Informa
Annual Reportand Accounts
2023  Specialisation  &   Scale  Annual Report and Accounts 2023

Strategic Report

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Inside this report
Strategic Report

Governance Report
Business Review

About Informa
Informa at a glance
Business model
Why invest

2
4
6

Read the Group
CEO’s Review

Read about the growth andperformance of our businesses
Business Review
page 40

Group Chief Executive’s Review
page 1281012Why invest
page 6The Board’s year
page 96

This Annual Report and Accounts is at the centre of ourreporting to shareholders and other stakeholders.
We also make supplementary information available foranyone who would like to explore further. Head to our
dedicated Review of 2023 hub for extra detail by following thelinks and QR codes in this report. The Informa website is also
home to other reports in our wider suite, including the 2023
Sustainability Report and Climate Impacts Report.

Discover life atInforma in 2023

Introduction and overviewPrincipal risks and uncertainties
Viability Statement

56
60
67

Board of Directors

91

Board review and activity
Chair’s introduction to governance 94
The Board’s year
96
Section 172 Statement
102Compliance with the UK Corporate
Governance Code
103

Financial Review

Committee Reports

Market trends
18
Group strategy
20
FasterForward22

Introduction70
Financial review
73

Nomination Committee
106
Audit Committee
111
Director’s Remuneration
Committee121

Introduction28
Stakeholder snapshot
30
People and partnerships
32

Hear from the Boardon its 2023 activities

40
42
54

Position and opportunities People and partnerships

Find out about ourinvestment caseBusiness snapshot
Business ReviewKey performance indicators
Risk management 

Review of 2023
2023 highlights
Chair’s Introduction
Group Chief Executive’s Review

Informa’s BoardTask Force on Climate-related
Financial Disclosures report 84

Non-financial and sustainability
information statement

88

Financial Statements
Independent Auditor’s reportDirectors’ Report
140Statement of Directors’
responsibilities141

Company Information
144

Consolidated Financial Statements
Consolidated Income Statement

152

Consolidated Statementof Comprehensive Income

153

Consolidated Statementof Changes in Equity

154

Consolidated Balance Sheet

155

Consolidated Cash Flow
Statement156
Notes to the Consolidated
Financial Statements

Other governance information

157

Parent Company
Financial Statements

Shareholder information

Parent Company Balance Sheet

228

Parent Company Statementof Changes in Equity229

Notes to the Parent Company
Financial Statements

230

Other financial information
Audit exemption

235

Glossary of terms: Alternative
performance measures237

Five-year summary

239

Stay up to date withmore information at

informa.com

Advisers242

We include International Financial
Reporting Standards (IFRS) andalternative performancemeasures in this report.
Alternative performancemeasures are defined in theglossary on pages 237 and 238
and marked with an asterisk
the first time they are used.
All financial data is presented
on a continuing basis unlessotherwise stated.
This Strategic Report wasapproved by the Board on
7 March 2024.

People and partnerships
page 32

John Rishton
Chair, on behalf of the Board

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Informa at a glance
Our purpose

The markets we work in

We   champion   the   specialist  ,  connecting people   with  knowledge   to help them learn
more, know more and do more.
Where we are

We work in two large international markets through four divisions and a portfolio
of investments in aligned businesses

AcademicMarkets

Taylor& Francis
Academic research,advanced learningand open researchBusiness Review
page 50

We have over 12,000 colleagues working in around 30 countries
and serving customers in 150 countries

UK

Business-to-Business(B2B) Markets

InformaMarkets
Transaction-led
live and ondemand events

Informa
Connect
Content-led
live and ondemand events

Business Review
page 42

Business Review
page 44

InformaTech
B2B digital
services

Business Review
page 48

Informa
Investments
Portfolio of retained
and aligned
investments
Business snapshot
page 40

Specialist
marketsand subject
categories

Products
andservices

We serve customers in dozensof specialist markets andsubject categories

We deliver products andservices based on knowledge,
ideas and connections

Including Biotech & Pharma, Health& Nutrition, Artificial Intelligence,
Medicine & Healthcare, Finance,
Foodservice, Education, Professional
Beauty, Labels & Packaging, Psychology

Including transaction-led andcontent‑led live and on-demand events,
specialist research, advanced learning,open research, specialist media,
digital lead generation services

Netherlands
Japan
South Korea

CanadaUS

China

TürkiyeEgypt

MexicoSaudi Arabia

UAE
India
ThailandIndonesia
Singapore

MalaysiaBrazilAustralia
New Zealand2

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Business model  What we do    How we add value  • We own and operate unique brands
and imprints, continuously investing
to ensure they stay relevant to themarket they serve

We love ambitious thinking. Successalso comes from rolling up our sleeves
and taking personal ownership

Trust must be earned
We build trust and confidence by getting
close to customers and partners andoffering support every step of the way

We connect people
Connecting the right businesses andprofessionals at the right time inpowerful and effective ways

Success is a partnership
We get to better answers by combining
skills and talent, joining forces andembracing ideas wherever they come from

More freedom, fewer barriers

We work in theknowledge andinformation economy• We form deep relationships with the
key partners who help deliver our
products, based on shared goals
and standards• Transaction-led live andon-demand events

We like to do things swiftly, flexibly
and with as few obstacles as possible
People andpartnerships
page 28• We stay close to customers anddevelop products collaboratively
to keep meeting their needs

We deliver
specialist• Specialist media andknowledge  Through   research brands
and unique,• Accredited training
trusted content
Delivering expert, verified
research and trusted,specialist insight that can bereadily used and applied• Partnering andmatchmaking-focused
events and digital products• Digital demand generationand engagement services• We embed sustainability
throughout the business to add
value to our brands, create apositive wider impact and manage
our waste and carbon footprint• We continuously invest intechnology to improve our products
and customer experience and drive
greater efficiency• We are efficient and disciplined in
how we use capital• We generate and capture first-party
customer data to enhance our
products and marketing and create
new data-driven digital services• We manage risk in a dynamic
way, empowering teams to act onmarket changes and opportunities
in real time  We generate revenues from  • Content-led live andon-demand events• Expert research delivered
through journals, articles,
ebooks and open
research platforms• We focus on attracting and retaining
great talent, and fostering an
engaging culture that helps
colleagues work and deliver totheir best

• Annual and multiyear subscriptions
to journals• Purchases of
specialist books
and ebooks• Licensing anddata access• Exhibition stand space atlive events• Article processing
charges on open
research• Paid attendance at live
and on-demand events

B2B Markets

Think big, act small

Academic Markets

Our guiding
principles are• Open bookpublishing services• Access to specialist
databases• Research editing
services• Access to archive
content• Sponsorship andpromotion on
research hubs

• Research article
reprints and othercontent services• Sponsorship of live andon-demand events• Brand promotion on
event apps, in pre-event
marketing and onsite• Content-focused brandawareness campaigns,
including sponsoredwebinars and distributed
thought leadership• Product listing andpromotion on digitalmarketplaces and directories• Lead generation platforms
and lead capture dashboards• Individual and corporate
training courses• Annual and multi-year
subscription to specialist
research• Consultancy services• Purchases of individual
research and reports• Buyer intent platforms• Audience development
services

Professionals
Professionals want to get smarter about
their subject matter and stay informed,
connected and relevant to their market

We enable discovery

Businesses

Helping businesses discover and target
active buyers, find relevant products andsuppliers, and identify the right investors
and distributors, in person and digitally

Businesses need to discover and engage
with customers, suppliers and partners,
continuously and often internationallyResearchers  We create benefits and value  Forshareholders

For
customers

For
colleagues

For
partners

Forcommunities

Long-term
capital andincome growth

Knowledge andconnections that
help customers
succeedFinancial benefits,
and professional
development
and satisfaction

Relationshipsthat support
commercial
success

Contributing
to socialand economic
development

45.3p

30,000

80

36,000£510mAdjusted diluted
earnings per share

Researchers want their work to reachothers, be applied to real-world
problems and lead to progress andnew discoveries

One-on-one
investment
meetings held at
BIO-Europe 2023

Colleague
engagement
index score
People and partnerships
page 28

Market trends
page 18

45Suppliers partneredwith in 2023

2023 global tax
contribution

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Why invest

In the fast-growing knowledge and information economy,
we own trusted brands that help businesses and professionals
navigate the burgeoning volume of information anddata, connecting them with knowledge, ideas and people,
enabling them to make better decisions, faster.

$73bn

1.

2.

3.

4.

5.

6.

Serving growing
markets

Leading specialist
brands and businesses

Strong financial
characteristics

Unique, dynamic
and agile culture

Opportunities in digitaland data services

Underpinned
by sustainability

As the business world becomes
more and more digital, high-quality
live, in-person interactions withcustomers, suppliers and colleagues
are becoming more scarce andmore valuable.

Our specialist brands have strong
recognition and reputations within
the markets they serve.

Our businesses have strong
and consistent growth
characteristics. Our capitalrequirements are low, delivering
attractive operating margins
and high levels of cash conversion
and cash generation.

Ensuring our colleagues find life
at Informa engaging, productive,
rewarding and enjoyable means
they feel valued and supported.

We are a digitally enabled businessand use technology to enhance
products, create more value forcustomers, improve productivity
and drive greater efficiency.

Our sustainability programme,
FasterForward, is embedded acrosseverything we do. It defines ourpriorities to 2030 and includes interim
goals for 2025.

We are increasingly using
technology to capture, collate andenrich first-party data from our
products and services, providing
insights that help better market our
products according to customer
trends and needs, while opening
new, adjacent markets with new
budgets and revenue opportunities.

This includes becoming a zero waste
and net zero carbon business by 2030,
and embedding sustainability content
across our products to help the
specialist markets we serve accelerate
their sustainable solutions.

Similarly, as the volume of
information available expands
exponentially, the value of trusted
and verified sources of data andresearch increases.
Business model
page 4

We provide specialist platforms andproducts including live and ondemand events, accredited training,
specialist content, digital demand
generation, buyer intent, specialist
B2B research, academic researchand reference publishing.
Our scale and depth acrossspecialist subject categories andmarkets gives us a leading position
in both Academic Markets andB2B Markets.
Business Snapshot
page 40

This gives us significant flexibility
for organic and inorganic
investment to drive future growth,
as well as the ability to provide
attractive returns to shareholders.
Financial Review
page 70

Addressable market
for knowledge services$14bnSize of US technology
B2B data and market
access market

Our culture encourages colleagues
to be agile and flexible in how
they serve customers, helping
us stay responsive to trends anddevelopments, and evolving
and enhancing what we do.
Our colleagues are specialists
in their markets. Their expert
knowledge and insight help
us better understand ourcustomers’ needs so we canserve them better.

$33bn

Forecast size of the global
exhibition industry in 2025

Live and on-demand events, poweredby AI, page 46

People and partnerships
page 28

Our consistent commitment
and progress on sustainability
are recognised by a number of
independent indices and awards,
including an AAA MSCI rating
and inclusion in the Dow Jones
Sustainability Index (DJSI) World
Index for the last six years.
FasterForward
page 226

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Strategic Report

2023 highlights

In 2023, we went
deeper into  specialist markets  ,
built further  scale   and created

Strongfinancialperformance

Increasing
shareholder
returns

Growing
research
content

Delivering
for colleagues

Strongsustainability
performance8£3,190m

2022: £2,262m

Underlying* |Reported revenue
growth

30.4% | 41.0%

Adjusted* | Statutory
operating profitFreecash flow£854m | £508m£632m

2022: £496m | £184m

2022: 31.4% | 42.9%

Adjusted* I Statutory
diluted earnings
per share

Dividendper
share

Cumulative
total sharebuyback

45.3p | 29.9p

18.0p£1,060m

Permissioned
B2B audience

Audience interactions
with our brands

20m

597m

Articles on Taylor& Francis Online

New reference
titles published

4.6m

8,100

Colleague
engagement score

Participation in
ShareMatch

Voluntaryleavers

80

30%

10%

Percentile in
Dow Jones
Sustainability Index

MSCI
ESG
rating100th

AAA2022: 24.4p | 9.4p

2022: 9.8p

2022: £513m

Portfolio
growth andexpansion
Audience
growth andexpansionstrong growthGrouprevenue

2022: 15m

2022: 4.5m

2022: 79

2022: 100th

2022: 377m

2022: 8,100

2022: 29%2022: 15%2022: AA92022: £418m

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Strategic Report

Chair’s Introduction
For several years, Informa has been building its
position and capabilities in digital services thatserve B2B customers. This accelerated during the
pandemic, and when much business activity moved
online, the company took the decision to invest
in its first-party data platform IIRIS and in thespecialist businesses NetLine and Industry Dive.

Growth&Opportunity

The last year has been
an exciting time to bepart of Informa.

Informa entered 2023 well placed,thanks to the decisions and actions
taken in previous years, and theprogressive reopening of the world
after the pandemic.
Notably, the Board and leadership team had taken
the decision to fully focus the business on Academic
Markets and B2B Markets, divesting Informa’s
Intelligence portfolio to enable the return of capitalto shareholders and reinvest in growth initiatives
for the benefit of all of Informa’s stakeholders.
As a focused business with a clear growthstrategy and strong balance sheet, facing into
more normalised customer markets, Informa
really fired on all cylinders during 2023; fantastic
to see after the challenges the company had to
manage in prior years.

Specialisation and scale
The underlying business performed strongly andconsistently in all areas in 2023. We expanded
further in geographic growth markets, with aparticular highlight being our Tahaluf partnershipbusiness in Saudi Arabia. This is going fromstrength to strength as the Kingdom diversifies its
industries and invests in bringing new jobs andinternational connections to the region: all goals
that B2B events support well.
As many readers will know, adding complementarybusinesses that operate in attractive specialist
markets is an established part of Informa’s
approach to growth and building scale, and thiswas a particular feature of 2023.

John Rishton presents to shareholders at the 2023 Informa
Annual General Meeting, with Group CEO Stephen A. Carter andSenior Independent Director Mary McDowell alongside him

Thanks to our strong financial position and theproceeds of 2022’s divestments, we took theopportunity to add scale in several specialist
markets, welcoming excellent brands and talent in
Aviation and Packaging from Tarsus, in Foodservice
from Winsight, in Tech Research from Canalys, in
Healthcare Tech from HIMSS, in Life Sciences from
LSX and in Scientific and Medical Research from
Future Science Group over the course of 2023.

10

The company is well diversified by geography,
customer market and product, and has a built-inlevel of resilience that comes from delivering on
its purpose: providing must-have knowledge andconnections that help specialist markets, and thecustomers operating in them, succeed.

2024 began with an announcement that signifies
the next step in Informa’s progress in B2B Digital
Services: a proposed combination of the digitalbusinesses in Informa Tech with US-listed
TechTarget. This is subject to satisfying customary
approvals and conditions, but is an exciting
development that demonstrates Informa’s
ambition and capacity for further scale andgrowth in the years to come.

As an international company, we are also mindfulof the different circumstances colleagues may face.
Over the years Informa has invested in a strong
range of support services available to anyone
personally affected by developments in the wider
world or closer to home. We continued to takea flexible approach to pay reviews during 2023,
introducing more frequent reviews for colleagues
based in higher-inflation countries to provide
confidence and ensure fair financial support.

Investment and returns

Opportunity and thanks

For a business like Informa, ongoing investment inbrands, products and platforms is key to delivering
a great experience and value for customers.
This has been a focus under the 2021-2024 Growth
Acceleration Plan – known as GAP 2 – which is the
structured, six-part programme through which weare delivering our growth strategy. It will continue
to be a focus in 2024 and beyond, including thefurther deployment of new technology andgenerative AI-based tools where they can improvecustomer experience or help the business andour experts be more efficient.

Informa is a very enjoyable company to be a partof and contribute to, and this is one of the most
exciting periods in its development.

We have also invested in accelerating shareholder
returns to match the business’s accelerated
performance and share a good balance of thebenefits of growth with investors.
Having restarted ordinary dividends in the middleof 2022, we have confirmed a dividend of 18p for2023, a year-on-year increase of over 80%.
The share buyback programme initiated in early2022 was further extended in 2023, based on
positive feedback from investors on this approach.

Change and resilience
When I look at the broader world, the landscapethat businesses like Informa are operating in isvaried and changeable. Sadly, there is conflictin some areas of individual countries, although
thankfully this is not directly impacting Informa’s
offices or operations. In some markets, inflationand cost of living pressures remain high, but inother markets, we are seeing good levels of
growth, investment and innovation.
This makes it as important as ever to stay close
to what is happening in our markets and withcustomers, take an agile approach and keep
focusing on the areas of greatest opportunity,
all of which I know Informa colleagues do well.

The business is not only in a strong position today,
consistently delivering on its commitments toshareholders, customers, partners and colleagues;
it is also moving forward with pace, ambitionand confidence.
Thank you to the shareholders I have met over thelast year at Informa’s AGM, the Chair’s annual
roadshow or in other forums for the open exchange
and the engaged and constructive support shown
to the company and its leadership team.
And thank you to all of the colleagues at Informa,
whose enthusiasm, professionalism, talent andskill make it all possible.

John Rishton
Chair
7 March 2024

Long-term success and Section 172
Informa’s Board is committed to performing
all the duties set out in section 172 of
the Companies Act 2006. These include
promoting Informa’s success for the benefitof its members as a whole by considering
the long-term consequences of decisions,the interests of colleagues, customers andpartners and the impact of our operations
on the community and environment.
Full information on how we performed theseduties can be found in the Board’s year (pages
96 to 101) and in our Section 172 Statementon page 102.

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Group Chief Executive’s Review
Informa also has a clear focus and operating
model. After successfully divesting our Intelligenceportfolio in 2022, we entered 2023 focused on
Academic Markets, where we deliver specialist
academic research, advanced learning and open
research through Taylor & Francis, and B2BMarkets, where we deliver live and on-demand
events and digital services through Informa
Markets, Informa Connect and Informa Tech.

Specialisation
&

Scale

We are more confident
than ever in our brands,
businesses and the markets
we have chosen to be in.

2023 was a standout year for Informa
by any measure. Our financial
performance was strong; we invested
in improving our products and serving
customers in new ways; we added
high-quality brands and businesses
that have expanded our positions inthe specialist markets we focus on; andour performance on sustainability andenvironmental, social and governancemeasures was again well recognised.
As a point-in-time snapshot, it is positive andencouraging. For everything that went intocreating such a strong and successful year,
my deep thanks go to all Informa colleagues.
But just as importantly, our 2023 performancereflects the outcomes of decisions and actions
taken over the course of the last decade.
Informa has progressively become a higher-quality
and a higher-growth business, and we areconfident that there are further opportunities
ahead and more to come for our customers,
partners, colleagues and shareholders.
We have a clear strategy. Informa is a growthbusiness, and creating accelerated growth throughbuilding scale in our chosen specialist markets
has long been our focus.

One of the exhibition halls at LEAP 2023, a global tech event held in
Riyadh that brought together over 150,000 local and internationaltech professionals, start-ups, investors and innovators

We are a leader in both areas, with theopportunity and the ambition to do more.
Early in 2024, we have illustrated this ambition
through our agreement to combine the digitalbusinesses of Informa Tech with US-listed
TechTarget, to build a leading platform in B2B
Digital Services. The proposed combination will
create a new TechTarget, listed on Nasdaq, in
which Informa will have a 57% ownership position.
This is of course subject to customary conditions
and approvals, but it represents one of the further
growth opportunities we see ahead and reflects
the confidence and ambition with which we areentering 2024.

The pandemic interrupted and tested the Group,
bringing significant disruption to some areasof our business for a prolonged time, as well
as challenges to many of our personal andprofessional lives. But that period also enabled
us to look again at the value of our first-party data,
expand and invest in our digital services, becreative and flexible in how we serve customers,
reassess the markets we were in and double downon the markets where we see the best long-term
potential for growth and leadership.

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Strong and performing businesses
Each of our four divisions performed well in 2023
and has clear further growth opportunities ahead.

30%

Group
underlying
revenue growthin 2023

In Academic Markets, Taylor & Francis delivered
another year of consistent growth, with total
revenues of £619m and underlying revenue
growth of 3.0% (2022: 3.0%).
Taylor & Francis has transformed since our first
Growth Acceleration Plan (GAP 1) in 2014 and isa higher-quality business, a more digital business
and, increasingly, a more customer-focusedbusiness, centred around researchers andknowledge makers.
Over that time, we have consistently invested inplatforms and technology that make researchmore discoverable and easier to apply, maximising
its impact and value. We have progressively
established a strong position in the growing areaof open research too, adding businesses andexpanding our capabilities. And in common withall parts of the Group, we have deliberately
focused on specialist subject categories where
output and demand for expert research are
growing, such as in medicine and education.
In 2023, pay-to-read subscriptions to researchremained resilient, the volume of open research
published continued to grow and our advanced
learning business performed consistently, withongoing investment into our digital books
platform supporting customers’ continuing shift
towards ebooks and other digital formats.

We are well placed to step up further in 2024.
Taylor & Francis has a clear focus on growthsubject categories and offers a choice of
publishing models to academic and research
institutions, providing a flexible approach that
can align to evolving views on funding andresearch access. These value-added features,combined with the underlying structural growthin higher education and research, mean we aretargeting higher underlying revenue growth in
2024 of around 4%.
Across our B2B Markets businesses, we deliveredan aggregate underlying revenue growth of nearly
40% in 2023. This significant rate of growthreflects strong demand for our major brands asmarkets progressively reopened after the
pandemic, coupled with the long-term decisions
we have taken to operate in specialist markets
that have good growth characteristics.
At the start of the year, it was not clear when,or how quickly, Mainland China and Hong Kong
would reopen for travel and live B2B events.
That process began in around April and was felt
most keenly in Informa Markets, as one of thelargest operators of exhibitions in China. The paceat which live events restarted, and the strength ofdemand from businesses to get back to exhibiting
and trading in person, underlines the unique valueof what we offer, particularly in a world that isincreasingly communicating and interacting
online. Our performance prompted us to raise
our revenue expectations and market guidance
three times during 2023.
Elsewhere in Informa Markets and in Informa
Connect – our content-led live and on-demand
B2B events business – part of our ongoing growthcomes from our investment in improving thecustomer experience and expanding our rangeof services. This is helping to maintain andincrease the benefits and value we deliver
to customers, as we will come on to.

13

Stephen A. Carter
presenting a winner’s
trophy on stage atthe 2023 colleague
Informa Awards

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Group Chief Executive’s Review
continued

In Informa Tech too, we saw strong growth from ourportfolio of technology-focused live and on-demand
events and a good performance from our specialist
research brand Omdia. The broader tech market
was somewhat volatile in 2023. While we
experienced some knock-on effects to budgets forthe specialist B2B digital services Informa Techdelivers, we see significant long-term growthpotential for data-driven products that enable tech
vendors to identify and access active buyers.
Our confidence, combined with supportive market
conditions, opened up the opportunity to expandby joining forces with a US leader, TechTarget,
which we look forward to progressing over thecourse of 2024. In this market and through this
proposed combination, our goal is to serve
B2B customers at scale digitally, as we alreadydo in live and on-demand events. Read more in
the conversation opposite.
Across our B2B Markets businesses, we are alsoseeing – and starting to capture – additional
growth opportunities through geographic
expansion. Scale B2B live events can create
considerable value for the countries andcommunities they are held in, by bringing businessand trade to the area and supporting employment
and economic activity in and around the event.
We have a diversified international portfolio andsee the potential to expand further in markets
such as India, Thailand and the Middle East.
Our Tahaluf partnership in Saudi Arabia is one
such example. From a near standing start, Tahaluf
now operates some of the region’s, and theworld’s, largest events, including tech event LEAP,
and we will be launching a number of other
Informa brands in the Kingdom in 2024.

Growth through business strengthand performance
In our B2B Markets businesses, we see a path tohigh-single-digit underlying revenue growth in2024, outside of any effects from the proposed
combination with TechTarget.
This is real growth, and the strength andmomentum of our underlying business put us ina great place for 2024, giving us both confidence
and an increased ability to invest for further
growth and opportunity.
This is supported by a strong balance sheet,
which is the result of consistent discipline inallocating capital and relentlessly prioritising cash
conversion and cash generation. The dynamics
of our business model – and, in particular, theforward commitments that companies make toexhibit at live events and pay for annual andmulti-year research subscriptions – give us goodvisibility on revenue streams, which in turn helps
us plan ahead and invest with confidence.

As many shareholders will know, in late 2021,
we took the decision to divest our Intelligenceportfolio, and this too is a significant factor in
the opportunities and choices we have today.
We invested in our Intelligence businesses
significantly during GAP 1, improving products
and platforms, refocusing on customer benefits
and service and successfully turning aroundperformance from sharp decline to consistent
growth. This created a high-performing, highquality portfolio of businesses, but in 2021, wereached the conclusion that there were limited
opportunities here to further scale our positions
compared with Academic and B2B Markets.
We completed the divestment of our Intelligencebusinesses during 2022, realising a gross value ofalmost £2.5bn, and have invested the proceeds ina range of ways that strengthen and expand ourbusiness and set us up for future growth.

Growth through productand customer investment
In the markets in which Informa operates, tostand still is to move backwards. Investing inour brands, products and platforms has been a
consistent feature of the company over the last
decade, to keep pace with market and technology
developments and continue delivering
benefits and value to our customers.
These investments are also part of driving future
growth. In Academic Markets, one of the areas
we have focused on is making our production
processes more efficient and effective throughtechnology, particularly for open research.
This helps us to better serve researchers bygetting their work published more quickly
and means we can accept higher volumesof submissions, expanding our specialist
content and titles.
As recent examples, in 2023 Taylor & Francis
piloted technology that screens and identifies
duplicate submissions more efficiently andaccurately, helping maintain the integrity ofthe publishing process as we expand. We also
introduced an article transfer service across a
network of over 50 journals, helping researchers
find the right journal for their work andmaximising the original, peer-reviewed content
we publish.
In B2B Markets and since the return of live
events after the pandemic, we have prioritised
investments that enhance customers’ experienceand maximise their return on investment.
Technology, including existing and newer formsof AI, is creating new ways to extend the value
customers get from the connections they make andknowledge they gain at and around live events.

14

57%

Shareholding in
new TechTarget,
subject tocompletionin 2024

Omdia’s VP of Sales
Rikki Schmidle andMedia & Entertainment
Practice Lead Rob
Gallagher sat down with
Stephen A. Carter totalk about the proposed
combination of Informa
Tech’s digital businesses
with TechTarget.

In   conversation  
AAA

Informa’s ESG
rating from MSCI

with   Omdia  Q. Stephen, what was thejourney to this proposed
combination?
So why did we create Informa Tech in
the first place? We did it because webelieved there was a market, whichtoday we’re calling the Digital
Services market, providing a rangeof services to enterprise technology
customers that you both know well:thought pieces, research, analytics,
audience discovery, lead generation,buyer intent...
Now back in the day, really, we were
way bigger in the B2B events market
than we were in anything else. But a
few years on, we’ve added some otherservices, some other businesses,
some other capabilities. And today,
we combine those with TechTarget
with an intention of creating amarket-leading platform in that B2B
Digital Services market.
It’s taken us five or six years to getto this point, and it will create aleading business with a full suite ofcapabilities and a real potential tobe the leading player.

This conversation
has been lightly
condensed; watch itin full on our website.

Q. You’ve mentioned ourbusinesses have many
complementary features.
Can you say more
about that?
If you take the end-to-end process…
you want to scope the market, we cando that. You want to research themarket, you can do that. You’ve
identified your product and you want
to bring that product to life either
through an analytical thought pieceor a piece of custom content.
This new company can do that.
You want to reach your customers
through direct marketing either
webinars or video material. We cando that. They own BrightTALK.
You need a digital media real estate
which is focused on your end
audience. This company will haveprobably a unique set of digital media
real estate. You want to identify yourbuyers, you want to determine what
the buyer intent is, how close they
are to the decision making.

15

From the beginning of the discovery
point to the point of buyer contact,
new TechTarget will have a full suiteof products and services.

Q. Can you say more about
how we’ll be organised?
We’re going to take the world-classenterprise technology event
franchises back and stand them up
alongside our other world-classcontent-led event franchises inInforma Connect. Everything else
will be combined with the existing
TechTarget business to create
new TechTarget.
I think for Omdia it will possibly be thebiggest change, and I think the bestchange, because rather than beingorganised in a distributed way aroundend markets with multi functions,Omdia will be stood up as astandalone business.

Annual Report and Accounts 2023

Strategic Report

Group Chief Executive’s Review
continued

We are both embedding digital features into live
events to drive greater customer value, as shownon pages 46 and 47, and launching new digitallyenabled products that support event brands.
Recent examples funded by our GAP 2 investment
programme include Beacon Discovery, a platformthat helps distributors and buyers discover andengage with new suppliers and products in thespecialist Natural Products market. Similarly,
Informa Connect is expanding its leading
partneringONE platform, which enables biotech
companies to find investors and schedule inperson meetings at our events, into a year-roundmatchmaking and investment partnering service.
At the heart of what we are doing in B2B Markets,and fundamental to our future growth
opportunities, is data. We took the decision in
2021 to invest in IIRIS, our first-party B2B
customer data platform, because we could see a
considerable opportunity from better capturing,enriching, analysing and using the data generated
when customers interact with our brands in live
settings, at on-demand events, when using our
specialist media and content sites or productplatforms, and so on.

