estimated fairvalue 31
December
2023(audited)£m

1,460.7

1,396.5

1,486.4

1,417.1

Financial liabilities
Bond borrowings

17. Events after the Balance Sheet dateOn 24 July 2024, the Boards of Informa plc and Ascential plc reached agreement on the terms of a £1.2
billion recommended cash offer for the entire issued share capital of Ascential plc, the owners of theLions and Money20/20 businesses.

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Glossary of terms: Alternative Performance Measures
The Group provides adjusted results and underlying measures in addition to statutory measures, inorder 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 becomparable with similarly titled measurements reported by other companies. These measures are notintended to be a substitute for, or superior to, IFRS measurements. The Financial Review provides
reconciliations of alternative performance measures (APMs) to statutory measures and also provides
the basis of calculation for certain APM metrics. These APMs are provided on a consistent basis with theprior year.
Adjusted results and adjusting items
Adjusted results exclude items that are commonly excluded across the media sector: amortisation andimpairment 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 andconferences, acquisition and integration costs, profit or loss on disposal of businesses, restructuringcosts 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 26: adjusted operating profit, adjusted net finance costs,
adjusted profit before tax (PBT), adjusted tax charge, adjusted profit after tax, adjusted earnings andadjusted diluted earnings per share. Adjusted operating margin, effective tax rate on adjusted profits
and adjusted EBITDA are used in the Financial Review on pages 8, 12 and 14 respectively.
Adjusted EBITDA● Adjusted EBITDA is earnings before interest, tax, depreciation, amortisation and other non-cash
items such as share-based payments and before adjusting items. The full reconciliation anddefinition 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 andadjusting 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 andadjusting 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 byrevenue, it 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 8 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.

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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 13 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 16 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 for Informa leverage information
purposes and is provided to enable the assessment of our debt position together with compliance withthese previous specific debt covenants. The Financial Review on page 16 provides the basis of thecalculation of the Informa leverage ratio.
Net cash/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, deferredborrowing 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 andreorganisation costs. The Financial Review on page 15 reconciles operating cash flow to statutory
measures.
Operating cash flow conversion is a measure of the strength of cash generation in the business and ismeasured as a percentage by dividing operating cash flow by adjusted operating profit in the reporting
period. The Financial Review on page 14 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 byadjusting 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 2023 or 2024
was either cancelled or postponed there was an adverse impact on 2023 or 2024 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
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comparative period. Disposals are similarly adjusted for on a pro-forma basis to exclude results in thecomparative period from the date of disposal. Underlying measures are provided to aid comparabilityof revenue and adjusted operating profit results against the prior year. The Financial Review on page 9
provides the reconciliation of underlying measures of growth to reported measures of growth inpercentage terms.

