Informa PLC 2023 Full-Year Results
8 March 2024

Strong performance in 2023
Continuing momentum and growth in 2024
Informa (LSE: INF.L), the international B2B Events, B2B Digital Services and Academic Markets
Group today published full year results for 2023, confirming 30%+ revenue growth and £700m+ ofshareholder returns, as well an update to 2024 guidance following a strong start to the year.

Stephen A. Carter, Group Chief Executive, Informa PLC, said:”Informa’s final results confirm further outperformance in 2023 and continuing momentum and growthin 2024.”

He added: ”Strong growth in IMEA, (India, Middle East & Africa), which is emerging as a material
geographic growth engine alongside the Americas, China, ASEAN, and Europe, leads to updated 2024
guidance. We are expanding our platform in B2B Digital Services through the proposed combination with
TechTarget. And we are delivering further strong shareholder returns in 2024, including continuing
dividend growth and a minimum of £340m of in-year share buybacks.”

Strong Outperformance in 2023•

2023 Outperformance1,2: Revenue £3,189.6m (2022: £2,262.4m), Adjusted Operating Profit1£853.8m (2022: £496.3m) and Free Cash Flow1 £631.7m (2022: £417.9m), significantly ahead ofmarket guidance set at the start of the year;•

Strong Underlying Growth1,2: Underlying revenue growth of 30.4% and underlying adjusted
operating profit growth of 59.1% in 2023, including strong growth in B2B Markets and continuing
growth in Academic Markets;•

Increasing Operating Margin1,2: Significant increase in adjusted operating margin to 26.8% (2022:
21.9%), driven by strong underlying revenue growth, operating leverage and efficient costmanagement; Further margin increase targeted in 2024;•

Growing Earnings per Share1,2: Adjusted diluted earnings per share +86% to 45.3p (2022: 24.4p),
reflecting strong growth in adjusted earnings and the benefit of our share buyback programme;•

Improving Statutory Performance2: 2023 statutory revenue +41% to £3,189.6m (2022: £2,262.4m),
statutory operating profit +176% to £507.8m (2022: £184.1m), and statutory diluted EPS +218% to29.9p (2022: 9.4p), reflecting the strong growth in reported revenues and profits;•

Balance Sheet Strength: Strong free cash flow growth and disciplined capital allocation delivers yearend leverage of 1.4x Net Debt/EBITDA, including more than £90m of capital expenditure andc.£550m of share buybacks.

Momentum and Growth in 2024

1•

Strong Q1 Trading and Forward Visibility: More than £500m revenue already delivered in 2024, withall businesses on track for full year expectations, and with a further £1bn+ in subscriptions andother forward booked revenues committed or visible;•

IMEA Growth Engine: Expansion of our brand portfolios in the UAE, Kingdom of Saudi Arabia,
Kingdom of Bahrain, India, Egypt and Turkey is driving strong regional growth, where there is
growing demand for B2B market access, live experiences and specialist knowledge;•

Updated 2024 Market Guidance: The combination of all the above drives an increase in guidance
to Reported Revenue of £3,450m-£3,500m, Adjusted Operating Profit of £950m-£970m and Free
Cash Flow of £720m+ (excluding the proposed combination with TechTarget; GBP/USD 1.25);

In this report, we refer to non-statutory measures, as defined in the Financial Review on page 9 and Glossary on page 45. / 2Continuing businesses

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Informa PLC | 2023 Full Year Results

1Momentum and Growth in Growth Acceleration Plan 2 (“GAP2”)•

Live B2B Events: Strong underlying growth in Live & On-Demand Events, including in Pharma,
Healthcare, Technology, Aviation, Food and Beauty; Combined with targeted inorganic expansion in
2023 and the prospective combination with TechTarget, total B2B revenues increase to c.£3bn;•

International expansion: Continuing organic expansion in fast growth economies, including multiple
new event launches across IMEA, China and ASEAN in 2024;•

New TechTarget: Continuing progress on prospective combination of Informa Tech’s digitalbusinesses and US-listed TechTarget to create a leading platform in B2B Digital Services; Initial
regulatory filings completed, alongside preparation of the Proxy Statement and the operating model
for New TechTarget, keeping us on track for completion in second half of the year;•

Informa Connect: Strong organic growth, combined with portfolio additions from Tarsus, Winsightand Informa Tech Events will increase Informa Connect’s annual revenues to $1bn+, delivering highvalue, content-led events and subscription data to six growth markets (Biotech & Life Sciences,
Finance, Foodservice, Anti-Aging & Aesthetics, Lifestyle and Technology);•First Party Data: Further momentum in B2B first party data, with IIRIS consented audience over 20m,
underpinning initiatives to enhance B2B customer experience and improve marketing effectiveness,
as well as the proposed TechTarget combination;•

Academic Markets: Growing Open Research volumes and Pay-to-Publish services at Taylor & Francis
are complementing our underlying strength in traditional Pay-to-Read publishing, driving improving
underlying revenue growth, with a step up to 4% targeted in 2024;

Momentum and Growth in Shareholder Returns•

Increasing shareholder returns in 2023: More than £700m returned through dividends andbuybacks in 2023 (2022: £550m);•

Strong dividend growth1: Total ordinary dividends of 18.0p per share in 2023, +84% year-on-year;•

Expanded share buyback programme: c.£550m of share buybacks in 2023, taking total returns sincedivestment of Intelligence portfolio to £1.15bn, with c.180m shares cancelled;•

Capital allocation framework: Consistent organic investment and strong shareholder returns
combined with focused inorganic investment, with target leverage of 1.5x to 2.5x Net Debt/EBITDA;•

Strong shareholder returns in 2024: A progressive dividend and £340m+ of in-year share buybacks(£90m year-to-date, £250m further commitment), with the potential to increase buybacks if
attractive inorganic investment opportunities do not materialise.

Momentum and Growth in ESG•

1

FasterForward on sustainability: Continuing progress on FasterForward ESG strategy, including
the Sustainable Events Fundamentals Programme, recognised through inclusion in Dow Jones
Sustainability Index for sixth consecutive year and AAA ESG Rating from MSCI for the first time.

In this report, we refer to non-statutory measures, as defined in the Financial Review on page 9 and Glossary on page 45.

Enquiries
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

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Informa PLC | 2023 Full Year Results2

2023 Financial Summary – Continuing Operations
Revenue
Statutory operating profit
Adjusted operating profit4
Adjusted operating margin (%)4
Statutory profit before tax
Adjusted profit before tax4
Statutory diluted earnings per share (p)Adjusted diluted earnings per share (p)4
Free cash flow4
Net debt/(cash) (incl. IFRS 16)4
Full year dividend per share

2023

20225

Reported

Underlying3

£m

£m

%

%

3,189.6
507.8
853.8
26.8
492.1
834.6
29.9
45.3
631.7
1,456.4
18.0

2,262.4
184.1
496.3
21.9
168.8
451.0
9.4
24.4
417.9
244.6
9.8

41.0

30.4

72.0

59.1

2023 Divisional Highlights – Continuing Operations
Informa Markets
Revenue
Statutory operating profit (loss)
Adjusted operating profit4
Adjusted operating margin4 (%)
Informa Connect
Revenue
Statutory operating profit
Adjusted operating profit4
Adjusted operating margin4 (%)
Informa Tech
Revenue
Statutory operating profit
Adjusted operating profit4
Adjusted operating margin4 (%)
Taylor & Francis
Revenue
Statutory operating profit
Adjusted operating profit4
Adjusted operating margin (%)
4

2023

20225

Reported

Underlying3

£m

£m

%

%

1,593.3
228.1
460.5
28.9

933.3
(1.0)
174.8
18.7

70.7

65.5

163.4

166.1

580.6
31.8
102.5
17.7

414.7
15.0
57.2
13.8

40.0

14.2

79.2

23.0

396.7
98.5
72.9
18.4

320.8
13.4
55.5
17.3

23.7

5.6

31.4

7.8

619.0
149.4
217.9

593.6
156.7
208.8
35.2

4.3

3.0

4.4

1.1

35.2

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 sold businesses fromthe date of disposal in the comparative period. Statutory figures exclude such adjustments. Alternative performance measures are detailed in the
Glossary.
3

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 7 to the
Financial Statements. Operating Cash Flow, Free Cash Flow, Net Debt and other non-statutory measures are discussed in the Financial Review and the
Glossary.
4

Re-presented for the transfer of the Aesthetic Medicine business from Informa Markets to Informa Connect, and for a change in central cost allocation
methodology between business segments which was revised in 2023.
5

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Informa PLC | 2023 Full Year Results3

Trading Outlook...Momentum and Growth
The macro-economic environment remains varied across the world. Ongoing conflict and geopoliticaluncertainty, combined with heightened inflation and higher interest rates, are impacting confidence anddemand in some developed markets. This is balanced by continuing growth in other regions, where
investment in innovation and economic diversification is driving expansion and commercial opportunities.
Informa’s focus on major specialist brands, combined with our continuing expansion in rapidly growing
geographies and structurally growing customer markets, is enabling the Group to deliver consistently
strong performances, with good forward momentum and growth.

2024 Market Guidance: Further strong growth in Revenues and Adjusted Operating Profit
In 2024, we are targeting high single digit revenue growth, double-digit growth in adjusted operating profit
and a further increase in operating margin. This reflects strong underlying growth in B2B Markets (Informa
Markets, Informa Connect and Informa Tech), and improving underlying growth in Academic Markets. We
will also benefit from a full year contribution from acquisitions made in 2023, partially offset by lower
biennial revenues, reflecting the smaller portfolio of biennial events that traditionally run in even years.
2024 has started strongly, with £500m+ of Group revenues delivered and a further £1bn+ booked,
committed or visible. All businesses are on track for full year expectations, with particular strength in IMEA,
as we continue to expand our brand portfolios in the region on the back of strong demand for our
specialist products and services.
Final outperformance in 2023 and the strong start to 2024 leads us to update market guidance, with anincrease in Revenue, Adjusted Operating Profit and Free Cash Flow.
Updated 2024 guidance is Group Revenue of £3,450m to £3,500m, Group Adjusted Operating Profit£950m to £970m and Free Cash Flow of £720m+ (excluding any effect of the proposed combination with
TechTarget; GBP/USD 1.25).

Informa Markets…Transaction-led Live & On-Demand B2B Events
In an increasingly digital world, underlying demand for high quality live experiences continues to grow.
This was evident in the pace and rate of return of our transaction-led live event brands in 2022 and 2023
and it is reflected in strong forward bookings and customer commitments in 2024.
We have built a portfolio of world class specialist brands to meet this growing demand, providing uniqueaccess to 20+ specialist markets and powerful platforms for buyers and sellers to trade. This makes themmust-attend events for customers and key drivers of innovation and growth in those markets.
The strength of this portfolio is delivering further strong growth in 2024, with first quarter trading giving
us confidence in our full year target for high single digit underlying growth and further improvement inadjusted operating margins.
In recent years we have invested significantly in technology and data to enhance our products and thevalue they create for exhibitors and attendees, including through customer experience, targeted
matchmaking and lead qualification. This is enabling us to improve average yields and drive value growthacross the portfolio, with a strong pipeline of further enhancements over the next few years.
At the same time, we are delivering volume growth, both from established brands, as more companies
seek access to markets and deeper B2B relationships, and through the launch of new brands.
In 2024, across the five regions where we have built international platforms (IMEA, ASEAN, China, Americas
and Europe), we are planning to launch around 20 new or geo-adapted events. The majority are in the
rapidly growing economies of China, the United Arab Emirates, the Kingdom of Saudi Arabia andIndonesia, where there is strong demand for specialist knowledge, B2B connections and live experiences.

Informa Connect…Content-led Live & On-Demand B2B Events
Informa Connect is a market leader in content-led live and on-demand experiences, specialist content
and accredited training. Across six growth markets (Biotech & Life Sciences, Finance, Foodservice, Anti-Aging& Aesthetics, Lifestyle and Technology), we operate more than 400 specialist live and on-demand brands, aswell as three growing subscription data businesses in Finance (Curinos, IGM, Zephyr).
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Informa PLC | 2023 Full Year Results

4

The strength of these brands and market positions is delivering further momentum and growth in 2024,with first quarter trading underpinning our full year target for high single digit underlying revenue growthand further improvement in adjusted operating margin.
The rich content and depth of connectivity that characterises Informa Connects’ events is providing
valuable insights into customer preferences. Through the IIRIS analytics platform, we are collecting
detailed firmographic and behavioural data which is increasingly being used to deliver value-added
products eg Lead Insights, an end-to-end lead generation platform. This platform provides event sponsors
and exhibitors with near real-time access to leads that can be scored, ranked, segmented, enriched andthen used in targeting campaigns launched and tracked directly from the platform. It significantly
enhances the value customers can derive from our events.
The scale and reach of Informa Connect has increased significantly in recent years. Strong underlying
growth, combined with the addition of brands from Tarsus, Winsight, Informa Markets (the Anti-Aging andAesthetics portfolio) and, post the proposed TechTarget combination6, the Informa Tech events portfolio,
will take Informa Connect’s annual revenues to over $1bn, with more than 70% delivered in the US.
This expanded portfolio includes a range of marquee brands, which are the annual convening place for
their industry, providing unique access to high value networking, cutting edge content and live
experiences. These are major growth engines deeply embedded within their markets, with the expanded
Informa Connect’s Top 50 brands delivering c.60% of event revenue.