Growth through business additionand combination
Over the last decade, through business growth andaddition, Informa has progressively built leadership
positions in Academic Markets and B2B Markets,in live and on-demand B2B events, research
publishing and specialist research. But theseremain relatively fragmented markets, and so we
continue to see opportunities to grow and makethe most of our scale platforms by adding
businesses, brands and portfolios to the Group.
In 2023, the capital available from the proceeds ofdivesting our Intelligence business, growth fromthe underlying business and our strong financial
position allowed us to further invest in expanding
our positions in specialist markets and categories.
In Academic Markets, this included expanding inscientific and medical research by bringing Future
Science Group into Taylor & Francis. In B2BMarkets, we added Tarsus to the Group in thesecond quarter: a very complementary portfolioof event brands that has added to our positions in
Aviation and Anti-Ageing and brought new
positions in markets like Packaging.

This remains a focus and driver for Informa and welook to roll out IIRIS to all the B2B brands that join
the company through addition and combination.
It allows us to market our products better, expand
our audience, improve customer experience, anddevelop new digital services based on access topermissioned first-party B2B data. One recent
example that has been well received by customers
is Lead Insights, described on page 36.

of AI  opportunities  

The latest iteration of AI – generative
AI – is creating new opportunities
for our business, particularly in
improving customer experience andvalue and working more effectively.

Over time, we have built considerable expertisein identifying high-quality, well-run businesses
and brands that take a similar approach to serving
customers and have a complementary culture
to ours. We have also developed our capabilities
so that when we combine businesses, we do it in
a way that brings value to those brands and to
Informa, and this will continue to be a feature of
our growth and development in the years ahead.

Growth through continued progresson sustainability
At Informa, we approach sustainability in thesame way we do any other part of our business.
We have progressively built, invested in andimproved our sustainability capabilities andperformance over the course of a decade, focusing
on the areas that matter most and deliver themost benefits to customers, shareholders,colleagues and the business.
There are many initiatives underway andembedded in our business, and our long-termtargets are encapsulated in the FasterForward
programme: an established part of GAP 2.

Making the   most  

We have long used different formsof AI in our business: from machinelearning technology that cleanses andde-duplicates customer data records,
to automated tools that conduct initial
screens of research submissions,index and tag content with metadata
at speed and volume, convert video
and spoken word into written content
and analyse quantities of customer
survey feedback for trends.

Through Informa Connect, we have built a positionin the B2B Foodservice market and expanded thisin 2023 with the addition of Winsight, enabling us
to serve major food, restaurant and hospitality
groups more comprehensively through live eventsand specialist media, research and data. And inInforma Tech, we welcomed the Tech researchbusiness Canalys later in the year. Canalys has
a particular strength in research on theinternational Channels market, making it anexcellent complement to our Omdia business.

To understand and act on theseopportunities in a co-ordinated way,
we formed a central project team inearly 2023 that brought together
colleagues from technology, data
and analytics with colleagues fromproduct, customer and commercial
roles. They identified the most
relevant, valuable and scalable use
cases for generative AI – in content
production and personalisation, sales
enablement, the end-to-end event
experience and our day-to-day
operations – and trialled them ina set of real-life use cases.

16

Some are already live in our business,
as can be seen on pages 46 and 47,
and 52 and 53, and other pilots havebeen expanded to new areas so we
can keep learning and improving as
the technology itself advances.
From the project team’s work, weare establishing an AI centre of
excellence in 2024. This will act asa hub for our expertise and guideinvestment decisions and choices,
partnering with teams across thebusiness to deploy AI in a way that ismost relevant and impactful to theirproducts, customers and markets.

There is no end point when it comes to sustainability,
and as both expectations and possibilities increase,
we are focused on continuous improvement andprogress. We expanded our Sustainable Event
Fundamentals programme in 2023 to cover morebrands and introduce even more ambitious
standards on environmental, social, community,
product and governance matters. Better Stands,
which targets waste and carbon at live events,
has rolled out to all our geographic markets andis now being piloted by the wider events industry
too. Both programmes are described in moredetail in the FasterForward section.
Across our operations, products and community
activities, we are performing well and withconsistency. This continues to be recognised byindex providers and analysts. Informa ranked in
the DJSI World Index for the sixth consecutive year
in 2023 and received an AAA ESG rating from
MSCI, the highest possible level and an upgrade
on our previous AA rating.

Growth through talent andculture investments
Behind all our sustainability activities, business
addition and combination programmes, productcreation and innovation, customer insight andcustomer service lie over 12,000 colleagues.
Great talent, a distinctive culture, and thecommitment and contribution of colleagues
everywhere really make the difference toeverything we do as a company today andwant to achieve in the future.
As a colleague myself, I know that it comes down
to making Informa a great place to work andkeeping it so, by investing in the experience of life
at Informa; by listening to and acting on ideas andfeedback; by supporting and encouraging diversityof perspectives and experiences; by creating
opportunities for personal and professional
success; and by sharing the benefits of company
growth with those who make it possible.
This is a shared responsibility that leaders at alllevels in the company have, and it is often one of thereal pleasures of life at Informa too. It was fantastic
to be named as a top 20 UK place to work in early2024 in an independent survey of colleagues by
Glassdoor, and there is more insight in our key
investments and activities on pages 32 to 35.

Future growth and opportunity
We have entered 2024 confident of and committed tofurther growth, and with that comes the opportunity
for further investment in shareholder returns too.
We are on course to complete the £1,150m sharebuyback programme during the first quarter of2024, which began in 2022 as a way to share a
portion of the value created by divesting ourIntelligence portfolio. The Board has approved
a year-on-year increase in the dividend of over
80%, and I would echo the Chair in thanking
shareholders for the ongoing support shown tothe company last year and in all recent years.
However, we are well aware that the future is justas important, if not more important, to many
shareholders: the opportunities that this company
has to go further, and how we make the most of thescale and leadership positions we have created so far.
That is our clear focus as a leadership team andBoard for 2024 and beyond, and I look forward to
sharing and reporting back on our progress.

Stephen A. Carter
Group Chief Executive
7 March 2024

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Annual Report and Accounts 2023

Strategic ReportMarket trends

Four major growth trends in the knowledge
and information economy are informing ourstrategy and capital allocation.

3.

1.

2.

The   knowledge  

4.

In a more digital world,

B2B buying behaviour  economy   is in  Funding models  the   value   of live

has become morestructural   growth  

for researchis higher than ever  complex   and more   digital  More of our professional lives is now
spent online. Business and teammeetings, research and learning are
more likely to happen through digitalplatforms and channels.

When businesses purchase products
and choose suppliers, more of theirresearch is now conducted online,
before they make direct contact witha company about a solution.

But as live experiences andopportunities to connect in person havebecome scarcer, they have also become
more valuable. Live events provide
opportunities to connect and build
relationships with suppliers, partners
and customers face to face and see
complex products first hand – things
that are now increasingly rare – and to
do that at scale in one place.
Live events must clearly add morevalue than digital formats however,and offer a good return for the timeand money invested.
We focus on specialist markets
where supply chains are complex
and fragmented, international
suppliers are critical for success andnew products benefit from being seenor tried first hand. We invest in building
and maintaining leading scale events
that are the key annual convening place
for the specialist markets we serve.
We also continuously develop ourbrands and products, including
embedding digital features andtechnology that deliver additionalcustomer value and a better experience
before, during and after the event.

$33bn

As a result, for vendors, online
presence and digital brand awarenessare critical, with more companies
focusing spend on branded content
services, thought leadership andwhitepaper distribution, digital event
participation and advertising on themost relevant platforms and media.

Forecast sizeof the global
exhibitionindustry in 2025
(Globex)

When prospective buyers interact withthese platforms, it generates valuable
data which, when captured, enriched
and analysed, provides sales teams
with insight into who their customers
are, what they are interested in andtheir intent to purchase, enabling them
to better target active buyers wellbefore they get in contact directly.

£2.0bnInforma revenue
from live andon-demand
events in 2023

In 2021, we created IIRIS, our first-party
data engine, to capture, enrich andanalyse customer data and interactions
across our B2B brands and products.
IIRIS has since grown to hold over
20 million data records and wehave used it to enhance our products
and marketing.
We subsequently built out our leadgeneration and audience development
services, particularly within Informa
Tech and through acquiring NetLine
and Industry Dive. Our position in thisB2B Digital Services market will expandin 2024 under the proposed transaction
with TechTarget.

18

Around the world, the thirst forknowledge continues to grow as people
look to get smarter and better qualified.
More are entering higher education andreaching graduate and postgraduatelevels, where conducting original
research and publishing peer-reviewed
findings are important for gaining
further qualifications and progressing
a career in academic or commercial
research. Growth is particularly
apparent in emerging markets.
Countries such as India and China areinvesting heavily in higher educationas part of economic growth, and also
in research and development activity,
recognising the link between innovation
and GDP. This is leading to consistent
growth in original research, much ofwhich requires independent verification,indexing and distribution.

are   evolving  

14%

Globalresearcher
community
growth between
2014 and 2018
(UNESCO)The last decade has seen a gradualtransition in the way academic
research is published and shared.
Traditionally, researchers and their
institutions and libraries havesupported peer-reviewed researchby paying for subscriptions toread content.

21%

Now, there is a mix of models in
research publishing, with growing
volumes of pay-to-publish research,where publication is funded upfront
and research is made available to all
on an open access basis, maximising
its reach and impact.

Growth in
output fromscientificpublications
between 2015
and 2019(UNESCO)Taylor & Francis has long taken
a flexible approach, supporting
customers to publish in a way thatworks for their funding modeland community.

Taylor & Francis serves researchers
around the world, supporting theircareers, managing their work from
submission through review andproduction to publication,dissemination and promotion, helping
their research make an impact.

Alongside the ongoing expansion ofopen research platforms and journals,
we provide additional options for
authors and institutions throughtransformative agreements. These
are individually tailored to individual
institutional libraries or via consortia
to support a stable and sustainabletransition from content fundedprimarily by subscriptions, to a morevaried model that includes pay-topublish research and, if desired, to a
fully open access model in the future,
without impacting the quality or reachof published research across subjects.

To meet growing demand, we continue
to invest in our operating capacity andcapabilities so we can effectively review,accept, process, publish and optimise
higher volumes of research on bothtraditional pay-to-read and newer pay-topublish open research platforms. We arealso strengthening our presence in key
growth markets, including India andChina, to partner more closely with their
expanding communities of researchers,
universities and research institutions.

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Group strategy

Between 2021 and 2024 we are delivering this strategy
through the Growth Acceleration Plan 2, known as GAP 2.
2023 achievements

Future focus

Focus on Academic
Markets and B2BMarkets, where wehave leadership
positions and thebest opportunities
for future growth

After successfully divesting
Informa Intelligence in
2022, the full focus of ourstrategy and investment
is on growth in Academic
and B2B Markets, which
included strong organic
growth and several
acquisitions in 2023

To continue to build scale
within the specialist
markets and subject
categories we are focusedon in our Academic andB2B Markets businesses

Accelerate theexpansion of ourdigital services,supported by thesmarter use of data

We grew our consented B2B
first-party data records to
20 million and launcheda range of new digital
services, including buyer
intent platform Intentive

To further scale our IIRIS
first-party data platform
and to expand our positionin B2B Digital Services
through the proposedcreation of new TechTarget

Leadershipand talent

Grow our talentand further develop
our leaders andcolleagues, making
Informa a great place
to join and to stay

We further invested in life
at Informa, introducing new
benefits and expanding ourcolleague onboarding
programme globally

We are implementing
a new internal mobility
programme and launchingan initiative dedicated tosupporting women insenior leadership

4 Investment

Invest up to a further£150m in projects
that accelerate
digitisation andbring us closer
to customers

Several more digital anddata-driven products
funded by GAP 2 went livein 2023 with positive
customer feedback,including Beacon Discovery
and partneringONE plus

To keep focused ondelivering returns andcustomer benefits frominvestments to date, while
maintaining ongoinginvestment in products
and platforms

Share the benefits ofaccelerated growthand value creation
with shareholders

Ordinary dividends
increased by over 80%
and our share buyback
programme was further
extended to £1,150m, with
£1,060m completed by theend of 2023

To complete the current
share buyback programmeand continue to deliver
progressive dividends,
considering additional
returns should the Group
have excess capital

Accelerate oursustainability
performancethrough the
FasterForward
programme andembed sustainable
practices into allparts of our businessWe achieved an AAA
MSCI ESG rating – thehighest possible – andmaintained our positionin the DJSI World Index.
The Sustainable Event
Fundamentals expanded
to almost 380 events andthe events industry piloted
Better Stands

To further expand
Fundamentals participation
and accreditation andmaintain progress with allelements of FasterForward,
integrating newly acquired
businesses into ourprogrammes

1 Portfolio focus

Informa’s strategy is tocreate   accelerated growth  

2 Digitaland data
3

by building   scale   in
  specialist markets   andincreasing the pace of  digitisation   throughout
our business
20

5

6

Accelerating
returns
Embeddingsustainability

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FasterForward

We embed   sustainability   into
everything we do. Having   invested   inour sustainability capabilities for nearlya decade, we have   well-established  
programmes and a   consistently  
strong performance.

Our focus is two-fold. Firstly, we seesustainability as an opportunity toserve our customers and markets in
new ways, to add further value to our
products and to make a positive impact
on the communities we work in.
Sustainability is a fast-growing field
where relevant, specialist insight is vitaland where connections to experts thatlead to ideas, innovation andinvestment are highly valuable:both of which our products andservices deliver.
Secondly, and in common with many
companies, we want to manage ourfootprint responsibly – particularly
when it comes to waste and the useof carbon – and manage any risks that
could arise in the future.
FasterForward is our company-wide
sustainability programme. Launchedin 2020 to accelerate our progress andperformance, it defines our priorities
up to 2030 and includes interim goals
for 2025 that are designed to help us
reach our long-term targets.
Those areas are:• Faster to zero which encompasses
actions that will help us become azero waste and net zerocarbon business by 2030
• Sustainability inside which focuseson embedding sustainability into allof our products by 2025
• Impact multiplier which addresses
several ways we can expand thepositive impact we make on thecommunities we work in and with
Sustainability is embedded into
our business and existing processes,
as we believe it is most effectively
delivered by the teams closest to
the product, customer, market andcommercial activity.

Championing
Embeddingsustainability
inside our brands– page 16

Sustainability
Multiplying ourpositive impacts– page 28

Movingfaster to
net zerocarbon andwaste– page 06

Read our Sustainability
Report for more examples
of how we are embedding
sustainability throughout
the business

Performing on sustainability
We have continued to invest in
sustainability under GAP 2.
Industry standards and stakeholder
expectations are increasing, but byenhancing and improving what we
do each year, we have kept paceand maintained a consistently
strong performance in key
independent assessments.
MSCI gave Informa an AAA ESG ratingin 2023 – its highest level – based on
improvements in our governancepractices and colleague-focusedprogrammes, and a strong score
on environmental management.
We were named in the benchmark DJSIWorld Index for the sixth year runningin 2023 and hold a B rating from CDP,a leading carbon and climate changerelated assessment.
We track the performance of individual
FasterForward programmes and areseeing good overall progress towards
our goals. We have also set Science
Based Targets for carbon reduction andtrack our progress. These have beenverified by the Science Based Targets
initiative and match what is needed tokeep global temperature rises to a
maximum of 1.5ºC.
Changes in Informa’s portfolio
can influence annual data points.
For example, when we add businesses
to the company, we assess theirsustainability practices andperformance in the early stagesof integration. Where there are gaps
or opportunities, we work with thoseteams to embed our programmes
and standards over a period of time.
This means that while we focus ona consistent set of goals, we arealso flexible in how we meet them,
adapting and refocusing programmes
as Informa grows and evolves as acompany. We expect to update our
Science Based Targets in 2024 toreflect the effect of adding businesses
during 2023 on our baseline.

Sustainability   growth   and   progress  
2016

GAP 1 investment in sustainability
function and expertise

2017

DJSI named Informa an industry mover

2018

Entered DJSI World Index
Piloted tool to measure economic impact of events

2019

Set Science Based Targets to a below 2°C level
Established Sustainable Event Fundamentals programme
Reached 95% of office electricity from renewable sources
Launched Sustainable Development Goals Online library2020

Launched FasterForward programme
Certified a CarbonNeutral® company
Launched Better Stands programme
Offset 100% of colleague travel

2021

Upgraded Science Based Targets to a 1.5°C level
Achieved CarbonNeutral® publication certification
for all Taylor & Francis print products
Founding member of Net Zero Carbon Events initiative

2022

Published first Task Force on Climate-related Financial
Disclosures (TCFD) assessment
Ran first certified CarbonNeutral® events
Expanded sustainability talent and capabilities

2023

Retained position in DJSI World Index
Expanded Sustainable Event Fundamentals programme
Achieved AAA MSCI rating

Our
sustainable
events– page 40

Established industry-wide Better Stands pilot
Informa
Sustainability
Report2023

Our colleagues’
shared culture –page 46

22

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FasterForward
continued

Expanding Better Stands
Moving faster to net zero
Our approach to becoming a net zerobusiness is to reduce the emissions
associated with our operations, supply
chain and the use of our products bycustomers as far as practical.
We then offset emissions that cannot
currently be avoided by purchasing
high-quality offsets that reduce orremove carbon.
We follow the definitions used by the
Voluntary Carbon Markets Integrity
Initiative. Net zero definitions andstandards in this area are still evolving
however, and we are continuing tomonitor how they develop and assess
whether we will need to make any
adjustments as a result. To ensure weremain on the right path, we are also
developing an enhanced net zerotransition plan in line with theTransition Plan Taskforce.

We are making good progress in
reducing our carbon emissions,particularly in the areas Informa has
direct control or strong influence over.
Renewable electricity accounted for
96% of the electricity consumed in
our offices in 2023 and 86% of theelectricity used by our live events,
weighted by attendee numbers.
Informa’s Scope 1 and 2 carbon
emissions have fallen by over 80%
between 2017 and 2023, whenexcluding businesses acquired byInforma during 2023.
Scope 1, 2 and 3 emissions within our
Science Based Targets boundaries havealso fallen by 14% between 2017 and2023 on this basis, giving us confidence
we are on track to achieve our goals
once we have accounted for thoseacquisitions in our baseline.

Embedding our sustainability
programmes within our newest
businesses will also improve thisdata in the coming years.
Carbon offsets are not a perfectsolution, but they play an importantrole in our transition to net zero
– when combined with reducing
absolute carbon emissions – and alsodeliver wider benefits. We only buy
high-quality, third-party certified
offsets that absorb or avoid
greenhouse gases being emitted
and provide social or environmental
benefits for local communities, suchas creating local jobs or protecting
biodiverse habitats.
The carbon offsets we purchasecurrently cover our offices, colleague
business travel, Taylor & Francis
publications and select events.
Our aim is to expand this over time
to cover more of our value chain
emissions as it becomes feasible.

Better Stands is an Informa programme that encourages
companies to choose modular and reusable stands,
instead of single-use or disposable stands, when they exhibit
at events. It is our key programme to reduce waste fromour B2B business activities.
Exhibitors choose and commission their own stands, and so building
awareness and creating change among customers has been a priority.
Many exhibitors have supported Better Stands as a way of making theirown commercial activities more sustainable and to save time and money
when designing and building stands.
Leah Riddell, our Better Stands Manager, shared: ‘In 2023, we conducted
over 30 internal group training sessions on Better Stands, reachingapproximately 600 colleagues, to help them talk about the programme
to customers and their appointed contractors.’
Better Stands has progressively expanded within Informa and is now inplace in all the countries in which we operate. We took a further step in 2023
by joining forces with a group of other international exhibitions organisers
to create an industry-wide pilot of Better Stands.
Sharing our learnings and knowledge, and working to make reusable andrecyclable stands common practice across all venues, suppliers andexhibitors no matter what the event, will help accelerate the momentum
we have built and create a broader positive impact on the industry.

What Better Stands brings
to the industry is safer
builds for customers andcontractors, often higherquality stands too that
increase return on investment,
and less waste overall.
Leah Riddell
Better Stands Manager

See full data in Key performanceindicators, pages 54 and 55

Less plastic, better paper
In Taylor & Francis, the vast majority of the research andadvanced learning we publish is available digitally. We continue
to offer customers a choice of format however, including
printed books and journals, while minimising the carbon
impact of these products.
After a successful trial in 2020, we are progressively removing plastic
polywrap covers from as many as possible of our printed journals that are
mailed out.
Taylor & Francis is a member of the Book Chain Project, which provides
publishers with in-depth information about the industry’s supply chain,including on environmental matters. Through its database of paper mills
and stocks, we have identified paper brands that are less emissionsintensive than what we currently use, and are assessing the suitabilityof these alternatives as another way to improve our carbon footprint.

24

Reducing carbon
in our products

96%

Of the electricity consumed
in our offices is renewable86%

Of the electricity used byour live events is renewable

Informa has been a certified
CarbonNeutral® Company since 2020.
This assesses our business operations
and takes into account our energy
efficiency and use of carbon offsets.
We are also aiming to become carbon
neutral certified across our products by
2025. In research publishing, two major
trends are helping reduce the carbon
emissions associated with our products.
These are our shift towards print-ondemand, where printing takes placecloser to the customer and is moreclosely aligned to demand, reducing
waste and carbon emissions fromprinting, storing and shipping, andthe broader customer trend towards
purchasing digital content and ebooks
rather than print products.

All of Taylor & Francis’s physical books
and journals were recertified as
CarbonNeutral® publications in 2023.
This represents how we havesuccessfully reduced carbon emissions
and used offsets in areas where wecannot yet reduce emissions further,such as in logistics.
While digital products tend to makeless use of carbon, we are working
to measure their impact moreaccurately and consistently so that we
can spot opportunities to reduce thisfurther. Our collaboration with
university researchers and media
companies on a shared measurement
tool called DIMPACT is improving data
accuracy. Based on this data, Taylor &Francis is conducting further researchon the energy used by customer
devices and the data centres that
support our digital article andebook platforms.

25

In the events industry, Informa isa founder member of the Net Zero
Carbon Events initiative. Through it, weare collaborating with peers, suppliers
and partners on shared standards andactions to reduce the use of carbon in
all aspects of how an event is delivered,from logistics to venue energy, travel
and accommodation.

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FasterForward
continued

Embedding sustainability
inside our products
Sustainability is an area of growinginterest, opportunity and challenge
in many markets, as well as an areaof innovation.
The greatest opportunity for Informa,and the place we believe we can makethe most meaningful impact, is byembedding relevant high-quality
sustainability knowledge, connections
and features inside our products.
This meets a customer need, supports
the sustainable development of thebusinesses and markets we serve andpresents commercial opportunity too.

Our 2023 double materiality
assessment, described on page 29,
confirmed that this is one of the mostimportant impacts for our businessand stakeholders.
Our FasterForward goal is to embedsustainability into 100% of our brands
by 2025. What this looks like can varyby product type and market.
Examples from 2023 include thelaunch of the Women in Private
Markets Forum, a sold-out one-day
programme that ran alongside the key
SuperReturn International event andincluded knowledge sharing aroundbreaking barriers for underrepresented
talent to play a greater role in thefinancial industry.

Event brand GDC ran a full-day
interactive workshop on how gamedevelopers can incorporate relevant
climate change and resilience
scenarios and messaging in their craft.
Our B2B video platform Streamly
launched a sustainability content
stream in January 2023, which has
seen strong engagement.
Informa also has a range of brands that
directly serve the growing sustainability
market, including the event brands
WasteExpo, Greenbuild and Green
Expo, media brand ESG Dive and theresearch collection Sustainable
Development Goals Online.
Material matterspage 29

The Fundamentals ofsustainable events
The Sustainable Event Fundamentals is ourframework for embedding sustainability into
every aspect of our live and on-demand events.
Under the Fundamentals, event teams are required toaccept, adopt and embed standards and activities that
directly improve the impact of each brand. The framework
emphasises practices that reduce carbon and waste,embed sustainability content and enhance the economic
and social impact on host cities.
Events signed up to the Fundamentals are scored against
set criteria and given feedback and suggestions for
improvement from the Sustainability team. All teams
are encouraged to achieve a minimum threshold ofaccreditation each year and improve their scores
year-on-year. Top scorers and best practice are regularly
promoted to recognise success and share learnings.

c.380

Having developed and embedded the programme withkey events in the early years of FasterForward, we are
now stepping up the pace of implementation. Just under
380 events adopted the Fundamentals in 2023, using
them as a lens to improve their sustainability and reporttheir progress.

Eventsadopted theFundamentals
in 2023

We expanded its focus from 12 to 16 measures, adding
more stretching criteria to drive continuous improvement
and innovation, and introduced a new reporting platform
to make submission, feedback and trend analysis easier.

26

Directly supporting
the UN’s Sustainable
Development
Goals (SDGs)
The nature of Informa’s
business means we contributemost to the UN’s SDG 4 – toensure inclusive and equitable
quality education and promote
lifelong learning opportunities
for all – and SDG 17 – tostrengthen the means of
implementation and revitalise
the global partnership forsustainable development.
The Sustainable Development
Goals Online collection from Taylor& Francis also directly supports
the promotion and achievementof all SDGs.
Launched in 2019, the collection
contains book chapters, articles,
essays, case studies, teachingguides and lesson plans focusedon topics related to each SDG.
A proportion of the collection isalways free to access, widening thereach and potential impact of theresearch. SDG Online is a growing
resource, now holding over 20,000
chapters and 2,000 journal articles.
More broadly, we regularly
monitor the reach of our research
to understand and help us
maximise its impact. Over the past
five years, almost 8,000 SDGrelated policy documents issued
by parties such as the World
Health Organization and the Foodand Agriculture Organizationof the United Nations have cited
Taylor & Francis research.

Maximising our impact
Under FasterForward, we aim to
maximise the positive impact andcontribution we make to our local
communities as a business and employer,
and to our customer communities.
However, it can be difficult to measure
this consistently across the breadth ofcountries, markets and communities
Informa works in. So, our recent focus
has been on gathering data that will help
us better track our progress and spot
new opportunities.
When customers gather in a city toattend an Informa event for example,
the local community benefits fromthe money they spend with hotels,transport, hospitality and foodproviders. Local businesses are
sometimes used as suppliers too,creating income and employment.
The value of local economic impacts
such as these was among the mostimportant matters identified in our2023 materiality assessment.
Using insights from pilots undertaken
in previous years, we have created atool that each event team can use tounderstand and measure the wider
economic impacts and benefits of theirevents. This is allowing us to expand
our city-level economic impact

calculations, as we work towards
contributing $5bn per year in value
for our host cities by 2025.
When customers attend a major live
event, it can require travel. However, ascale live event can also help customers
to consolidate their travel into one flightinstead of undertaking multiple trips todifferent suppliers, customers or smaller
forums to achieve the same goals.
In this way, effective scale events cansave time, money and additional carbon
emissions and represent a strong returnon investment for customers. As part of
our FasterForward goal to save ourcustomers carbon, we are exploring
new ways to track this and improve thevalue and level of travel consolidationthat our events provide.
Informa is collaborating with a group ofother leading event organisers, as partof the Net Zero Carbon Events initiative,
on a pilot to better measure this value.
In 2023, the group developed
standardised survey questions that will
be used in each organisation. We will beembedding questions in post-event
surveys and sharing the data, to build
up a richer picture and continue to findways to make the most of ourcustomers’ time and travel.

Recognition and awards
DISCLOSURE INSIGHT ACTION

Member of the
DJSI World Index

Ranked B forenvironmental impacts
on environmental
disclosures andperformance

Rated AAA for
managementof ESG risk

Score of 10.2,
indicating negligible
ESG risk

Ranked in top
10% of media
industry

Member of the
FTSE4Good
Index Series

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People and partnerships

The way we build andOur key stakeholder groups are consistent from year to year.
Often, individual relationships are also enduring. From time
to time or on specific matters, we will also engage withgovernment bodies and regulators as well as specialist
groups such as pension fund trustees.

maintain relationships
with  colleagues  ,  customers  ,
andSome common aspects to how we work are as follows:• Many of our relationships are long term, particularly withbusinesses, institutions and professionals who havesubscribed to a product or exhibited at an event for many
years. This gives us a strong and deep understandingof their interests, built up over the years.

  investors  • Our engagement is frequent and often continuous.
The combination of direct feedback, observation and data
gives us a rounded and regularly updated temperaturecheck on stakeholder views and priorities. This helps
us to stay informed and act on opportunities andissues promptly.

  business partners  

is an important source• Our guiding principles and culture encourage colleagues
to be flexible, get close to customers and partners anddo what is best and most sustainable for us and them.
This tone from the top helps us stay adaptable to changes
in needs or market conditions.

of value and part of whatmakes Informa distinct.

Material matters
In 2023, we completed a double
materiality assessment. This formallyassessed what non-financial topics
are most impactful and relevant toInforma’s business, and what aspectsof our business are most impactful andrelevant to other stakeholders.
We did so to ensure we keep focusing
on the matters that are most importantand to prepare for future company
reporting requirements.