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Additional Information and Where to Find It
In connection with the proposed transaction (the “proposed transaction”), Toro CombineCo, Inc.
(“NewCo”) filed with the Securities and Exchange Commission (the “SEC”) a registration statement on
Form S-4 (File No. 333-280529) containing a preliminary proxy statement of TechTarget, Inc.
(“TechTarget”)
that also constitutes a preliminary prospectus of NewCo (the “Proxy
Statement/Prospectus”). The Proxy Statement/Prospectus is not final and may be amended. A definitive
Proxy Statement/Prospectus will be mailed to stockholders of TechTarget. TechTarget and NewCo may
also file other documents with the SEC regarding the proposed transaction. This communication is nota substitute for any proxy statement, registration statement or prospectus, or any other document that
TechTarget or NewCo (as applicable) may file with the SEC in connection with the proposed transaction.
BEFORE MAKING ANY VOTING OR INVESTMENT DECISION, TECHTARGET INVESTORS AND SECURITY
HOLDERS ARE URGED TO READ CAREFULLY AND IN THEIR ENTIRETY THE PRELIMINARY PROXYSTATEMENT/PROSPECTUS AND ANY OTHER RELEVANT DOCUMENTS THAT ARE FILED OR WILL BE FILED
BY TECHTARGET OR NEWCO WITH THE SEC, AS WELL AS ANY AMENDMENTS OR SUPPLEMENTS TOTHESE DOCUMENTS, IN CONNECTION WITH THE PROPOSED TRANSACTION WHEN THEY BECOME
AVAILABLE, BECAUSE THESE DOCUMENTS CONTAIN OR WILL CONTAIN IMPORTANT INFORMATIONABOUT THE PROPOSED TRANSACTION AND RELATED MATTERS. TechTarget investors and security
holders may obtain free copies of the preliminary Proxy Statement/Prospectus filed on June 27, 2024
and will be able to obtain copies of the definitive Proxy Statement/Prospectus (when it becomes
available), as well as other filings containing important information about TechTarget, NewCo, and otherparties to the proposed transaction (including Informa PLC (“Informa”)), without charge through thewebsite maintained by the SEC at www.sec.gov. Copies of the documents filed with the SEC by
TechTarget will be available free of charge under the tab “Financials” on the “Investor Relations” page of
TechTarget’s internet website at www.investor.techtarget.com or by contacting TechTarget’s Investor
Relations Department at investor@techtarget.com
Participants in the Solicitation
TechTarget, NewCo and Informa, and their respective directors and certain of their respective executive
officers and employees may be deemed to be participants in the solicitation of proxies from
TechTarget’s stockholders in connection with the proposed transaction. Information regarding thedirectors of Informa is contained in Informa’s annual reports and accounts available on Informa’s
website at www.informa.com/investors and in the National Storage Mechanism atdata.fca.org.uk/#/nsm/nationalstoragemechanism. Information regarding the directors and executive
officers of TechTarget is contained in TechTarget’s proxy statement for its 2024 annual meeting ofstockholders, filed with the SEC on April 17, 2024, and in other documents subsequently filed with theSEC. Additional information regarding the participants in the proxy solicitations and a description of
their direct or indirect interests, by security holdings or otherwise, is included in the preliminary Proxy
Statement/Prospectus filed on June 27, 2024, and will be contained in the definitive Proxy
Statement/Prospectus and other relevant materials that are filed or will be filed with the SEC (when they
become available). These documents can be obtained free of charge from the sources indicated above.
No Offer or Solicitation
This communication is for informational purposes only and is not intended to and does not constitutean offer to sell or the solicitation of an offer to buy any securities, or a solicitation of any vote or approval,
nor shall there be any offer, solicitation or sale of securities in any jurisdiction in which such offer,solicitation or sale would be unlawful prior to registration or qualification under the securities laws of
any such jurisdiction. No offer of securities shall be made except by means of a prospectus meeting therequirements of Section 10 of the Securities Act of 1933, as amended.
Cautionary Note Regarding Forward-Looking Statements
This communication contains “forward-looking” statements within the meaning of Section 27A of theInforma.com