Informa Tech…B2B Digital Services
Informa Tech is performing to plan in 2024, with first quarter trading delivering strong subscription
renewals in Specialist Research (Omdia, Canalys), further stabilisation in Media & Demand Generationand continuing momentum in Live Events, with the following major live brands running in March (LEAP,Enterprise Connect, GDC).
In January, we announced the proposed combination of Informa Tech’s digital businesses (Industry Dive,
Omdia, Canalys, NetLine and the Digital Media Brands) with US-listed TechTarget. New TechTarget, which
will be headquartered and listed in the US, will accelerate Informa’s ambition in B2B Digital Services,
creating a leading platform in B2B Data and Market Access, with forecasted annual sales of c.$500m.
The procedural elements of the combination are progressing to plan as we prepare the Informa Techbusinesses to be combined with TechTarget, including filing Hart-Scott Rodino documents and preparing
the Proxy Statement and other regulatory documents.
A Combination Director has been appointed and work on the operating model for New TechTarget is welladvanced, building on the due diligence completed pre-announcement.
The response to the announcement from key stakeholders (customers, colleagues, shareholders) has
been encouraging, recognising the opportunities the combination will create and benefits the enlarged
business can bring to expanded data access, end-to-end product capability and product development.
We remain on track to complete in the second half of the year.

Taylor & Francis…Specialist Academic Research, Advanced Learning and Open Research
The market for specialist knowledge remains strong, underpinned by international growth in higher
education and professional qualifications, and state-level investment in research and innovation. This isincreasing the number of researchers and volume of research output globally, fuelling demand forspecialist verification, indexation and distribution services.
This plays to the strengths of Taylor & Francis, with its portfolio of specialist publishing brands (Routledge,
CRC Press, F1000), and growing portfolio of subject-specific academic content (c.2,700 journals, 140k+
annual articles, 170k+ reference titles). In 2024, this is delivering good momentum as we look to accelerate
underlying growth from 3% to 4% this year.

6

Subject to majority shareholder approval and customary regulatory clearances

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Informa PLC | 2023 Full Year Results

5This growth acceleration reflects recent GAP2 investments, which have expanded the range of services
we offer to authors, institutions and funders, developing more flexible Pay-to-Publish Open Researchplatforms alongside our traditional Pay-to-Read publishing services. This is enabling us to address
broader audiences, target additional budgets and capture more value.
At the heart of our expansion in Open Research is the increasing use of technology and artificial
intelligence to drive efficiencies in editorial and production, leading to improving article acceptance rates
and reduced processing times. We are also seeing a flight to quality in the market, as researchers put
greater emphasis on verification and authentication as well as speed to market, and this is playing to ouradvantage.
In the traditional Pay-to-Read area of the business, we are continuing to deliver strong subscription
renewals and further traction in Read and Publish agreements with libraries and consortia. We have astrong pipeline for published article volumes, underpinning the long-term value of our subscription
journal portfolio.
In Advanced Learning, we continue to invest in our front list, commissioning in under-served subject areas,
with a focus on publishing more premium titles. We are also deploying technology across our backlist of
170k titles, using artificial intelligence to synthesise content into new formats and derivative products.

New Informa Group PLC: Focus, Scale and Growth
The strong performance of our businesses over recent years, combined with the benefit of inorganic
investments, including the proposed combination with TechTarget, strengthens Informa’s operating model:

1

In this report we refer to non-statutory measures, as defined in the Financial Review on page 9 and Glossary on page 45.

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Informa PLC | 2023 Full Year Results

6

Momentum and Growth in Shareholder Returns and ESG
Further strong shareholder returns in 2024
A core strength and attraction of Informa is the cash generative nature of our business, with a highconversion of operating profit into operating cash flow, and with relatively low capital expenditure
requirements.
With the business back to a more normalised trading backdrop and delivering consistent growth andexpansion, we are generating significant cashflows, with £720m+ of free cash flow forecast in 2024, up
from £632m in 2023 and in line with the free cashflow generated in 2019.

Balance sheet strength
As part of GAP2, we increased our portfolio focus, divesting Informa Intelligence for c.£2.5bn (at an
average multiple of c.28x EV/EBITDA). Around £1.15bn of this capital has been returned to shareholders
via share buybacks and we have also reinvested capital into the additions of Tarsus, Winsight and HIMSS,
amongst others (average post-synergy multiple of c.9x EV/EBITDA).
We have significant balance sheet strength, with 2023 year-end leverage at 1.4x.
In addition, our debt is funded through covenant free bonds with fixed coupon rates, meaning recent
interest rate rises are not immediately impacting interest costs. We also have no major near-term
maturities to manage, with the first debt refinancing due in October 2025 (€700m), having extended our£1,050m Revolving Credit Facility last year.

Capital Allocation – Momentum and growth in Dividends and Share Buybacks
The strength of our balance sheet and scale of cash generation puts us in a strong position, with the ability
to reinvest in our business organically and inorganically, whilst delivering strong shareholder returns.
Our approach to capital allocation is as follows:•

Consistent organic investment in the business, typically in the range of 3-5% of Group revenue(c.£100-175m per annum);•

Progressive ordinary dividends (c.£250m per annum);•

A blend of annual share buybacks and inorganic investment, which will be flexed depending on
available opportunities and potential returns, with a higher level of buybacks possible if attractive
portfolio additions do not materialise and/or share buybacks are viewed as a better use of capital;•

Target Group leverage is within the range of 1.5x to 2.5x Net Debt/EBITDA.

In 2024, the minimum level of in-year share buybacks will be £340m, reflecting £90m+ already completed
this year and a further commitment of £250m. This commitment could be increased further through theyear, depending on the availability of attractive inorganic opportunities and Group leverage meeting ourthresholds.

Further embedded value through retained investments
Our financial strength is further underpinned by a series of valuable strategic investments that are notfully consolidated in our accounts. These provide the group with market access, market intelligence andtechnology, as well as a potential source of significant future capital if and when value is realised.
Brand

Category

EquityNorstella

Pharma intelligence

6.7%
Interest

Lloyd’s List Maritime

Maritime intelligence

20.0%Founder’s ForumLive & On-Demand B2B Events

22.3%

Independent Television News

Creative Content Production

20.0%

PA Media GroupSpecialist Media and News Services

18.2%

BolognaFiere

Live & On-Demand B2B Events

13.5%

Bridge Events Technologies

On-Demand Event Technology

14.9%

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Informa PLC | 2023 Full Year Results

7

ESG momentum and growth through FasterForward
Informa remains committed to becoming an ever more sustainable business, including a long-term goal
to become net zero carbon and net zero waste by 2030.
Our approach to deliver this is encapsulated within our FasterForward strategy, which includes a seriesof commitments to reduce Informa’s carbon and waste footprint (Faster to Zero), to embed content within
all our brands to help accelerate sustainability in our customer markets (Sustainability Inside), and tomultiply the positive impact we have on disconnected communities (Impact Multiplier).
These commitments are operationalised across Informa through a series of programmes and initiatives
which help to embed group-wide practices, such as the transition to renewable energy, educate andinfluence suppliers and partners, and provide direct support to individual teams on improving theirapproach to doing business in a sustainable way.
The most important of these is the Sustainable Event Fundamentals Programme, which requires events
teams globally to accept, adopt and embed operating structures and activities that directly improve theimpact of each individual brand, with major emphasis on carbon and waste reduction (e.g. Reusable
stands, renewable electricity, carbon reduction, travel efficiency etc), as well as embedding sustainability
content inside our brands and enhancing our economic and social impact on our host cities.
Over the next three years, increasing the number of events accredited to our Fundamentals standard
across the Group is critical to meeting our long-term ESG targets.
Standards and recognition as a sustainability leader
Progress on FasterForward has seen Informa gain certification as a CarbonNeutral® Company for the last
four years and independently verified Science-Based Targets. In addition, at a product level, in Academic
Markets we are certified for CarbonNeutral® Publications and in B2B Markets, a number of our brands
have been certified as CarbonNeutral® Events.
Independently rated sustainability indices and surveys also continue to recognise our progress, including
the gold standard Dow Jones Sustainability Index, where Informa ranked in the Top 1% of the Media
Sector globally in 2023, and in the MSCI ESG Ratings where we received a AAA ranking for the first time.

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Informa PLC | 2023 Full Year Results8

Financial Review
Income Statement
Informa delivered a strong set of results for the year ended 31 December 2023, including over 30%
underlying revenue growth and c. 60% underlying adjusted operating profit growth. This reflected strong
trading performances in both B2B Markets (Informa Markets, Informa Connect and Informa Tech) and
Academic Markets (Taylor & Francis) buoyed by the full return of live events around the world, further
international expansion and the continuing benefits of our GAP 2 strategy.

Continuing operations
Revenue
Operating profit/(loss)
Fair value gain / (loss) on
investments
Profit on disposal ofsubsidiaries andoperations
Distributions received frominvestments
Net finance costs
Profit/(loss) before tax
Tax (charge)/credit
Profit/(loss) for the year
from continuing
operations
Discontinued operations
Profit for the year fromdiscontinued operations
Profit/(loss) for the year
Adjusted operating margin
from continuing operations
Adjusted diluted andstatutory diluted EPS fromcontinuing operations

Adjusted
results
2023£m

Adjusting
items
2023
£m

Statutory
results
2023£m

Adjusted
results
2022£m

Adjusting
items
2022
£m

Statutory
results2022£m

3,189.6
853.8(346.0)3,189.6507.8

2,262.4
496.3(312.2)

2,262.4
184.1

-

1.3
3.0

1.3
3.0

-

(0.9)
11.6

(0.9)
11.6

-

-

-

-

20.6

20.6

(19.2)
834.6(156.4)
678.2

(0.8)
(342.5)127.0(215.5)(20.0)
492.1(29.4)
462.7(45.3)
451.0(81.2)
369.8(1.3)(282.2)54.5(227.7)(46.6)
168.8(26.7)
142.1

-

-

-

29.5

1,463.7

1,493.2

678.2(215.5)

462.7

399.3

1,236.0

1,635.3

26.8%

45.3p

21.9%

29.9p

24.4p

9.4p

Financial Results
Our performance includes a 41.0% increase in revenue from continuing operations to £3,189.6m, and a
30.4% increase on an underlying basis. Every division delivered underlying revenue growth in the year.
The Group reported a statutory operating profit of £507.8m in 2023, compared with a statutory operating
profit of £184.1m for the year ended 31 December 2022, on a continuing basis. The growth in 2023 results
reflected strong trading performance across all regions, including China, where demand returned rapidly
following the re-opening of the market. Adjusted operating profit from continuing operations was£853.8m, growing 59.1% year-on-year on an underlying basis, again with growth delivered in all ourdivisions.
Statutory net finance costs reduced by £26.6m to £20.0m, with adjusted net finance costs reducing by£26.1m to £19.2m. This reflected additional interest earned on higher cash balances following the Informa
Intelligence divestment in 2022, and higher average interest rates, as well as lower interest costs following
the repayment of a Euro Medium Term Note (EMTN) in July 2023.
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Informa PLC | 2023 Full Year Results

9

The combination of all these factors led to a statutory profit before tax from continuing operations of£492.1m in 2023, compared with a statutory profit before tax of £168.8m in the year ended 31 December
2022. The profit in the year led to a statutory tax charge of £29.4m in 2023 compared to a tax charge of£26.7m in the prior year.
This profit outcome translated into a statutory diluted earnings per share for continuing operations of
29.9p compared to 9.4p for the prior year, with the improvement reflecting growth in profits as well as alower number of shares in issue following the share buyback programme. Adjusted diluted EPS fromcontinuing operations grew to 45.3p from 24.4p in the prior year, an increase of 85.7%.

Measurement and Adjustments
In addition to statutory results, adjusted results are prepared for the Income Statement. These include
adjusted operating profit, adjusted diluted earnings per share and other underlying measures. A fulldefinition of these metrics can be found in the Glossary of terms on page 45. The divisional table on
page 11 provides a reconciliation between statutory operating profit and adjusted operating profit bydivision.
Underlying revenue and adjusted operating profit growth on an underlying basis are reconciled tostatutory growth in the table below:

2023 continuing
operations:
Revenue
Adjusted operating profit
2022 continuing operations:
Revenue
Adjusted operating profit

Underlying
growthPhasing andother items

Acquisitions
and disposals

CurrencychangeReported
growth

30.4%
59.1%

(1.3%)(4.0%)

13.3%
16.7%

(1.4%)
0.2%

41.0%
72.0%

31.4%
47.0%

(0.3%)
0.5%

2.1%(1.6%)

9.7%
12.6%

42.9%
58.5%

Adjusting Items
The items below have been excluded from adjusted results. The total adjusting items included in theoperating profit in the year for continuing operations were £346.0m (2022: £312.2m). The increase inadjusting items is primarily due to increased amortisation arising from the acquisitions made in the period
and the associated costs of acquisition and integration. This is offset by a net fair value gain from theremeasurement of contingent consideration.

Continuing operations
Intangible amortisation and impairment
Intangible asset amortisation1
Impairment – acquisition-related and other intangible assets
Reversal of impairment – IFRS 16 right of use assets
Reversal of impairment – property and equipment
Acquisition costs
Integration costs
Restructuring and reorganisation costs
Onerous contracts associated with COVID-19
Fair value gain on contingent consideration
Fair value loss on contingent consideration
Foreign exchange loss on swap settlement
Credit in respect of unallocated cash
Adjusting items in operating profit from continuing operations
Fair value (gain) / loss on investments
Profit on disposal of subsidiaries and operations
informa.com

Informa PLC | 2023 Full Year Results

2023
£m

2022
£m

312.8
25.1
(0.6)
53.3
19.7
11.0
(87.6)
12.0
5.6
(5.3)
346.0
(1.3)
(3.0)

275.3
6.9
(0.1)
(0.7)
11.8
10.2
(1.6)
4.7
5.7
312.2
0.9
(11.6)
10

Distributions from investments
Finance costs
Adjusting items in profit before tax from continuing operations
Tax related to adjusting items
Adjusting items in profit for the year from continuing operations
1

0.8
342.5
(127.0)215.5(20.6)
1.3
282.2(54.5)
227.7

Excludes intangible product development and software amortisation of £41.1m (2022: £35.2m).