The assessment was designed
to be focused and effective bydrawing on existing informationand supplementing it withstakeholder interviews.
Our partner Carnstone interviewed
a group of colleagues and investors
and reviewed our divisional risk
registers, colleague surveys, a sample
of requests for information from
customers and suppliers and reports
from indices that assess Informa’s
non-financial performance.
Carnstone also drew on previous
assessments and industry reports.

Material matters and current programmes and activities• We are a distributed business. The teams that are closest
to the customer or partner are given the flexibility andautonomy to make decisions within a consistentframework. Many hundreds of colleagues therefore
engage directly with stakeholders and are responsible
for maintaining good relationships. This also includes
Board Directors – whose engagement is describedin the Governance section – and the leadership team.

This review identified 14 areas asimportant and mapped their relative
impact on Informa and broader
stakeholders and society. None were
new or previously unknown. We haveevaluated these areas against ourcurrent programmes and are confident
we are addressing the most material
matters, giving them the right level offocus, managing risk appropriately andmaking the most of opportunities
where they exist.
We intend to repeat this assessment
on a larger scale over the next two
years to ensure this remains the caseand to inform the development of
future programmes.

1

 alent attractionT
and retention
Life at Informa p32

2

 romoting sustainabilityP
in products and services
FasterForward p26

3 ata privacy and cyberDsecurity
Risk management p64

4

 HG emissions fromG
products and services
FasterForward p25

5

Health and safety
Risk management p65

6

Waste and circularity
FasterForward p25

7

 iversity, equity
Dand inclusion
Life at Informa p33

8

Local economic impacts
FasterForward p27

9Corporate governance
The Board’s Year p96

1

Financial materiality

5

9

4 3

6 7

8

2

11 10

14

13

12

10 Community investment

FasterForward p27

11 GHG emissions fromour operations
FasterForward p24

12 Ethical behaviour

Non-Financial Information
Statement p89

13 Human rights and fair

Impact materiality

working conditions
Non-Financial Information
statement p89

14 Biodiversity

see Sustainability Report28

29

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Stakeholder snapshot

Colleagues

Business partners

We have over 12,000 colleagues working
in around 30 countries. Their specialist
knowledge and day-to-day contribution
drive our business, products and customer
service. Engaging colleagues and developing
and retaining talent are our priorities.

What matters• Working for a business that is growing and investing• Opportunities to develop as a professional• Having a say in business developments• Enjoying their work and the people they work with
• Being part of a supportive and inclusive community• Receiving fair pay and good benefits

How we engage• An environment of respect and strong values

We have an open culture where leaders are highly accessible:
interacting with colleagues every day, visiting offices
worldwide, hosting key groups such as new joiners andactively inviting feedback and discussion.

Response and actions
Acting on the results of our 2023 Pulse survey, we are making
internal mobility a priority, promoting roles more widely,better supporting internal applicants and setting targets.

Dedicated internal communications teams at a company
and divisional level deliver information and programmesthat connect, engage and bring enjoyment to colleagues.

Based on ongoing engagement, we continued to provide
supplementary financial support in markets most affectedby cost of living increases, such as Türkiye and Egypt.

We have well-established conversation and feedback
channels. These include an annual Inside Informa Pulse
company survey, regular team temperature checks anda social intranet. Key groups, including our colleague-run
networks and HR business partners, also provide insights
and feedback to leadership teams.

We continuously review our benefits. In 2023, we expanded
our share scheme to more colleagues than ever before
and introduced private medical cover in the UK for 2024.
We updated the format of our company town halls toprovide greater insight across our business and createa more engaging experience.

We maintain a Speak Up facility to enable colleagues toraise issues confidentially and regularly promote its use.

Customers

We take pride in maintaining close
relationships with key business
partners, such as joint venture
partners, major event contractors
and scale technology suppliers.

What matters• Maintaining a positive long-term relationship• Open communication and engagement that iscollaborative and constructive• Financial and business benefits and value• Prompt payments and efficient processes

How we engage• Aligned goals

For every key partner, a named colleague – often asenior management team member – is responsible forthe relationship. This ensures there is clear accountability
and that the partnership is managed for mutual benefit
and long-term success.

Response and actions
We have continued to work with major contractors toenhance the safety and sustainability of our events, including
delivering knowledge sharing sessions on health and safety.

We prioritise open and ongoing conversation and seek
to establish shared goals from the start.

With the addition of new businesses to the company, we
have brought new partner relationships into our programme
and introduced our ways of working and policies.

With major suppliers such as technology providers, wehold regular business reviews for both parties to discuss
highlights and learnings outside day-to-day service matters.

We collaborated with a major technology partner, NTT, topromote an upgrade programme it delivered for Informa
as part of creating shared benefits for both parties.

We have policies and frameworks that explain our expected
standards and we undertake extra due diligence according
to the results of risk assessments. Our Speak Up service
is available for third parties to raise issues confidentially.

Investors
Large institutions hold most of Informa’s
issued share capital through ordinary
shares and American Depository Receipts.
We also have debt investors through ourEuro Medium Term Note (EMTN) issuances.

What matters• Value and return on investment

How we engage• Access to leadership and experts in the business• Responsive and informed customer service

We are proactive and open. Our programme is led by a
dedicated Investor Relations team, with the CEO, Group
Finance Director, Chair and other Non-Executive Directors
closely involved.

• Quality of operations, culture and responsible
business practices

Engagement is year round, with specific outreachprogrammes around the reporting calendar and whensignificant developments are announced.

We continued to expand our investor engagement
programme, reaching 11% more investors and 16% more
firms than in 2022, including through a dedicated privateclient fund managers programme.

We have a large and diverse customer
base. What is common is that all ourcustomers work in a specialist market
and need relevant high-quality knowledge
and connections to help them do more
as professionals and businesses.

What matters

How we engage• Access to high-quality products that are highly relevantto their market and role
• Ongoing product development, particularly
enhancements that make best use of technology• Gaining business or professional benefit

A supportive tone is set from the top. Leaders regularly
communicate the importance of delivering for customers
and this is also enshrined in our purpose and guiding
principles, which are shared with new joiners and partof company training.

Response and actions
We made ongoing investment in our products a key partof GAP 2, with a particular focus on digital and technology
improvements. Upgrades in 2023 included improved media
and content platforms.

Often, engagement is handled by colleagues who are
specialist in the customer’s market, delivering a better,more insightful connection and service.

We continue to bring new products to market to respond to
customer feedback and need, including Beacon Discovery,
the digital product discovery platform, and Lead Insights.

Customer feedback is regular and continuous. We use directinteractions, product surveys, satisfaction and net promoter
scores, product use data, renewal and retention rates andforward bookings to understand and act on trends.

We launched a programme across our B2B businesses tocreate a consistent and ever higher quality of customer
experience at our live events.

We also actively involve customers in product development
to ensure it meets their needs.

We have continued to invest in services supporting researcher
success, including research promotion programmes.

30• Consistent delivery of strategy and financial performance• Sustainable returns through share price growthand dividends• Open and regular dialogue with clear communications
and information

Response and actions

We seek to increase understanding of the business andstay up to date on shareholder perspectives and priorities
through dialogue, feeding insight into leadership and Board
discussion and decision making.

We hosted a group of investors at CPHI to provide a deep
dive into the event experience.
Our AGM returned to being an in-person event held at ourLondon office, offering institutional and retail investors
an opportunity to engage with the Board in person.

We provide opportunities to access and experience our
products first hand to deepen understanding of our modeland what we offer.

31

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People and partnerships
continued  Colleagues  
and life at Informa
Creating professional
opportunity
A key finding from our 2023
Pulse survey, supported by
anecdotes from leaver interviews,
was that our colleagues do notalways know how to find newcareer opportunities outsideof their immediate teamand business area.
‘The great thing about Informa is that
because the business is so broad, there
is lots of opportunity to grow by moving
roles in the company. But that can also
make it difficult to find new openings
and work out if they are right for you,which is something we are taking moreaction on,’ said Rachel Cole, Internal
Mobility Manager.
We have since established an internal
mobility programme to act on thisfeedback, help colleagues grow as
Informa grows and make the mostof the talent we have.

We will be measuring progress,
including through consistently tracking
roles that are filled by internal
candidates, with a target to increase
this to over 30% in the coming years.
One aspect of the programme ismaking job opportunities more visible.
We ran a dedicated company-wide
campaign to promote new roles andsecondments in our growing Saudi
Arabia business, which resulted in over
200 colleagues applying for 50 roles.
Our recruitment portal has also been
redeveloped to enable colleagues tosign up for automated job alerts intheir preferred areas.
Another aspect is showing colleagues
and managers that professional growththrough moving roles internally is anencouraged part of our culture. This isbeing done through visible leadershipsupport, guides and policies, and thework of our dedicated internal recruiterto advise and guide colleagues.

It has never felt boring. It has always
been really fast paced and exciting. I feellike I’ve always been challenged and had
a lot of opportunity and progression.

Professional opportunity at Informa isalso about learning and developing
within current roles. We continue toinvest in and prioritise this, because
colleagues tell us it is important andbecause great talent and up-to-date skills
are critical to the company’s success.
This takes many forms, including
supporting colleagues in finance to takeaccredited training, organising talks
from in-house experts on topics such as
AI and providing on-demand access tothousands of LinkedIn Learning courses.
Our colleagues also learn from others
and on the job. We have invested in a
mentor-matching platform that allows
colleagues to find or be a mentor toothers, with 900 colleagues currently
signed up. Another popular programmein the US is Showmakers, wherecolleagues apply for a work placement
at a live event to get a deeper insight
into our products and customers, meet
new colleagues and experience our
events first hand.

A welcoming culture
We work hard to foster a culturethat is inclusive, rewarding andenjoyable. It makes the businessa more satisfying place to workand helps us make the mostof our talent.
AllInforma, our diversity and inclusion
programme, is an important part ofmaking sure that everyone canparticipate and contribute to their fullest.
One area we focus on is diversity andinclusive behaviours in our leadershipteams. To support this, we run a reverse
mentoring scheme which is now in its
third cycle and has received strong
recommendation scores fromparticipants. This matches senior leaderswith colleagues from different
backgrounds who act as mentors, tolearn from each other’s experiences,increase understanding and makeconnections across communities.

Catch the spirit ofWalk the World in
our wrap up video

In late 2023, we set a target to increase
the proportion of women in our seniorleadership group to 40% over the next
three years. This will see us introduce
new forms of mentoring, sponsorshipand training, review policies and develop
our approach to career progression
through the lens of achieving greater
gender balance.
On a broader basis, we now have six
colleague-run diversity and inclusion
networks that connect colleagues fromshared backgrounds and communities
and expand awareness of importantsocial and cultural matters. Our newest
network, AllInforma Serve, was createdin 2023. It supports current and former
service members and their allies andlaunched with a series of blogs wherecolleagues shared how their service
experiences have influenced theirapproach to corporate life.
Our HR and AllInforma experts areprogressively expanding the company’ssuite of guidance to help make ourworkplace ever more inclusive. In 2023,
this included guidance on our approachto reasonable adjustments, forcolleagues who need additional
support to contribute to their fullest,
and guidance for colleagues who aretransitioning and the managers whoare supporting them.

Kirsten Dixon, Marketing Performance Director

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33

Company-wide training on respect atwork and speaking up was delivered
during the year to ensure a broad
understanding of expected behaviours
and where to go for any issues.
Our annual awards and Walk theWorld charity event are often cited bycolleagues as highlights of the year andpart of what makes life at Informa
particularly enjoyable. In 2023, as well
as recognising colleague and teamexcellence, our awards programmefeatured 20 winners of a global guest
presenter competition who met
leaders and colleagues in London
and showcased their skills on stage
to the company.

Gender balance asat the end of 2023
FemaleAllcolleagues

Male6,930 (60%) 4,545 (40%)

Seniormanagementand direct
reports

36 (36%)64 (64%)

Directors

4 (36%)

7 (64%)

Data excludes colleagues from certain
2023 acquisitions

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People and partnerships
continued

Stepping up ourinvestments in talent
Growing as a company allows us
to keep investing in colleagues,
as well as in developing products
and adding new businesses.
This helps us continue to attract
and retain great talent.
We expanded our main share scheme,
ShareMatch, to 12 new countries in
2023. This made it possible for 97%
of colleagues to become an Informa
shareholder and enjoy the extra
benefits of a company scheme, andShareMatch participation is currently
at 30%. The investment in expanding
ShareMatch also helps us engage morecolleagues with the company’s progressand more deeply aligns individual
contribution with business growth.

The inclusivity thatexists within thecompany puts you
in a place where
you feel like you arereally supported.
Ayman Akaily,
Lead Content Manager

We seek to provide competitive
benefits and made several further
improvements during the year.
This included introducing private
medical insurance to all UK colleagues
and doubling parental leave forcolleagues in the US for 2024.
Across the business, we introduced
a benefit called Informa Anywhere
during the year. Colleagues often
say that they enjoy the trust andflexibility they receive at Informa
to get work done in an effective way.
Informa Anywhere extends this byenabling colleagues to work fromnearly any location for up to fourweeks a year, giving everyone more
ways to work well and contribute.
Informa continues to be accredited asa UK Living Wage Employer, although
our median salary is a good degreehigher than that level due to theprofessional nature of most of ourroles. Throughout 2023 we closely
monitored inflation and cost of living
levels in the countries in which we
operate. After providing cost of living
supplements across half of ourpopulation in 2022, colleagues inhigher-inflation locations received an
additional supplement as part of theannual salary review process in 2023.
Ongoing monitoring and in-year pay
reviews are in place for particularly
high-inflation countries such as
Türkiye and Egypt.
We also provide a colleague assistanceprogramme that offers expert advice
and support on personal, financial
and mental health matters, andthis is regularly highlighted andrecommended by leaders.

Bringing Informa
to life
The key ingredients of life atInforma and what colleagues getfrom working here – freedom,
impact, community andopportunity – were the basis
for a new campaign in 2023
designed to help us attract
the right talent and articulate
what makes Informa distinct.
At the heart of the campaign is aninternational video series, featuringcolleagues from three different countries
and continents sharing what they havebenefited from, personally andprofessionally, and what they enjoy
about the business and community
they work in.
The videos, along with updated
communications materials, are housed
on a newly developed engaging microsite
and promoted on social media. This has
not only supported the efforts of hiring
managers and our recruitment teams,
but also created pride among colleagues.
We also carry out individual social media
campaigns and partner with relevantorganisations to reach talent at particularlevels and from a diversity ofcommunities. This includes early career
talent such as apprentices, interns andgraduates. Informa is a community
member of the 10,000 Interns
Foundation and has welcomed twocohorts from its Black Interns
programme in recent years, some ofwhom have since joined the businessin full-time roles.

Hear colleagues
speak firsthand about life
at Informa on
our hub

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People and partnerships
continued

Championing

Helping researchers
make an impact  customers  
Lead Insights:
collaborating
for success
We continuously invest in our
products to enhance the value
they provide to customers. UnderGAP 2, tech-enabled productsthat use data in smarter ways
have been a particular focus.
Lead Insights, a lead reporting andinsights platform that first launchedin Informa Connect’s Global Financebusiness in 2023, is an example of
how we collaborate with customers
on product development. This ensures
our products create benefits for them
– ultimately, helping customers to learn
more, know more and do more – andthat our investments deliver results.

Watch the Lead
Insights video andlearn about another2023 digital productlaunch, Beacon
Discovery

From the inception of Lead Insights,
every decision was based on customer
feedback gathered through focus
groups and one-to-one interviews
at events, post-event surveys andseparate deep-dive sessions withlarger customers.
As Andy Burrows, Head of Commercial
Data Strategy at Informa Connect
explained: ‘Our customers are clearthat the quality of leads is far more
important than the quantity. They told
us they wanted better and faster
access to information on new leads
so they can act promptly on sales
opportunities, and smarter ways toanalyse and integrate lead data into
their own systems.’
We built Lead Insights to enable
customers to better and more quickly
understand the connections they
make with their own customers
through our brands. Whether ourcustomer is an exhibitor, sponsor
or speaker, runs a digital marketing
campaign or all of these things across
one or more Informa brands, Lead
Insights provides them with a single
view of all their leads.

Through IIRIS, we enrich the profilesof the professionals and companies
interested in them with extra
demographic and company-related
information and score thoseinteractions. Customers can use theplatform to further segment and filter
their leads, export data to their own
systems to inform more targetedmarketing and sales outreach, andproduce reports that demonstrate
return on investment.
We are continuing to enhance Lead
Insights based on feedback, including
introducing the ability to add andexport digital notes taken at events andfurther customise data exports. We arealso holding further focus groups
before introducing Lead Insights to
new markets, to spot opportunities andensure the platform is highly relevant
everywhere it is offered.
‘It’s been a really successful launch,with lots of positive reaction from
customers, and thanks to ongoing input
from our customer advisory board wehave a full product development
roadmap for 2024,’ said Andy.

In Taylor & Francis, thecustomers we champion areresearchers and knowledge
makers. Their goal is to makesure their research reaches
the right audience and has apositive impact in their fieldof work and study.
We provide a range of services
designed to support knowledge makers
at every stage of their career andmaximise the impact of their research.
These include research communication
services, such as promotional
campaigns for new research that is aparticularly noteworthy addition to thebody of understanding in a field andcontributes to contemporary
discussions and policies.
In the UK in 2023, we accepted,
produced and published a study inRoutledge’s Sport, Education and Society
journal that showed over 70% of
women had seen girls drop out of sport
due to compulsory impractical or
gendered school sports kit, and thatover 60% wanted specifically to wear
shorts. This article and its lead author– Great Britain international hockey
player Tess Howard – were selected
for additional researcher
communications services.

Taylor & Francis worked on content
creation – including press releases,
videos, social media materials andgraphics – expressing the findings of theresearch in ways that would be widely
understood by a broad audience.
We ran a press campaign that attracted
significant attention, generating UK
national and international newspaperand broadcast coverage, which in turnraised awareness of the issue of sports
uniforms to a broader audience than aspecialist research article would
otherwise reach.
This attention significantly helped
England Hockey to lobby for a change inclothing policy: specifically to provide
hockey players with the choice of wearing
shorts and skirts within the same team.
The England women’s hockey teambecame the first to do so, making history
at the European Championships.
The paper and its publicity campaign
helped author Tess Howard to win the
Sportswomen of the Year Changemakeraward from The Sunday Times. She wasalso ranked 36th in The Telegraph’s Most
Influential Women in Sport for 2023.
Simon Wesson from Taylor & Francis
External Communications said: ‘This isa fantastic example of how powerfulpeer-reviewed original research, by anauthor who is a true specialist in theirfield, extended and enhanced byhigh-quality research communications
services, can really make a change inthe world. We’re proud to champion the
success and impact of the research we
publish and knowledge makers wework with.’

A brilliant idea, I’m super impressed.
The platform is incredibly dynamic,
and definitely a big advancement on
our current leads system. It will save
us a lot of time on manual researchand scoring.
2023 customer feedback on Lead Insights

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Thank you Taylor& Francis Groupfor this platform
for my research.
Let’s makesome change!
Tess Howard, researcher and
GB international hockey player
Learn more about
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People and partnerships
continued

Deep relationships

Engaging with

with   business partners    investors  

Shared standards
and opportunities

Expanding ourinvestor baseCreating a great live event
experience involves manydifferent partners. Behind thescenes, we put time into ourrelationships with key event
contractors, particularly those
responsible for the assemblyand safety of temporary
structures and other features
used on the event floor,
to ensure they understandand work to our standards.
In 2023, our central Health, Safety andSecurity team created a new accredited
contractor scheme that will go fully livein 2024. Through this scheme, we haveengaged with, identified, assessed andapproved a group of contractors in eachregion who will now be pre-approved
and recommended to our event teams.

The scheme further raises the standards
we expect of event contractors today,
beyond following our policies and safety
operating model. To be accredited,among other requirements, partners
must demonstrate that their colleagues
hold minimum safety qualifications,submit any hazard or incident data
directly to Informa using our newreporting tool, agree to no-noticecompliance checks and attend event
safety debriefs when required.
Contractors who complete accreditation
get the opportunity to expand theirrelationship with us and work acrossmore Informa events and geographies.
Steve Dyson, Head of Health, Safety
and Security, said: ‘We want to keep
building on a positive safety culture andbenefit from create greater consistency
across our international operations.
Having an accredited contractor
scheme gives us greater oversight andmonitoring from a risk management
perspective, but also allows us to work
more closely and collaboratively witha group of contractors who share ourgoals and demonstrate high standards,
to their benefit.’

Personal partnerships
Our joint venture with
BolognaFiere – a long-establishedand leading international
exhibition, venue and event
services company based in
Bologna, Italy – is a business
partnership that has deepened
and expanded based on sharedgoals, ongoing conversationand taking a personal andflexible approach.
Informa’s relationship with
BolognaFiere began in 2018 following
the addition of UBM to the company,
which had created a joint venture tooperate its leading Beauty brand –Cosmoprof – in Hong Kong.
The relationship has since grown anddeveloped, and BolognaFiere has becomea partner in our wider B2B Beauty
portfolio and a key driver in its expansion.
As part of this, in 2023, a partnershipwas established between Informa,
BolognaFiere and the Professional Beauty
Association to bring established and new
event brands into the growing North
America market. The Professional Beauty
Association is the US market’s largest
trade organisation, representing all
sectors of the beauty industry, and has
itself partnered with BolognaFiere forover 20 years.
Claudia Maestrini, Corporate
Development Manager, said:‘BolognaFiere is an important partner
to us and our relationship is basedon shared goals. We each saw
opportunities to further expand in
B2B Beauty, particularly internationally,as this is a global and growing market
where exhibitions are a powerful
way to showcase product andmeet distributors.

38

We have close relationships
with a small group of seniorleaders and speak often to share
updates and ideas. The way wework together is also personal,
which is to say open and flexible,
and it’s important this stays
simple as the partnership
expands in new geographies.
We have spent good time
together over the years and weboth have a real interest andcommitment in the partnership.
I’m excited about how we cankeep working together to growboth of our businesses.

We want to create
opportunities for as many
current and prospective
investors as possible tomeet with us and better
understand Informa.
Every year, we attend major
conferences where institutional
investors gather because these are aneffective way to reach a range of firms
at once. In 2023, this included theMorgan Stanley European TMT
Conference, where we held one-toone and small group discussions witharound 60 investors and our CEO
took part in a fireside chat in frontof a broad audience.

We also organise one-to-one andgroup meetings with private wealthand retail investors, who do notalways have access to other meeting
opportunities. In turn, this provides
us with an opportunity to understandany particular priorities thiscommunity has.
In 2023, we partnered with Capital
Access Group on four roadshows forprivate client fund managers, smaller
institutions and regional pension
funds. The content was tailored forinvestors who were less familiar with
Informa or not specialists in our sector.
We met with over 42 investors, topositive feedback, and will be
continuing these in 2024.
As we develop our shareholder
materials and investor website, we arealso taking into account the feedback
and focus of this segment of themarket, which is sometimes different
to that of large institutions.

Antonio Bruzzone
CEO, BolognaFiere‘We knew there were benefits tocollaborating and we’ve done that togood success, deepening our
relationship through investing directly
into BolognaFiere in recent years too.’
BolognaFiere co-hosted Informa’s
annual leadership conference in 2023
and CEO Antonio Bruzzone, pictured
above at the event, shared his
perspectives on a panel focused onbuilding powerful partnerships.
Informa has also become an
equity shareholder in BolognaFiere,
which recently listed on the Italian
Stock Exchange.

A very informative visit at CPHI today.
I am grateful that your IR team organiseda solid line-up for us.
2023 feedback from European investor

39

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Business Snapshot

We operate in twomarkets acrossfour divisions,with additional
retained investments
focused on specialist
knowledge andinformation services.

B2B Markets

Post-GAP 2 growth ambition

2023 performance

Underlying
revenue growth

Adjusted operating
profit margin*

Revenue

5%+30%+£1,593m

2022: £933m

2022: £933m

Revenue by type
Revenue growth
Underlying/reported

Operating profit/(loss)
Adjusted/statutory

65.5% | 70.7%£461m | £228m

2022: 47.5% | 57.1%

6%
2%

5%

5%

Revenueby type2022: £175m | £(1m)

82%

Information on our businesses follows.
The Financial Review (pages
70 to 83) and Financial Statements(pages 152 to 234) contain further
performance details

Underlying
revenue growth

Adjusted operating
profit margin

Revenue

Revenue growth
Underlying/reported

Operating profit
Adjusted/statutory

4%+

20%+

£581m

14.2% | 40.0%£103m | £32m

2022: £415m

Any alternative performancemeasures used are defined on
pages 237 and 238

2022: £415m

2022: 44.8% | 68.4%

15%

18%

6%

Revenueby type2022: £57m | £15m

25%

28%
8%

Underlying
revenue growth

Adjusted operating
profit margin

Revenue

7%+

20%+

£397m

2022: £321m

2022: £321m

Revenue growth
Underlying/reported

Operating profit
Adjusted/statutory

5.6% | 23.7%£73m | £99m

2022: 42.6% | 93.4%

2022: £56m | £13m

14%

29%

22%

Revenueby type

15%

6%

14%

Academic Markets
Underlying
revenue growth

Adjusted operating
profit margin

Revenue

Revenue growth
Underlying/reported

Operating profit
Adjusted/statutory

4%+

35%+

£619m

3.0% | 4.3%

£218m | £149m

2022: £594m

2022: £594m

2022: 3.0% | 8.8%2022: £209m | £157m

44%

Revenueby type

56%

Informa investments
Exhibitor

Norstella
Pharmaintelligence

7%
40

Lloyd’s List
Maritime
Maritime
intelligence

20%

BolognaFiereB2B Events

13%

Founders ForumLive and ondemand B2B
events andcommunities

Independent
Television News
Creative content
production

22%

20%

PA Media GroupSpecialist media
and news
services

18%

Bridge Event
Technologies
On-demand
event technology

15%
41

Subscriptions
Unit sales
Attendee
Marketing services
Sponsorship

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Business Review

Informa Markets is our transaction-led
live and on-demand events division.
We bring specialist markets to life, helping
businesses to connect, trade, innovateand grow through live experiencesand digital services.

Revenue£1,593m

North
America

2022: £933m

36%

Continental
Europe

11%

1% UK

25%

China

13%
Middle East

14%
Rest ofthe world

42

In an increasingly digital world, thevalue of high-quality live experiences
and face-to-face connections is
growing. Our transaction-led live
events bring together buyers andsellers in dozens of specialist markets,
helping them to do business in a highly
efficient way.
We have deliberately chosen towork in customer markets whosecharacteristics mean that exhibitions,and digital services that connect buyers
with sellers, are particularly valuable.
These include markets like Healthcare& Pharmaceuticals and Maritime which
are international, innovative, havefragmented supply chains andhigh-value or high-margin productsthat benefit from being seen first hand.
Our exhibitions are typically the leading
event brand within their specialist
markets. This is highly advantageous,as there tends to be a network
effort towards the bigger brands.
Both attendees and exhibitors all want
to be in the same place at the sametime, maximising the efficiency of
their investment in time and budget.
This drives growth and resilience, withcustomers focusing on quality andreturn on investment through periods
when budgets come under pressure.
Our events and associated digital
media brands generate substantial
first-party data. We are now collating
and managing this in a consistent way
using our centralised customer data
platform, IIRIS, which spans all of our
B2B Markets businesses.

IIRIS enriches and segments this data,delivering valuable insights into trends
and preferences across our customer
markets. This is used by our events
teams to enhance the event experience,
market to more targeted audiences
and provide valuable lead insights tocustomers, all increasing the revenue
potential of an event.

2023 performance review
As we entered 2023 the pace and rateof return of live events was still unclear,particularly in Mainland China and Hong
Kong, where gathering and travelling
restrictions remained in place.
As restrictions were progressively
removed, our live events returned muchquicker than expected, underlining thequality of our brands and strong demand
for access to B2B markets. By the end of
the year, we had exceeded 2019 revenues
in all geographies we operate in with the
exception of Hong Kong, which was thelast country to reopen fully, and returned
to 2019 revenue levels.
This strong operating momentum led us
to increase the Group market guidance
three times through the year, eventually
delivering underlying revenue growth of
66% (2022: 48%) for our division.
Our confidence in the ongoing strengthand value of live events that serve
specialist markets led to the addition of
Tarsus in March 2023. Tarsus’ highly
complementary culture, market andgeographic fit deepened our positions in
China, Asia and the Middle East and theAmericas, and added further strength
within Healthcare, Packaging, Aviationand Sustainability.
Around two thirds of the Tarsus brands
have been combined into Informa
Markets, with the remainder combined
into Informa Connect.

In August, we added HIMSS Global
Health Conference & Exhibition, theinternational trade show for healthcaretechnology and information
management systems, and a TSNN Top
30 Trade Show brand in North America.
We have strong positions in India, ASEAN
and the Middle East and continued to
expand our reach in these high-growtheconomies in 2023.
Our Tahaluf partnership in Saudi Arabia
grew particularly strongly, with additional
partners joining the venture, bringing
further expertise in creating unique
event experiences in the region.
New launches in the Kingdom,
like Cityscape Global, delivered
record participation.
The data we are capturing and analysing
through IIRIS is also being used to
improve the customer experience at our
events. This is driving increased value
and utility for customers, supporting
higher levels of customer renewal.
Many of our brands had not increased
prices since 2019 in support of theircustomer markets through the
pandemic, despite heightened inflation
over recent years. Our work to deliver
a better experience and more value forcustomers is now enabling us to update
for this.