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Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 that involve substantial
risks and uncertainties. All statements, other than historical facts, are forward-looking statements,
including: statements regarding the expected timing and structure of the proposed transaction; theability of the parties to complete the proposed transaction considering the various closing conditions;the expected benefits of the proposed transaction, such as improved operations, enhanced revenues
and cash flow, synergies, growth potential, market profile, business plans, expanded portfolio andfinancial strength; the competitive ability and position of NewCo following completion of the proposedtransaction; legal, economic, and regulatory conditions; and any assumptions underlying any of theforegoing. Forward-looking statements concern future circumstances and results and other statementsthat are not historical facts and are sometimes identified by the words “may,” “will,” “should,” “potential,”“intend,” “expect,” “endeavor,” “seek,” “anticipate,” “estimate,” “overestimate,” “underestimate,” “believe,”“plan,” “could,” “would,” “project,” “predict,” “continue,” “target,” or the negatives of these words or othersimilar terms or expressions that concern TechTarget’s or NewCo’s expectations, strategy, priorities,
plans, or intentions. Forward-looking statements are based upon current plans, estimates, andexpectations that are subject to risks, uncertainties, and assumptions. Should one or more of theserisks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results mayvary materially from those indicated or anticipated by such forward-looking statements. We can give noassurance that such plans, estimates, or expectations will be achieved, and therefore, actual results may
differ materially from any plans, estimates, or expectations in such forward-looking statements.
Important factors that could cause actual results to differ materially from such plans, estimates, or
expectations include, among others: that one or more closing conditions to the proposed transaction,
including certain regulatory approvals, may not be satisfied or waived, on a timely basis or otherwise,
including that a governmental entity may prohibit, delay, or refuse to grant approval for the
consummation of the proposed transaction, may require conditions, limitations, or restrictions inconnection with such approvals or that the required approval by the shareholders of TechTarget may
not be obtained; the risk that the proposed transaction may not be completed in the time frame
expected by TechTarget, NewCo or Informa, or at all; unexpected costs, charges, or expenses resulting
from the proposed transaction; uncertainty of the expected financial performance of NewCo following
completion of the proposed transaction; failure to realize the anticipated benefits of the proposedtransaction, including as a result of delay in completing the proposed transaction or integrating therelevant portion of the Informa tech digital businesses with the business of TechTarget; the ability of
NewCo to implement its business strategy; difficulties and delays in achieving revenue and costsynergies of NewCo; the occurrence of any event that could give rise to termination of the proposedtransaction; potential litigation in connection with the proposed transaction or other settlements orinvestigations that may affect the timing or occurrence of the proposed transaction or result insignificant costs of defense, indemnification, and liability; evolving legal, regulatory, and tax regimes;changes in economic, financial, political, and regulatory conditions, in the United States and elsewhere,
and other factors that contribute to uncertainty and volatility, natural and man-made disasters, civil
unrest, pandemics, geopolitical uncertainty, and conditions that may result from legislative, regulatory,
trade, and policy changes associated with the current or subsequent U.S. administration; risks related
to disruption of management time from ongoing business operations due to the proposed transaction;certain restrictions during the pendency of the proposed transaction that may impact TechTarget’s
ability to pursue certain business opportunities or strategic transactions; TechTarget’s, NewCo’s andInforma’s ability to meet expectations regarding the accounting and tax treatments of the proposedtransaction; the risk that any announcements relating to the proposed transaction could have adverse
effects on the market price of TechTarget’s common stock; the risk that the proposed transaction andits announcement could have an adverse effect on the ability of TechTarget to retain customers andretain and hire key personnel and maintain relationships with customers, suppliers, employees,
stockholders, strategic partners and other business relationships and on its operating results andbusiness generally; market acceptance of TechTarget’s and the relevant portion of the Informa Tech
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digital businesses’ products and services; the impact of pandemics and future health epidemics and any
related economic downturns, on TechTarget’s business and the sectors in which it and its customers
operate; changes in economic or regulatory conditions or other trends affecting the internet, internet
advertising and information technology industries; data privacy and artificial intelligence laws, rules, andregulations; the impact of foreign currency exchange rates; certain macroeconomic factors facing the
global economy, including instability in the regional banking sector, disruptions in the capital markets,
economic sanctions and economic slowdowns or recessions, rising inflation and interest rate
fluctuations on TechTarget’s and the relevant portion of the Informa Tech digital businesses’ results andother matters included in TechTarget’s filings with the SEC, including in Item 1A of its Annual Report on
Form 10-K for the year ended December 31, 2023. These risks, as well as other risks associated withthe proposed transaction, are more fully discussed the preliminary Proxy Statement/Prospectus filedon June 27, 2024, and will be contained in the definitive Proxy Statement/Prospectus and other relevantmaterials that are filed or will be filed with the SEC (when they become available). While the list of factors
presented here and in the preliminary Proxy Statement/Prospectus are, and the list of factors to bepresented in definitive Proxy Statement/Prospectus will be, considered representative, no such list
should be considered to be a complete statement of all potential risks and uncertainties. Unlisted
factors may present significant additional obstacles to the realization of forward-looking statements.
We caution you not to place undue reliance on any of these forward-looking statements as they are notguarantees of future performance or outcomes and that actual performance and outcomes, including,
without limitation, our actual results of operations, financial condition and liquidity, and thedevelopment of new sectors or segments in which we operate, may differ materially from those madein or suggested by the forward-looking statements contained in this communication.
Any forward-looking statements speak only as of the date of this communication. None of TechTarget,
NewCo or Informa undertakes any obligation to update any forward-looking statements, whether as aresult of new information or developments, future events, or otherwise, except as required by law.
Neither future distribution of this communication nor the continued availability of this communicationin archive form on TechTarget’s website at www.investor.techtarget.com or Informa’s website atwww.informa.com/investors should be deemed to constitute an update or re-affirmation of thesestatements as of any future date.

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