Intangible amortisation on continuing operations of £312.8m (2022: £275.3m) relates to the historical
additions of book lists and journal titles, acquired databases, customer and attendee relationships andbrands related to exhibitions, events and conferences. As it relates to acquisitions, it is not treated as an
ordinary cost. By contrast, intangible asset amortisation arising from software assets and productdevelopment is treated as an ordinary cost in the calculation of operating profit, so is not treated as an
adjusting item.
Acquisition costs of £53.3m (2022: £11.8m) principally relate to the acquisitions of Tarsus and Winsight,
which both completed in FY23, and the proposed combination of the digital businesses of Informa Techwith TechTarget which was announced on 10 January 2024.
The table below shows the results and adjusting items by division for continuing operations, highlighting
strong growth in the B2B Markets businesses, supported by another strong performance by Taylor &Francis.

Revenue from continuing operations
Underlying revenue growth
Statutory operating profit fromcontinuing operations
Add back:
Intangible asset amortisation1
Impairment – acquisition-related and otherintangibles
Impairment / (reversal of impairment) – IFRS
16 right of use assets
Acquisition costs
Integration costs
Restructuring and reorganisation costs
Fair value (gain)/loss on contingent
consideration
Foreign exchange loss on swap settlement
Credit in respect of unallocated cash
Adjusted operating profit fromcontinuing operations
Underlying adjusted operating profit growth

InformaMarkets£m
1,593.3
65.5%

Informa
Tech
£m
396.7
5.6%

Informa
Connect
£m
580.6
14.2%

Taylor &Francis
£m
619.0
3.0%

Group
£m
3,189.6
30.4%

228.1

98.5

31.8

149.4

507.8

179.0

37.5

43.4

52.9

312.8

24.5

0.3

0.3

-

25.1

(0.1)

0.3

(0.8)

-

(0.6)

15.7
8.3
(1.8)

17.0
2.9
(1.1)

19.7
8.5
0.5

0.9
13.4

53.3
19.7
11.0

7.3

(82.4)(0.7)

0.2(75.6)

2.8
(3.3)
460.5

0.7
(0.8)
72.9

1.0
(1.2)
102.5

1.1
217.9

5.6
(5.3)
853.8

166.1%

7.8%

23.0%

1.1%

59.1%

Intangible asset amortisation is in respect of acquired intangibles and excludes amortisation of software and product development of £41.1m (2022:£35.2m)1

informa.com

Informa PLC | 2023 Full Year Results

11Adjusted Net Finance Costs
Adjusted net finance costs from continuing operations, which consists of interest costs on our corporatebond borrowings and loans, partially offset by interest income on bank deposits, decreased by £26.1m to£19.2m. The decrease primarily relates to higher interest income from higher interest rates on increased
cash balances that resulted from strong free cash flow generation and the cash proceeds from thedivestment of Informa Intelligence assets in 2022. Additionally, interest costs decreased following therepayment of an EMTN in July 2023.
The reconciliation of adjusted net finance costs to the statutory finance costs and finance income is asfollows:

Finance income
Finance costs
Statutory net finance costs
Add back: adjusting items relating to finance costs
Adjusted net finance costs2023£m(47.4)
67.4
20.0
(0.8)
19.2

2022
£m
(27.5)
74.1
46.6
(1.3)
45.3

Taxation
Approach to tax
The Group continues to recognise that taxes paid are part of the economic benefit created for thesocieties in which we operate, and that a fair and effective tax system is in the interests of tax-payers andsociety at large. We aim to comply with tax laws and regulations everywhere the Group does business andInforma has open and constructive working relationships with tax authorities worldwide. Our approachbalances the interests of stakeholders including shareholders, governments, colleagues and thecommunities in which we operate.
The Group’s adjusted effective tax rate (as defined in the Glossary) reflects the blend of tax rates andprofits in the jurisdictions in which we operate. In 2023, the adjusted effective tax rate for continuing
operations was 18.7% (2022: 18.0%).
The calculation of the adjusted effective tax rate for continuing operations is as follows:

Adjusted tax charge for continuing operations
Adjusted profit before tax for continuing operations
Adjusted effective tax rate for continuing operations

2023
£m
156.4
834.6
18.7%

2022
£m
81.2
451.0
18.0%

Tax payments
During 2023, the Group paid £112.4m (2022: £71.7m) of corporation tax and similar taxes in relation tocontinuing operations, with the year-on-year increase reflecting the higher profit before tax reported in
the year.

A breakdown of the main geographies in which the Group paid tax is as follows:
2023
£m
20.4
19.8
37.4
19.0
15.8
112.4

UK
Continental Europe
US
China
Rest of world
Total
informa.com

Informa PLC | 2023 Full Year Results

2022
£m
6.9
18.8
32.0
9.0
5.0
71.7
12

The reconciliation of the adjusted tax charge to cash taxes paid is as follows:
2023
£m
156.4
(54.2)(27.9)
11.6
26.5
112.4

Adjusted tax charge
Movement in deferred tax including tax losses
Net current tax credits in respect of adjusting items
Movement in provisions for uncertain tax positions
Taxes paid in different year to charged
Taxes paid per statutory cash flow

2022
£m
81.2
(18.8)
(9.0)
(6.5)
24.8
71.7

At the end of 2023, the recognised deferred tax assets relating to US and UK tax losses were £37.6m(2022: £20.0m) and £9.8m (2022: £29.7m) respectively. These are expected to be utilised against futuretaxable profits.
Goodwill is not amortised as it is subject to impairment reviews, and as a result there is no charge toadjusting items for goodwill amortisation. However, there can be an allowable tax benefit for certain
goodwill amortisation in the US and elsewhere. Where this benefit arises, it reduces the tax charge on
adjusted profits.
The amortisation of intangible assets is considered an adjusting item. The £12.6m (2022: £10.7m) ofcurrent tax credits taken in respect of the amortisation of intangible assets is therefore also treated as an
adjusting item and included in the tax credits in respect of adjusting items.

Tax contribution
The Group’s total tax contribution, from continuing and discontinued operations, which comprises allmaterial taxes paid to, and collected, on behalf of governments globally was £510.3m in 2023 (2022:£590.7m). The geographic split of taxes paid by our businesses was as follows:
UK
£m
20.4
30.8
4.0
55.2

Profit taxes borne
Employment taxes borne
Other taxes
Total

US
£m
37.4
28.0
0.3
65.7

Other
£m
54.6
16.7
1.9
73.2

Total
£m
112.4
75.5
6.2
194.1

In addition to the above, in 2023 we collected taxes on behalf of governments (e.g. employee taxes andsales taxes) amounting to £316.2m (2022: £239.0m).

Earnings Per Share
Adjusted diluted EPS from continuing operations was 85.7% higher at 45.3p (2022: 24.4p), largely
reflecting higher adjusted earnings of £635.1m (2022: £356.5m) together with a 4.2% decrease in theweighted average number of shares following the share buybacks completed during the year.
An analysis of adjusted diluted EPS and statutory diluted EPS is as follows:

Statutory earnings for the year from continuing operations
Add back: Adjusting items in profit/loss for the year
Adjusted earnings for the year from continuing operations
Non-controlling interests relating to adjusted profit
Adjusted earnings from continuing operations
Weighted average number of shares used in adjusted diluted EPS (m)Adjusted diluted EPS (p) from continuing operations
informa.com

Informa PLC | 2023 Full Year Results

2023
£m
419.0
215.5
634.5
0.6
635.1
1,402.7
45.3p

2022
£m
138.3
227.7
366.0
(9.5)
356.5
1,464.3
24.4p

13

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

Statutory profit for the year from continuing operations
Non-controlling interests
Statutory earnings from continuing operations
Weighted average number of shares used in diluted EPS (m)Statutory diluted EPS (p) from continuing operations

2022
£m
142.1
(3.8)
138.3
1,464.3
9.4p

Dividends
The Group resumed dividend payments in 2022 and in 2023 the dividend was increased significantly toreflect the strong growth in Group earnings. Going forward, the Group will look to continue progressively
growing dividends to strike a balance between rewarding shareholders and retaining the financial strengthand flexibility to invest in the business and pursue growth opportunities.
An interim dividend of 5.8p per share (2022: 3.0p per share) was paid on 15 September 2023. The total
amount paid in 2023 relating to the final dividend for 2022 and interim dividend for 2023 was £176.6m(2022: £43.3m). The Board has recommended a final dividend of 12.2p per share for FY23 (2022: 6.8p per
share). The final dividend is scheduled to be paid on 12 July 2024 to ordinary shareholders registered at
the close of business on 7 June 2024. This will result in total dividends for the year of 18.0p per share(2022: 9.8p per share). The Dividend Reinvestment Plan (DRIP) will be available for the final dividend andthe last date for receipt of elections for the DRIP will be 21 June 2024.
Dividend cover (see Glossary of Terms for definition) was 2.5 times (2022: 2.5 times), being adjusted
diluted EPS on continuing operations of 45.3p (2022: 24.4p) divided by total dividends per share of 18.0p(2022: 9.8p pence). Our dividend pay-out ratio was 40%, being total dividends per share of 18.0p divided
by adjusted diluted EPS on continuing operations of 45.3p.

Currency Movements
One of the Group’s strengths is its international reach and balance, with colleagues and businesses
located in most major economies of the world. This means the Group generates revenues and costs in a
mixture of currencies, with particular exposure to the US dollar, as well as some exposure to the Euro and
the Chinese Renminbi.
In 2023 across our continuing operations approximately 62% (2022: 65%) of Group revenue was received
in USD or currencies pegged to USD, with 8% (2022: 8%) received in Euro and 9% (2022: 1%) in Chinese
renminbi.
Similarly, on continuing operations we incurred approximately 54% (2022: 54%) of our costs in USD or
currencies pegged to USD, with 4% (2022: 3%) in Euro and 7% (2022: 3%) in Chinese renminbi.
For continuing operations, each one cent ($0.01) movement in the USD to GBP exchange rate has a circa£16m (2022: circa £13m) impact on annual revenue, and a circa £6m (2022: circa £5m) impact on annual
adjusted operating profit.
The following rates versus GBP were applied during the year:
2023

US Dollar
Chinese Renminbi
Euro

informa.com

Closing
rate
1.27
9.05
1.15

2022
Average
rate
1.24
8.82
1.15

Informa PLC | 2023 Full Year Results

Closing rate
1.21
8.34
1.13

Average
rate
1.24
8.30
1.17

14

Free Cashflow
Cash management and cash generation remain a key priority and focus for the Group, providing the funds
and flexibility 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 conversion rate,
reflecting the relatively low capital intensity of the Group.
The following table reconciles the statutory operating profit to operating cash flow (OCF) and free cash
flow (FCF), both of which are defined in the Glossary.
2023
£m
507.8
346.0
853.8
13.5
26.3
41.1
20.8
2.4
(5.8)
952.1
(93.8)(55.2)(3.5)
799.6(15.4)(0.9)(39.2)(112.4)
631.7
631.7

Statutory operating profit
Add back: Adjusting items
Adjusted operating profit
Depreciation of property and equipment
Depreciation of right of use assets
Software and product development amortisation
Share-based payments
Loss on disposal of other assets
Adjusted share of joint venture and associate results
Adjusted EBITDA1
Net capital expenditure
Working capital movement2
Pension deficit contributions
Operating cash flow
Restructuring and reorganisation
Onerous contracts associated with COVID-19
Net interest
Taxation
Free cash flow from continuing operations
Free cash flow from discontinued operations
Free cash flow

2022
£m
184.1
312.2
496.3
11.7
24.8
35.2
17.5
0.3
(2.1)
583.7
(67.5)
65.3
(6.9)
574.6
(14.1)(5.5)(65.4)(71.7)
417.9
48.5
466.4

Adjusted EBITDA represents adjusted operating profit before interest, tax, and non-cash items including depreciation and amortisation.
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 capital in the free cash flow and the Consolidated Cash Flow Statement is driven by the non-cash movement on these items.
1
2

FCF from continuing operations was £213.8m higher than 2022 principally due to the £357.5m higher
adjusted operating profit and a reduction of £26.2m in net interest paid, which was partly offset by anincrease in cash tax of £40.7m, an increase in capex investment of £26.3m and working capital outflowsof £55.2m in the year (2022: £65.3m inflows). The calculation of OCF conversion and FCF conversion is asfollows:

Operating / free cash flow from continuing
operations
Adjusted operating profit from continuing
operations
Operating / free cash flow conversion
from continuing operations

informa.com

Operating cash flow
conversion
2023
2022
£m
£m
799.6
574.6

Free cash flow
conversion
2023
2022
£m
£m
631.7
417.9

853.8

496.3

853.8

496.3

93.7%

115.8%

74.0%

84.2%

Informa PLC | 2023 Full Year Results

15

Net capital expenditure from continuing operations increased to £93.8m (2022: £67.5m) reflecting
continuing GAP 2 investments and other capital expenditure. This investment was equivalent to 2.9% of2023 continuing revenue (2022: 3.0%).
Net cash interest payments of £39.2m were £26.2m lower than the prior year, largely reflecting interest
income on the Group’s increased cash balances following the divestment of the Informa Intelligenceportfolio in 2022, some of which has since been reinvested in targeted acquisitions such as Tarsus andWinsight.
The following table reconciles net cash inflow from operating activities for continuing operations, as shownin the consolidated cash flow statement, to free cash flow from continuing operations:

Net cash inflow from operating activities for continuing operations
per statutory cash flow
Interest received
Purchase of property and equipment
Purchase of intangible software assets
Product development cost additions
Add back: Acquisition and integration costs paid
Add back: Additional pension payment
Add back: Pension payment into escrow
Free cash flow from continuing operations

2023
Continuing
£m
620.2

2022
Continuing
£m
397.2

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

25.7
(14.5)(37.9)(15.1)
18.2
16.1
28.2
417.9

Net cash from operating activities for continuing operations increased by £223.0m to £620.2m, principally
driven by the increase in adjusted profit in the year, partly offset by a working capital outflow of £55.2m,
which compared to a £65.3m inflow in 2022. The working capital outflow in 2023 reflected the recognitionof revenue for events where the cash collections had been received before 2023, but the events were
postponed until 2023 because of COVID-19. This was particularly relevant for 2023 events in China.
The following table reconciles cash generated by operations for continuing operations, as shown in theConsolidated Cash Flow Statement to OCF from continuing operations shown in the FCF table above:

Cash generated by operations for continuing operations per statutory
cash flow
Capital expenditure paid
Add back: Acquisition and integration costs paid
Add back: Restructuring and reorganisation costs paid
Add back: Additional pension payment
Add back: Pension payment into escrow
Add back: Onerous contracts associated with COVID-19
Operating cash flow from continuing operations

informa.com

Informa PLC | 2023 Full Year Results

2023
Continuing
£m
819.7

2022
Continuing
£m
560.0

(93.8)
57.4
15.4
0.9
799.6

(67.5)
18.2
14.1
16.1
28.2
5.5
574.6

16

The following table reconciles free cash flow from continuing and discontinued operations to net funds
flow and net debt, with net debt increasing by £1,211.8m to £1,456.4m during the year.