Outlook and opportunities
We enter 2024 confident of further
growth across our markets andgeographies, with a full calendar of
events and a normalised schedule.
Supported by both volume and value
growth, we are targeting high-singledigit underlying revenue growth forthe year.

43

This is underpinned by strong rebooking
across our portfolio of brands, meaning
we entered 2024 with around 40% ofrevenue committed for the year.
The exhibitions market is highly
fragmented with the top ten
international organisers accounting
for only 22% of the overall market,
providing us with opportunities tobuild further scale through additions
and partnerships.
In addition to new launches in Asia
and North America, in Saudi Arabia,
Tahaluf is planning further launches
in 2024 in specialist markets including
Beauty and Pharma as it continues
to support the goals of Vision 2030
to diversify Saudi Arabia’s economy.
We will continue to invest in our
products, leveraging technology anddata to improve the value for both
exhibitors and attendees. This includes
using AI to improve the efficiency of
event production and increase
engagement with our brands, with
examples shown on pages 46 and 47.
Independent industry expert, Globex,
expects the exhibitions market to be
5% shy of its 2019 level in 2023,
exceeding it in 2024.
Informa Markets exceeded 2019
revenue in 2023, earlier than the
Globex forecast for the overall market.
This reflects the strength of our brands
and reach of our business into growthmarkets. It is this that gives us theconfidence we can deliver further
strong growth in 2024.

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Business Review
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Within our portfolio we also have arange of subscription-based, specialist
data and intelligence businesses,
including Curinos, IGM and Zephyr.
These deliver predictable and growing
revenue by helping customers to better
understand their markets, assess
the competition and price theirproducts optimally to deliver growth.
These brands also provide crossmarketing opportunities with eventsin our portfolio.

2023 performance review

Informa Connect delivers content-led
live and on-demand events andexperiences and specialist digital content
that connect audiences and help
professionals to know more, do more
and be more.

£581m
2022: £415m

Informa Connect continued to expand in
2023 through strong underlying growth,
the additions of Tarsus and Winsight andthe internal transfer of the content-led
Anti-Ageing & Aesthetics portfolio from
Informa Markets.
The transformation of the businessover the last decade has seen it
diversify its revenues away from small
conferences to large-scale branded
events and subscription-based content
and data products.

The addition of Winsight, a US-focused
B2B business, brought a portfolio of
B2B events, data and media for the
Foodservice market. This significantly
expands our position in this attractive
growth market, where we already own
brands such as Catersource. Winsight’s
flagship event, the National Restaurant
Association Show, is a Top 20 TSNN
event, attracting more than 50,000
participants each year.
Similarly, the addition of Tarsus added
further scale to our Anti-Ageing &Aesthetics portfolio that complements
our position in this market throughbrands like AMWC. In 2023, around
30% of Tarsus’ revenue was added toInforma Connect, with the remainder
added to Informa Markets.

This shift in portfolio focus and quality
delivered strong underlying revenue
growth of 14% in 2023 (2022: 45%), with
events revenue growing 27% year-onyear and subscriptions growing around
7% on an underlying basis, reflecting
strong performances across all
its markets.

Across our portfolio of brands, we are
increasingly embedding technology to
improve the customer experience anddeliver more value both within the live
experience and pre/post event, asshown on pages 46 and 47. Ourevents use the ConnectMe app thatincorporates a range of tools to help
deepen engagement and enhance ourdata collection capability.

Finance remains our largest portfolio
and SuperReturn International its
largest individual brand. It serves theprivate equity community, bringing
together over 5,000 decision makers
from over 70 countries annually.

Data collected at events fuels the Lead
Insights reports which have become
very popular with sponsors as we have
deepened the insights they provide,creating an end-to-end platform forscoring, qualifying and activating leads.

Audience data from Streamly is collected,
collated and managed through ourcentralised customer data platform, IIRIS.
This provides audience insights, enabling
us to develop the product to meetcustomer needs, enhance the value
to attendees and market our brands
in a more targeted way. It also allows
us to provide our events partners andsponsors with rich data and knowledgeof the audience through Lead Insights
reports. These reports provide asummary of who engaged with brands
through speaker sessions, individual
conversations and online interactions.

Rest of theworld 3%
MiddleEast 5%
15%

Continental
EuropeWithin these markets, we own andoperate long-established, marqueebrands such as BIO-Europe, SuperReturn,
the National Restaurant Association
Show and AMWC. These brands deliver
highly respected, must-attend live eventsand experiences. These are the places
where people can meet key industry
players, learn about the latest
developments, build on existing
relationships, and establish newconnections with customers, suppliers
and peers.
Over recent years we have developed
Streamly an on-demand, digital libraryof high-quality business video content,delivered by experts speaking at our
events and elsewhere. This allows event
attendees to access content they may
have missed, while also reaching newcustomers who are interested in thecontent but did not attend the live event.

Revenue

China
1%
UK 6%

Informa Connect will operate in six
growth markets: Biotech & Life Sciences,
Finance, Foodservice, Anti-Ageing &Aesthetics, Lifestyle and Technology,
following the proposed combinationof Informa Tech’s digital businesses
with TechTarget.

The 2023 edition saw record attendance,over 75% higher than the 2019 event,underlining the strength of the brandand the significant role it plays for
its community.

70%
North
America44

45

Outlook and opportunities
2023 was a standout year for Informa
Connect, delivering strong underlying
growth and further expansion. With the
pandemic firmly in the past, and with an
expanded portfolio of high-value eventsand digital services, Informa Connect iswell placed to continue to grow strongly
in 2024. We are targeting annualised
revenues in excess of $1bn.
We welcomed more than 450
colleagues from Tarsus, Winsight and
LSX into Informa Connect last year.
A key task in 2024 will be to make surethese brands and colleagues are fully
embedded into the business andreaping the benefits of being part ofa scale international group. This will
include the adoption of IIRIS by these
events, which will provide additional
insights into our customers that canbe used to further improve the event
experience and value to customers.
As we look beyond 2024, we are
excited at the opportunities for
Informa Connect in live and on-demand
events and connected digital and data
products. The power of AI should
also provide real benefits to such acontent-led business, whether byimproving events delivery throughoptimised layouts and traffic flow,
creating personalised experiences
for participants or enabling automatedcontent generation. There is lots of
exciting potential.

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Live and on-demand events, powered by AI

Data and technology are already enhancing our live
events and creating value for customers. But there
are many more opportunities we are looking tocapture, including benefits from embedding AI moredeeply. Here is a snapshot of some of those.

Welcome. It’s your third
visit; we appreciate
the loyalty! Here’s
immediate access to ourhosted buyer lounge.

Hello. Let’s focus our discussion
on the solution your profile
suggests will be most relevant.

Let’s exchange digitalprofiles and continue
our connection.

Two professionals
browsed yourstand withinterest. Follow
up with them?

Would you liketo tour the productsthat best matchyour profile?

Real-time metrics: 204
attendees. 100 discussions.
50 meetings. 35 level 1 leads.
75 product spec downloads.
Notify sales team?

Thanks to my AI
assistant, I’m doing
business in multiple
languages.

Here’s yourpersonalised agenda
and route mapwith recommended
companies to meet.

Our AI has highlighted
the most popularquestions asked by
the audience online
and in-room.

After this panel, would
you like me to send an
email summary? And here
are relevant newsletter
recommendations.
Please make yourway to the Execlounge. I havereserved room
4D for your meeting.

Here’s a summary of
the key discussion
points from our meetingand the product notes
you asked for.
I missed the
keynote. Summarise
the main points forme as audio.

46

Here’s thefastest route toyour next panel.

I notice there’s a gap
in your schedule.
Why not check out thiscontent from the day’s
most popular session?

I’ve captured and categorised
the people you met at theevent and exported them toyour company database.
Ready for sales follow up.

47

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Business Review
continued

Focused on the tech industry, we
provide B2B data and market accessto customers through live and ondemand events, specialist research,specialist media brands, digital demand
generation and buyer intent.

Informa Tech is our B2B businessexclusively focused on the Technology
market, helping businesses andprofessionals connect, learn, makebetter decisions and drive revenue.

The content we produce attracts
specialist audiences, who register theirdetails to gain access and simultaneously
provide permission for us to track theiractivity online.

The business is international in scopeand reach but with its heart in thevibrant US market, home to many of ourcustomers and much of the businessactivity. We have depth in a range ofTechnology segments, with particularstrength in cyber security, gaming andenterprise IT.

These generate valuable first-party
data and insights that help us
understand which customers areinterested in certain product categories
at any moment in time. These buyer
intent signals provide technology
vendors with valuable intelligence on
where to focus their sales outreach andmarketing activity, identifying a set of
highly qualified sales leads.

We own and operate major event brands,
such as Black Hat, LEAP, AfricaCom andGame Developer Conference, which act
as convening destinations for theirindustries, bringing together respectedvoices that guide and support future
growth and innovation.
Our events are where specialists intheir market come together, exchange
knowledge, discover trends, forge
partnerships, finalise sales, gain
accreditation and hear the latest
thought leadership perspectives.
Firms often use an event as a pivotal
moment in their own calendars to makemajor announcements and promote
new product launches.

Revenue£397m
2022: £321m
Rest of the
Middle world 10%
East 7%

Through our research brands Omdia
and, more recently, Canalys we bring
together deep industry knowledge andexperience. Our expert analysts andeditors provide customers withactionable insights and intelligence that
help companies quantify risks, identify
opportunities and plan.

China
3%
UK 7%
Continental
Europe 4%
69%
North
AmericaOur research brands are complemented
by a range of specialist digital content
and media brands, including Light
Reading, Information Week, AI Businessand Industry Dive, which provide a rangeof high-quality targeted news, productfeatures, reviews and insights.

482023 performance review
In 2023, live and on-demand events
represented just under half of Informa
Tech’s business. As we saw elsewherein our portfolio, this area performed
strongly as markets reopened post
pandemic. This provided a goodcounterbalance to volatility in the
broader Technology market, where
higher interest rates saw technology
investment slow. This impacted thegrowth in our research business, Omdia,
and more significantly in our media anddemand generation businesses. Overall,Informa Tech produced a good outcomein the year, with underlying revenue
growth of 5.6% (2022: 43%).
In live events, a major highlight was
LEAP in Riyadh. In only its second year,
it attracted almost 900 exhibitors andaround 100,000 attendees, making it
one of the leading events in theTechnology calendar globally.

Our flagship cyber security event, Black
Hat, which runs in August in Las Vegas
each year, also saw strong growth.
Exhibitor numbers were over 30% higher
than in 2019, underlining the enduring
strength of the brand. The growthpotential and strategic importance of thecyber market led to the launch of BlackHat Middle East in Riyadh later in theyear, another key launch brand for our
Tahaluf partnership in the region.
Omdia, our specialist technology
research business, delivered steady
growth through the year, with some
impact of the slowdown in technology
investment evident in custom researchcommitments. In September we
expanded our research reach into the
Channel and Mobility sectors throughthe addition of Canalys.
Our specialist media and demand
generation businesses felt the greatest
impact of the broader Technology market
slowdown, as marketing campaigns werepaused and commitments reduced,
although the strength of our brands
meant we outperformed wider trends.
We used the subdued market conditions
to invest further in our brands andexpand our reach. Industry Divelaunched eight new Dives during
the year, ranging from Hotel Dive to
Fashion Dive and Packaging Dive,leveraging IIRIS first-party data toaccelerate the pace and effectivenessof the rollout.
At NetLine, we launched Intentive, a
new buyer intent platform, which uses
data from IIRIS to provide real-time
B2B insights to marketers.

49

Outlook and opportunities
Early in 2024 we made a significant
announcement in relation to Informa
Tech, confirming an agreement to
combine Informa Tech’s digitalbusinesses with US-listed TechTarget,
creating a new TechTarget. This is subject
to satisfying customary approvals
and conditions, but is an exciting
development that will create a leading
platform for B2B data and market accessand will enable B2B buyers and sellers tomeet digitally at scale, in the same way
they do in person at our live events.
TechTarget’s and Informa Tech’s
products are highly complementary.
The expanded research teams andportfolio of more than 220 specialist
media brands will become a go-to sourcefor data, insights, features and reviews.
This will generate valuable first-party
data at scale, expanding the growth
opportunity in demand generation andbuyer intent.
New TechTarget will be listed in the US,
where the majority of the market, thecustomers and the value are located.
The combined business will be led by thecurrent Informa Tech CEO, Gary Nugent.
Informa Tech’s content-led event brands
will continue to deliver world-classexperiences to business techcommunities through their new home
within Informa Connect.

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continued

In pay-to-publish, we provide a series offlexible models that allow researchers
to publish their work openly, making
their research freely accessible forothers to read, share and build on.

Taylor & Francis is a leading providerof academic research , advanced
learning and open research . We workwith knowledge makers around theworld to ensure high-quality research
has an impact, by being discoveredby the right audience and contributing

UK
Continental
17%
Europe12%

North
AmericaRest ofthe world
14%

Our brands have a long history built
on trust and integrity. Taylor & Francis
is one of the world’s oldest academic
publishers – our roots go back to 1798
when Richard Taylor launched
the Philosophical Magazine, one of
the first scientific journals. They also
include Routledge, CRC Press, F1000
Research and Dovepress.
We focus on growing specialist subject
categories including education,
psychology, business management,
medicine & health, biological & foodsciences and arts & humanities.
We have particular strength in
Humanities & Social Sciences (HSS)
with around 60% of our revenue
coming from these subject areas
and the remainder from Medicine,
Health and Science, Technology,
Engineering and Mathematics(STEM) publications.

to human progress.
Middle East 2%
China 7%

Taylor & Francis works with knowledge
makers throughout their careers, fromlearning and studying, to lecturing,teaching and publishing trusted,peer-reviewed content. Our journals,
articles and specialist books areavailable in both digital and physicalformats and are typically used by
students, academics, researchers
and R&D professionals.

Revenue£619m
2022: £594m

48%

Through GAP 2 we have expanded
our range of services, helping us tocapture more of this growing market.
This includes supporting authors,funders and research institutions inpublishing, indexing and distributing
their research as well as supporting
career development, peer review andresearch allocation. A key focus has
been improving production processes
that improve the speed of submission
to publication and handle a greater
volume of research articles, all while
maintaining high quality standards.

2023 performance review
Taylor & Francis delivered consistent
growth in 2023, as we continued toinvest in expanding our range of open
services. Underlying growth was 3%(2022: 3%).
Pay-to-publish journal submissions
increased 25% as post-pandemic
working patterns returned to a morenormal rhythm. Around a quarter ofsubmissions were accepted for
publication having been screened for
quality, plagiarism, integrity and journal
relevance even before getting to thepeer review process.

We also delivered growth in advanced
learning, in particular through increased
ebook sales, and our burgeoning
programme of open access (OA) books,
underlining the continued relevance andimportance of the high-quality journals,
imprints, and platforms we provide.
Another way we provide flexibility touniversity customers is through flexible
read and publish contracts, or so-called
transformative agreements. These are
multi-year contracts that provide
institutions with a combination of
pay-to-read content access andpay-to-publish open research services.
The significance of these was borne out
in our own research that examined theimpact of our partnership with the Jisc
consortium in the UK. In the past two
years, 7,900 articles by HSS authors
at participating UK institutions were
published OA in our journals, morethan six times the number in 2019/20.
This is significant as HSS researchers
usually find it harder to publish OA,
given the lack of funding in HSS relative
to STEM subjects.
In November we expanded our offering
in medical, biotechnological, andscientific research with the addition of
Future Science Group (FSG), whose 32
peer-reviewed journals and five digital
hubs complement our existing offeringof over 340 medical and healthcare
journals. These FSG journals provide
authors with the option to publish OA,
with 15 titles fully open access.

Taylor & Francis provides its products
and services through both traditional
pay-to-read products and increasingly
through pay-to-publish services.
In pay-to-read, our journals arepurchased as annual or multi-year
subscriptions, typically by university
libraries, or consortia, and our specialist
reference titles are bought as physical or
ebooks by libraries, and also directly byresearchers, professors, postgraduatesand professionals.

50

51

Outlook and opportunities
As we expand our reach and scale inopen research, we are targeting ahigher level of underlying revenue
growth at Taylor & Francis with a target
of 4% for 2024, and an ambition tomaintain or improve this in 2025.
Our confidence in this ambition reflects
our belief in the continuing growth ofknowledge and research, the growing
importance of trusted, independentsources of knowledge and the further
expansion of open research. It will
require us to continue to invest witha particular focus on expanding our
specialist content, maintaining highquality standards and improving the
speed and efficiency that research is
submitted, reviewed and published inorder to disseminate knowledge more
quickly and to greater effect.
AI has a part to play in thisdevelopment, helping to improve
production efficiency through greater
automation of the submission, editorial
and peer-review process. This is done
within strict parameters, so as not toundermine the validity and quality ofour publications. See pages 52 and 53
for examples of where AI can add and isalready adding value.

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Specialist research, powered by AI

Taylor & Francis has long used technology, including
forms of AI, to make research submission, production
and publication more efficient and effective. There arefurther opportunities ahead and we are continuously
investing to deliver greater value to knowledge makers
and their research.
I can confirm there

Shall I create a plain
language summaryof your research andwork with Taylor &Francis to generate 3Dmodels, audio content
and other materials?

I can confirm yourresearch has been
indexed in key
databases and weare tracking citations
and use.

are no plagiarism
or compliance issues
with your research.
Shall I pass on to the
Production teamfor technical checks
and the Publishing
Ethics team for
integrity checks?

I’ve created acustomised checklistof the files you needto submit yourresearch. Submit?

Here are somerecommended
text changes
to improve thereadability ofyour researchmanuscript.

It is time for peer
review. Here aresome suitable
reviewers. The Peer
Review team isready to support.

SUBMISSION<Metatag> Research<Metatag> Findings<Metatag> DataYour research
article has beenenriched with tags
and metadata andkey words havebeen extracted.
You are readyto publish.

PLAGIARISM
COMPLIANCE
WORD COUNTDUPLICATESYour research is amatch for ten journals.
Your institution has anopen access agreement
for two of the journals
with Taylor & Francis.
Submit?

I’ve scanned existing
research (here are thereferences) and canconfirm your researchis original.

52

I’m helping the journal editor
with automated reviews andthe Peer Review team withmaintaining an audit trail.

53

I’m now helping
students,
researchers andprofessionals toeasily discover yourresearch and build
on your findings
to create new
discoveries.

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Key performance indicators

We track ten significant
financial and non-financial
performance indicators on aconsistent basis to measure
how well our strategy is
being delivered and how
we are performing forshareholders and colleagues,
among others.

These are unchanged from 2022. Our KPIs continue to align with
Director remuneration. Specifically, the 2023 Short-Term Incentive Planconsidered achievement against the financial performance measuresof revenue, underlying revenue growth, adjusted operating profit
and free cash flow, and the operating performance measure ofcolleague engagement.
Calculations and reconciliations to statutory measures
pages 74 to 76

853.8
4.6

313.2

496.3

31.4

1,583.3

2,262.4

30.4

3,189.6

2.8
(0.2)

1.4

362.3

Adjusted diluted earnings
per share (pence)

Dividend per share(pence)2023 2022 2021

54

2022

79

2021

80

100th
65
2023

100th
79
2022

100th
78
2021

Energy consumption (kWh)Scope 1 emissions (tCO2e)
Scope 2 location-based emissions (tCO2e)
Scope 2 market-based emissions (tCO2e)
Scope 3 emissions from office waste, electricity transmission anddistribution losses (tCO2e)
Scope 3 emissions from home working (tCO2e)
Scope 3 emissions from colleague travel and accommodation (tCO2e)
Total Scope 1 and 2 location-based emissions (tCO2e)
Intensity ratio total location-based Scope 1 and 2 emissions(tCO2e/colleague)
Total Scope 1 and 2 market-based emissions (tCO2e)
Carbon offsets used to compensate for remaining emissions in scope
for CarbonNeutral® company certification (tCO2e)
Residual carbon emissions post renewable energy and offsets (tCO2e)

2022*

UK

ROW

UK

ROW

3,430,082

22,187,958

3,602,023

17,478,861

406

3,062

414

1,934

270

4,095

261

3,830

0

227

0

244

30

356

30

371

1,774

4,232

2,516

4,469

29,268 (global)
676

21,304 (global)

7,157

675

0.18

0.81

0.19

0.77

406

3,290

414

2,179

5,765

39,357 (global)

31,282 (global)

0

0

0

0

2022 data revised based on updated calculations

GHG emissions measure our use of natural resources – a small part of our business model – and are one indicator of ourprogress with FasterForward and the Science Based Targets we have set. Calculations are based on GHG Protocol and Defra
guidelines. Scope 1 emissions arise from natural gas heating, refrigerant gases and vehicle and generator fuel use. Scope 2
emissions are from electricity consumption and calculated in two ways. Location-based emissions are the average emissions
intensity of electricity grids where we have offices. Market-based emissions take into account renewable electricity purchases.
Scope 3 emissions are those that arise indirectly from our business activities in the supply chain. We report here on theemissions – including Scope 3 emissions – that fall into CarbonNeutral Protocol boundaries. We also believe these are the mostmaterial for our business and keep this under regular review. Information on wider emissions, including those within Science
Based Target boundaries, can be found in our Sustainability Report.
We have been a CarbonNeutral® certified Company, in accordance with the CarbonNeutral Protocol, since 2020 and purchasecarbon offsets to compensate for emissions that cannot yet be eliminated. This certification covers Scope 1 and 2 emissions
and the Scope 3 emissions reported. Bureau Veritas provides limited assurance over our energy and water consumption data,
Scope 1 and 2 data and limited Scope 3 data. Full details are in Informa’s Sustainability Report.

0.0

Having restarted ordinary dividends halfway
through 2022, we were pleased to further
increase this in 2023 by over 80%. Our adjusted
diluted earnings per share reflect strong earnings
growth and the effect of our continuing sharebuyback programme in lowering the weighted
average number of shares.

2023 2022 2021

9.8

Delivering sustainable long-term returns is partof Informa’s business model, with accelerated
returns a GAP 2 target. Earnings and dividends
per share measure the value createdfor shareholders.

DJSI performance (percentile and absolute score) The DJSI
aggregates the performance of listed companies against over 20 economic,
social and environmental criteria. We seek to maintain a strong absolutescore and relative position. Our position relative to peers remained strongin 2023 with Informa ranked in the top percentile. The lower absolute scorereflects continuing increases in the standards set by the DJSI.

*

18.0

Shareholder returns

Informa leverage(times)2023 2022 2021

12.9

Our business model continues to support highcash generation. This, combined with revenue
growth, helped us deliver a good free cash
flow performance in 2023. After the effect ofdivesting our Intelligence businesses in 2022
and receiving the proceeds, the Informa
leverage ratio returned to a more efficientlevel in 2023.

417.9

Free cash flow and leverage indicate thestrength of Informa’s financial position andthe flexibility we have to invest and manage
the balance sheet effectively.

2023 2022 2021

Free cash
flow (£m)

80

2023

2023 2022 2021

24.4

Financial strength and stability

2023

Greenhouse gas (GHG) emissions

2023 2022 2021

631.7

Informa delivered strong growth in 2023
driven by the combination of a full year of
normalised activity for B2B live and on-demand
events, expansion and growth in the underlying
business, consistent growth in Academic
Markets and the addition of new businesses
to the Group.

Adjusted operating
profit (£m)

45.3

Trends in revenue, revenue growth andoperating profit measure how well our
growth strategy is progressing.

The contribution of our colleagues is an important part of our business model.
We track engagement levels through the Inside Informa Pulse annual survey asa way to measure satisfaction, connection and contribution.

We use two KPIs that are easily comparable with peers. Progress against our FasterForward goals supplements these KPIs.

Financial
Growth and financial performance

Colleague engagement

Sustainability performance

Glossary of alternative performance measures
pages 237 and 238

Underlying revenue
growth (%)

Colleague engagement

We aim to maintain a high engagement score, which remained strong and consistentin 2023, and a high participation rate, which increased from 71% to 85%.

 irectors’ Remuneration ReportDpages 121 to 139

Revenue(£m)

Operational

2023 2022 2021

Excluding companies acquired by Informa in 2023, our Scope 1 and 2 emissions further reduced due to our ongoing use ofrenewable electricity, energy efficiency programmes and some office real estate consolidation. Including new businesses
and the impact of the full return to live events – and therefore business travel – in all markets, Scope 1, 2 and 3 emissions
increased. Rolling out our established programmes to newly acquired businesses will positively impact data in future years.

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Risk management  Our approach  
to risk  
The more clearly weunderstand risk, the better
we become at taking
opportunities, which is oneof the reasons we go into
2024 on the front foot.

For us, managing risk is about putting
ourselves in the best position to makewell-informed decisions that move Informa
forward. Risk management creates value
by enabling us to act in pursuit of ourstrategy, with a full and balanced pictureof the potential impacts, rather thanputting up unnecessary barriers or
putting a brake on decision making.

Enabling growth
As a business intent on growth and delivering on
our GAP 2 programme, many decisions revolvearound where the best opportunities are and how
we can best capture them. Those might beopportunities to grow or invest in new or existing
specialist markets, in different geographic markets,in expanding our current brands or in adding
portfolios or businesses to the company.
We continue to carefully consider where to invest
and allocate capital, and in 2023 our acquisition
activity increased as we reinvested the proceedsfrom divesting our Intelligence businesses in 2022.
We make sure we embed effective risk
management into all acquisition activity andintegration programmes and continue tostrengthen our risk controls in this area.
We believe this approach makes for smootherintegrations that safeguard the value invested
in our acquisitions, and the value of businesses
and colleagues we welcome to Informa.

Reassessing risk
Our strong underlying growth in 2023 was driven
by the full reopening of live events and exhibitions,
including in important markets such as mainland
China and Hong Kong. From a risk management
standpoint, a reflection of this is that we no longer
treat pandemic as a principal risk, but as a subriskof the inadequate response to a major incident
principal risk.

56

The changing ways we treat pandemic andintegration risk are just two examples of how
we evolve our risk management systems andprocesses to allow us to grow with confidence.
As we discuss overleaf, we monitor risks by using aframework that operates throughout our divisions
and businesses, so that even with a devolved
model like ours, we have a consistent approach.
What does this risk management framework tellus? In our view, the potential likelihood and/or
impact of four principal risks reduced in 2023:
Regulatory compliance, Inadequate response
to major incidents, Health and safety incidents,
and Inability to attract and retain key talent.
Information on the specific drivers for these
improvements are on pages 65 and 66 but at a
broad level, they include our work to enhancecontrols, training and communications, as well
as changes to the external environment in somecases. The potential likelihood and/or impactof certain other risks has increased but our work
to mitigate them has kept pace.
Data is important to our growth opportunities, andwe know that the extent to which we can seize that
opportunity depends on how we manage the risks
around it. For this reason, we spend time on andpay close attention to data privacy and the designof consistent, centralised data governancestructures and controls. To support this focus, wehave created a Risk Forum comprising colleagues
who work with data and those who specialise indata privacy.
Cyber risk is ever-present on all businesses’ radar.
The digital environment, and the risks that comewith it, are fluid and fast-moving. After the changes
to Informa’s operating model in 2022 and with theongoing expansion of our digital services, wecreated a programme in 2023 to map our cyber risk
and strengthen IT resilience across the businessmore broadly. This has given us a clear list ofpriorities to focus on in 2024 and beyond, andwe are looking to approach all our technology,
platform and product development from theperspective of being secure by design.

Reinforcing a culture that balances
opportunity and risk

We ask every colleague to keep risk in mind in how
they think and act, to the point where it becomes
instinctive. For example, when teams are looking
to expand the audience for our brands, they onlyuse data that has the appropriate consents intheir marketing programmes. Our training andcommunications will continue to be vital here
as we expand and enhance our products
and services.

Looking to 2024
In 2024, we will continue our work to improve how
we monitor and manage risk across the business:in particular, we will further build the maturity of
our risk management systems in data privacyand governance.
We judge that climate risk will not prevent us from
fulfilling our strategy over the next five years.
All the same, it is an emerging risk we monitor
closely. It matters to all our stakeholders, whether
they are prospective colleagues who want towork for a company that is actively managing its
environmental impact, or customers who wantto know an event is run as sustainably as possible.
In 2024, we will continue to make sure we are
well positioned to respond to new climate
reporting regulations.
We will also keep monitoring global geopoliticaland market risks closely, though ourdiversification across regions, sectors andmarkets helps mitigate these risks.
I would like to thank my Risk Committee
colleagues, our Group Risk team and everyone
across Informa who has helped us manage riskin 2023. It is through their efforts that we are,I believe, in an excellent position to make themost of our opportunities in 2024 and beyond.
Our strength as a business, and our constantly
evolving framework for managing and monitoring
risk, make us resilient and clear-sighted in theface of challenges as they emerge.