Free cash flow from continuing and discontinued operations1
Acquisitions
Disposals
Additional pension payment
Pension payment into escrow
Repayment of acquired debt
Dividends paid to shareholders
Dividends paid to non-controlling interests
Dividends received from investments
Distributions received from investments
Purchase of own shares through share buyback
Purchase of shares for Trust
Net funds flow
Non-cash movements excluding acquired debt
Foreign exchange
Net finance lease additions in the year
Net debt at 1 January
Acquired debt
Net debt
1

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)

2022
£m
466.4
(405.3)
1,896.8(16.1)(28.2)
36.6(43.3)
(9.5)
1.8
20.6
(513.3)(3.3)
1,403.2(133.0)(31.8)(11.8)(1,434.6)(36.6)(244.6)

Includes free cash flow for discontinued operations of £48.5m for 2022

Financing and Leverage
Net debt increased by £1,211.8m in the year to £1,456.4m (2022: £244.6m). This was largely due to theaddition of a number of businesses during the year, as well as the growth in dividends and ongoing sharebuyback programme, all of which were partially offset by strong growth in free cash flow.
The Group retains significant available liquidity, with unutilised committed financing facilities available to
the Group of £1,097.1m (31 December 2022: £1,099.9m). Combined with £389.3m of cash (2022:£2,125.8m), the available group level liquidity at 31 December 2023 was £1,486.4m (31 December 2022:£3,225.7m).
The average debt maturity on our drawn borrowings is currently 2.7 years (31 December 2022: 3.1 years).
Following the EUR EMTN of GBP equivalent €450.0m (£386.0m) which matured in July 2023, there are no
significant maturities until October 2025.
Net debt and committed facilities
Cash and cash equivalents
Bond borrowings
Bond borrowing fees
Bank borrowings
Bank borrowing fees
Derivative assets associated with borrowings
Derivative liabilities associated with borrowings
Net debt/(cash) before leases
Lease liabilities
Finance lease receivables
Net debt

2023£m(389.3)
1,492.6
(6.2)
30.4
(2.3)
77.9
1,203.1
263.8(10.5)
1,456.42022£m(2,125.8)
1,910.7
(8.8)
41.3
(2.4)
(2.2)
168.1
(19.1)
270.4
(6.7)
244.6

Borrowings (excluding derivatives, leases, fees & overdrafts)

1,523.0

1,952.0

informa.com

Informa PLC | 2023 Full Year Results

17Unutilised committed facilities (undrawn revolving credit facility)
Unutilised committed facilities (undrawn Curinos facilities)
Total committed facilities

1,050.0
47.1
2,620.1

1,050.0
49.9
3,051.9

The Informa leverage ratio at 31 December 2023 was 1.4 times (31 December 2022: (0.2) times), and theInforma interest cover ratio was 75.2 times (31 December 2022: 16.6 times). Both are calculated
consistently with our historical basis of reporting of financial covenants which no longer applied at 31
December 2023. 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 EBITDA1
Adjusted leverage
Adjustment to EBITDA2
Adjustment to net debt2
Informa leverage ratio
1
2

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

2022
£m
244.6
625.5
0.4x
(0.6)x(0.2)x

2023
£m
952.1
19.2
49.6x
25.6x
75.2x

2022
£m
625.5
45.3
13.8x
2.8x
16.6x

Includes adjusted EBITDA for discontinued operations of £41.8m for 2022
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 EBITDA1
Adjusted net finance costs
Adjusted interest cover
Adjustment to EBITDA2
Informa interest cover
1
2

Includes adjusted EBITDA for discontinued operations of £41.8m for 2022
Refer to Glossary for details of the adjustments to EBITDA for Informa interest cover

There are financial covenants over £30.4m (2022: £41.3m) of drawn borrowings in the Curinos business.
These financial covenants are ring-fenced to borrowings against the Curinos business only.

Corporate Development
Informa has a proven track record in creating value through identifying, executing and integratingcomplementary businesses effectively into the Group. In 2023, cash invested in acquisitions was £1,125.1m(2022: £405.3m). Of this, £596.7m (2022: £315.1m) related to spend on acquisitions net of cash acquired,£22.8m (2022: £9.8m) to cash paid for business assets, £57.4m (2022: £20.1m) to acquisition andintegration spend, £nil (2022: £1.5m) to the cash settlement on the exercise of an option relating to noncontrolling interests, £nil (2022: £22.2m) to the acquisition of the convertible bond, £443.9m (2022: £36.6m)
to the repayment of acquired debt and £4.3m (2022: £nil) to a further investment in the Group’s interest in
BolognaFiere.

Share Buyback
A central theme of GAP 2 was the decision to increase portfolio focus and accelerate investment in the twomarkets where the Group has leadership positions of scale and which offer attractive opportunities forfurther growth and expansion: Academic Markets and B2B Markets.
Under GAP 2, the Group committed to return capital to shareholders through a share buyback programme
which was expanded to £1.15bn in November 2023. In the year ended 31 December 2023, £548.3m ofshares were repurchased with 77.1m shares cancelled. Cumulatively by 31 December 2023, £1,065.3m of
informa.com

Informa PLC | 2023 Full Year Results

18

shares had been repurchased with 166.1m shares cancelled. The shares acquired during the year ended
31 December 2023 were at an average price of 711p per share, with prices ranging from 626p to 790p.

Pensions
The Group continues to meet all commitments to its pension schemes, which include five (2022: six) defined
benefit schemes, all of which are closed to future accruals.
At 31 December 2023, the Group had a net pension surplus of £41.7m (31 December 2022: £49.1m),
comprising a pension surplus of £48.1m (31 December 2022: £55.8m) and pension deficits of £6.4m (31
December 2022: £6.7m). Gross liabilities were £478.2m at 31 December 2023 (31 December 2022:£477.3m).

informa.com

Informa PLC | 2023 Full Year Results

19Consolidated Income Statement
For the year ended 31 December 2023

Notes
Continuing operations
Revenue
Net operating expenses
Other operating income
Operating profit/(loss)
before joint ventures andassociates
Share of results of joint
ventures and associates
Operating profit/(loss)
Fair value gain/(loss) on
investments
Profit on disposal ofsubsidiaries andoperations
Distributions received frominvestments
Finance income
Finance costs
Profit/(loss) before tax
Tax (charge)/credit
Profit/(loss) for the year
from continuing
operations
Discontinued operations
Profit for the year fromdiscontinued operations
Profit/(loss) for the year
Attributable to:– Equity holders of theCompany– Non-controlling interests
Earnings per share
From continuing
operations– Basic (p)– Diluted (p)From continuing anddiscontinued operations– Basic (p)– Diluted (p)informa.com

3
5
5

7
8
9

11

Adjusted
results
2023£m

Adjusting
items
2023
£m

Statutory
results
2023£m

Adjusted
results
2022£m

Adjusting
items
2022
£m

Statutory
results2022£m

3,189.6(2,341.6)
848.0(432.1)87.6(344.5)

3,189.6(2,773.7)
87.6
503.5

2,262.4(1,768.2)
494.2(312.1)(312.1)

2,262.4(2,080.3)
182.1

5.8

(1.5)

4.3

2.1

(0.1)

2.0

853.8
-

(346.0)
1.3

507.8
1.3

496.3
-

(312.2)
(0.9)

184.1
(0.9)

-

3.0

3.0

-

11.6

11.6

-

-

-

-

20.6

20.6

47.4
(66.6)
834.6(156.4)
678.2

(0.8)
(342.5)127.0(215.5)47.4(67.4)
492.1(29.4)
462.7

27.5(72.8)
451.0(81.2)
369.8(1.3)(282.2)54.5(227.7)27.5(74.1)
168.8(26.7)
142.1

-

-

-

29.5

1,463.7

1,493.2

678.2(215.5)

462.7

399.3

1,236.0

1,635.3

635.1(216.1)

419.0

386.0

1,245.5

1,631.5

43.1

0.6

43.7

13.3

(9.5)

3.8

11
11

45.6
45.3

30.1
29.9

24.5
24.4

9.5
9.4

11
11

45.6
45.3

30.1
29.9

26.5
26.4

112.0
111.4

Informa PLC | 2023 Full Year Results

20Consolidated Statement of Comprehensive Income
For the year ended 31 December 2023

Notes
Profit for the year
Items that will not be reclassified subsequently to profit or loss:
Remeasurement of the net retirement benefit pension obligation
Tax credit relating to items that will not be reclassified to profit or loss
Total items that will not be reclassified subsequently to profit orloss
Items that may be reclassified subsequently to profit or loss:
Exchange (loss)/gain on translation of foreign operations
Exchange loss arising on disposal of foreign operations
Net investment hedges:
Exchange gain/(loss) on net investment hedge
Gain on derivatives in net investment hedging relationships
Cash flow hedges:
Fair value (loss)/gain arising on hedging instruments
Less: gain/(loss) reclassified to profit or loss
Movement in cost of hedging reserve
Tax charge relating to items that may be reclassified subsequently to
profit or loss
Total items that may be reclassified subsequently to profit or loss
Other comprehensive (expense)/income for the year
Total comprehensive income for the year
Total comprehensive income attributable to:– Equity holders of the Company– Non-controlling interests

Total comprehensive income for the year attributable to equity
holders of the Company:– Continuing operations– Discontinued operations1

2023
£m
462.7

2022
£m
1,635.3(11.8)-

26.9
1.5(11.8)

28.4(351.5)
-

413.7
(1.4)

7.4
92.5

(188.1)
173.4(28.2)
34.2
(6.7)

33.3
(63.1)
1.8(1.2)(253.5)(265.3)
197.4

(8.2)
361.4
389.8
2,025.1

155.4
42.0
197.4

2,015.4
9.7
2,025.1

155.4
155.4

497.2
1,518.2
2,015.4

Discontinued operations in 2022 includes £26.4m relating to exchange gain on translation of foreign operations and £1.4m exchange loss arisingon disposal of foreign operations.
1

informa.com

Informa PLC | 2023 Full Year Results

21Consolidated Statement of Changes in Equity
For the year ended 31 December 2023

At 1 January 2022
Profit for the year
Exchange gain ontranslation of foreign
operations
Exchange loss on net
investment hedge
Gain arising onderivative hedges
Foreign exchange
recycling of disposed
entities
Actuarial gain on
defined benefit
pension schemes
Tax relating tocomponents of othercomprehensive income
Total comprehensive
income for the year
Dividends toshareholders
Dividends to noncontrolling interests
Share award expense
Shares for Trustpurchase
Transfer of vested
LTIPs
Share buyback3
Acquisition of noncontrolling interests4
At 31 December 2022

Sharecapital1
£m
1.5
-

Share
premium
account£m
1,878.6-

Translation
reserve£m(208.0)
407.8

Total
£m
5,757.8
1,631.5
407.8

Noncontrollinginterests
£m
288.1
3.8
5.9

Total
equity£m
6,045.9
1,635.3
413.7

-

-

(188.1)--(188.1)-(188.1)

-

-

173.4

(28.0)

-

145.4

-

145.4

-

-

(1.4)

-

-

(1.4)

-

(1.4)

-

-

-

-

26.9

26.9

-

26.9

-

-

(8.2)

-

1.5

(6.7)

-

(6.7)

-

-

383.5

(28.0)

1,659.9

2,015.4

9.7

2,025.1

-

-

-

-

(43.3)(43.3)-(43.3)

-

-

-

-

-

-

(9.5)

(9.5)

-

-

-

17.5
(3.3)

-

17.5
(3.3)

-

17.5
(3.3)

-

-

-

(11.1)

11.1

-

-

-

(0.1)
-

-

-

(74.9)-(517.0)-(592.0)-25.9(592.0)25.9

1.4

1,878.6

175.5

1,928.2

3,168.4

7,152.1

314.2

7,466.3

Other Retained
reserves earnings£m£m
2,028.0
2,057.7
1,631.5-

2

See note 16
2
Total attributable to equity holders of the Company
3£517.0m of shares were bought back during the previous period. £75.0m represents the maximum liability for share buybacks with Informa’s
broker through to the conclusion of the Company’s close period as at 31 December 2022
4
The acquisition of non-controlling interests is related to the USA Beauty transaction
1

informa.com

Informa PLC | 2023 Full Year Results

22Consolidated Statement of Changes in Equity (continued)
For the year ended 31 December 2023

At 31 December
2022
Profit for the year
Exchange loss ontranslation of foreign
operations
Exchange gain on
net investment
hedge debt
Gain/(loss) arising onderivative hedges
Actuarial gain on
defined benefit
pension schemes
Tax relating tocomponents of othercomprehensive
incomeTotal comprehensive
income for the year
Dividends toshareholders
Dividends to noncontrolling interests
Share award
expenseIssue of share capital
Shares for Trustpurchase
Transfer of vested
LTIPs
Share buyback3
Acquisition of noncontrolling interests4
Transactions with
non-controllinginterests
Remeasurement of
put call options
At 31 December
2023

Share
capital1£m

Sharepremium
account£m

Translation reserve£m

Otherreserves£m

Retainedearnings
£m

Total
£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)

-

-

-

19.6

-

19.6

-

19.6

0.1
-

-

-

173.7
(4.8)

-

173.8
(4.8)

-

173.8
(4.8)

-

-

-

(11.1)

11.1

-

-

-

(0.1)
-

-

-

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

92.3(564.2)
92.3

-

-

-

-

(8.3)

(8.3)

3.6

(4.7)

-

-

-

1.5

-

1.5

-

1.5

1.4

1,878.6(75.6)

2,090.6

2,853.5

6,748.5

436.1

7,184.62

See note 16
Total attributable to equity holders of the Company
3£548.3m of shares have been bought back during the period. £15.9m represents the net movement in Informa’s maximum liability for sharebuybacks with Informa’s broker through to the conclusion of the Company’s close period as at 31 December 2023 of £90.9m
4
The acquisition of non-controlling interests includes £87.2m relating to the Tarsus acquisition (see note 12)12

informa.com

Informa PLC | 2023 Full Year Results

23Consolidated Balance Sheet
As at 31 December 2023

At 31 December 2023
Notes
Non-current assets
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
Finance lease receivables
Other receivables
Derivative financial instruments
Current assets
Inventory
Trade and other receivables
Current tax asset
Cash and cash equivalents
Finance lease receivables
Derivative financial instruments

9

Total assets
Current liabilities
Borrowings
Lease liabilities
Derivative financial instruments
Current tax liabilities
Provisions

14
9

Contingent consideration and put call options
Trade and other payables
Deferred income

informa.com

Informa PLC | 2023 Full Year Results

At 31
December
2022

£m

£m

6,629.8
3,140.9
60.8
211.1
58.8
260.8
17.6
48.1
8.2
32.6
10,468.7

5,880.3
2,972.7
47.9
208.0
35.5
262.7
1.8
55.8
5.1
49.7
2.2
9,521.7

36.2
546.9
80.2
389.3
2.3
0.6
1,055.5
11,524.2

28.8
460.4
7.4
2,125.8
1.6
2,624.0
12,145.7(28.4)(85.6)(38.1)(398.4)(30.2)(1.1)(48.5)(30.1)(28.6)(4.1)(635.7)(972.8)(1,789.2)(661.9)(834.5)(2,008.8)

24

Non-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

14

Total liabilities
Net assets
Share capital
Share premium
Translation reserve
Other reserves
Retained earnings
Equity attributable to equity holders of the parent
Non-controlling interest
Total equity

16(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(1,542.4)(240.2)(168.1)(532.9)(6.7)(32.5)(129.2)(16.3)(2.3)(2,670.6)(4,679.4)
7,466.3
1.4
1,878.6
175.5
1,928.2
3,168.4
7,152.1
314.2
7,466.3

These financial statements were approved by the Board of Directors and authorised for issue on 7 March 2024 and signed on its behalf by

Stephen A. Carter
Group Chief Executive

informa.com

Gareth WrightGroup Finance Director

Informa PLC | 2023 Full Year Results

25Consolidated Cash Flow Statement
For the year ended 31 December 2023
2023

2022

Notes

£m

£m

15

819.7

560.0

Income taxes paid

(112.4)(71.7)

Interest paid

(87.1)(91.1)Net cash inflow from operating activities – continuing operations

620.2

397.2

-

53.7

620.2

450.9

Interest received

47.9

25.7

Dividends received from investments

1.4

1.8

Distributions received from investments

-

20.6

Purchase of property and equipment(27.5)(14.5)

Purchase of intangible software assets(55.1)(37.9)

Product development costs additions(11.2)(15.1)

Purchase of intangibles related to titles, brands and customer relationships(22.8)(9.8)(596.7)(315.1)

(4.3)

-

-

(22.2)Cash outflow from disposal of subsidiaries and operations(16.0)(2.8)

Net cash outflow from investing activities – continuing operations(684.3)(369.3)

Net cash inflow from investing activities – discontinued operations-

1,892.1(684.3)

1,522.8

Operating activities
Cash generated by continuing operations

Net cash inflow from operating activities – discontinued operations
Net cash inflow from operating activities
Investing activities

Acquisition of subsidiaries and operations, net of cash acquired

12

Acquisition of investments
Acquisition of convertible bonds

Net cash (outflow)/inflow from investing activities
Financing activities
Dividends paid to shareholders

10(176.6)(43.3)

Dividends paid to non-controlling interests10(16.0)(9.5)

Repayment of loans

13(393.9)(177.2)

Repayment of borrowings acquired

13(443.9)(36.6)

Borrowing fees paid

13

(1.2)

-

Repayment of principal lease liabilities

13(33.8)(32.1)

Finance lease receipts

13

1.3

1.5

(8.2)

-

-

(1.5)

(548.0)(513.3)

(4.8)

(3.3)

Net cash outflow from financing activities – continuing operations(1,625.1)(815.3)

Net cash outflow from financing activities(1,625.1)(815.3)

Net (decrease)/increase in cash and cash equivalents(1,689.2)

1,158.4(47.3)

82.6

Cash and cash equivalents at beginning of the year

2,125.8

884.8

Cash and cash equivalents at end of the year

389.3

2,125.8

Settlement of derivative liability associated with borrowings
Acquisition of non-controlling interests
Cash outflow from share buyback

16

Cash outflow from purchase of shares for Trust

Effect of foreign exchange rate changes

informa.com

Informa PLC | 2023 Full Year Results

26Notes to the Consolidated Financial Statements
For the year ended 31 December 2023

1. General information
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 isregistered in England and Wales with registration number 08860726. The address of the registered office is 5
Howick Place, London SW1P 1WG.
The Consolidated Financial Statements as at 31 December 2023 and for the year then ended comprise those of
the Company, its subsidiaries and its interests in joint ventures and associates (together referred to as the Group).
These Consolidated Financial Statements are presented in pounds sterling (GBP), which is the currency of the
primary economic environment in which the Group operates and the functional currency of the Parent Company,
Informa PLC.

2. Basis of preparation
The financial information for the year ended 31 December 2023 does not constitute the statutory financial
statements for that year, but is derived from those audited financial statements for the year ended 31 December
2023 which will be published on www.informa.com. While the financial information in these Full Year Results has
been prepared in accordance with International Financial Reporting Standards (IFRS), these results do not in
isolation contain sufficient information to comply with IFRS. Those financial statements have not yet been delivered
to the Registrar of Companies, but include the auditor’s report which was unqualified and did not contain astatement under Section 498 (2) or (3) of the Companies Act 2006.
To complete the going concern assessment, the Directors have modelled a base case with sensitivities and areverse stress test for the period to June 2025. In modelling the base case, the Directors have assumed Groupfinancial performance is consistent with the guidance given for 2024, followed by similar growth in the first half of2025.
The proposed combination with TechTarget which is subject to approval by TechTarget’s shareholders and othercustomary conditions has been included in the financial plan for going concern assessment as completion would
reduce the Group’s financial headroom. Under the financial plan the Group maintains liquidity headroom of morethan £1.1bn. To consider a downside scenario, the Directors applied the three scenarios used in viability modellingto the financial plan. In the scenario where all risks were combined the Group maintains liquidity headroom ofaround £0.7bn.
The reverse stress test shows that the Group can afford to lose 54% of its revenue from 1 April 2024 to the endof June 2025 and maintain positive liquidity headroom. This extremely remote scenario assumes no indirect costsavings and customer receipts are refunded with no further receipts collected in the period.
Based on these results, the Directors believe the Group is well placed to manage its financing and other businessrisks in a satisfactory way. The Directors 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 this Annual Reportand Accounts and consider it appropriate to adopt the going concern basis of accounting in preparing theConsolidated Financial Statements.
The accounting policies, significant judgements and key sources of estimation uncertainty adopted in the
preparation of the financial information are consistent with those applied by the Group in its Consolidated
Financial Statements for the year ended 31 December 2022, subject to new accounting standards, and aredisclosed in full in the audited financial statements for the year ended 31 December 2023 which will be
published on www.informa.com.
informa.com

Informa PLC | 2023 Full Year Results

27

3. Revenue
An analysis of the Group’s revenue by type is set out below.
Year ended 31 December 2023
InformaMarkets£m

InformaTech£mInforma
Connect£mTaylor &Francis
£m

Total
£m

1,309.4
34.8
4.3
74.8
91.0
79.0
1,593.3

85.1
58.7
26.5
54.4
116.3
55.7
396.7

103.8
144.0
45.6
164.8
36.0
86.4
580.6

346.1
272.0
0.9
619.0

1,498.3
583.6
348.4
294.0
244.2
221.1
3,189.6

Year ended 31 December 2022 (re-presented)
InformaMarkets1£m

InformaTech£mInforma
Connect1£mTaylor &Francis
£m

Total
£m

63.5
57.2
27.5
51.5
85.2
35.9
320.8

48.0
121.9
37.8
114.4
23.6
69.0
414.7

325.9
266.8
0.9
593.6

820.2
532.7
337.5
221.3
184.1
166.6
2,262.4

Continuing operations
Exhibitor
Subscriptions
Transactional sales
Attendee
Marketing and advertising services
Sponsorship
Total

Continuing operations
Exhibitor
Subscriptions
Transactional sales
Attendee
Marketing and advertising services
Sponsorship
Total

708.7
27.7
5.4
55.4
74.4
61.7
933.3

As a result of the Aesthetic Medicine business transferring from Informa Markets to Informa Connect, these figures have been re-presented.
Aesthetic Medicine generated £18.8m in revenue in 2022. No other figures have been re-presented.
1

4. Business segments
The Group has identified reportable segments based on financial information used by the Directors in allocating
resources and making strategic decisions. We consider the chief operating decision maker to be the Executive
Directors.
The Group’s four identified reportable segments under IFRS 8 Operating Segments as described in the Strategic
Report are Informa Markets, Informa Tech, Informa Connect and Taylor & Francis. There is no difference between
the Group’s operating segments and the Group’s reportable segments as at year-end. Tarsus was presented as aseparate segment for the six-month period ending 30 June 2023 as the business was not fully integrated into theexisting Informa segments. As at 31 December 2023, Tarsus has been integrated within Informa Markets andInforma Connect.

informa.com

Informa PLC | 2023 Full Year Results

28

Segment revenue and results
The Group’s primary internal income statement performance measures for continuing business segments arerevenue and adjusted operating profit. A reconciliation of adjusted operating profit to statutory operating profit
and profit before tax is provided below:

Year ended 31 December 2023

Revenue
Adjusted operating profit before joint
ventures and associates1
Share of adjusted results of joint ventures
and associates
Adjusted operating profit
Intangible asset amortisation2
Impairment – acquisition-related andother intangibles
Reversal of impairment/(impairment) –IFRS 16 right of use assets
Acquisition costs (note 6)
Integration costs (note 6)
Restructuring and reorganisation costs(note 6)
Fair value (loss)/gain on contingent
consideration (note 6)
Foreign exchange loss on swap settlement
Credit in respect of unallocated cash
Operating profit
Fair value gain on investments
Profit on disposal of subsidiaries andoperations
Finance income (note 7)
Finance costs (note 8)
Profit before tax

InformaMarkets£m
1,593.3

Informa
Tech
£m
396.7

Informa
Connect£m580.6

Taylor &Francis
£m
619.0

Total
£m
3,189.6

454.7

72.9

102.5

217.9

848.0

5.8
460.5
(179.0)72.9(37.5)

102.5(43.4)

217.9(52.9)

5.8
853.8(312.8)(24.5)

(0.3)

(0.3)

-

(25.1)

0.1(15.7)(8.3)(0.3)(17.0)(2.9)

0.8(19.7)
(8.5)

(0.9)
-

0.6
(53.3)(19.7)

1.8

1.1

(0.5)

(13.4)(11.0)

(7.3)
(2.8)
3.3
228.1

82.4
(0.7)
0.8
98.5

0.7
(1.0)
1.2
31.8

(0.2)
(1.1)
149.4

75.6
(5.6)
5.3
507.8
1.3
3.0
47.4
(67.4)
492.1

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.
1

2

Excludes intangible product development and software amortisation.

informa.com

Informa PLC | 2023 Full Year Results

29Year ended 31 December 2022 (re-presented)
InformaMarkets3£m
Revenue933.3
Adjusted operating profit before joint
ventures and associates1
172.7
Share of adjusted results of joint ventures
and associates
2.1
Adjusted operating profit
174.8
Intangible asset amortisation2(168.6)
Impairment – acquisition-related andother intangibles(6.7)
Reversal of impairment/(impairment) –IFRS 16 right of use assets
2.6
Reversal of impairment/(impairment) –property and equipment
0.4
Acquisition costs (note 6)(0.1)
Integration costs (note 6)(0.3)
Restructuring and reorganisation costs(note 6)
2.0
Onerous contracts associated with COVID19 (note 6)(5.0)
Fair value loss on contingent
consideration (note 6)(0.1)
Operating (loss)/profit(1.0)
Fair value loss on investments
Profit on disposal of subsidiaries andoperations
Distributions received from investments
Finance income (note 7)
Finance costs (note 8)
Profit before tax

Informa
Tech
£m
320.8

Informa
Connect3£m414.7

Taylor &Francis
£m
593.6

Total
£m
2,262.4

55.5

57.2

208.8

494.2

55.5
(27.0)

57.2(26.8)

208.8(52.9)

2.1
496.3(275.3)

-

(0.2)

-

(6.9)

0.1

(3.8)

1.2

0.1

0.1
(11.1)
(1.7)

(0.1)
(0.3)
(8.4)

0.3
(0.3)
0.2

0.7
(11.8)(10.2)

0.7

(2.4)

1.3

1.6

0.5

(0.2)

-

(4.7)

(3.7)
13.4

15.0

(1.9)
156.7

(5.7)
184.1
(0.9)
11.6
20.6
27.5
(74.1)
168.8

Adjusted operating profit before joint ventures and associates included the following amounts for depreciation and other amortisation:£31.7m for Informa Markets, £18.6m for Informa Connect, £5.1m for Informa Tech and £16.3m for Taylor & Francis.
1

2

Excludes intangible product development and software amortisation.