Gareth WrightGroup Finance Director
Chair, Risk Committee

Managing these and other risks is about process,but also culture. It is not just an activity for
professionals and committees with risk in theirtitle; it involves the whole business.
We look to give colleagues autonomy, which means
the people closest to our customers and markets
can take their own decisions. Our divisions havetheir own business strategies and are required
to identify and manage risks, and to put in place
controls and action plans.

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Risk management
continued

How we manage risk
We manage risk so that
it fully aligns with andsupports Informa’s growthstrategy, assessing business
opportunities in an agile
and risk-informed way, andidentifying and robustly
managing any risks.
We continuously improve how wemanage risk, increasing our maturity tohelp the business be more resilient andresponsive. In 2023, we formally added
an assessment of risk preparedness toour process. Through it, we consider
how inherently prepared and ready weare to respond to risk. Taking the riskof economic instability as an example:
here, we recognise that we cannot
control or fully manage this risk aheadof time, but adding an assessment ofour preparedness has helped us
confirm we have effective response
measures that could quickly be
activated if needed.
When considering risk, we use thesame time horizons as Informa’s
strategy and business planning
processes: a near-term horizon of
12 months and one of three years.
We also look at emerging risk overa longer-term horizon of five years.
Informa is a relatively decentralised
company, so we have embedded risk
management into business andcommercial activities. When eachdivision is building, implementing
and running its strategy, plans andoperations, it is also required to
identify and manage the associatedrisks, putting in place controls to
mitigate them.

Our culture also gives colleagues a highdegree of ownership and autonomy.
Those closest to our customers andmarkets are empowered to makedecisions and respond to changes, so
it is important colleagues are aware ofand understand good risk practices.
To help everyone to do this, we set andmaintain a strong tone from the top,
underscored by our guiding principles– which emphasise how important
it is to maintain trust and strong
relationships with customers
and partners – and by regularcommunication and training about
relevant policies.

Our three risk categories
We have three categories of risk andtailor our approach and response to
their nature and scope.
Principal risks are those we believe
could have the greatest impact on ourbusiness – that is, on our ability toachieve our strategic objectives andoperate successfully. We recognise 12
principal risks and describe them on
pages 61 to 66.
We break down each principal risk into
subrisks so we can understand andmanage risk in a more granular way.
For example, pandemic is now a subriskof the principal risk of Inadequate
response to major incidents, rather
than a standalone principal risk.
Given their importance, we havelong-term company-wide structuresand consistent risk management
frameworks in place to manage
principal risks and their subrisks.
For example, a Group leadership teammember is responsible for overseeing
and managing each principal risk.
Subrisks also have a named risk owner– often the subject matter expert inthat area – who is responsible formonitoring and managing them.

Business-level risks are often market
or product specific. We create a
response plan for business-level risks
that become significant enough torecord on a divisional risk register.
These response plans and strategies
are regularly monitored and reviewed
by divisional management.
Emerging risks are ones that are not
yet large enough to challenge thedelivery of our strategy, or risks thathave ambiguous or uncertain impacts
or timing.
We monitor and assess emerging risks
in the same way we do principal risks.
They are assigned to subject matter
experts to make sure they aremonitored and given sufficientattention. The Group Risk team, Risk
Committee and senior management
team members hold dedicatedhorizon-scanning reviews to identify
any new and relevant risks. We haveemerging risk registers and work to
identify the triggers that could meanan emerging risk needs more attention
and action.

Risk management framework

Risk management process

We have an established, overarchingenterprise risk management framework,
based on a five-part structure set out
below, but it is not one size fits all.
While using the same overarching
structure, each of our principal risks has
its own detailed framework, which is
tailored and specific to the nature ofthat risk. It provides a level of detailand specificity that we believe makes
managing risk and capturing
opportunities more effective.

We follow a four-stage risk management process to oversee
our principal risks and subrisks.

We identify risk over one- and three-year time horizons by combining abottom-up analysis – where each division and Group function identifies
risks and opportunities in its respective markets, products or areas –with a top-down analysis – where the Group Risk team monitors for any
additional risks that could affect the company more broadly, such as
risk from any large internal change programmes.

1. Risk profile and appetite
The Board sets the appetite andtolerance levels for different risks andarticulates these through a set of specificstatements. Each principal risk also has
its own statement of appetite andtolerance that is specific to its nature,
profile, connection to business strategy,
opportunity and Group risk profile.

2. Governance
We have a clear governance structurein which accountabilities are defined
and there is appropriate expertise toproperly oversee the various types ofrisk at each stage. The Risk Committee
meets quarterly and provides theBoard and Audit Committee with theinformation they need to meet their
responsibilities. The Board’s and Audit
Committee’s responsibilities aredetailed on our website.

3. Policies, processes and controls
We identify, assess, manage andmonitor risks using a suite of
methodologies, policies, controls andprocesses. These are regularly assessedby the Risk and Compliance teams,
tested by Internal Audit and reviewed
by the Risk and Audit Committees toensure they work effectively.

  Assess  We assess all the identified risks against a set of financial and nonfinancial assessment criteria, considering risk likelihood, risk impact– both before implementing any mitigations to manage the risk andafter current mitigations are applied – and risk preparedness, which
is a measure of how ready we are to respond to a risk if it happens.
For each principal risk and its subrisks, we also assess whether it could
have a material strategic, commercial or operational impact on its own
or as part of a multiple-risk scenario. Principal risks with material
commercial impacts form part of our viability modelling and testing.

  Respond and manage  All risks have response strategies. We evaluate how effective these areat mitigating and managing risks to agreed tolerance levels and what
resources are needed to do so.
Business-level risks are managed within their respective team anddivisional management structures. The Group leadership team member
responsible oversees its management, including making sure that
controls are adequate, operate effectively, and that we have an effective
response strategy if the risk crystallises or breaches appetite or
tolerance thresholds.

4. Culture
Culture plays an important part inmanaging risk, namely that risk taking
in the pursuit of strategy and customer
success is balanced with appropriate
risk management, and always happens
within the tolerance and boundaries set
by the Board.

5. Tools and infrastructure
To support risk management activities,
reporting and monitoring, we use a range
of industry-standard risk management
tools and systems, together withbespoke tools created for Informa.

58  Identify    Monitor and report  
Each business monitors its business-level risks and reports back onthem to the Group Risk team and Risk Committee, which provide
feedback when necessary. They also assess these risks to see if they
are significant enough to become emerging or principal risks.
We use dashboards to monitor and report on principal risks and theirsubrisks, evaluating them against the metrics and tolerances the Board
has set.

59

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Principal risks and uncertainties
Our 12 principal risks
fall into three categories:
growth and strategy,
people, and culture.
Our tolerance for these risks iscategorised in one of three ways:• Risk averse: We have a very low
tolerance for taking the risk and it
should generally be avoided• Risk cautious: The risk is carefully
considered against the potential
opportunity and reward using
financial and non-financial measures.
The end reward must be a multiplierof the risk for it to be considered
and taken• Risk flexible: We will consider taking
the risk on a case-by-case basis,
according to our broader growthstrategy, business plans andmarket circumstances

As indicated in last year’s report, we nolonger treat pandemic as a principal
risk, but as a subrisk of the principal
risk of Inadequate response to a major
incident, given that COVID-19 is now
considered a virus that we live
alongside in all our markets.

A net risk rating is produced for eachprincipal risk. This assesses how likely
the risk is to occur and the impact on
Informa, taking into account ourcurrent controls and mitigations.
These ratings are mapped below to give
more insight into their relative impacts
and likelihoods. Year-on-year changes
are shown by arrows.

In terms of emerging risks, we arecontinuing to monitor how quickly AI isdeveloping, particularly newer forms
such as generative AI. While AI presents
opportunities and efficiency benefits
for Informa, it also presents risks,such as the need to protect against
infringements of our intellectual
property, including specialist research,and potentially heightened risks
around data privacy and security.
We continue to take a risk-aware andrisk-informed approach to our work inthis area.

In 2023, we made particularimprovements to the controls andoperations around four principal risks:
Inadequate regulatory compliance,
Inadequate response to major
incidents, Inability to attract and retain
key talent, and Health and safetyincidents. For the first three of theserisks, the likelihood and impact have
reduced. For Health and safetyincidents, the impact has reduced, but
the number of live events we now
operate has increased year-on-yearwith the addition of new businesses.
So, we judge there is a slightly higher
likelihood of the risk happening.

We confirm that, through theprocesses and governancedescribed above, we have
performed a robust assessmentof Informa’s emerging andprincipal risks, and believe that
our risk management framework
and process remain robust.

Principal risk

2

1

6
4

7

Likelihood

10
12
11

8

9

5
3

Growth and strategy
1.	Economic instability
2.	Market risk
3.	Acquisition andintegration risk
4.	Ineffective change
management
5.	Reliance on key
partnerships
6. Technology failure
7.	Data loss andcyber breach
8.	Privacy regulation risk
People
9.	Inability to attract
and retain key talent
10.	Health and safetyincidents
11.	Inadequate response
to major incidents

Impact60

Growth and strategy
1Economic instability

2Market risk

Owner: Group Finance Director

Owners: Divisional CEOs

Risk appetite: Risk flexible

Risk appetite: Risk flexible

Latest movement: No change

Latest movement: No change

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

We work in a range of specialist markets, each of which could
grow, decline or change for different reasons. This could
support or disrupt the needs and preferences of ourcustomers and change the competitive environment
for our products and services.

If we fail to navigate these changes, we risk being unable
to deliver our strategy. Market changes and currency
fluctuations can, however, offer opportunities to acquirebusinesses at lower cost and enter or expand indifferent markets.

We are comfortable taking market risk because it can present
opportunities for growth by developing new products,
acquiring capabilities, working with new partners or
expanding in existing or new markets.

How we manage it

How we manage it• We have regular conversations about the macro-economic
environment at Board, Risk Committee and leadershipteam meetings, and stay close to what is happening in ourgeographic and customer markets• Market risk and opportunity are continuously discussed,
including in quarterly leadership and divisional planningmeetings, Board strategy meetings and as part of thethree-year planning cycle• Informa is a well-diversified business, operating in multiple
geographies and specialist customer markets, which gives
us resilience and makes it easier to manage through any
localised market or country-specific downturns
or recoveries• We have deliberately focused our business around
specialist customer markets that have good long-term
growth characteristics, and markets where our brands
and products are particularly valuable to businesses,
professionals and researchers• We have a strong balance sheet, which gives us confidence
that the Group could withstand any unexpected shocks.
We also have a track record and recent management
experience of responding promptly and proactively inperiods of instability – most recently shown during
the pandemic• We continuously invest in our products to make sure theykeep pace with customer demand and market trends.
This helps us both manage risk and capture opportunity• Our culture of staying close to customers and building
depth and specialism in our markets gives us good insight
into trends in feedback, product use and behaviour.
We use this information to make sure our products
remain valuable and relevant and to spot newopportunities for growth• We have a good level of visibility on revenues since
exhibitors book and pay for event space in advance andour subscription products are typically annual or multiyear agreements• Informa is a well-diversified business and works in morethan a dozen customer markets. This provides resilience todisruption in individual markets, as does the quality of ourbrands and customer relationships• To protect against currency movements, we align ourborrowing with the currency of our largest sources ofcash generation and review our hedging arrangements

Culture12. 	Inadequate regulatorycompliance61

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Principal risks and uncertainties
continued

Growth and strategy3

Acquisition and integration risk

4

Ineffective change management

5

Reliance on key partnerships

6

Technology failure

Owner: Director of Strategy and Business Planning

Owner: Group Chief Operating Officer

Owner: Group Finance Director

Owner: Group Chief Operating Officer

Risk appetite: Risk flexible

Risk appetite: Risk averse

Risk appetite: Risk flexible

Risk appetite: Risk averse

Latest movement: No change

Latest movement: No change

Latest movement: No change

Latest movement: No change

One of the ways we grow and build scale positions in ourchosen markets is through acquisitions. When we add
businesses to the Group, their financial performance canexceed or fall short of expectations if market conditions
change or if the integration process is more or less complex
or effective than foreseen.

Change is part of and an outcome of our growth strategy.
If change is not managed effectively however, it can create
operational challenges, and those can affect our ability todeliver strategic, commercial and operational benefits.

We work with a range of business partners, including service
providers, financing providers and strategic partners. If asignificant partnership or service provision were disrupted
or failed, it could affect the delivery of certain products andservices and normal business activity.

Technology underpins our products, services and business
operations. A prolonged loss of critical systems, networks orsimilar services could disrupt business operations and thedelivery of our products and services, impacting revenues,
customer experience and our reputation.

How we manage it

How we manage it

How we manage it

How we manage it• We allocate capital to the markets and areas of ourbusiness that have the strongest growth opportunities andwhere we believe we can build scale leadership positions• We have a good track record and recent management
experience of successfully implementing change
programmes: for example, as part of large-scaleacquisitions and divestments that have changed ouroperating model• We mitigate this risk by making sure we understand our
key business partners well, identify areas of risk, put inplace controls for those risks and monitor relationships
on an ongoing basis• We work to minimise the likelihood and impact of any
business-critical technology failure and increase our
preparedness to handle any disruption. Our framework
includes governance standards, maturity targets andcontrols that manage technology risk and continuously
improve operational IT resilience

We are prepared to take reasonable risks to add talent,
capabilities, products and brands through acquisitions and
we invest to make sure our integration processes capture
the full benefits of doing so.

• The Group Corporate Development team carefully analyses
acquisition targets and assesses their strategic and culturalfit. We involve functional experts throughout due diligence,acquisition and integration and use external partners
where needed• Members of the Group leadership team oversee andsponsor key change initiatives. We set up specificgovernance structures for significant projects andall large-scale strategic changes• All acquisitions follow set due diligence, governance,
leadership and project management processes.
For significant acquisitions, we put in place additionaloversight and checkpoints• Our funding and investment programmes, and ouracquisitions, include change management disciplines
and have defined governance and reporting structures• We develop a value creation register for each proposed
acquisition, which assigns individual ownership to all
aspects of implementation• Considering our stakeholders, and particularly ourcolleagues, is an embedded part of the way we work at
Informa. Our decisions are informed by our purpose,
strategy and guiding principles. We carefully weigh thebenefits of any change on stakeholders, identifying issues
and aiming to mitigate these as far as practical• We report post-acquisition performance to the Board
every quarter, in which we assess any variation to our
expected return on investment• We consider the risk of business fatigue from bothindividual and simultaneous change and transformation
programmes, to ensure the controls and mitigations wehave put in place are effective• The Group monitors and oversees divisional integrationplans for at least two years after acquisition and conducts
additional spot checks and assurance reviews beyond that.
We also analyse and report on lessons learnt in previous
acquisitions, divestments and integrations• As part of their formal reviews and reporting to the Risk
Committee, each division and Group function identifies
key partnerships and what risk we are exposed to, anddescribes the preparedness and resilience plans in place• Alongside expanding our digital services, we have spentincreased time focusing on the strength of our technology
systems. A programme introduced in 2023 has helped
identify where and how we can further increase theresilience of our operational and product platforms andsupply chain, with actions underway• We ensure there is accountability for each key relationshipamong our management teams• We apply additional due diligence to certain key partners
by assessing the robustness of their business plans,
financial stability, cyber and information security practices
and business continuity plans• Our Group-wide strategy is to deploy cloud computingbased services, building resilience for our products andservices and providing the capacity to scale• We monitor performance levels and have contracts andservice-level agreements that enable us to act on any
recurrent issues• We work to reduce complexity in our technology landscapeby streamlining legacy systems and those from acquired
businesses, making the management and monitoring of
our technology estate easier• Our Treasury Policy ensures we are not over-reliant on any
single financing partner• We assess and select all technology service providers on
their service continuity and resilience, and so reduce therisk of downtime• We have proven capabilities in remote access and remote
working. Colleagues can work securely and productively
from anywhere if one of our hubs were affected by atechnology outage• All acquisition and divestment activity undergoes a risk
management review. Risks and how they will be managed
are documented, to build a picture of risk profile that
informs decision making

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Principal risks and uncertainties
continued

Growth and strategy
7

PeopleData loss and cyber breach8

Privacy regulation risk

9Inability to attract andretain key talent

10 Health and safety incidents

Owner: Group Chief Operating Officer

Owner: Group General Counsel and Company Secretary

Owner: Group HR Director

Owner: Group Chief Operating Officer

Risk appetite: Risk averse

Risk appetite: Risk averse

Risk appetite: Risk cautious

Risk appetite: Risk averse

Latest movement: No change

Latest movement: No change

Latest movement: Decreased

Latest movement: Decreased

We use interconnected systems and data in our business
operations and products. Cyber threats are evolving andcyber attacks are increasing. A cyber breach or loss of
sensitive or valuable data, content or intellectual property
could create losses for our stakeholders, affect our
reputation and disrupt the business.

We use data in an increasing number of ways to capturecommercial opportunity and better serve customers.
Using personal information is governed by privacy and dataprotection legislation. These are different, evolving andincreasing in many of the jurisdictions we operate in.
More onerous legislation could limit how we access and use
this data, and different legislative approaches increase theoperational complexity of compliance. Non-compliance canlead to fines, damage reputation and customer relationships
and affect our ability to trade in some countries.

Our colleagues, their capabilities and their engagement areimportant to delivering our strategy and serving customers.
The loss of key talent in critical functions and inadequate
succession planning for senior managers could affect our
growth and business success.

We want our workplaces, including our live events, to besafe and secure environments for everyone. Incidents or
mismanagement of this risk can injure our colleagues,
customers or the general public, affect our reputationand lead to fines and claims for damages.

How we manage it

How we manage it

How we manage it

How we manage it• We aim to protect our data robustly and align with privacy
regulations and good security practices. As such, this risk
receives ongoing leadership and Board attention andwe have allocated greater resources to managing it
under GAP 2• We respect and value personal information and privacy,
and comply with regulatory requirements• We put considerable time and investment into creating an
engaging, inclusive and rewarding working environment, tohelp retain key talent and make the most of all colleagues’
skills and abilities• We focus on preventing incidents by establishing good
health and safety operating standards and building
awareness and personal accountability into our culture• We run a comprehensive data privacy programme.
This includes privacy management technologies andsubject-matter expertise at multiple levels of the business.
We conduct robust privacy risk and data protection impact
assessments. All colleagues have mandatory training on
their data privacy responsibilities, which is supplemented
by topic-specific training for those in specifically relevantroles. We apply privacy-by-design principles when starting
new projects• The Risk Committee monitors the performance, progressand maturity of our cyber security controls. We runinternal and external assurance programmes that assess
compliance with security policies, standards and controls,with reports provided to the Risk Committee, Audit
Committee and leadership team
• Our Information Security team determines strategy,
oversees Group-wide security initiatives andsets standards• The Group Chief Privacy Officer leads the governance ofdata privacy. Each division has dedicated privacy managers
who guide product and commercial teams on privacy
compliance and best practices as they develop new
platforms and digital services• We regularly test our data and cyber security controls andpractices to create a more robust and secure environment,
and take a security-by-design approach to developing
products and implementing new platforms• As we capture and use data in our business and products
in more ways, we have invested more in our capabilities sothat our controls environment remains robust• We use a layered defence-in-depth approach to protect theconfidentiality, availability and integrity of key systems.
This comprises multiple administrative, technical andphysical controls, which are continuously monitored andadapted according to developing threats• We re-evaluate the programme each year to make sure we
address any changes to business strategy, priorities or
emerging privacy regulations or risks. We regularly monitor
external factors and changes in privacy and dataprotection laws, and consider and communicate any
operational impacts• We have a well-defined incident management response tohelp us act effectively on any issues that arise• Our framework is led by a dedicated central Health, Safety
and Security team, alongside regional experts who help
embed consistent approaches, validate standards andprovide targeted support. The Risk Committee monitors
and regularly reviews health and safety progress• Colleagues, culture and talent are ongoing points ofdiscussion for the leadership team and Board. All leadersand Directors engage directly with colleagues at all levels
throughout the year, to stay close to sentiment. We run anannual company-wide survey, alongside business-levelspot checks, and monitor leaver data and surveys tounderstand trends and act on any opportunities or issues.
Under GAP 2, we have invested more in colleague benefits,
skills assessments and career opportunity programmes• Our standards and frameworks are documented and madeavailable to everyone involved in health and safety,
including contractors• We took several steps to enhance risk management
around our live events in 2023. These included launchingan approved contractor scheme, described on page 38, andintroducing new exhibitor health and safety guidelines toensure exhibitors and their contractors understand andmanage their responsibilities• We incentivise key talent alongside establishing short- andlong-term succession plans. For roles that are particularlycommercially sensitive, we use post-termination
restrictions to reduce the impact of losing talent• Colleague engagement and retention are reported to the
Risk Committee. Where we feel attrition rates are high,management teams must report on the measures they
are taking to reduce those rates• We assess and audit our events and facilities to ensure they
comply with company standards, and monitor any required
actions until they are completed• We have a company-wide travel management system,
which ensures colleague accommodation and travel aretracked in the case of any issues and booked to acceptablesafety standards. Colleagues have access to anytime
support for any incidents while travelling• In recent years, we have invested more in promoting
Informa to new talent and created function-specificin-house recruitment teams to help source in-demandtalent more successfully• To support a security-aware culture, we run simulated
events to test security controls and response tactics.
We also deliver awareness programmes and training tocolleagues, which include communications and simulated
phishing exercises• We deliver mandatory online health and safety training to
all colleagues. In 2023, we redeveloped and enhanced oursafety operating model training, delivering it to colleagues
and senior managers involved in operations• After successful pilots in 2023, we rolled out a health andsafety incident reporting tool to colleagues and major
contractors in early 2024. This will enable real-time
reporting of incidents, helping us to investigate issues
and implement any improvements more effectively

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Principal risks and uncertainties

Viability statement

continued

PeopleCulture11 Inadequate response to

12 Inadequate regulatory

Owner: Group Chief Operating Officer

Owner: Group General Counsel and Company Secretary

Risk appetite: Risk averse

Risk appetite: Risk averse

Latest movement: Decreased

Latest movement: Decreased

Major incidents – such as those caused by extreme weather,natural disasters, military action, terrorism, or major disease
outbreaks such as pandemics – can affect our colleagues
and customers, and disrupt our operations and events.
Responding inadequately to a major incident can exacerbate
or worsen the issue, affecting colleague and customer healthand safety and our reputation, and potentially lead tocriminal and civil investigations.

Colleagues and business partners who work with or on
behalf of us are expected to comply with applicable laws
and regulations. If we fail to comply, we could face fines
or imprisonment, damage our reputation and be unable
to trade in some countries.

major incidents

compliance

How we manage it

How we manage it• Most of the time, businesses cannot control the cause ofmajor incidents. So, we focus on making sure our responseto any incidents is effective and any impacts are minimised• Our commitment to ethical and lawful behaviour and our
expectations of others are clearly articulated in our Code of
Conduct, Business Partner Code of Conduct and policies,
and in our guiding principles• We have recent management experience of managing theimpacts of the pandemic. As an outcome, we establishedregional crisis response hubs which mobilise in the eventof a major incident and co-ordinate our response.
They receive annual training and follow documented
processes created to help us respond more quickly andeffectively. We also have a crisis council that would
convene in severe circumstances and similarly follow
documented processes• We run a comprehensive compliance programme tohelp us meet our obligations under material legislation.
It includes the use of detailed risk assessments, training
and communications. It incorporates anti-bribery andsanctions programmes that include internal controls,
risk-based screening and monitoring of vendors, sales
agents and customers. The programme is monitored tomake sure we are continually improving our processes• Our central Health, Safety and Security team provides
expertise on incident management and supports
colleagues and directly affected stakeholders inan emergency. A cross-company business resilience
council contributes to assessing and managing this risk too• We train all our colleagues on the Code of Conduct and key
policies, and they are required to accept role-relevant policies• We maintain a Speak Up whistleblowing facility.
This enables anyone to raise a concern about actions thatgo against our policies or the law, and it is one of the key
ways we can remedy any issues of non-compliance in ourbusiness. Retaliation for raising genuine concerns is nottolerated. In 2023, we took several steps to increaseawareness of our Speak Up facility and expand colleagues’
confidence in using it, which included new training andexpanded communications• Each division considers known extreme weather patterns
when planning event schedules. Terrorism threats andpotential unrest or protests are also considered, and we
conduct enhanced security risk assessments to protect
our people and operations in higher-risk locations• Each of our events, whether live or on-demand, has anincident response plan specific to its location, format
and the operational colleagues who attend our events• All reports of potential breaches of our Code of Conduct
and policies are investigated promptly and actions taken
to remedy substantiated breaches or implement
key learnings• Most recently, we entered a new partnership that provides
us with a virtual security operations centre. This centre andservice advises us on risks in key locations in real time andis available to colleagues when they travel for business, if
they require health or security advice or support

Assessing long-term prospects and viability
Informa’s Directors undertake a formal and structured assessment of thecompany’s long-term prospects and its viability over a three-year period,and continue to have confidence in Informa’s business model, long-term
prospects and viability.
How we assess long-term prospects
We use the annual business planning and strategy
process to assess our outlook by division andconsider the company’s prospects more broadly.
Each division creates a three-year business planthat sets out a clear ambition, specific businessobjectives and what is required to achieve those.
Plans incorporate an assessment of external
factors – such as competition, market trends
and risks – and internal factors – such as talent,
product development and technology capabilities.
The plans include detailed financial forecasts andclear explanations of key assumptions and risks.
The consolidated divisional plans are reviewed by
the Group Chief Executive, Group Finance Director,
Group Chief Operating Officer and Director ofStrategy and Business Planning. They arepresented to the Board at the annual Board
strategy meeting for review, constructive
challenge and input. Plans are subsequently
updated through the year at key dates and forsignificant events.
Divisional financial forecasts are used to evaluate
the Group’s funding requirements and assess theresources and liquidity available for reinvestment
and for shareholder returns. The forecasts arealso used for the annual impairment review.

• Balance sheet: We take a disciplined approachto maintaining balance sheet strength, with aview to retaining our investment grade ratingwith the credit agencies• Principal risks and risk management: Ourprocess to identify, monitor, manage andmitigate risk continues to be effective• Proposed combination with TechTarget: The
proposed combination of Informa Tech’s digitalbusinesses with TechTarget is subject to approvalby TechTarget’s shareholders and other customary
conditions, but we have included it in the viability
and going concern assessments as completion
would reduce the Group’s financial headroom

How we assess viability
The Directors consider Informa’s trading
prospects, liquidity and the potential impacts ofrisk over a three-year period. We believe this is anappropriate timeframe because it is consistent
with our visibility of market trends and the natureof Informa’s business, and assessments beyond
three years are subject to uncertainty that
increases further out in time.
The Group is considered viable if, after thisassessment, financing facilities allow for sufficient
cash liquidity to fund operations and repay or
refinance debts as they fall due.

When assessing the company’s prospects more
broadly in 2023, we considered the following:• Performance and position: The company
is performing well on financial measures.
Our revenue is diversified by market, location,customer and product type. We have strong
brands and market positions. Long-term
market trends support the company’s positionand strategy• Strategy and business model: We have a clear
strategy and programme to target growth
opportunities, with the ability to invest. We are
flexible in how we serve customers. We have aflexible cost structure• We further strengthened our sanctions controls in 2023,
including through technical and process improvements in
our finance centres and upstream systems

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Viability statement
continued

2023 viability assessment

The potential financial impact of these risks is alsomodelled as a single scenario to understand their
combined financial impact.

To assess the impact of risk, we consider severe
but plausible scenarios where each principal risk
might occur or crystallise. If the potential financial
impact is over 5% of average EBITDA over thethree-year period, the principal risk is modelledagainst the Group’s financial plan to test whether
it would adversely impact the Group’s viability ona standalone basis.

To assess the Group’s liquidity, we assumed thatexisting debt facilities are refinanced uponmaturity during the forecast period.
Factors considered in 2023 assessment were:• As of 29 February 2024, the Group has astrong liquidity position, with around £0.4bn
of cash, £1.1bn of undrawn committed credit
facilities and no financial covenants on
Group borrowings

As shown below, three principal risks weremodelled for the 2023 viability assessment:• Economic instability: B2B live and on-demand
revenues and revenue growth in our Academic
Markets business grow at a lower rate thanforecast, despite ongoing investments• EMTN debts maturing in October 2025 (€700m),
July 2026 (£450m) and the unutilised revolving
credit facility maturing in February 2026 (£1,050m)
are assumed to be refinanced with the sameamounts borrowed at around 6% interest payablein the base case and downside scenarios• Market risk: Existing and new digital products
do not grow as quickly as forecast• Inadequate response to a major incident:
A major external incident happens that affects
our ability to trade live face-to-face events: forexample, the emergence of a new pandemic
forcing global lockdowns• The Group is a well-established borrower withan investment grade credit rating recently
reaffirmed from Fitch, Moody’s and S&P, which
provides the Directors with confidence that theGroup could further increase liquidity by raising
additional debt finance if needed
The Group remained viable including whenmodelling the three largest principal risks together,
without any cost mitigations being modelled.