As a result of the Aesthetic Medicine business transferring from Informa Markets to Informa Connect, these figures have been represented. Aesthetic Medicine generated £18.8m in revenue which translated to £6.2m in adjusted operating profit before joint
ventures and associate. No other figures have been re-presented.
3

informa.com

Informa PLC | 2023 Full Year Results30

5. Operating expenses and other operating income
Operating profit for continuing operations has been arrived at after charging/(crediting):

Notes
Cost of sales (excluding staff costs,
depreciation and COVID-19 adjusting
items)
Staff costs
Auditor’s remuneration for audit
services
Depreciation – property andequipment
Depreciation – IFRS 16 right of use
assetsAmortisation of other intangible
assetsImpairment – acquisition-related andother intangibles
Reversal of impairment – IFRS 16
right of use assets
Reversal of impairment – property
and equipment
Acquisition costs
Integration costs
Restructuring and reorganisation
costs
Onerous contracts associated with
COVID-19
Fair value gain on contingent
consideration
Fair value loss on contingent
consideration

6
6
6
6
6
6
6
6
6
6

Net foreign exchange loss

6

Credit in respect of unallocated cash
Other operating expenses
Total net operating expenses andother operating income before
share of joint ventures andassociates

6

informa.com

Adjusted
results
2023

Adjusting
items
2023

Statutory
results
2023

Adjusted
results
2022

Adjusting
items
2022

Statutory
results
2022

£m

£m

£m

£m

£m

£m

1,123.7
900.6-

1,123.7
900.6

778.3
745.8

-

778.3
745.8

6.3

-

6.3

3.9

-

3.9

13.5
26.3

-

13.5
26.3

11.7
24.8

-

11.7
24.8

41.1
-

312.8

353.9
25.1

35.2
-

275.3
6.9

310.5
6.9

-

25.1
(0.6)

(0.6)

-

(0.1)

(0.1)

-

-

-

-

(0.7)

(0.7)

-

53.3
18.2

53.3
18.2

-

11.8
10.2

11.8
10.2

-

11.0
-

11.0
-

-

(1.6)
4.6

(1.6)
4.6

-

(87.6)(87.6)

-

-

-

-

12.0

12.0

-

5.7

5.7

7.6
222.5
2,341.6

5.6
(5.3)
344.5

13.2
(5.3)
222.5
2,686.1

5.0
163.5
1,768.2

312.1

5.0
163.5
2,080.3

Informa PLC | 2023 Full Year Results

31

6. Adjusting items
The Board considers certain items should be recognised as adjusting items (see Glossary on page 45) since, due
to their size, nature or infrequency, such presentation is relevant to an understanding 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 for the reasons outlined below the table.
The following charges/(credits) in respect of continuing operations are presented as adjusting items:
2023

2022

£m

£m

Intangible asset amortisation1

312.8

275.3

Impairment – acquisition-related and other intangible assets

25.1

6.9

Reversal of impairment – IFRS 16 right of use assets

(0.6)

(0.1)

Reversal of impairment – property and equipment

-

(0.7)

Acquisition costs

53.3

11.8

Integration costs

19.7

10.2

Restructuring and reorganisation costs

11.0

(1.6)

-

4.7

Fair value gain on contingent consideration(87.6)-

Fair value loss on contingent consideration

12.0

5.7

Foreign exchange loss on swap settlement

5.6

-

(5.3)

-

346.0

312.2

Fair value (gain)/loss on investments

(1.3)

0.9

Profit on disposal of subsidiaries and operations(3.0)(11.6)-(20.6)

0.8

1.3

342.5

282.2

(127.0)(54.5)

215.5

227.7

Notes
Continuing operations

Onerous contracts associated with COVID-19

Credit in respect of unallocated cash
Adjusting items in operating profit/loss from continuing operations

2

Distributions received from investments
Finance costs

8

Adjusting items in profit before tax from continuing operations
Tax related to adjusting items

9

Adjusting items in profit for the year from continuing operations

Intangible asset amortisation is in respect of acquired intangibles and excludes amortisation of software and product development of£41.1m (2022: £35.2m).
12Includes £1.5m (2022: £0.1m) relating to joint ventures and associates.

The principal adjusting items are in respect of the following:●

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 considered tobe related to the underlying performance of the Group and it can fluctuate materially period-on-period
as and when new businesses are acquired or disposed. It is noted that the revenue and results from therelated business combinations have been included within the adjusted results.

●

Impairment of acquisition-related intangible assets – the Group tests for impairment on an annual basis
or more frequently when an indicator exists. Impairment charges are separately disclosed and excluded
from adjusted results. Impairment charges have been classified as adjusting items based on them being
one-off in nature and not considered to be part of the usual underlying costs of the Group and to provide
comparability of underlying results to prior periods.

informa.com

Informa PLC | 2023 Full Year Results

32●

Reversal of impairment of right of use assets mainly relate to the re-opening of previously impaired officeproperties. These have been classified as adjusting items based on being infrequent in nature andtherefore 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.

●

Onerous contracts associated with COVID-19 relate to onerous contract costs for events which have beencancelled or postponed and where such costs cannot be recovered. The costs largely relate to venue,
marketing and event set-up costs. These costs are infrequent and fluctuate from period to period andtherefore they are adjusted to provide comparability to prior periods.

●

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 these costs arise asa 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 the revenue andresults from the related acquisitions have been included within the adjusted results.

●

Foreign exchange losses on swap settlements are one-off and infrequent in nature and are therefore notconsidered to be part of the Group’s underlying operations and are adjusted to provide comparability toprior periods.

●

Credit in respect of unallocated cash relates to a change to the period that unapplied and unallocatedcash receipts will be held on the Consolidated Balance Sheet in certain territories before being released
to the Consolidated Income Statement. The balance recognised in adjusting items is comprised ofbalances that would have been released in prior periods under the revised methodology and is notexpected to recur as an adjusting item.

●

Fair value (gain)/loss on investments is the loss, or gain, as a result of a decline, or increase, in the fair valueof investments held. This is classified as an adjusting item as it does not relate to the underlying trading
operations and performance of the Group. Hence, results are adjusted to provide comparability to priorperiods.

●

Profit on disposal of subsidiaries and operations relate to disposals in the current period or subsequentcosts or credits relating to prior disposals. This is classified as an adjusting item as it does not relate to theunderlying trading operations and performance of the Group. Hence, results are adjusted to provide
comparability to prior periods.

●

Distributions from investments are considered to be one-off in nature and are not considered to be partof the underlying operations of the Group and are adjusted to provide comparability to prior periods.

•

The tax items relate to the tax effect on the items above and adjusting tax items which are analysed innote 9.

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Informa PLC | 2023 Full Year Results

33

7. Finance income
2023

2022

£m

£m

46.7

25.3

-

1.7

Interest income from finance lessor leases

0.4

0.3

Fair value gain on financial instruments through the Income Statement

0.3

0.2

Total finance income

47.4

27.5

2023

2022

£m

£m

Interest expense on borrowings and loans1

58.2

61.1

Interest on lease liabilities

11.2

11.0

Interest (income)/cost on pension scheme net surplus

(1.8)

0.7

Total interest expense

67.6

72.8

Non-income taxes in relation to intra-group financing

0.1

0.2

Fair value gain on financial instruments through the Income
Statement

(1.1)

(0.2)

Financing costs before adjusting items

66.6

72.8

Adjusting items

0.8

1.3

67.4

74.1

Interest income on bank deposits
Interest income from loans receivable

8. Finance costs
Notes

2

Total finance costs
1

Included in interest expense above is the amortisation of debt issue costs of £2.7m (2022: £4.0m).

The adjusting item for finance costs in 2023 relates to the revaluation of the BolognaFiere convertible bond. The adjusting item forfinance costs in 2022 relates to the finance fees associated with the early repayment of debt.
2

9. Taxation
The tax charge/(credit) comprises:
2023

2022

£m

£m

UK

33.2

17.6

Continental Europe

26.0

14.7

US

(10.5)

202.3

China

25.6

2.9

Rest of world

25.1

10.2

Prior years(25.1)(2.9)

Total current tax

74.3

244.8

Current tax:
Current year

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Informa PLC | 2023 Full Year Results

34

Deferred tax:
Current year

(36.3)

71.7

Prior years

(6.6)

(3.6)

Credit arising from tax rate changes

(2.0)

(1.3)

Total deferred tax(44.9)

66.8

Total tax charge

29.4

311.6

Tax charge relating to continuing operations

29.4

26.7

-

284.9

29.4

311.6

Tax charge relating to discontinued operations
Tax charge on profit on ordinary activities from continuing anddiscontinued operations

The tax on adjusting items within the Consolidated Income Statement relates to the following:

Notes
Intangible assets amortisation

6

Benefit of goodwill amortisation for tax purposes only

Gross
2023

Tax
2023

Gross
2022

Tax
2022

£m

£m

£m

£m

(312.8)76.8(275.3)

63.4-(14.5)-(13.1)

Impairment – acquisition-related and other intangible
assets6(25.1)

6.4

(6.9)

1.5

Reversal of impairment - IFRS 16 right of use assets

6

0.6

(0.1)

0.1

0.3

Reversal of impairment - property and equipment

6

-

-

0.7

(0.1)

Acquisition and integration-related costs

6(73.0)

22.5(22.0)

3.7

Restructuring and reorganisation costs

6(11.0)

2.7

1.6

(0.1)

Onerous contracts associated with COVID-19

6

-

-

(4.7)

1.1

Fair value gain on contingent consideration

6

87.6

-

-

-

Fair value loss on contingent consideration

6(12.0)

-

(5.7)

-

Foreign exchange loss on swap settlement

6

(5.6)

1.3

-

-

Credit in respect of unallocated cash

6

5.3

(1.2)

-

-

Fair value gain/(loss) on investments

6

1.3

1.5

(0.9)

-

Profit on disposal of subsidiaries and operations

6

3.0

-

11.6

-

Distributions received from investments

6

-

-

20.6

(2.5)

Finance costs

6

(0.8)

0.2

(1.3)

0.3

Movement in deferred tax asset on Luxembourg
losses

-

15.9

-

-

Adjustments for prior years

-

15.5

-

-

(342.5)127.0(282.2)

54.5

Total tax on adjusting items from continuing
operations

informa.com

Informa PLC | 2023 Full Year Results

35

The current and deferred tax are calculated on the estimated assessable profit for the year. Taxation is calculated
in each jurisdiction based on the prevailing rates of that jurisdiction. A reconciliation of the actual tax expense to
the expected tax expense at the applicable statutory rate is shown below:
2023£mProfit before tax from continuing operations

2022
%

£m

%

492.1

168.8

-

1,778.1

Total profit before tax

492.1

1,946.9

Tax charge at effective UK statutory rate of 23.5% (2022: 19.0%)

115.6

23.5

369.9

19.0

Different tax rates on overseas profits

4.4

0.9

80.1

4.0

Disposal-related items

(1.0)

(0.2)

(128.9)(6.6)

Acquisition-related items

(5.2)

(1.1)

-

-

Non-deductible expenditure

10.7

2.1

5.4

0.3

Non-taxable income(27.8)

(5.6)

(2.9)

(0.1)

Benefits from financing structures

(8.1)

(1.6)

(8.1)

(0.4)

Tax incentives

(1.4)

(0.3)

(2.1)

(0.1)

(31.7)

(6.4)

(6.5)

(0.3)

(11.6)

(2.4)

6.5

0.3

Impact of changes in tax rates

(2.0)

(0.4)

(1.3)

(0.1)

Recognition of deferred tax asset on Luxembourg losses(15.9)

(3.2)

-

-

Movements in other deferred tax not recognised

3.4

0.7

(0.5)

-

Tax charge and effective rate for the year

29.4

6.0

311.6

16.0

Profit before tax from discontinued operations

1

Adjustments for prior years

2

Net movement in provisions for uncertain tax positions

3

1

Non-taxable income includes income in relation to the remeasurement of contingent consideration

2

Adjustments for prior years incorporate refinements to tax computations made on submission and agreement with tax authorities

The net movement in provisions for uncertain tax positions reflects management’s reassessment of the provisions required in relation
to historical tax exposures
3

In addition to the income tax charge in the Consolidated Income Statement, a tax charge of £1.2m (2022: £6.7m)
has been recognised directly in the Consolidated Statement of Comprehensive Income during the year.
Current tax liabilities include £43.6m (2022: £48.6m) in respect of provisions for uncertain tax positions.
On 11 July 2023, the UK government enacted the Pillar 2 income taxes legislation, effective for the financial year
beginning 1 January 2024. Under the legislation, Informa PLC will be required to pay, in the UK, top-up tax on
profits of its subsidiaries and permanent establishments that are taxed at a Pillar 2 effective tax rate of less than15%.
The Group has performed an assessment of the potential exposure to Pillar 2 income taxes. The assessment isbased on the most recent tax filings, country-by-country reporting, and financial statements for the constituent
entities in the Group although it is not based on a full Global Anti-Base Erosion calculation. Based on thisassessment, the majority of entities fall within the transitional safe harbours or have a simplified effective tax rateof more than 15%. However, there are a limited number of jurisdictions where the transitional safe harbour relief
may not apply and the Pillar 2 effective tax rate is below 15%. The legislation is not expected to have a material
impact on the Group.
In future periods, part of this top-up tax may be payable instead in the relevant jurisdiction, if that jurisdiction
implements a Qualifying Domestic Minimum Top Up Tax. This is expected in some of the jurisdictions in which
Informa operate, although a detailed review of this has not yet been performed.

informa.com

Informa PLC | 2023 Full Year Results

36

10. Dividends
2023
Pence
per
share

2023
£m

Interim dividend for the year ended 31 December 2022

-

-

3.0

43.3

Final dividend for the year ended 31 December 2022

-

-

6.8

95.7

Interim dividend for the year ended 31 December 2023

5.8

80.9

-

-

Proposed final dividend for the year ended 31 December
2023

12.2

166.9

-

-

Total dividend for the year

18.0

247.8

9.8

139.0

2022
Pence
per share

2022£m

Amounts recognised as distributions to equity holders
in the year:

As at 31 December 2023 £0.3m (2022: £0.2m) of dividends were still to be paid, and total dividend payments inthe year were £176.6m (2022: £43.3m). The proposed final dividend for the year ended 31 December 2023 of
12.2p (2022: 6.8p) per share is subject to approval of Shareholders at the Annual General Meeting and has notbeen included as a liability in these Consolidated Financial Statements. The payment of this dividend will not have
any tax consequences for the Group.
In the year ended 31 December 2023 there were dividend payments of £16.0m (2022: £9.5m) to non-controllinginterests.