Directors’ viability statement
The Directors have concluded that it is unlikely,
but not impossible, that a single risk could test the
future viability of the Group. Subject to these risks
and on the basis of the analysis undertaken,
however, the Directors have a reasonable
expectation that the Group will be able to continue
in operation and meet its liabilities as they fall due,over a period of three years to 31 December 2026.

2023 going concern assessment
To complete the going concern assessment
the Directors have modelled a base case withsensitivities and a reverse stress test for theperiod to June 2025. In modelling the base case,
the Directors have assumed Group financial
performance consistent with the guidance given
for 2024, followed by similar growth in the firsthalf of 2025.
Under the financial plan, including the proposed
combination of Informa Tech’s digital businesses
with TechTarget, the Group maintains liquidity
headroom of more than £1.1bn. To consider adownside scenario, the Directors separately andin aggregate applied the three scenarios usedin the viability modelling to the financial plan.
In each case, the Group maintains liquidity
headroom of more than £0.7bn.
The reverse stress test shows that the Group canafford to lose 54% of its revenue from 1 April 2024
to the end of June 2025 and maintain positive
liquidity headroom. This extremely remotescenario assumes no indirect cost savings andcustomer receipts are refunded with no further
receipts collected in the period.

Market trends,
peers, customers

Capabilities,
people, products,
platforms

Risk andsustainability

Multi-year
divisional strategicplans createdMulti-risk Group strategy plan

From which
three-year businessplans are formedby divisions

Three-year business plan

Plan tested against
the three principal
risks where,
in severe but
plausible scenario,
impact of the risk
valued at over 5%
average EBITDA

Group viable if
sufficient liquidity
headroom
maintained

Tested against
economic instability

Current
portfolio

Tested against
market risk

Ambition

Based on the scenarios modelled the Directors
believe that the Group has adequate resources
to continue in operation for at least 12 months
from the signing date of this Annual Report andAccounts, and therefore consider it appropriate
to adopt the going concern basis of accounting
in preparing the financial statements.

Tested against
inadequate response
to major incidents

Tested against economic instability, market risk and inadequate
response to major incidents simultaneously

Outcomes assessed against liquidity headroom

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Financial Review  Strength  &

Momentum  

By any measure, Informa
had a very strong year, both
operationally and financially.
This is particularly true
when we consider theoutlook as we entered 2023.

At a macro level, international conflict, heightened
inflation, higher interest rates and sluggish
economic growth in some parts of the world
painted a relatively subdued picture. And at a
micro level, in January 2023, the continuing impactof the pandemic meant we were uncertain as toexact timing and pace of return of trade shows
in China.
However the underlying strength of ourbusinesses, the depth and quality of our specialist
brands, and the energy and commitment of ourcolleagues enabled the Group to deliver a
standout year, comfortably surpassing pre-COVID
levels of revenue, when we also still owned theInforma Intelligence business.
Our operational performance during 2023 wasmatched by a strong commitment to capital
returns, funded through our strong cash
generation and the continuing redeployment of
capital realised through the divestment of Informa
Intelligence in 2022. In total, we returned £725m
to shareholders in 2023 through increased
dividends (+84% to 18p) and share buybacks(£548m shares bought and cancelled).
We were also active in expanding the portfolio,
completing a number of accretive acquisitions
to further enhance the Group’s future
growth prospects.

Strong financial performanceGroup revenue of £3,190m reflected underlying
growth of 30.4%, including 39.2% in B2B Markets
and 3.0% in Academic Markets.
In B2B Markets, growth was supported by strong
performances in all regions, including in China,
where post-COVID customer demand for our
specialist products returned rapidly following
the reopening of the market.
We also saw strong demand for our specialist B2B
products across the Middle East, with particularstrength in our partnership in Saudi Arabia, Tahaluf.

70

Here, the latest edition of LEAP delivered further
record attendance, making it one of the largest
technology events globally in only its second year.
This was supported by the launch of three othernew events in the Kingdom, including in Food
(InFlavour), AI (Deepfest) and Real Estate (Cityscape
Global) with plans for a further 20+ new event
launches over the next three years. From astanding start, we are already delivering more than
$90m of revenue in the Kingdom, with significant
further growth to come, as we continue to support
Saudi Arabia’s Vision 2030 ambitions to moderniseand diversify its economy.
Overall, Informa’s revenues from B2B live andon-demand events surpassed the pre-pandemic
levels of 2019 by around 15%.
In Academic Markets, we delivered consistentunderlying revenue growth of 3.0% (2022: 3.0%),
including a solid performance in our traditional
pay-to-read business and good growth in
pay-to-publish services, where open researchvolumes continue to build.
Group reported revenue growth of 41.0%
outpaced the underlying growth rate by 10.6
percentage points, reflecting acquisition
contributions (13.3 points of growth) partly offset
by more modest phasing and currency impacts.
The strong revenue performance was converted
into equally strong growth in adjusted operating
profit, +72% to £854m. This produced an adjusted
operating margin of 26.8%, up 4.9 percentage
points, largely driven by the strong growth in live
and on-demand event revenues. M&A activity
added around £95m to adjusted operating profit,
including the annualisation of the addition ofIndustry Dive in September 2022.
Group statutory operating profit of £508m(2022: £184m) also improved significantly, withthe difference to adjusted operating profit largely
due to intangible amortisation.

Cash flow and balance
sheet efficiency
Cash conversion and cash generation remain acore focus for the Group. We made good progressin 2023, delivering free cash flow of £632m, wellahead of the £418m generated in 2022. This would
have been higher still but for the unwinding of
cash prepayments collected for live and ondemand events in China during 2022 for events
that were unable to run that year. These cash
collections were rolled into 2023, leading to aworking capital outflow in the year, when theevents were held. This dynamic will not repeat in
2024. We anticipate a return to more normal cash
flow dynamics, with higher cash conversion,reflecting the attractive working capital dynamics
of the B2B live events model.

The combination of strong cash generation,
targeted inorganic investment, higher ordinary
dividends and further share buybacks resulted
in year end net debt (including IFRS 16 leases)of £1,456m (2022: £245m), implying a leverage
ratio of 1.4x (2022: (0.2)x).

Effective capital management
We maintained a disciplined approach to capital
allocation through the year, with a continuingcommitment to organic investment in the Group,
both in recruiting and retaining talent, and ininvesting in our products and capabilities. Net capital
expenditure of £94m was almost 40% higher thanthe £68m invested in 2022, supporting theInvestment element of our GAP 2 programme.
As outlined, our performance enabled us toincrease the proposed ordinary dividend for theyear by over 80% to 18p per share (2022: 9.8p).
This was combined with £548m of share buybacks
within the year to deliver £725m returns toshareholders. In November, we announced
a further extension to the share buyback
programme, committing to a total programme of£1.15bn to be completed by the Full-year Results
announcement in March 2024.
In last year’s Annual Report, we highlighted thesuccessful portfolio focus element of GAP 2, whichin 2022 saw us realise circa £2.5bn of value andpost-tax cash proceeds of around £1.9bn from thedivestment of our Informa Intelligence portfolio ata blended multiple of around 28x EV/EBITDA.
During 2023, beyond the cash returns toshareholders already outlined, we have been
purposefully redeploying the divestment proceeds
in a series of targeted portfolio additions that add
further depth in key markets and further boost
the Group’s future growth prospects.
In April, we completed the purchase of Tarsus,
strengthening our leadership in live and ondemand events. It is a business we have longadmired, with a highly complementary portfolio
built around major brands in attractive, specialist
B2B markets in the growth regions of Asia, China,
the Middle East and the Americas.
In May, we followed this with the acquisition of
Winsight, further expanding our position in theattractive US Foodservice market, which is large
and growing, characterised by a fragmented
supply chain and high levels of innovation.
The business offers a range of specialist B2B
services to customers including live and ondemand B2B events through brands like the
National Restaurant Association Show, specialist
data and research through its Technomic
business, and specialist media through brands
such as Restaurant News.

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Financial Review
continued

In August, we acquired the HIMSS Global HealthConference & Exhibition, a leading international
trade show for Healthcare Technology andinformation management systems and a TSNN
Top 30 Trade Show brand in North America.
In September, we completed the addition of
Canalys, a specialist Tech research business
which complements our existing Omdia business,
extending our expertise into the valuable
Channel segment of the market.
In total, in 2023 we invested over £1.2bn intargeted expansion, at an average EV/EBITDA
multiple of around 9x post synergies, adding
businesses that are expected to generate over
£300m of annualised revenues in 2024.
Looking forward, our approach to capital
allocation will remain disciplined, with a view toretaining our investment grade rating with thecredit agencies.
We will look to maintain efficient levels ofleverage, within the range of 1.5x to 2.5x while
delivering progressive dividends and continuing
to pursue attractive, targeted inorganic
opportunities should they be available.
Share buybacks remain an option if the Groupfinds itself with excess capital that can be
returned to shareholders.
For 2024 we have a base-level commitment ofa further £250m of share buybacks in addition
to those already completed, with potential toincrease if suitable inorganic opportunities
do not materialise.
Demonstrating our balance sheet capacity, inJanuary 2024, we announced an expansion in B2B
Digital Services through an agreement to combine
Informa Tech’s digital businesses with US-listed
TechTarget, creating a leading platform in B2B
Data and Market Access.

Growth and momentum into 2024
We look forward to 2024 with optimism andconfidence. For the first time in five years, all ourmarkets are fully open and operating normally,each with structural tailwinds. The thirst forknowledge and need for independent verification
and authentication that deliver trust andreputation are underpinning Academic Markets.
And the inexorable drive to digitisation in
everything we do is putting greater value on
in-person interactions with customers andcolleagues, making our B2B Markets products
more important than ever. These underlying
market trends are being augmented by our own
efforts to use technology and data to improve andadd products, increasing the value, utility andoverall experience for customers.

Our business is well placed both geographicallyand by customer market. We deliberately built our
portfolio around growth economies in North
America, Asia and the Middle East and our strong
positions in these markets are reaping thebenefits of above-trend growth in these regions.
Our customer markets are also focused on sectors
with strong growth dynamics, where there arehigh levels of innovation, international reach,and fragmented supply chains such as in Pharma,
Healthcare, Technology, Health & Nutrition,
Beauty and Aviation.
One of the hallmarks of our business is theforward revenue visibility we have throughsubscriptions and forward commitments fromexhibitors and sponsors at our events. At the endof February 2024, we had visibility on more than
£1.5bn of revenues for the year.
The underlying growth in our markets, thestrength of our brands and strong forward
visibility give us confidence of another year ofstrong growth in 2024. We are targeting highsingle-digit underlying revenue growth andreported revenues of between £3,450m and£3,500m. These are expected to translate toadjusted operating profit of between £950m and£970m (excluding any effect of the proposed
combination with TechTarget and a GBP/USD
exchange rate of $1.25), including a further
increase in operating margin towards 28%.
This will be another strong step forward for theGroup, taking us above pre-pandemic levels of
operating profit, even without the Informa
Intelligence businesses we divested in 2022.
We look forward to updating shareholders on our
progress towards these targets through the year
and reporting on our achievements in next year’s
Annual Report.
I would like to close by putting on record mythanks to all colleagues for their work in 2023, withparticular thanks to the finance community foreverything they delivered.

Gareth WrightGroup Finance Director

Income Statement
Informa delivered a strong set of results for the year ended 31 December 2023, including over 30%
underlying revenue growth and circa 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.
Adjusted
results
2023£m

Adjusting
items
2023
£m

Statutory
results
2023£m

Adjusted
results2022£m

3,189.6–

3,189.6

853.8(346.0)507.8

Fair value gain/(loss) on investments–

1.3

Profit on disposal of subsidiaries
and operations–

3.0

Adjusting
items
2022
£m

Statutory
results
2022£m

2,262.4–

2,262.4

496.3(312.2)

184.1

1.3

–

(0.9)

(0.9)

3.0

–

11.6

11.6

Continuing operations
Revenue
Operating profit/(loss)

Distributions received
from investments

–

–

–

–

20.6

20.6

(19.2)(0.8)(20.0)(45.3)(1.3)(46.6)

Profit/(loss) before tax

834.6(342.5)

492.1

451.0

(282.2)168.8

Tax (charge)/credit(156.4)127.0(29.4)(81.2)

54.5(26.7)

Profit/(loss) for the year fromcontinuing operations

678.2(215.5)

462.7

369.8

(227.7)142.1

Net finance costs

Discontinued operations
Profit for the year fromdiscontinued operations

–

–

–

29.5

1,463.7

1,493.2

Profit/(loss) for the year

678.2

(215.5)

462.7

399.3

1,236.0

1,635.3

Adjusted operating margin fromcontinuing operations

26.8%

Adjusted diluted and statutory
diluted EPS from continuing
operations

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 in2023 results reflected strong trading performance across all regions, including China, where demand
returned rapidly following the reopening 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 deliveredin all our divisions.
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 theInforma 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.
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 with a tax charge of£26.7m in the prior year.
This profit outcome translated into a statutory diluted earnings per share (EPS) for continuing operationsof 29.9p compared with 9.4p for the prior year, with the improvement reflecting growth in profits as well
as a lower 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%.

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Measurement and adjustments

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.

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 237 and 238. The divisional
table on page 75 provides a reconciliation between statutory operating profit and adjusted operating
profit by division.

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 business of Informa Techwith TechTarget, which was announced on 10 January 2024.

Underlying revenue and adjusted operating profit growth on an underlying basis are reconciled tostatutory growth in the table below:
Underlying
growthPhasing andother items

Acquisitions
and disposals

CurrencychangeReported
growthRevenue

30.4%(1.3%)

13.3%(1.4%)

41.0%

Adjusted operating profit

59.1%(4.0%)

16.7%

0.2%

72.0%

Revenue

31.4%(0.3%)

2.1%

9.7%

42.9%

Adjusted operating profit

47.0%

0.5%

(1.6%)

12.6%

58.5%

2023 continuing operations

2022 continuing operations

Adjusting items

InformaMarkets£m

InformaTech£mInforma
Connect£mTaylor &Francis
£m

Group
£m

Revenue from continuing operations

1,593.3

Underlying revenue growth

65.5%

396.7

580.6

619.0

3,189.6

5.6%

14.2%

3.0%

Statutory operating profit fromcontinuing operations

30.4%

228.1

98.5

31.8

149.4

507.8

Intangible asset amortisation1

179.0

37.5

43.4

52.9

312.8

Impairment – acquisition-related andother intangibles

24.5

0.3

0.3

–

25.1

Add back:

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 fromthe remeasurement of contingent consideration.
2023
£m

2022
£m

Continuing operations
Intangible amortisation and impairment
Intangible asset amortisation1

312.8

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)

275.3

Acquisition costs

53.3

11.8

Integration costs

19.7

10.2

Restructuring and reorganisation costs

11.0

(1.6)

Onerous contracts associated with COVID-19–

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–

Credit in respect of unallocated cash

(5.3)

–

346.0

312.2

Adjusting items in operating profit from continuing operations
Fair value (gain)/loss on investments

(1.3)

0.9

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

Distributions from investments

0.8

1.3

Adjusting items in profit before tax from continuing operations

342.5

282.2

Tax related to adjusting items(127.0)(54.5)

Adjusting items in profit for the year from continuing operations

215.5

227.7

Finance costs

1

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.

Impairment/(reversal of impairment) – IFRS
16 right-of-use assets

(0.1)

0.3

(0.8)

–

(0.6)

Acquisition costs

15.7

17.0

19.7

0.9

53.3

Integration costs

8.3

2.9

8.5

–

19.7

Restructuring and reorganisation costs

(1.8)

(1.1)

0.5

13.4

11.0

Fair value (gain)/loss on contingent
consideration

7.3(82.4)(0.7)

0.2(75.6)

Foreign exchange loss on swap settlement

2.8

0.7

1.0

1.1

5.6

Credit in respect of unallocated cash

(3.3)

(0.8)

(1.2)

–

(5.3)

Adjusted operating profit fromcontinuing operations

460.5

72.9

102.5

217.9

853.8

Underlying adjusted operating
profit growth166.1%

7.8%

23.0%

1.1%

59.1%

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

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

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Adjusted net finance costs

The reconciliation of the adjusted tax charge to cash taxes paid is as follows:

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 as follows:

Finance income

2023
£m

2022
£m

(47.4)(27.5)

Finance costs

67.4

74.1

Statutory net finance costs

20.0

46.6

Add back: adjusting items relating to finance costs

(0.8)

(1.3)

Adjusted net finance costs

19.2

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
and society at large. We aim to comply with tax laws and regulations everywhere the Group does
business and Informa has open and constructive working relationships with tax authorities worldwide.
Our approach balances the interests of stakeholders including shareholders, governments, colleagues
and the communities in which we operate.
The Group’s adjusted effective tax rate (as defined in the Glossary) reflects the blend of tax rates 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:
2023
£m

2022
£m

Adjusted tax charge for continuing operations

156.4

81.2

Adjusted profit before tax for continuing operations

834.6

451.0

Adjusted effective tax rate for continuing operations

18.7%

18.0%

2023
£m

Adjusted tax charge

156.4

81.2

Movement in deferred tax including tax losses(54.2)(18.8)(9.0)

Net current tax credits in respect of adjusting items(27.9)

Movement in provisions for uncertain tax positions

11.6

(6.5)

Taxes paid in different year to charged

26.5

24.8

Taxes paid per statutory cash flow

112.4

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 treatedas 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
all material 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

US
£m

Other
£m

Total
£m

Profit taxes borne

20.4

37.4

54.6

112.4

Employment taxes borne

30.8

28.0

16.7

75.5

Other taxes

4.0

0.3

1.9

6.2

Total

55.2

65.7

73.2

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).

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

2022
£m

UK

20.4

6.9

Continental Europe

19.8

18.8

US

37.4

32.0

China

19.0

9.0

Rest of world

15.8

5.0

Total

112.4

71.7

76

2022
£m

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Earnings per share

The following rates versus GBP were applied during the year:

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
the weighted average number of shares following the share buybacks completed during the year.

2023

An analysis of adjusted diluted EPS and statutory diluted EPS is as follows:

Average rate

Closing rate

Average rate

US dollar

1.27

1.24

1.21

1.24

Chinese renminbi

9.05

8.82

8.34

8.30

1.15

1.15

1.13

1.17

2023
£m

2022
£m

Euro

Statutory earnings for the year from continuing operations

419.0

138.3

Add back: Adjusting items in profit/loss for the year

215.5

227.7

Free cash flow

Adjusted earnings for the year from continuing operations

634.5

366.0

Non-controlling interests relating to adjusted profit

0.6

(9.5)

Adjusted earnings from continuing operations

635.1

356.5

1,402.7

1,464.3

45.3p

24.4p

2023
£m

2022
£m

462.7

142.1

Weighted average number of shares used in adjusted diluted EPS (m)Adjusted diluted EPS (p) from continuing operations

Statutory profit for the year from continuing operations
Non-controlling interests(43.7)(3.8)

Statutory earnings from continuing operations

419.0

138.3

1,402.7

1,464.3

29.9p

9.4p

Weighted average number of shares used in diluted EPS (m)Statutory diluted EPS (p) from continuing operations

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
strength and 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 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).
Our dividend payout 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 locatedin most major economies of the world. This means the Group generates revenues and costs in a mixtureof currencies, with particular exposure to the US dollar, as well as some exposure to the euro and theChinese renminbi.

Cash management and cash generation remain a key priority and focus for the Group, providing thefunds and flexibility for paying down debt, future organic and inorganic investment, and consistentshareholder 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

2022
£m

Statutory operating profit

507.8

184.1

Add back: Adjusting items

346.0

312.2

Adjusted operating profit

853.8

496.3

Depreciation of property and equipment

13.5

11.7

Depreciation of right-of-use assets

26.3

24.8

Software and product development amortisation

41.1

35.2

Share-based payments

20.8

17.5

Loss on disposal of other assets

2.4

0.3

Adjusted share of joint venture and associate results

(5.8)

(2.1)

Adjusted EBITDA1

952.1

583.7

Net capital expenditure(93.8)(67.5)

Working capital movement2(55.2)

65.3

Pension deficit contributions

(3.5)

(6.9)

Operating cash flow

799.6

574.6
(14.1)

Restructuring and reorganisation(15.4)

Onerous contracts associated with COVID-19

(0.9)

(5.5)

Net interest(39.2)(65.4)

Taxation(112.4)(71.7)

Free cash flow from continuing operations

631.7

417.9

Free cash flow from discontinued operations
Free cash flow

–

48.5

631.7

466.4

1	Adjusted EBITDA represents adjusted operating profit before interest, tax, and non-cash items including depreciation
and amortisation2	Working capital movement excludes movements on restructuring, reorganisation, COVID-19 costs and acquisition andintegration 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

In 2023 across our continuing operations (2022: continuing and discontinued 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 (2022: continued and discontinued 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 and discontinued 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.

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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
as follows:
Operating cash flow
conversion

Free cash flow
conversion

The following table reconciles cash generated by operations for continuing operations, as shown in theConsolidated Cash Flow Statement, to operating cash flow from continuing operations shown in the free
cash flow table above:
2023
Continuing£m

2022
Continuing£mCash generated by operations for continuing operations per statutory cash flow

819.7

560.0

2023
£m

2022
£m

2023
£m

2022
£m

Capital expenditure paid

(93.8)(67.5)

Add back: Acquisition and integration costs paid

57.4

18.2

Operating/free cash flow from continuing operations

799.6

574.6

631.7

417.9

Add back: Restructuring and reorganisation costs paid

15.4

14.1

Adjusted operating profit from continuing operations

853.8

496.3

853.8

496.3

Add back: Additional pension payment

–

16.1

Add back: Pension payment into escrow

–

28.2

Operating/free cash flow conversion fromcontinuing operations

93.7%

115.8%

74.0%

84.2%

Operating cash flow from continuing operations

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%of 2023 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
and Winsight.
The following table reconciles net cash inflow from operating activities for continuing operations, as
shown in the Consolidated Cash Flow Statement, to free cash flow from continuing operations:
2023
Continuing£m

2022
Continuing£m

Net cash inflow from operating activities for continuing operations
per statutory cash flow

620.2

397.2

Interest received

47.9

25.7

Purchase of property and equipment(27.5)(14.5)

Purchase of intangible software assets(55.1)(37.9)

Product development cost additions(11.2)(15.1)

Add back: Acquisition and integration costs paid

57.4

18.2

Add back: Additional pension payment

–

16.1

Add back: Pension payment into escrow

–

28.2

631.7

417.9

Free cash flow from continuing operations

Add back: Onerous contracts associated with COVID-19

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 with a £65.3m inflow in 2022. The working capital outflow in 2023 reflected
the recognition of revenue for events where the cash collections had been received before 2023, but theevents were postponed until 2023 because of COVID-19. This was particularly relevant for 2023 events
in China.

0.9

5.5

799.6

574.6

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.
2023
£m

2022
£m

631.7

466.4

Acquisitions(1,125.1)(405.3)

Disposals

Free cash flow from continuing and discontinued operations1(16.0)

1,896.8

Additional pension payment–(16.1)

Pension payment into escrow–(28.2)

Repayment of acquired debt

443.9

36.6

Dividends paid to shareholders(176.6)(43.3)

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

Dividends received from investments

1.4

1.8

Distributions received from investments

–

20.6

(548.0)(513.3)Purchase of own shares through share buyback

(4.8)

(3.3)

(805.9)1,403.2

Non-cash movements excluding acquired debt

76.0

(133.0)Foreign exchange

2.7(31.8)

Purchase of shares for Trust
Net funds flow

Net finance lease additions in the year

(37.1)(11.8)Net debt at 1 January(244.6)(1,434.6)

Acquired debt
Net debt
1(443.9)(36.6)(1,456.4)(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).

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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.
2023
£m

2022
£m

Cash and cash equivalents(389.3)(2,125.8)

Bond borrowings

1,492.6

1,910.7

Net debt and committed facilities

Bond borrowing fees

(6.2)

(8.8)

Bank borrowings

30.4

41.3

Bank borrowing fees

(2.3)

(2.4)

–

(2.2)

77.9

168.1

1,203.1(19.1)

Lease liabilities

263.8

270.4

Finance lease receivables(10.5)(6.7)

Net debt

1,456.4

244.6

Borrowings (excluding derivatives, leases, fees and overdrafts)

1,523.0

1,952.0

Unutilised committed facilities (undrawn revolving credit facility)

1,050.0

1,050.0

Derivative assets associated with borrowings
Derivative liabilities associated with borrowings
Net debt/(cash) before leases

47.1

49.9

2,620.1

3,051.9

Unutilised committed facilities (undrawn Curinos facilities)
Total committed facilities

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 for the definition of Informa leverage ratio and Informa interest cover.
The calculation of the Informa leverage ratio is as follows:
2023
£m

2022
£m

1,456.4

244.6

Adjusted EBITDA1

952.1

625.5

Adjusted leverage

1.5x

0.4x

Net debt

Adjustment to EBITDA 2

0.1x

–

Adjustment to net debt2(0.2)x(0.6)xInforma leverage ratio

1.4x(0.2)x1

Includes adjusted EBITDA for discontinued operations of £41.8m for 2022

2

Refer to Glossary for details of the adjustments to EBITDA and net debt for Informa leverage ratio

2023
£m

2022
£m

Adjusted EBITDA1

952.1

625.5

Adjusted net finance costs

19.2

45.3
13.8x

Adjusted interest cover

49.6x

Adjustment to EBITDA 2

25.6x

2.8x

Informa interest cover

75.2x

16.6x

Includes adjusted EBITDA for discontinued operations of £41.8m for 2022

2

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.

82

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
and integration spend, £nil (2022: £1.5m) to the cash settlement on the exercise of an option relating
to non-controlling 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 theGroup’s interest in BolognaFiere. See Note 17 and Note 19.

Acquisitions
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 On-Demand 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 price of £6.56 per share, and the remainder represented by deferred Informa
equity, determined to have a fair value of £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’ 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 for the health sector. Total consideration was £84.0m, all of which was paid in cash.
On 1 September 2023 Informa acquired 100% of the shares of Canalys Pte Ltd and its subsidiaries(collectively Canalys). Canalys is a specialist market research and analysis business that serves two
sub-segments of the Tech market, channel and mobility. Total consideration was £48.6m, comprisedof £41.5m cash, £3.9m in ordinary shares in Informa PLC and £3.2m contingent consideration.
The contingent consideration is based on revenue and cash performance in the period 1 April 2023
to 31 March 2024.

Share buyback

The calculation of Informa interest cover is as follows:1

Corporate development

A central theme of GAP 2 was the decision to increase portfolio focus and accelerate investment in thetwo markets where the Group has leadership positions of scale and which offer attractive opportunities
for further 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 of shares were repurchased with 77.1m shares cancelled. Cumulatively by 31 December 2023,£1,065.3m of 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 from626p 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).

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Task Force on Climate-related Financial Disclosures report
Over the coming decades,
climate change is expected
to affect most parts ofsociety, creating
opportunities andrisks for economies,
markets and businesses.
We have assessed what impacts – thatis, what risks and what opportunities –
could affect Informa and keep thisunder regular review through ourongoing risk management processes
and our sustainability-related working
groups and programmes.
Over the periods we focus on, none ofthe potential risks we have modelled
meet the threshold for climate change
to be a principal risk to Informa, orto have a material financial impact.
As discussed in FasterForward on
pages 22 to 27, we also believe there
are business opportunities for Informa
from helping customers to better
understand and act on their own
climate – and sustainability – related
goals. Due to the diversified anddistributed nature of our business andproducts, we have not yet financiallyquantified these consistently acrossthe company.
We continue to keep these findings
under review to understand any
developments in forecasting, climate
science or our markets that would
affect them.
This section contains disclosures that
follow the guidelines of the Task Forceon Climate-related Financial
Disclosures (TCFD) and are consistent
with its four pillars – Governance,
Strategy, Risk Management and Metrics& Targets – and 11 recommended
disclosures. We have also considered
the Task Force’s Guidance for All
Sectors and reflected its suggestions
where that information is important tounderstanding the company and theimportant impacts of climate change
upon it.

The combination of this report, and theother sections of the Annual Report
indicated, contain all the information
we consider material to understanding
Informa’s position and prospects
regarding climate change. We cross-link
within the Annual Report to ensure
clarity and avoid repetition. This also
reflects how seizing opportunity andmanaging risk is well embedded in ourbusiness, and so further information isin FasterForward (pages 22 to 27), Risk
management (pages 56 to 66, KPIs
(pages 54 and 55) and the Board’s Year
(pages 96 to 101).
We know that some stakeholders havea deeper level of interest and provide
additional information in separate
documents to cater to those needs:
specifically our Climate Impacts Report,
last updated in the first quarter of 2024,
and our annual Sustainability Report.

GovernanceOversight and management of climatechange risk and opportunity are part ofour broader approach to sustainability
and to risk management, both of which
are overseen by the Board andleadership team.
The Informa Board reviews andapproves the company’s overallsustainability strategy, which includes
FasterForward and the approach to
managing climate change impacts.
The full Board receives twice-yearlyreports from the Head of Sustainability
that include matters relating to climatechange and any financial impacts ofa scale relevant to Board matters.
These updates include progressagainst goals and targets, allowing
the Board to monitor performance andthe effectiveness of implementation.
As part of its duties, the Board also
considers matters related to theenvironment in its decision making.