11. Earnings per share
Basic
The basic earnings per share (EPS) calculation is based on the profit/(loss) attributable to the equity holders of the
Parent Company divided by the weighted average number of shares in issue less those shares held by the
Employee Share Trust and ShareMatch.
DilutedThe diluted earnings per share 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. In 2023 there wereno (2022: nil) potential ordinary shares which were anti-dilutive and therefore excluded from the weighted average
number of ordinary shares for the purpose of calculating diluted earnings per share.
Weighted average number of shares
The table below sets out the adjustment in respect of dilutive potential ordinary shares for use in the calculationof diluted EPS and diluted adjusted EPS:

Weighted average number of shares used in basic and adjusted basic
earnings per share
Effect of dilutive potential ordinary shares
Weighted average number of shares used in diluted and adjusted diluted
earnings per share

informa.com

Informa PLC | 2023 Full Year Results

2023

2022

1,394,051,260

1,456,167,252

8,670,882

8,117,003

1,402,722,142

1,464,284,255

37

Statutory earnings per share from continuing operations
Earnings
2023

Per shareamount2023

Earnings
2022

Per shareamount
2022

£m

Pence

£m

Pence

Profit for the year

462.7

1,635.3-(1,493.2)

Earnings from continuing operations and EPS for the
purpose of basic EPS

462.7

142.1

Non–controlling interests(43.7)(3.8)

Earnings from continuing operations and EPS for the
purpose of statutory basic EPS

419.0

30.1

138.3

9.5

-

(0.2)

-

(0.1)

419.0

29.9

138.3

9.4

Earnings
2023

Per shareamount2023

Earnings
2022

Per shareamount
2022

£m

Pence

£m

Pence

Adjustments to exclude profit for the period fromdiscontinued operations

Effect of dilutive potential ordinary shares (p)Earnings from continuing operations and EPS for the
purpose of statutory diluted EPS
Statutory earnings per share from discontinued operations

Profit for the year-

1,493.2

Non–controlling interests--

Earnings from discontinued operations and EPS for the
purpose of statutory basic EPS--

1,493.2

102.5

Effect of dilutive potential ordinary shares (p)

-

-

-

(0.5)

Earnings from discontinued operations and EPS for the
purpose of statutory diluted EPS--

1,493.2

102.0

Earnings
2023

Per
share
amount2023

Earnings
2022

Per shareamount
2022

£m

Pence

£m

Pence

Statutory earnings per share from continuing and discontinued operations

Profit for the year

462.7

1,635.3

Non–controlling interests(43.7)(3.8)

Earnings and EPS for the purpose of statutory basic EPS

419.0

30.1

1,631.5

112.0

-

(0.2)

-

(0.6)

419.0

29.9

1,631.5

111.4

Effect of dilutive potential ordinary shares (p)Earnings from continuing and discontinued operations
and EPS for the purpose of statutory diluted EPS

informa.com

Informa PLC | 2023 Full Year Results

38

Adjusted earnings per share
In addition to basic EPS, adjusted diluted EPS has been calculated to provide useful additional information onunderlying earnings performance. Adjusted diluted EPS is based on profit attributable to equity Shareholders
which has been adjusted to exclude items that, in the opinion of the Directors, would distort underlying results(see note 6).
Adjusted earnings per share from continuing operations

Earnings
2023

Per shareamount2023

Earnings
2022

Per shareamount
2022

£m

Pence

£m

Pence

419.0

30.1

138.3

9.5

312.8

22.4

275.3

18.9

Impairment – acquisition-related and other intangible assets

25.1

1.8

6.9

0.5

Reversal of impairment – IFRS 16 right of use assets

(0.6)

-

(0.1)

-

Reversal of impairment – property and equipment

-

-

(0.7)

(0.1)

Acquisition costs

53.3

3.8

11.8

0.8

Integration costs

19.7

1.4

10.2

0.7

Restructuring and reorganisation costs

11.0

0.8

(1.6)

(0.1)

-

-

4.7

0.3

Fair value gain on contingent consideration(87.6)

(6.3)

-

-

Fair value loss on contingent consideration

12.0

0.9

5.7

0.4

Foreign exchange loss on swap settlement

5.6

0.4

-

-

Credit in respect of unallocated cash

(5.3)

(0.4)

-

-

Fair value (gain)/loss on investments

(1.3)

(0.1)

0.9

0.1

Profit on disposal of subsidiaries and operations

(3.0)

(0.2)

(11.6)

(0.8)

-

-

(20.6)

(1.4)

0.8

0.1

1.3

0.1

(127.0)(9.1)(54.5)

(3.7)

0.6

-

(9.5)

(0.7)

635.1

45.6

356.5

24.5

-

(0.3)

-

(0.1)

635.1

45.3

356.5

24.4

Earnings for the purpose of statutory basic EPS/statutory
basic EPS (p)Intangible asset amortisation

Onerous contracts associated with COVID-19

Distributions received from investments
Finance costs
Tax related to adjusting items
Non-controlling interest adjusting items
Earnings and EPS for the purpose of adjusted basic EPS
from continuing operations
Effect of dilutive potential ordinary shares (p)Earnings and EPS for the purpose of adjusted diluted EPS
from continuing operations

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Informa PLC | 2023 Full Year Results

39

Adjusted earnings per share from discontinued operations
Earnings
2023

Per shareamount2023

Earnings
2022

Per shareamount
2022

£m

Pence

£m

Pence

Earnings for the purpose of statutory basic EPS/statutory
basic EPS (p)--1,493.2

102.5

Adjusting items--(1,463.7)(100.5)

Earnings and EPS for the purpose of adjusted basic EPS
from discontinued operations

-

-

29.5

2.0

Effect of dilutive potential ordinary shares (p)

-

-

-

-

Earnings and EPS for the purpose of adjusted diluted EPS
from discontinued operations

-

-

29.5

2.0

Earnings
2023

Per shareamount2023

Earnings
2022

Per shareamount
2022

£m

Pence

£m

Pence

635.1

45.6

386.0

26.5

-

(0.3)

-

(0.1)

635.1

45.3

386.0

26.4

Adjusted earnings per share from continuing and discontinued operations

Earnings and EPS for the purpose of adjusted basic EPS
Effect of dilutive potential ordinary shares (p)Earnings and EPS for the purpose of adjusted diluted EPS

12. Business combinations
2023

2022

£m

£m

Tarsus1

144.3-

Winsight

296.8-

HIMSS Global Health Conference & Exhibition

84.0

-

Canalys

37.7

-

LSX

7.5

-

Future Science Group

22.4

-

Black Arts

2.2

1.4

Other

1.8

-

Industry Dive

-

302.2

Skipta-4.9

China Bakery-

1.5

Clinerion AG-

2.3

Premiere Shows-

0.4

NetLine Corporation

-

2.4

596.7

315.1

Cash paid on acquisitions, net of cash acquired
Current year acquisitions

Prior year acquisitions including deferred and contingent payments

Total cash paid in year, net of cash acquired
1

Includes £5.3m of contingent consideration settled post-acquisition

informa.com

Informa PLC | 2023 Full Year Results40Informa completed a number of acquisitions during 2023, the most significant being Tarsus, Winsight, HIMSS
and Canalys.
On 17 April 2023 Informa acquired 100% of the shares in Tiger Acquisitions (Jersey) Limited, which ultimately
owns the Tarsus Group (collectively ‘Tarsus’). Tarsus owns and operates a portfolio of over 160 live and ondemand B2B event brands across a number of specialist markets. Total consideration for Tarsus was £359.4m,
of which £168.1m was paid in cash, £169.8m was settled by the issue of 26.0m shares in Informa Plc at a priceof £6.56 per share, and the remainder represented by deferred Informa equity, determined to have a fair valueof £21.5m at acquisition date, which is contingent upon the Informa Plc share price reaching £8.50 by 1 June
2025. Immediately upon completion, Informa repaid £443.9m of Tarsus’s external debt, resulting in an overall
cost, excluding fees and the deferred Informa equity, of £781.8m.
On 16 May 2023 Informa acquired 100% of LOE Holdings LLC, the parent company of Winsight LLC, and its
subsidiaries (collectively ‘Winsight’). Winsight provides a range of specialist B2B Services to the Foodservice
market, including events, data and research and media. Total consideration was £324.4m, of which £314.7m
was paid in cash and £9.7m was contingent cash consideration. The contingent consideration is based on 2023
revenue and EBITDA performance.
On 1 August 2023 Informa completed the acquisition of the HIMSS Global Health Conference & Exhibition(‘HIMSS’) assets. HIMSS Is the largest US event focusing on information systems and information technology forthe health sector. Total consideration was £84.0m, all of which was paid in cash.
On 1 September 2023 Informa acquired 100% of the issued share capital of Canalys Pte Ltd and its subsidiaries(collectively ‘Canalys’). Canalys is a specialist market research and analysis business that serves two subsegmentsof the Tech market, channel and mobility. Total consideration was £48.6m, comprised of £41.5m cash, £3.9m inordinary shares in Informa Plc and £3.2m contingent consideration. The contingent consideration is based onrevenue and cash performance in the period 1 April 2023 to 31 March 2024.

13.

Movements in net debt

Net debt consists of cash and cash equivalents and includes bank overdrafts when applicable, borrowings,
derivatives associated with debt instruments, finance leases, lease liabilities, deferred borrowing fees and otherloan note receivables (excluding fair value through profit and loss items and amounts held in escrow) where these
are interest bearing and do not relate to deferred contingent arrangements.

Cash flow

Exchange
movements

At 31
December
2023

£m

£m

£m

£m

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

389.3

Derivative assets associated withborrowings

2.2

(2.2)

-

-

-

Finance lease receivables

6.7

5.9

(1.3)

(0.8)

10.5

Total other financing assets

8.9

3.7

(1.3)

(0.8)

10.5

Bond borrowings due in more than one
year(1,512.3)

-

-

19.7

(1,492.6)

Bank loans due in more than one year

(41.3)

0.5

7.9

2.5

(30.4)

Bond borrowing fees

8.8

(2.7)

-

0.1

6.2

Bank loan fees due in more than one year

2.4

(1.6)

1.2

0.3

2.3

Cash and cash equivalents

At 1
January2023

Non-cashMovements£mOther financing assets

Other financing liabilities

informa.com

Informa PLC | 2023 Full Year Results

41Derivative liabilities associated withborrowings(168.1)

82.0

8.2

-

(77.9)

Lease liabilities(270.4)(43.0)

33.8

15.8(263.8)-(443.9)

443.9

-

-

(398.4)

-

386.0

12.4

-

Total other financing liabilities(2,379.3)(408.7)

881.0

50.8

(1,856.2)

Total net financing liabilities(2,370.4)(405.0)

879.7

50.0

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

Acquired debt (see note 12)
Bond borrowings due in less than one year

Net debt

Included within the net cash outflow of £809.5m (2022: inflow of £1,403.2m) is £7.9m (2022: £0.4m) of loan
repayments. Bank loans include the Curinos debt acquired as part of the Novantas transaction in 2021,
representing £30.4m ($38.8m) of a drawn loan facility less finance fees of £0.6m ($0.8m). There are total loan
facilities available relating to Curinos of up to $60.0m, of which $50.0m has a maturity date no later than 28 May
2024 should this remain undrawn and $10.0m has a maturity date no later than 28 May 2027.