We have a dedicated Climate Impact
Steering Committee, chaired by theGroup Finance Director, to provide
additional leadership and focus in thisarea and co-ordinate between functions
with a shared interest in assessing andmanaging impacts. It reports twice eachyear to the Audit Committee on its
activities, and in this way the Audit
Committee is updated on developments
in climate change reporting.
Climate-related risks are consideredby the Risk Committee, which reports
to the Audit Committee, after every
meeting. The Risk Committee is chairedby the Group Finance Director, whosits on the Board.
At an executive level, sustainability isoverseen by the Director of Investor
Relations, Communications & Brand,
who is a member of Informa’s
leadership team and Climate Impact
Steering Committee, and to whom theGroup Sustainability team reports.
The Sustainability team devises andimplements Informa’s overarching
response to climate change impacts.
Identifying climate risk and opportunity
on a product and market level, andacting on those, is embedded inbusiness planning and risk management
at a divisional level.
Sustainability criteria are included
in Director remuneration plans.
Proposed for the 2024 Long-Term
Incentive Plan (LTIP) is a measure
related to our Sustainable Event
Fundamentals programme, which
includes climate-related elements suchas energy efficiency at our events.
Climate Impacts Report
page 7
Risk management
pages 58 and 59
The Board’s Year
page 99
Directors’ Remuneration Report
page 127

84

Strategy
Accelerating sustainability, througha focus on and investment in the
FasterForward programme, is one
part of Informa’s growth strategy.
FasterForward is a broad plan designed
to seize opportunities and manage our
responsibilities and risk aroundsustainability, and is a key part of our
response to and management ofclimate change.

In the pursuit of our strategy, we
have identified 11 areas of risk andopportunity related to physical impacts
from climate-related events andtransition impacts from the way or
speed with which the world moves toa lower-carbon economy. They aredescribed below along with an
overview of how each risk oropportunity is addressed throughexisting activities.
When considering the impacts, we use
the same time horizons that are usedin Informa’s business planning, risk
management and viability modelling:a near time horizon of 12 months(short term) and a medium term of
three years. We also look at emerging
risk and climate change over a longerterm horizon of five years.

More broadly, our business model
has a good degree of resilience to someof the risks most related to climatechange. This resilience comes fromfactors including the breadth ofgeographies we work in, the diversityof customer markets we serve, thedistributed nature of our operations
and our culture of acting quickly andproactively on issues and opportunities.
We have limited exposure to themarkets at most risk of severe
disruption from the transition to alower-carbon economy, a relatively low
intensity of energy use and provencapabilities to relocate work andoperations at short notice if neededin the face of an extreme weather event.

Impact and type

Description

Time horizon

Actions

Physical risk: workplaceand community
disruption

Extreme weather events could affect thelocations where our colleagues work

Short, medium,long term

Extensive and proven remote working capabilities

Physical risk: event andsupply chain disruption

Extreme weather events could disrupt
our business operations, events anddelivery infrastructure

Short, medium,long term

Business resilience planning and health and safetyincident response plans

Transition risk andopportunity: evolving
customer markets

Some markets we serve may grow andothers be disrupted by the shift to alower-carbon economy

Short, medium,long term

A diversified business by market where opportunity
and risk identification and management areembedded in divisions

Medium, long term

A diversified business by product, customer market
and geography, providing high-value services,
including must-attend events. Our events act asefficient travel consolidators, saving attendees time,money and carbon

Changes to customer willingness to travel
Transition risk andopportunity: change to could make some live events more or lessbusiness travel patterns valuable and some on-demand events
more or less popular
Transition risk: changes
to carbon costs in direct
operations

Changes in the price of renewableelectricity and carbon offsets could
affect overall costs

Medium, long term

Actions to reduce Scope 1 and 2 emissions reducecarbon offset purchases

Transition risk: changes
to carbon costs in thevalue chain

Any new costs, such as carbon taxes
on flights or budgets for individuals
or companies, could affect supply
chain costs

Long term

Actions to reduce Scope 3 emissions, including
supplier engagement, reduce potential carbon
costs in the supply chain

Transition risk andopportunity: attracting
and retaining talent

Our reputation on sustainability could
influence recruitment and colleague
retention

Short, medium,long term

Implementing FasterForward and our proactive
talent attraction and retention programmes

Transition risk andopportunity: market
association

Working in markets or with partners whoare positively or negatively associatedwith sustainability could impact
our reputation

Short, medium,long term

A diversified business by market, with limited
exposure to markets at most risk of disruption

Transition risk andopportunity: climaterelated legislation

Complying with new legislation canentail costs and bring opportunities
to demonstrate performance

Short, medium
termManagement of regulatory compliance risk and work
to prepare for new regulation

Transition risk andopportunity: investor
focus on climate change

Growing investor interest in ESG could
attract new funds or otherwise impact
investment decisions

Short, medium,long term

Implementing FasterForward and continued focus on
performance in relevant indicesTransition risk
and opportunity:
other stakeholder
expectations

Changing stakeholder expectations may
influence our reputation and require
more resources for engagement
and reporting

Short, medium,long term

Implementing FasterForward and stakeholder
engagement programmes

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Task Force on Climate-related Financial Disclosures reportcontinued

As part of our assessment, we havebuilt a dynamic financial model, basedaround a series of estimates andassumptions, to test and quantify the
impact of the four risks that Informa
believes could be most material from afinancial and non-financial perspective– evolving customer markets, potentialchange to business travel patterns,
extreme weather events that affectour largest events, and workplace andcommunity disruption – in four
scenarios. We use a materiality
threshold that aligns with thethresholds used in our viability
modelling. This process is describedon pages 67 and 68.
These scenarios align with the UN’s
Climate Action Pathways, which set out
the conditions needed to maintainglobal temperature rises within certain
thresholds, and have been further
customised to make them relevant toour business.
The model draws on publicly available
data and internal data sets to create an
estimate of annual discounted value atrisk. Because our climate impacts are
judged to be limited in the short andmedium term, we model and present
them against a five-year time horizon.

While we recognise many climate
impacts are even longer term in nature,
the nature of our business planningand markets means it is challenging tomodel further ahead with accuracy.
Our balance sheet holds a relatively low
value of tangible fixed assets. As there
is little value in calculating physical risks
on leased offices and other buildings,
we consider the risk of disruption fromloss of offices instead.
The analysis does not currently
incorporate the opportunities we
expect to become available to Informa
as different markets evolve. We havealso not currently modelled theopportunity to create new products
beyond a business-as-usual level, which
we would expect to arise in the Blue
World and Green World scenarios.

Over these periods, none of thepotential impacts we have modelled
meet the threshold for climate change
to be a principal risk to Informa.
The analysis, combined with theresults of our 2023 double materiality
assessment described on page 29,
confirm that, between our
FasterForward programme, businessplanning and risk management
activities, we are continuing to focus on
the areas that are most significant toInforma’s future position and success.
The Climate Impacts Steering
Committee will continue to review
whether to expand the model toinclude more of our 11 identified
impacts, based on any changes to themateriality of those risks and overallrisk appetite and tolerance.

The analysis shows the impact if risk is
not mitigated. This provides a baseline
against which our actions to manage
risk can be measured. It guides which
impacts should be monitored andmanaged most closely and what themultiplying factors might be withineach impact valuation. Impacts havebeen discounted using the Group’s
weighted average cost of capital toshow a present value.

Blue World

Green World A

Green World B

Global temperaturerise by 2100

>3°C

2°C

1.5°C

1.5°C

Assumed policy
developments

No change

Assumed macroeconomic conditions

High market
uncertainty

Significant promotion of
investment in low-carbon
technology

Radical push to decarbonise by governments, businessand society

Rapid development and scalingof new technology

Technology advances alone are not sufficient todecarbonise to 1.5°C but rapid development and scalingof new technologies are assumed, along with low-carbon
air transport remaining unviable

Potential for
individual
market collapse
Customer sentimentchanges

Follows historicalpattern

Some market uncertainty
Gaps between winning andlosing companies

Major demand for knowledge andtrade in certain sectors

86High market certainty. Sector financial performanceis highly aligned to carbon performance

Significant behaviourchange, including blanket
reduction in travel resulting
in decreasing attendance atlive events

Business as usual

Significant behaviourchange, combined witha focus on travel
effectiveness, protecting
and supporting the roleof live events as a travel
consolidator, making themthe destination of choice
for business travellers

Blue World

Green World A

Green World B

Workplace and community disruption After modelling, this does not represent a significant impact in any scenario due to colleague andbusiness flexibility, demonstrated during the pandemic
Event and supply chain disruption£19.5m in all scenarios over a five-year timeframe

Evolving customer markets

£nil

£3.6m

£1.4m in both Green World scenarios

Customer willingness to travel£(0.8)m£6.6m£35.2m*£(13.9)m

Unmitigated single-year net income at risk for the year ended 31 December 2028 on a discounted basis

Climate Impacts Report pages 8 to 16
FasterForward page 22
Risk management pages 58 and 59

The process for identifying, assessing
and managing climate-related impacts
is integrated into Informa’s wider risk
management process.

Business as usual

Low-carbon air transport remains
unviable for next ten years

The below table outlines the annual discounted value at risk in five years’ time* for each of the four key risks identified.
This does not include any reduction to the value at risk through mitigation, which we believe would be material.

Risk Management

Climate scenarios

Assumed technological Follows historicaldevelopments
pattern

Estimated financial impacts of climate scenarios

Under our risk management
framework, climate change iscategorised as an emerging risk and isassessed, reviewed and managed aspart of our standard risk management
process, which includes considerationby the Risk Committee at each meeting.
It is recognised as a contributing factor
to the principal risks of Inadequate
response to major incidents, Inability
to attract and retain key talent, Relianceon key partnerships and Economic
instability, receiving additional focus aspart of the management of these risks.
We identify climate impacts throughinternal workshops, joining peer group
discussions, input from consultants
and ongoing horizon scanning of
external trends and internal data.
We review our impacts every one to
two years depending on their severity
and time horizons.

We model impacts in different regions
where appropriate and practical: forexample, where physical risks orcustomer sentiment vary by location.
As the model is based on a series of
estimates and assumptions, the value
at risk identified is sensitive to changes
in these assumptions.
Risk management pages 58 and 59
Climate Impacts Report pages 17
and 18Metrics & Targets
The most significant and relevant metrics
we use to assess the management ofclimate related risks are:• Meeting our Science Based Targets:to reduce Scope 1 and 2 emissions
by 55% by 2030 and reduce Scope 3
emissions by 20% from a 2017 baseline• Meeting three individual
FasterForward goals: to become zerowaste and net zero carbon by 2030 orearlier, to become carbon neutral asa business and across our products
by 2025 and to save customers morecarbon than we emit by 2025

87

Other broader metrics we monitor,
which include an element of
performance on climate change-related
matters, are the results of assessments
by the DJSI and CDP. As part of ourinvolvement with the Net Zero Carbon
Events initiative we are collaboratingon the creation of event industry
relevant metrics, which we expect
to incorporate into our monitoring
when established.
KPIs page 55
FasterForward page 24
Climate Impacts Reportpages 19 and 20

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Non financial and sustainability
information statement

Under the Companies Act 2006, we are asked to summarise
in a statement how we manage certain non-financial andclimate-related matters, which follows. Our most significant
company policies can be found on the Informa website.
Business modelColleague matters

Environmental matters

Social matters

We connect people, enablediscovery and deliver specialist
knowledge and trusted content
for professionals, businesses andresearchers working in a rangeof specialist markets.

Our colleagues and culture area strength and key factor inInforma’s performance.
Read how we attract, retain anddevelop talent in People andpartnerships, page 28.

Our direct impact on theenvironment is relatively low.
Under FasterForward, we aretaking action to manage ourfootprint and reduce waste andthe use of carbon.

We aim to have a positive impact
and contribute to the successof the communities we live inand work with.

Policies, outcomes, due diligence
Various policies support retention,
culture and conduct. One example
is Respect at Work, which sets out
a zero tolerance for bullying andharassment. All colleagues wereasked to accept this policy in 2023.
The majority were required tocomplete online training during theyear, with completion standing at
96%, while the remainder will doso in 2024. We monitor policy
effectiveness through whistleblowing
and HR reports, assessing all reports
and taking action where noncompliance is found.

Policies, outcomes, due diligence
Our Sustainability Policy includes
details of our policy on paper andtimber usage. We aim that 100%of paper and timber used in our
products is sourced from responsibly
managed, sustainable forests.
The Sustainability team engages withcolleagues who procure and engage
with suppliers and conducts spot
checks. Procurement teams require
relevant suppliers to agree to thepolicy as part of new contracts andrenewals. In 2023, 97% of paper wascertified as sustainably sourced.

Principal risk and risk management

Principal risk and risk management

Health and safety incidents

Inability to attract and retain
key talentBusiness model
page 4

Principal risks
page 65

Principal risks
page 65

Matters of respectfor human rights

Anti-bribery and anticorruption matters

We support the UN’s Universal
Declaration of Human Rights andrecognise that human rights are
relevant to business matters suchas privacy, respect at work, healthand safety, and labour rights.

We have a zero tolerance for any
forms of bribery and corruption
involving Informa or ourbusiness partners.

Policies, outcomes, due diligence
Our social impact takes various
forms. One is the health, safety andwelfare of colleagues, customers andsuppliers. Our Health and Safety
Policy commits to following all
relevant legislation and mitigating
accidents in our workplaces. Each live
event team must complete a healthand safety assessment before an
event opens and report any incidents
or near misses through a notification
platform. The Health, Safety andSecurity team visits selected sites
to review assessments, investigate
any issues and provide advice on
any improvements.

Policies, outcomes, due diligence
Our Human Rights Policy incorporates
eight areas specific to supporting
human rights. One of those isresponsible content. We require that
all contributions respect the rights ofeveryone involved in their creation,
including authors and researchsubjects. Research submissions
undergo integrity checks pre
publication and a dedicated Publishing
Ethics and Integrity team in Taylor &Francis investigates reports of
misconduct or potential fraud.
Cases are tracked through ethics andintegrity dashboards that provide
reporting on case management,
key trends and risk areas.

Policies, outcomes, due diligence
Our Anti-Bribery and Corruption
Policy sets out our standards.
We conduct periodic training forcolleagues on the policy, with all
new starters receiving it, and further
specialist training for colleagues
in higher-exposure roles.
Completion rates among bothgroups stand at 96%. Due diligenceof higher-risk business partners,
including sales agents, occurs andwe have processes to address or
mitigate identified risks and terminate
relationships that cannot be managed
or where breaches are found.
All reports are investigated and nosuch breaches were identified in 2023.

Principal risk and risk management

Principal risk and risk management

Principal risk and risk management

Principal risk and risk management

Climate change is a contributor to
but not a standalone principal risk.
See the TCFD report for full
information

Health and safety incidents

The Human Rights Policy is relevant
to privacy regulation, data loss andcyber breach, and health andsafety incidents

Inadequate regulatory compliance

Principal risks
page 65

TCFD
pages 84 to 87

KPI
Through incident reporting.
Health and safety is also included in
DJSI performance, a Group KPI

KPI
Group KPI of colleague engagement

Climate-related
financial mattersand disclosures

Governance: Climate-related risks
and opportunities are overseenby the Board and leadership team, as
described on page 84, as part of ourbroader approach to sustainability
and to risk management.

KPIs
page 55

KPI
Group KPI of colleague engagement
KPIs
page 55

88

Identification, assessment andmanagement: We identify, assess andmanage risks and opportunities aspart of our existing risk management
and business planning processes.
This is supplemented by subject
matter expert inputs and dedicatedhorizon scanning led by our
Sustainability team.

Principal risks
page 66

Principal risks
pages 64 and 65

KPI
Through incident reporting.
Health and safety is also includedin DJSI performance, a Group KPI

KPI
Through audit checks andwhistleblowing reports.
Human rights are also included in
DJSI performance, a Group KPI

Link to risk management: Climatechange is recognised as an emerging
risk and a subrisk of certain principal
risks. In this way, it is assessed,
reviewed and managed as part of ourstandard risk management process,which includes a review by the Risk
Committee at each meeting.

Risks, opportunities, business impact
and time horizons: We have identified
11 areas of risk and opportunity. These,
their relevance to Informa and time
horizons are detailed on page 85.
Resilience: Business resilience is
described and modelled in different
scenarios in the TCFD report (pages 86
and 87).

89

KPI
Through audit checks andmonitoring whistleblowing reports

Targets and KPIs: GHG emission
targets and latest performance aredescribed on page 55. The othertargets and metrics monitored thatare important to understanding thecompany are described in the TCFD
report on page 87.

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Board of Directors  Governance    Report  
Contents
Informa’s BoardBoard of Directors

91

Board review and activity
Chair’s introduction to governance 94
The Board’s year
96
Section 172 Statement
102Compliance with the UK Corporate
Governance Code103
Committee reports
Nomination Committee Report
Audit Committee ReportDirectors’ Remuneration Report

106
111
121

Other governance information
Directors’ Report
140Statement of Directors’
responsibilities141

John Rishton

Stephen A. Carter CBE

Mary McDowell

Gareth Wright

Chair

Group Chief Executive

Senior Independent
Director

Group Finance Director

Appointed NonExecutive Director in
September 2016, Chairin June 2021

Appointed NonExecutive Director in
May 2010, Group Chief
Executive in late 2013

Appointed June 2018
and as Senior
Independent Director
in November 2021

Appointed July 2014

John brings significant
financial and internationalcommercial experience toInforma. He was Chair of the
Audit Committee from
September 2016 until his
appointment as Board Chairin June 2021.

Before becoming Informa’s
Group Chief Executive,
Stephen was President andManaging Director EMEA at
Alcatel Lucent Inc., Managing
Director and COO of ntl (nowVirgin Media) and Managing
Director then Chief Executiveof JWT UK & Ireland.

Mary is a technology
industry professional withdeep product and digital
experience. She was Board
Chair of Mitel Networks
Corporation until November
2022, having previously
served as its President
and CEO.

He was the founding CEOof Ofcom and Chief ofStrategy and Minister for
Telecommunications andMedia in the government ofPrime Minister, The Right
Hon. Gordon Brown.

Mary served as CEO of
Polycom until its acquisition
by Plantronics in 2018, wasan Executive Partner at Siris
Capital LLC, and Executive
Vice President at Nokia incharge of feature phones
and associated digital
services. Earlier in her career
she spent 17 years at HP,
including five years as SeniorVice President and General
Manager of its industrystandard server business.

John was Chief Executive ofRolls-Royce Group PLC from2011 to 2015, having been a
Non-Executive Director since2007. His previous positions
include Chief Financial
Officer and then Chief
Executive and President ofRoyal Ahold NV and Chief
Financial Officer of British
Airways PLC. John has also
held non-executive
directorships at Unilever,
Associated British Ports andAllied Domecq.
John is Chair of Serco Group
PLC and Audit & Risk
Committee Chairman at Majid
Al Futtaim Properties LLC.

Stephen is a Non-Executive
Director of Vodafone PLC
and is Informa’s
representative on the Board
of PA Media Group Limited,
BolognaFiere and Norstella,
and Chair of Informa’s joint
venture with the Principalityof Monaco.

Mary is an independent
Non-Executive Director andChair of the Compensationand Human Resources
Committee at Autodesk, Inc.
and an independent
Non-Executive Director of
Arrow Electronics, Inc.

Stephen was made a Life
Peer in 2008.

Nomination Committee
Audit Committee
Remuneration Committee
Committee Chair
Member90

91

Gareth has considerable
experience in senior financial
roles across multiple UK
public companies.
He joined Informa in 2009and has held a variety ofpositions within the Group,
including Deputy FinanceDirector and Acting Group
Finance Director, before
being appointed as Group
Finance Director in July 2014.
Gareth also chairs our
Risk Committee.
Before joining Informa,
Gareth held a variety ofroles at National Express plc,
including Head of Group
Finance and Acting
Group Finance Director.
He qualified as a charteredaccountant with Coopers &Lybrand (now part of PwC).

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Board of Directors
continued

Gill Whitehead

Louise Smalley

Patrick Martell

David Flaschen

Joanne Wilson

Zheng Yin

Andrew Ransom

Non-Executive Director

Non-Executive Director

Group Chief
Operating Officer

Non-Executive Director

Non-Executive Director

Non-Executive Director

Non-Executive Director

Appointed August 2019
and as Audit Committee
Chair in June 2021

Appointed October
2021 and as
Remuneration
Committee Chairin January 2022

Appointed March 2021

Appointed
September 2015

Appointed
October 2021

Appointed
December 2021

Appointed June 2023

David has more than 20
years of executive andleadership experience in
the information services
industry, including positionsat Thomson Financial and
Dun & Bradstreet. He also
has extensive experience inonline businesses, having
served as a Non-Executive
Director at companies such
as TripAdvisor Inc.
and BuyerZone.com.

Joanne brings strong andcurrent financial andoperational experienceto the Group.

Zheng brings significant
senior executive experienceto the Board, providing
valuable local insights into
macro-economic andcommercial trends in China
and Asia, a significant
trading region for Informa.

Gill brings significant
experience in digital, data
and analytics to Informa.
She was appointed as Group
Director, Online Safety at
Ofcom in April 2023. Gill waspreviously Chief Executiveof the Digital Regulators
Forum, a collaboration
between the Competition
and Markets Authority,
Financial Conduct Authority,
Information Commissioner’s
Office and Ofcom.

Patrick has significant
experience of B2B markets
and a track record of leadingbusinesses through digitaltransformation and mergers
and acquisitions.

Louise has extensive
experience in talentmanagement anddevelopment, as well as
remuneration and reward,
working for large UK andinternational corporations.
She attended the Cambridge
Institute for Sustainability
Leadership and has
experience integrating
sustainability strategies.

Before this, Gill spent four
years as a Senior Director
at Google leading Market
Insights and Client Solutions& Analytics teams.
She previously worked
at Channel Four and BBC
Worldwide and began her
career at the Bank ofEngland and Deloitte
Consulting.

Louise most recently served
as Whitbread plc’s Group HR
Director and an Executive
Director, having held HR
directorships within
Whitbread’s Hotels &Restaurants and David
Lloyd Leisure divisions.
Before joining Whitbread,
she worked in humanresources at Esso and BP.

Gill is a Non-Executive
Director of the British
Olympic Association and
Chair of Rugby World Cup(England) 2025 Limited.

Louise is a Non-Executive
Director at DS Smith Plc and
AG Barr plc.

He joined Informa in 2014 as
Chief Executive of Informa
Intelligence, leading its
return to growth throughtechnology and productinvestments and operational
efficiency. He took on the
newly created role of Group
Chief Operating Officer in2018 following theacquisition of UBM. After the
successful divestment ofInforma Intelligence in 2022,
Patrick became Chief
Executive of Informa
Markets in 2023.
Before Informa, Patrick wasGroup CEO of St Ives where
he led its successful
restructuring andrepositioning.
Patrick was the Senior
Independent Director andRemuneration Committee
Chair at RM plc until the endof December 2023.

David was a professional
football player and afounding member of theNorth American Soccer
League Players Association’s
Executive Committee.
David is an Informa nomineeon the Board of its Curinos
business and Non-Executive
Director and Chair of the
Audit Committee at
Paychex Inc.

Joanne has been Chief
Financial Officer of WPP PLC
since April 2023. Before that,
she was Chief Financial
Officer of Britvic PLC, where
she was responsible forstrategic planning, deal
analysis, investor relations
and IT, and chaired Britvic’s
ESG Committee.
Joanne was formerly CFO
at dunnhumby, a customer
data science specialist andpart of the Tesco Group,
having held a range ofinternational and domestic
financial and commercial
roles at Tesco. She qualified
as a chartered accountant
with KPMG before
transferring to Hong Kong
to work in its Corporate
Finance practice.

Andy brings extensive
current international chief
executive experience to theBoard, including a trackrecord of leading successful
product innovation anddigital transformationand of developing ahigh-performance culture.
He has more than 30 years’
experience of creating value
through global mergers andacquisitions and engaging
with stakeholders.

Zheng is Executive Vice
President, China and East
Asia at Schneider Electric SE,
having previously held seniorbusiness development andstrategy roles within theGroup. Before joining
Schneider Electric, Zheng
was Head of Business
Development for China forPhillips and held senior
positions within Dow Jonesand Reuters in the US, Hong
Kong and Mainland China.

Andy has been Chief
Executive of Rentokil Initialplc since October 2013,
having joined the company
in 2008 as Executive Director
of its global Pest Control
business. Before joining
Rentokil, Andy was amember of the executive
management team at ICI.

0–3 years

4

4–6 years

2

6–9 years

2

Board nationality

British

8

American2Chinese1

Board gender

Andy is a patron of Malaria
No More UK and Vice Chairof the Board of Trusteesof Street League.

Nomination Committee
Audit Committee
Remuneration Committee
Committee Chair
Member92

Non-Executive
Director tenure

93

Male

64%

Female36%

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Chair’s introduction to governanceWith the pandemic firmly behind us, Informa
has gone from strength to strength thisyear. As a Board, we have supported andconstructively challenged our leadership teamto help them deliver the opportunities thecompany’s growth strategy presents.

The Board oversaw significant strategic activity,
driven by our growth plan, and we ended the year
in an excellent position as a stronger, more
focused Informa.
As Chair of the Group, my excitement about
Informa’s prospects has, if anything, increased.
Now emphatically post-COVID, the company hasdelivered exceptional growth through 2023, withrevenues comfortably surpassing pre-pandemic
levels. This has put us in a good position to forge
further ahead with our growth strategy, with thesupport of our shareholders and contribution of
our colleagues.
It has been a joy to see colleagues and everything
they bring to the business first hand. I was
privileged to be able to travel widely again,
including visiting colleagues at Taylor & Francis in
Oxford and meeting teams onsite at some of ourlarger events in Egypt and the US.
Seeing colleagues at work, I have been humbled
and inspired by their professionalism, and struckby their enthusiasm for Informa and our future –something it was great to see rewarded at ourannual Informa Awards ceremony.
I am pleased that this support for our business isalso borne out by our investors. Their confidence
stems from our growth prospects and strong
balance sheet, but also from our leadership teamand their consistent delivery of good financial
results. I would like to thank Stephen and his teamfor the diligence, energy and expertise they haveonce again brought to decision making andleadership this year.

94

Overseeing growth
The main focus of the Board’s work this year has
been to support and advise the leadership teamin delivering GAP 2, which is now in its final year.
A key part of GAP 2, and vital to our future growth,
is to further scale and strengthen our position in
Academic and B2B Markets. With the proceeds
generated by divesting our Intelligence business in
2022, in 2023 we took the opportunity to acquire
a number of excellent businesses. These included
events group Tarsus, food services specialist
Winsight and medical publisher Future Science
Group. In January 2024, we also announced ouragreement to combine Informa Tech’s digitalbusinesses with US-based TechTarget tostrengthen our position in B2B Digital Services.
For Informa, acquisition does not simply mean
adding assets but rather bringing complementarybusinesses and portfolios into the Group whosebrands, talent and customer relationships will finda natural home with us and be able to further
develop as part of Informa. Successful additions are
therefore not just about commercial or market fit,
but about cultural fit too. In practice, this means
making sure new colleagues feel welcomed andsupported, with minimal disruption for both themand their customers, so that they quickly start tofeel the benefits of being part of a larger company.
I am pleased to say that the integration of these
new businesses has started well, and the senseof purpose behind them gives a lift to everyone,
existing and new colleagues alike.

Another significant factor in our future growth isinvesting in digital technologies, including AI, toenhance our customers’ experience and make thebusiness as efficient and productive as possible.
Equally important are resilient systems that let
us deliver products and services reliably andseamlessly. This year, the Board has again
overseen the business in making investments
and managing risks in these areas.

A wide range of skills to steer
the business
To be able to support the business effectively on
this and other matters, the Board needs a broad
range of expertise and outlooks. Our Directors’
backgrounds include finance, digital, HR andmarketing, while the international perspective that
our Board colleagues from the US and China bring
to world events and economic developments is
also refreshing. Overall, I believe the Board has thediversity of thought and approach that is integral
to making sound decisions and providing goodcounsel and positive challenge to the leadership.
In 2023, we said farewell to Helen Owers after nine
years on the Board, and on behalf of us all I thankher for her service. We also welcomed Andy
Ransom, whose experience as CEO of Rentokil
Initial, and expertise in areas including financial
markets, adds another dimension to our
discussions as we help Informa navigate a periodof great possibility.

Making the most of our strengths
As with all businesses, our company faces risks
as well as opportunities, and we mitigate themthrough a focused strategy, good growthprospects and strong balance sheet, as discussed
in the Risk Management section (pages 56 to 59).
Perhaps most important in mitigating risk,
however – and seizing opportunities – is thequality and commitment of our colleagues. As a
Board, we are also mindful that a business is only
as strong as its culture, and we monitor it
carefully. The company’s engagement survey datashows we are in a good place, with a completion
rate of 85% and an overall engagement score of
80. Amid higher levels of inflation, we werepleased to be able to help colleagues living inparticularly high cost of living countries with
supplementary pay increases (for more details,
see page 34).