14. Borrowings
Total borrowings, excluding derivative assets and liabilities associated with borrowings, are as follows:
2023

2022

£m

£m

-

398.4

-

398.4

Bank borrowings - other

30.4

41.3

Bank debt issue costs

(2.3)

(2.4)

28.1

38.9

Euro Medium Term Note (€700.0m) – due October 2025

608.2

619.7

Euro Medium Term Note (£450.0m) – due July 2026

450.0

450.0

Euro Medium Term Note (€500.0m) – due April 2028

434.4

442.6

Euro Medium Term Note issue costs

(6.2)

(8.8)

1,486.4

1,503.5

Total non-current borrowings

1,514.5

1,542.4

Total borrowings

1,514.5

1,940.8

Notes
Current
Euro Medium Term Note (€450.0m) – due July 2023
Total current borrowings

13

Non-current

Bank borrowings – non-current

13Euro Medium Term Note borrowings – non-current

13Group level borrowings do not have any financial covenants and do not contain any pledge of its property andequipment and other intangible assets as security over loans.
The average debt maturity on our drawn borrowings is currently 2.7 years (2022: 3.1 years). The Group maintains
the following lines of credit:●£1,050.0m (2022: £1,020.0m) non-current revolving credit facility, of which £nil (2022: £nil) was drawn
down at 31 December 2023. Interest is payable at SONIA or SOFR plus a margin.

●£77.5m (2022: £91.2m) of Curinos bank borrowings, of which £30.4m (2022: £41.3m) was drawn at 31
December 2023. Interest is payable at other offering rates plus a margin.

informa.com

Informa PLC | 2023 Full Year Results42●£23.2m (2022: £31.7m) comprising a number of bilateral uncommitted bank facilities that can be drawn
down to meet short-term financing needs, of which £nil (2022: £nil) was drawn at 31 December 2023.
These facilities consist of £10.0m (2022: £10.0m), USD 12.8m (2022: USD 22.3m), AUD 1.0m (2022: AUD
1.0m), CAD 2.0m (2022: CAD 2.0m) and SGD 2.3m (2022: SGD 2.3m). Interest is payable at the local baserate plus a margin.

●

Three bank guarantee facilities comprising in aggregate up to USD 10.0m (2022: USD 10.0m), €0.9m (2022:€0.9m) and £14.0m (2022: £14.1m).

The effective interest rate on total borrowing for the year ended 31 December 2023 was 3.4% (2022: 3.0%).

15. Notes to the Cash Flow Statement
2023

2022

£m

£m

492.1

168.8

Depreciation of property and equipment

13.5

11.7

Depreciation of right of use assets

26.3

24.8

Amortisation of other intangible assets

353.9

310.5

Notes
Continuing operations
Profit before tax
Adjustments for:

Impairment – acquisition-related and other intangible assets

6

25.1

6.9

Reversal of impairment – IFRS 16 right of use assets

6

(0.6)

(0.1)

Reversal of impairment – property and equipment

6

-

(0.7)

20.8

17.5

Share-based payments
Fair value gain on contingent consideration

6(87.6)-

Fair value loss on contingent consideration

6

12.0

5.7

(5.1)

(3.0)

Lease modifications
Profit on disposal of businesses

6

(3.0)

(11.6)

Distributions received from investments6-(20.6)

2.4

0.3

Loss on disposal of property, equipment and software
Fair value (gain)/loss on investment

6

(1.3)

0.9

Finance income

7(47.4)(27.5)

Finance costs

8

67.4

74.1

Share of adjusted results of joint ventures and associates

(5.8)

(2.1)

Operating cash inflow before movements in working capital

862.7

555.6

(Increase)/decrease in inventories

(7.4)

0.1

Increase in receivables(16.1)(141.7)(Decrease)/increase in payables(16.0)

197.2

informa.com

Informa PLC | 2023 Full Year Results

43Movements in working capital(39.5)

55.6

Pension deficit recovery contributions

(3.5)

(6.9)

Additional pension payment-(16.1)

Pension payment into escrow-(28.2)

819.7

560.0

-

54.7

819.7

614.7

Cash generated by continuing operations
Cash generated by discontinued operations
Cash generated by operations

16. Share capital
Share capital as at 31 December 2023 amounted to £1.4m (2022: £1.4m).
2023

2022

£m

£m

1.4

1.4

2023

2022

Number ofsharesNumber ofshares1,418,525,746

1,503,112,804-

5,000,000

Issue of shares

26,492,800-

Share buyback(76,988,847)(89,587,058)

At 31 December

1,368,029,699

1,418,525,746

Issued, authorised and fully paid
1,368,029,699 (2022: 1,418,525,746) ordinary shares of 0.1p each

At 1 January
Issue of new shares to Employee Share Trust

On 17 April 2023, the Company issued 25,957,663 ordinary shares at the nominal value of 0.1p to Tiger
Acquisitions (Jersey) Limited in relation to the acquisition of Tarsus (see note 12).
On 1 September 2023, the Company issued 535,137 ordinary shares at the nominal value of 0.1p to Canalys Pte
Limited in relation to the acquisition of Canalys (see note 12).
During 2023, the Company bought back 76,988,847 ordinary shares (2022: 89,587,058) at the nominal value of
0.1p for a total consideration of £548.3m (2022: £517.0m) and cancelled 76,476,666 (2022: 88,987,197) of theseshares. 512,181 shares (2022: 599,861 shares) for consideration of £4.0m (2022: £3.7m) were settled andcancelled subsequent to year-end.

17. Post balance sheet events
On 10 January 2024 the Group announced an agreement to combine Informa Tech’s digital businesses with
TechTarget to create US-listed New TechTarget. Informa will contribute Informa Tech’s digital businesses andc.$350m of cash for a 57% ownership of New TechTarget. The proposed transaction is expected to complete in
the second half of 2024, subject to TechTarget majority shareholder approval and customary regulatory approvals.

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Informa PLC | 2023 Full Year Results

44Glossary of Terms: Alternative Performance Measures
The Group provides adjusted results and underlying measures in addition to statutory measures, in order toprovide 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 thatis comparable to the prior year.
The terms ‘adjusted’ and ‘underlying’ are not defined terms under IFRS and may not therefore be comparable withsimilarly titled measurements reported by other companies. These measures are not intended to be a substitutefor, or superior to, IFRS measurements. The Financial Review provides reconciliations of alternative performancemeasures (APMs) to statutory measures and also provides the basis of calculation for certain APM metrics. These
APMs are provided on a consistent basis with the prior year.
ADJUSTED RESULTS AND ADJUSTING ITEMS
Adjusted results exclude items that are commonly excluded across the media sector: amortisation and impairmentof goodwill and intangible assets relating to businesses acquired and other intangible asset purchases of booklists, journal titles, acquired databases and brands related to exhibitions and conferences, acquisition andintegration costs, profit or loss on disposal of businesses, restructuring costs and other items that in the opinionof the Directors would impact the comparability of underlying results. Adjusting items are detailed in Note 6 to theConsolidated Financial Statements.
Adjusted results are prepared for the following measures which are provided in the Consolidated Income
Statement on page 20: adjusted operating profit, adjusted net finance costs, adjusted profit before tax (PBT),
adjusted tax charge, adjusted profit after tax, adjusted earnings, and adjusted diluted earnings per share. Adjusted
operating margin, effective tax rate on adjusted profits and adjusted EBITDA are used in the Financial Review on
pages 9, 12 and 15 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 and definition of adjusted EBITDA isprovided 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 and adjusting 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 and adjusting items. It is adjusted
to include a full year’s trading for acquisitions and remove trading results for disposals, and adjusted to be ona pre-IFRS 16 basis.

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. The Financial Review on page 12 shows the calculation of the adjusted effective tax
rate, which is provided as an additional useful metric for readers on the Group’s tax position.
ADJUSTED NET DEBT
Adjusted net debt for Informa leverage purposes under the Group’s previous financial covenants on debt facilities
is translated using average exchange rates for the 12-month period and is adjusted to include deferredconsideration payable, to exclude derivatives associated with borrowings and to be on a pre-IFRS 16 basis.
ADJUSTED OPERATING MARGIN
The adjusted operating margin is shown as a percentage and is calculated by dividing adjusted operating profit byrevenue. The Financial Review on page 9 shows the calculation of the adjusted operating margin, which is provided
as an additional useful metric on underlying performance to readers.

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Informa PLC | 2023 Full Year Results

45

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.
DIVIDEND COVER
Dividend cover is the ratio of adjusted diluted earnings per share to dividends per share for the year and isprovided to enable year-on-year comparability on the level at which dividends are covered by earnings. Dividends
consist of the interim dividend that has been paid for the year and the proposed final dividend for the year. Diluted
earnings per share are adjusted to be stated before adjusting items impacting earnings per share. The Financial
Review on page 14 provides the calculation of dividend cover.
DIVIDEND PAYOUT RATIOThis is the ratio of the total amount of dividends per share paid and proposed to Shareholders relating to a financial
year relative to the adjusted diluted earnings per share on continuing operations for the year. The dividend payout
ratio is shown on page 14 of the Financial Review.
FREE CASH FLOW
Free cash flow is a key financial measure of cash generation and represents the cash flow generated by thebusiness before cash flows relating to acquisitions and disposals and their related costs, dividends, 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 to repay debt. The Financial Review on page 15 provides a reconciliation offree 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 compliancewith these previous specific debt covenants. The Financial Review on page 18 provides the basis of the calculationof Informa interest cover.
INFORMA LEVERAGE RATIOThe 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 isprovided to enable the assessment of our debt position together with compliance with these previous specificdebt covenants. The Financial Review on page 18 provides the basis of the calculation 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, deferred borrowing fees and otherloan 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 businessand is measured by and represents free cash flow before interest, tax, restructuring and reorganisation costs. The
Financial Review on page 16 reconciles operating cash flow to statutory measures.
Operating cash flow conversion is a measure of the strength of cash generation in the business and is measured
as a percentage by dividing operating cash flow by adjusted operating profit in the reporting period. The Financial
Review on page 15 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 anddisposals, the phasing of events, including biennials, the impact of changes from implementing new accounting
informa.com

Informa PLC | 2023 Full Year Results

46

standards and accounting policy changes and the effects of changes in foreign currency by adjusting 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 schedulingcycle of events in the current year. Where an event originally scheduled for 2022 or 2023 was either cancelled or
postponed there was an adverse impact on 2022 or 2023 underlying growth as no adjustment was made for thesein the calculation.
The results from acquisitions are included on a pro-forma basis from the first day of ownership in the comparative
period. Disposals are similarly adjusted for on a pro-forma basis to exclude results in the comparative period fromthe date of disposal. Underlying measures are provided to aid comparability of revenue and adjusted operating
profit results against the prior year. The Financial Review on page 10 provides the reconciliation of underlying
measures of growth to reported measures of growth in percentage terms.

Additional Information and Where to Find It
In connection with the proposed transaction (the “proposed transaction”) between Informa and
TechTarget, Toro CombineCo, Inc. (“NewCo” or, after the completion of the proposed transaction, “New
TechTarget”) and TechTarget will prepare and file relevant materials with the Securities and Exchange
Commission (the “SEC”), including a registration statement on Form S-4 that will contain a proxystatement of TechTarget that also constitutes a prospectus of NewCo (the “Proxy
Statement/Prospectus”). 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 proposedtransaction. This communication is not a substitute for any proxy statement, registration statement orprospectus, 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,INVESTORS AND SECURITY HOLDERS OF TECHTARGET ARE URGED TO READ CAREFULLY AND IN THEIRENTIRETY THE PROXY STATEMENT/PROSPECTUS WHEN IT BECOMES AVAILABLE 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 TO THESE DOCUMENTS, IN CONNECTION
WITH THE PROPOSED TRANSACTION, WHEN THEY BECOME AVAILABLE BECAUSE THESE DOCUMENTSCONTAIN OR WILL CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED TRANSACTION AND
RELATED MATTERS. TechTarget investors and security holders will be able to obtain free copies of theProxy Statement/Prospectus (when they become available), as well as other filings containing important
information about TechTarget, NewCo, and other parties to the proposed transaction (including
Informa), without charge through the website 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.TechTarget.com or bycontacting TechTarget’s Investor Relations Department at investor@TechTarget.com.
Participants in the Solicitation
Informa, TechTarget, NewCo, 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 2023 annual meeting ofstockholders, filed with the SEC on April 19, 2023, and in other documents subsequently filed with theSEC. Additional information regarding the participants in the proxy solicitations and a description of
informa.com

Informa PLC | 2023 Full Year Results

47

their direct or indirect interests, by security holdings or otherwise, will be contained in the Proxy
Statement/Prospectus and other relevant materials 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
the requirements 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 the
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 Informa, TechTarget, or NewCo, 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 business with the business of TechTarget; the ability of NewCo to
implement its business strategy; difficulties and delays in achieving revenue and cost synergies of
NewCo; the occurrence of any event that could give rise to termination of the proposed
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Informa PLC | 2023 Full Year Results

48

transaction; 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; Informa’s, TechTarget’s, and
NewCo’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 Techbusiness’s products and services; the impact of pandemics and future health epidemics and any related
economic downturns, on TechTarget’s business and the markets in which it and its customers operate;changes in economic or regulatory conditions or other trends affecting the internet, internet advertisingand 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 business’s results; and othermatters 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, 2022 and its Quarterly Report on Form 10-Q for the quarter
ended September 30, 2023. These risks, as well as other risks associated with the proposed transaction,
will be more fully discussed in the Proxy Statement/Prospectus that will be included in the registration
statement on Form S-4 that will be filed with the SEC in connection with the proposed transaction. Whilethe list of factors presented here is, and the list of factors to be presented in registration statement on
Form S-4 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 relianceon any of these forward-looking statements as they are not guarantees of future performance oroutcomes and that actual performance and outcomes, including, without limitation, our actual resultsof operations, financial condition and liquidity, and the development of new markets or market
segments in which we operate, may differ materially from those made in or suggested by the forwardlooking statements contained in this communication.
Any forward-looking statements speak only as of the date of this communication. None of Informa,
TechTarget, or NewCo undertakes any obligation to update any forward-looking statements, whether
as a result 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.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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