95

As the impact of climate change intensifies, it isalso clear that a business’s long-term prospects
are linked to its sustainability. This is why the
Board takes a close interest in Informa’s
FasterForward sustainability programme, anotherfacet of GAP 2. As the business has returned tofull intensity after the pandemic, so the pace ofactivity has quickened on FasterForward. This isespecially important in events and exhibitions,where being a leader makes our work to manage
our environmental impact and share knowledge
with peers particularly influential.
We are also conscious that good governance isanother part of what keeps a business strong andon a positive trajectory, driving conformance aswell as performance. Even though the UK
Government’s audit and governance reforms will
not now be going ahead at this time, for example,
the work the business has done to prepare forthem will stand us in good stead, including for thechanges to the UK Corporate Governance Codeannounced by the Financial Reporting Council in
January 2024.

Looking ahead
Going into 2024, I am upbeat about the company’s
prospects. This is arguably the most exciting
period in Informa’s development, and Informa
colleagues have done a lot of hard work to put
us in this position. We have great growth
opportunities, and great people with thecapabilities to make the most of them. I lookforward to continuing to offer my support andguidance alongside the rest of the Board.

John Rishton
Chair
7 March 2024

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The Board’s year

In 2023, and in support of GAP 2, the Board focusedon a broad array of topics, reflecting another exciting
year for the company. Informa’s live events businessreturned to full intensity after China fully opened forbusiness in March and April.

I have been honoured to mentor AllInforma Illuminate over thelast three years and am delighted that we have completed thesuccession plan for our leaders, an important milestone to sustain
and grow this network. In 2023, we launched Purple Picnics in eightlocations around the world to celebrate Disability Pride Month andraise awareness of Illuminate. I was fortunate to be able to join
the Boston Picnic and spent an afternoon listening to colleagues’
experiences and discussing the support provided by Informa.

Following the divestment of Informa’s Intelligence businesses
in 2022 and the reinvestment of proceeds into the business,
it was also a busy year for acquisitions.

David Flaschen
Non-Executive Director  Engaging   withstakeholders
Growth and success never happen ina vacuum. The Board and leadershipteam work closely together ondeveloping strategy and making it
happen, but Informa’s stakeholders are
the essence of what we do and thevalue we create.
So, it is vital to connect closely andregularly with stakeholders –shareholders, colleagues, customers
and suppliers in particular – tounderstand what they want, hear theirperspectives and experiences andreflect these in the decisions we take.
This is why a large part of the Board’srole is to engage with stakeholders,
whether face to face or virtually.
It makes sure we stay on track as abusiness. Also, by communicatingclearly and listening closely, the Board

aims to maintain everyone’s confidence
and deal with any questions in a waythat promotes understanding andfosters good connections.
John Rishton regularly meets
shareholders, and 2023 was no
exception. John hosted his annual
shareholder roadshow ahead ofJune’s AGM, giving shareholders an
open forum and a wide-ranging
discussion on the company’s direction.
More broadly, the Board engaged withover 20 institutions in the year,
representing over 35% of the Group’s
equity. As a Board, we continued
our dialogue with investors on
remuneration, with Remuneration
Committee Chair Louise Smalley
engaging on the performance metrics
for the 2024 Long-Term Incentive Plan,awarded under the policy approvedin 2022. For more details, see the
Directors’ Remuneration Reportfrom page 121.

Informa is a people business, and the culture,
the atmosphere, the attitude, the capabilities
and the professionalism of everybody I meetin the company, irrespective of what they do,always lifts my spirits.

Turning to our colleagues, John wasable to see much of their work first
hand, whether through office visits,
or attending events and exhibitions
in Europe, the Middle East and the US.
The Board held a dedicated town hallin London in June, on the same day as
the AGM, co-led by John and Mary
McDowell as the Director formally
responsible for colleague engagement.
We heard from colleagues about theirpriorities – which included continuing
investment in culture and inclusion
initiatives – and provided the Board’s
perspective on the company’s
future prospects.
John also attended the 2023 Informa
Awards, meeting colleagues at theannual event that celebrates
their achievements.
We continued our programme of
pre-Board dinners, where we invite
senior managers to meet Directors andkeep us up to date with what they areseeing in our markets and hearing from
customers and suppliers, and hear
their views on key issues.
Our Non-Executive Directors continued
to sponsor the six colleague-run
diversity and inclusion networks acrossthe company (see page 33). They give
our Directors a chance to find out
about colleagues’ experiences, how thecompany supports them and how it
could help more, while also providing
their own support.

Returning  over £1bn  
to shareholders
We always aim to strike a balance incapital allocation between reinvestingin the existing business organically byenhancing products, services andcolleague programmes, expanding
it through acquisition andrewarding shareholders.
Given the company’s strong
performance in the year, the Board
decided not only to continue the £1bn
share buyback programme announced
in 2021, but to add to it by setting aside
an additional £150m. We also saw the
chance to reward shareholders byfurther growing dividends after aperiod of pause during the pandemic,
which we know is a priority for someof our investors.
Those benefiting from these actions
include our own colleagues, who havea stake in the company through our
ShareMatch plan and US Employee
Share Purchase Plan (ESPP). This isa great way to give our people a
direct stake in the company and its
performance. In 2023, the Board waspleased to see ShareMatch extended toanother 12 countries, so that 97% ofcolleagues now have a chance to invest.

John Rishton
Chair, speaking at 2023 Informa Awards

96

97

+12

ShareMatch extended toanother 12 countries

97%of colleagues now havea chance to invest.

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The Board’s year
continued  Overseeing  
acquisitions
A key part of Informa’s approach to
growth has always been adding andacquiring high-quality, successful
businesses that work in the specialist
markets we have chosen to operateand scale in. This continued even in2020 and 2021, albeit in a highly
targeted way, when we were mostaffected by the pandemic. Our strong
financial performance, the proceedsfrom divesting our Intelligence businessin 2022 and our more focused portfolio
going into 2023 gave us clear
opportunities for acquisitions during
the year.
The largest was Tarsus, completed in
April 2023. The business complements
our presence serving specialist B2B
markets with live and on–demand
events, including Healthcare, Packaging
and Aviation. Another important
addition was Winsight, again bolstering
our B2B capabilities, this time in the
B2B Foodservice market.
In January 2024, we announced anagreement to combine Informa Tech’s
digital businesses with US-based
TechTarget to enhance our positionin the B2B Digital Services market.
This is an area that Informa has beensteadily building its capabilities,
services and position in, and a natural
next step in growth that also provides
us with a stronger footing in the US:
the largest single market for such
B2B digital services and where mostof the customer base is located.
The Board was closely involved indecision making, reviewing commercial
synergies and the right deal structures
to maximise long-term shareholder
benefit and value, as well as assessing
the cultural fit between the businesses
and the way colleagues would be
supported during any transition.
This makes for a smoother, faster
combination and makes it more likelythat the combination of our businessand those we acquire will become morethan the sum of its parts.

Maintaining a  supportive  
cultureCulture can be difficult to define, as it is
the summary of the lived experience of
all colleagues across the business, but
the Board and leadership team aredeeply aware of how much culture
matters and how important it is thateveryone can thrive and contribute totheir fullest at Informa.
We pay close attention to indicatorsof how colleagues are feeling, fromengagement surveys to the Speak Up
whistleblowing hotline, and encourage
the leaders of relevant areas to ensure
there is widespread promotion andunderstanding of the different feedback
channels available to colleagues. It isalso why, as Directors, we spend
as much time as we can out and about inthe business and receive regular reports
from the Group HR Director ahead ofBoard meetings so we can discuss andoffer input on key developments fromour own experiences.

The annual colleague engagement
survey had a high response rate of 85%
and produced an overall engagementscore of 80%, with 83% of colleagues
saying they would recommend Informa
as a good place to work. These scoresreflect the excitement most colleagues
feel about the company’s prospects.
They also show colleagues arewilling to share their views, knowingthat the company considers and actson the results.
As a Board, the main topics we
discussed relating to culture wereoverall performance, retention
and leadership, and talent development.
We also discussed how best to support
our people amid the rising cost of living
and were pleased to be able to help
with supplementary pay increases inmarkets with particularly high inflation,
including Türkiye and Egypt.

85%

response rate on the annual
colleague engagement survey

83%

of colleagues saying they would
recommend Informa as a goodplace to work

Advancing a  sustainable  
organisation
through
FasterForward
Sustainability is particularly importantto our customers, colleagues andshareholders and the Board remains
mindful of the need to maintain thecompany’s reputation as a responsible
business on this, as well as other, topics.
Informa’s FasterForward programme
sets out to embed sustainable practices
across our business and the Board
receives formal updates on it at least
twice a year, as well as spendingtime informally with the Head of
Sustainability to get a deeper senseof successes and challenges.

Although Informa does not makeconsiderable use of natural resources,
the programme includes the goal of
becoming zero waste and net zerocarbon by 2030, and as we takedecisions as a Board during the year,
this is the lens through which
we consider any impacts on theenvironment. We were delighted to
be given a practical demonstrationof a Better Stand at one of our2023 meetings, to see for ourselves
how these reusable stands can help
reduce event waste.
We have strongly encouraged theSustainability team in its work toshare this programme with the wider
industry, to contribute to making
a broader impact.
The Board spent particular time in 2023
understanding the metrics used toevaluate FasterForward progress, aspart of setting the right incentives for
future remuneration plans. It was
decided that the expansion of
Sustainable Event Fundamentals
accreditation – a comprehensive
programme for our events businesses
that considers environmental, social,
product and customer impacts – would
be an appropriate metric, consistent
with what stakeholders believe isimportant, and a suitably stretchingtarget was set.

80

overall engagement score

98

99

Governance Report

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The Board’s year
continued

Deploying

Reviewing our  AI creatively    effectiveness  and responsibly

While AI can make us more productive,
the Board and leadership are mindfulof the need to protect our intellectual
property and unique data assets,
particularly in our Academic business,
which means policies that set
clear boundaries.
The Board is staying in close contact
with a central project group, formed of
relevant subject matter experts fromacross the business, that is coordinating AI activity in order to focus
on the applications that add the mostvalue and make sure the rightsafeguards are deployed consistently.

Subject

Action taken in 2023

Talentmanagement• Detailed progress updates from the Group HR Director and the Chief
Diversity Officer during the year
• Reviewed outcomes of a pilot data collection which provided a baseline
for reporting on ethnic diversity going forward

The Board performance review for2023 was conducted in-house by our
Chair, John Rishton. This is the lastinternal review before our next
externally facilitated evaluation,
which will take place during 2024.

AI is rapidly moving centre stage.
Informa is already using this fastemerging technology and the Board islooking closely at where the businesscould go next. In 2023, the Board
received updates on the potential usesof generative AI and their value andimpact, along with live demonstrations,and the business’s deployment plan.
This will continue through 2024.
Board members also increased theirknowledge of AI and its applications
to Informa’s products and businesswith a special externally facilitatedstrategy session.
Board discussions have centred onwhere to focus our capabilities andinvestments to make the most ofopportunities, while mitigating risks.
AI offers clear benefits across thebusiness, from supporting productdevelopment ideation to enhancing
customer experience around events,
efficiently repurposing Informa’s richoriginal content into new forms,
helping trend research to keep event
programmes timely, summarisingdata and supporting sales calls withreal-time insights.

Progress against 2022 review outcomes• Supported the creation of a programme designed to further support
women’s professional development in the company and theestablishment of a target for women in senior leadership positions• Non-Executive Directors only discussion on leadership teamsuccession planning• Presentations and discussion on Informa’s AI programmes at the annual
Progressstrategy meetingson digitaltransformation • Deep dives into cyber risks and data governance undertaken by the Audit
Committee and regular updates provided

In addition to the regular discussions
that take place through the year, inearly 2024, the Chair spoke formally toeach Director about their performance,
the effectiveness of the Board, theBoard priorities for 2024 and progressagainst the outcomes of 2023 review.

  Keeping   our  Preparing   forsystems   resilient  

regulatory change

The risk of system failure is on all
businesses’ radar. Equally, the need toinvest in safeguarding and upgrading
systems is a priority for any prudent
business that wants to run smoothly
day to day with minimum downtime.
Strong, flexible IT systems also givebusinesses a strong platform todevelop quickly in the way customers,
people and other stakeholders expect.

In 2023, Informa responded to theconsultation on the UK Government’s
proposed reforms of audit andcorporate governance. The Board andAudit Committee oversaw work to
improve the company’s businessprocess and IT controls in readiness forthese reforms. We are pleased that thetime spent on the controls environment
will benefit the business, even though
the Government announced in Autumn
2023 that the reforms would not be
implemented at this time. The work
has contributed to good governanceand risk management overall, and puts
the Board in a good position to respondeffectively to any future reforms togovernance on Informa’s behalf.

All this applies to Informa, not least
because technology enables us todeliver our events, products andservices, and is crucial to our customer
experience, and so our reputation.
This is why Technology failure is aprincipal risk, as is data loss and any
failure to comply with regulations,
including those on data protection
and privacy.
In 2023, the Board oversaw ourcontinued investments in IT resilience,from cyber security to recovery,
backups and business continuity
planning. This includes starting our
Fortify programme, which moves risk
mitigation beyond cyber security andexamines our whole technology
landscape, from cloud capability andapplications to supply chain.

100

Also, Board members are closely
following how the business is preparing
for emerging sustainability reporting
requirements, such as the EU’s
Corporate Sustainability Reporting
Directive (CSRD), and the standards
published by the IFRS International
Sustainability Standards Board (ISSB),
and have directed the relevant teams
to report back on their roadmap
during 2024.

This review confirmed that all Directors
continue to believe that the Board isoperating effectively. Directors,
management and other colleagues
invited to attend meetings are highly
engaged, able to speak freely andcomfortable that there are no topics
which cannot be discussed.

Areas of focus for 2024
The main points raised during
discussions were:• Making sure that there is enoughtime to discuss important topics
which are not primarily financial infocus, such as AI, Sustainability,
cyber risks and longer-term plans
and receiving updates on themduring the year

Non-Executive • Increased in-person engagement with colleagues around Board
meetings, including a town hall at the June AGM
Directorengagement• Increased travel to live events in order to engage with colleagues, customers
with colleagues
and suppliers and see Informa’s work in action. Visits covered the UK, US,
Europe and Egypt• Continued participation in company events including the Informa Awards,
Walk the World and key offsites• Continued support provided to the colleague-run networks
FasterForward • Held further deep dives into Informa’s sustainability programmes,
including a demonstration of Better Stands and additional engagementwith the Head of Sustainability, with a commitment to further additionalsessions in 2024

• Providing more opportunity for
Non-Executive Directors to meetwithout management present• Giving greater focus to Board andleadership team succession plans
and talent development

Review of Chair’s
performance
Mary McDowell, our Senior Independent
Director, spoke individually to each
Board colleague and other members ofmanagement to discuss the Chair’s
performance during 2023.

Meeting attendance in 2023
Board attendance

Board1

Audit

John Rishton

8/8–

Nomination Remuneration

2/2–

Stephen Carter

8/8

–

–

–

Gareth Wright

8/8

–

–

–

Patrick Martell

8/8

–

–

–

Mary McDowell

8/8

–

2/2

–

David Flaschen

8/8

4/4

2/2

–

Andy Ransom (from 15 June 2024)

5/5

–

1/1

3/3

Louise Smalley2

7/8

–

2/2

5/5

Gill Whitehead

8/8

4/4

2/2

–

Joanne Wilson

8/8

4/4

2/2

–

Zheng Yin

8/8

–

2/2

5/5

Helen Owers (retired 15 June 2024)

3/3

–

1/1

2/2

1

Excluding meetings held at short notice or Board Sub-Committee meetings

2

Louise Smalley was unable to attend a meeting in January 2023 due to its
late-notice rescheduling101

The review found that the Chair
continues to lead the Board in apositive and constructive manner.
He ensures that Board meetings
provide an independent perspectiveon the matters being discussed andencourages engagement from allparticipants, dealing with matters in astraightforward manner and fostering
an environment that supports debate
and constructive challenge.
Colleagues noted that the Chair brings ahigh level of energy and engagement to
the role, investing considerable time
meeting colleagues across the businessinternationally, providing a sounding
board to the Group Chief Executive andthe leadership team, and meeting withshareholders. He maintains frequent
communication and is highly available
to Directors and management alike.
The Chair continued to oversee Board
recruitment with success, including theappointment of Andy Ransom, Chief
Executive of Rentokil Initial, in 2023.
The outcome of the review was discussedwith the Chair prior to being presented at
the March 2024 Board meeting.

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Section 172 Statement
Informa – like any business – needs toconsider and create benefits for all its
stakeholders to be successful, and ourrole as a Board is to ensure thecompany is well positioned for the longterm as well as the near term.
These are among the key principles
contained in section 172 of theCompanies Act 2006, with which we
fully agree, and which we are required
to make a statement on each year andcover here.
The way we work as a Board helps us
fulfil these responsibilities. The Chair
sets the agenda for Board meetingsand manages discussions to ensurea range of perspectives are explored
before decisions are reached. Informa’s
Directors are appointed for thestrength and diversity of skills andexperience they bring to the role, andin many cases have recent and relevant
executive and non-executive
experience too. This helps bring abreadth of perspectives and up-to-dateinsight to our decision making.
The Non-Executive Directors spend agood amount of time in and aroundthe company. As described on pages
96 and 97, we regularly engage directlywith colleagues and shareholders, aswell as with customers and business
partners when the opportunity arises– for example, when visiting a live event
and when the company enters new
partnerships. Management reports,
presentations and data also give us
insight into current stakeholderinterests so we can reflect themin the actions we take.
Company decisions are taken
collaboratively with the Executive
Directors and broader leadership team.
Topics that the whole of the Board will
always be involved in include capital
allocation and significant strategy
programmes, and three examples that
illustrate our approach to the matters
outlined under section 172 follow.

Governance Report

Fin

Inf

Compliance with the UK Corporate Governance CodeRegard for colleagues,
customers and conduct
The interests of colleagues are always
uppermost in the decisions the Board
takes. Colleague engagement is acompany KPI and an inability to attract
and retain talent is a principal risk.
We know from historical conversations
with Informa colleagues, survey
feedback and our own experiences thatthe change of joining a new company
through acquisition can be unsettling.
When the Tarsus portfolio joined
Informa in 2023 and the priority was tomaintain business as usual through theyear, the Board supported providing aguarantee to Tarsus colleagues, where
they would be paid a full income for theyear regardless of any individual rolechanges. This helped to provide
certainty, maintain customer
engagement and service levels andavoid business interruption. We also
recognise this is a way we can foster
Informa’s reputation for open andfair conduct and support
during acquisitions.

Balancing interests overthe long term
As shared on page 97, when deciding toreturn capital to shareholders throughthe share buyback programme, we
believed it was also necessary to retain
a level of capital that would allow
Informa to act on opportunities topursue its strategy, such as by investingin acquisitions, and to keep investingin products to respond to ongoingcustomer feedback. We also consideredthat since the start of 2023, more
Informa’s colleagues have the chance
to become shareholders throughcompany schemes.

Considering the level of value createdfrom divesting the Intelligenceportfolio, we initially set the buyback
programme at £1bn. We extended it
during 2023 when the strength ofInforma’s in-year businessperformance gave us confidence it
could be further expanded while
also allowing the business to keep
investing elsewhere for longer-termvalue creation.

In 2023 we again applied the principles of the UK Corporate Governance Code (Code) and complied with its provisions.
The Code can be found on the Financial Reporting Council’s (FRC) website (frc.org.uk).

Board leadership and company purposeA

Role ofthe Board

As discussed on page 99, we haveclosely monitored aspects of theFasterForward programme that target
improvements to our carbon footprint
and waste. Having tracked the progressof Informa’s Better Stands programme,
we have encouraged the team to shareits knowledge and learning withindustry peers and partners, so thatthe broader events market can also
move forward and our impact is
extended more widely.

The Board sets the Group’s objectives and corporate strategy, monitors progress and makes sure our strategic aims
are aligned with our business culture.
The Board maintains a schedule of matters that are reserved for its approval. Any matters not expressly reserved
for the Board are delegated to a Board Committee or the Executive Directors.

Considering broader impacts
We are mindful of Informa’s position asa leader in B2B live events, and as thecompany continues to build scale inspecialist markets, the Board regularly
discusses how best to maintain andenhance event sustainability.

The Board’s role is to lead the Company and the Group, setting the purpose, guiding principles and standards andpromoting long-term sustainable success for the benefit of shareholders and all other stakeholders.

Our Directors have the opportunity to discuss and debate important and relevant topics through an annual
programme of regular Board and Committee meetings.
For details of the Board’s main activities during 2023, see pages 96 to 101.
B

Purpose,values,strategy
and culture

Set by the Board, Informa’s purpose is to champion specialists, connecting businesses and professionals withknowledge that helps them learn more, know more and do more.
The Board also sets the tone for the Company’s culture, leading by example and following distinct guiding
principles. Those principles are underpinned by the commitment in our Code of Conduct to act ethically, lawfully
and with integrity.
We hold a multi-day offsite event every year to consider the Group’s strategy, where divisional leaders present anddiscuss their forward-looking plans. We also arrange informal dinners and meetings between Directors and seniorcolleagues throughout the year to help build trust and develop productive relationships.

C

Resources
and controls

The Board makes sure that the company has the right resources to meet its objectives and to measure its
performance against them.
We make Board and Committee papers available through a secure portal ahead of each meeting.
The Chairs of each Board Committee give verbal updates on matters considered and decisions taken at their own
Committee meetings.
The Board also has a formal system in place for Directors to declare a current or potential conflict of interest.

D

Shareholder
andstakeholder
engagement

To maintain close, strong and productive relationships with all our stakeholders – including shareholders,colleagues, customers, business partners and suppliers – the Board engages directly with these groups as well
as receiving reports from senior management about their own engagement, stakeholder feedback and actions.
The Chair continues to hold his annual shareholder roadshow with major institutional investors when any mattercan be discussed.
For more details about how the Board considered stakeholders’ different interests during 2023, see our Section 172
Statement on page 102 and the Directors’ Remuneration Report from page 121.

E

Colleague
policies andpractices

Having reached the ninth anniversary of her appointment, Helen Owers retired from the Board in 2023.
Mary McDowell took over Helen’s role as our designated Non-Executive Director for workforce engagement and hassince spent time with HR and diversity and inclusion leaders to understand colleagues’ perspectives. She has also
been part of several colleague town hall events. Mary is supported in her role by our Remuneration Committee
Chair, Group HR Director and Chief Diversity and Inclusion Officer.
All members of the Board, including our Non-Executive Directors, engage and spend time with different colleague
groups throughout the year. This includes participating in colleague events, meeting teams at offices and eventsand acting as sponsors for our colleague-run networks.
Our Code of Conduct provides detailed information around our commitments and expectations of behaviour
and practices. It applies to all Informa colleagues, including Board members, contractors, consultants andbusiness partners.
We have put in place procedures to allow any colleague to report concerns in confidence – either through their line
managers and senior management, or through the independent and confidential whistleblowing service Speak Up.
This service is also open to third parties, including our suppliers and contractors.

102

103

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Compliance with the UK Corporate Governance Codecontinued

Audit, risk and internal control

Division of responsibilities
F

Board ChairJohn Rishton was appointed as Chair in June 2021, having been a Non-Executive Director since September 2016.
John was independent on appointment.
As Chair, John is responsible for leading the Board and ensuring its effectiveness. During Board meetings heencourages each Director to participate, fostering a culture of openness and constructive debate where diversityof thought is valued and encouraged.

G

The names and biographies of our Board Directors are set out on pages 91 to 93 and are also available on our website.

Board
composition

Independent Non-Executive Directors make up 64% of our Board, excluding the Chair, and each year we review the
Board’s independence to make sure that no one person or small group dominates decision making.
The roles of Chair and Group Chief Executive are exercised by different people, and each has clearly defined
responsibilities. The division of responsibilities between members of the Board is available on our website.
The Non-Executive Directors consult the Chair if they are considering taking on other significant appointments,
making sure that thought is given to how another appointment might affect their time commitment to Informa.

M

Internal andexternal audit

N

Fair, balanced
andunderstandable

Our Non-Executive Directors provide independent oversight and constructive challenge to the leadership team,
helping to develop proposals around strategy and scrutinising the Company’s performance in meeting its agreed
goals and objectives.
With their particular skills, experience and knowledge, our Non-Executive Directors provide a balance of views inBoard discussions and offer strategic guidance and specialist advice.

As well as preparing for and attending Board and Committee meetings, the Non-Executive Directors spend time inmeetings or on telephone calls with the Chair, the leadership team and other key stakeholders, including institutional
shareholders, external auditors and remuneration advisers. The Non-Executive Directors also mentor our colleaguerun networks and attend colleague events and various Informa brand events. These commitments see them regularly
give more time to Informa than is expected and significantly more than is set out in their letters of appointment.
I

All Directors can access the advice and services of our Company Secretary.

Company
Secretary

The Company Secretary is responsible for advising the Board on all governance matters and supporting the Board
to make sure the right policies, processes, information and resources are available to allow them to work effectively
and efficiently.

Composition, succession and evaluation
J

Appointments
and succession
planning

The Nomination Committee’s report on its work and membership in 2023 can be found on pages 106 to 110.
The Committee’s terms of reference can be found on our website.
The Nomination Committee is responsible for recommending appointments to the Board, Committee membership,succession planning for Board members and senior management, and diversity and inclusion matters.
All Directors offer themselves for election or re-election by shareholders at the AGM.

K

Skills,experience andknowledgeLBoardevaluation

When reviewing how the Board and its Committees are composed, the Nomination Committee uses a matrix thatrecords the skills, experience and knowledge of the current Directors and compares these with those the Committee
believes are appropriate for the Group’s business and strategic requirements.
The Committee is also mindful of the need to regularly refresh the Board and to monitor the length of service of
the Directors.
In 2023 the Board Chair led an internal performance evaluation. More information on the evaluation process,including its outcomes and the actions taken during the year following the 2022 evaluation, can be found on
page 101.
The most recent externally facilitated evaluation in January 2021 was undertaken by No. 4, an advisory firm with noother connection to the Company or its Directors. The next external evaluation will take place during 2024.

Before making this recommendation to the Board, the Audit Committee considered the process for preparing theAnnual Report and the way in which the Group’s overall prospects and financial position are disclosed. A working
group of key contributors was established to review the content of the Annual Report, making sure that the required
disclosures are transparent and understandable.

All Directors are encouraged to attend the Audit Committee meetings that consider the full-year andhalf-year results.

The Non-Executive Directors also meet regularly without the Executive Directors or management being present.
Mary McDowell is our Senior Independent Director and acts as a sounding board for the Chair and, where necessary,serves as an intermediary for the other Directors. She is also an additional point of contact for shareholders and otherstakeholders. Mary leads the annual evaluation of the Chair’s performance.

The Board considers this Annual Report, taken as a whole, to be fair, balanced and understandable, and to provide
the information shareholders need to assess the company and the Group’s position and performance, businessmodel and strategy.

Early drafts of this Annual Report were reviewed by the Board Chair and Audit Committee Chair, before being
reviewed by the Committee as a whole. The Committee made sure that the overall message of the narrative
reporting was consistent with the financial statements, the wider economic environment, with information
previously communicated to investors, analysts and other stakeholders, and that the content of the Strategic
Report and the financial statements were aligned. Further information on the ‘fair, balanced and understandable’
statement can be found on page 114.

Directors can take independent advice about performing their duties at the company’s expense.
H

The Audit Committee is responsible for overseeing financial and narrative reporting. It provides assurance aroundthe effectiveness of our risk management and internal control systems, and the effectiveness and objectivity of ourexternal and internal auditors.
The Committee also oversees the independence and effectiveness of our Internal Audit function and reviews therelationship and independence of our external auditor, PricewaterhouseCoopers LLP (PwC). The Committee has
adopted a policy for approving all audit and non-audit services by the external auditor to make sure its
independence is not impaired.

With the Board’s approval, Executive Directors may accept one other external non-executive appointment and keep
any fees paid to them. Members of the Board, including the Non-Executive Directors, may also be asked to sit on theboards of joint ventures or other companies in which the Group has an investment.

Non-Executive
Directors

The Audit Committee’s report on its work and membership in 2023 can be found on pages 111 to 120.
The Committee’s terms of reference can be found on our website.

The Group’s viability analysis, Viability Statement and Going Concern Statement can be found on pages 67 to 69.
ORiskmanagement
and internal
controlframework

The Board is responsible for setting the Group’s risk appetite and making sure there is an effective risk management
framework. It has delegated responsibility to the Audit Committee for overseeing the effectiveness of the Group’s
risk management and internal control systems. For details of how the Committee reviewed these controls, seepages 115 to 117.
Details of the Group’s principal and emerging risks, and how they are assessed, managed and mitigated, are setout on pages 56 to 66. The Audit Committee and the Risk Committee work with the Board to review, oversee andmitigate risks. Each year the Board or relevant Committee reviews each of the principal risks in detail.
For information about our Risk Committee, see page 116.

Remuneration
P

Remuneration
policies andpractices
Q

Procedure fordeveloping
remuneration
policyR

Remuneration
outcomes andindependentjudgement

The Remuneration Committee’s report on its work and membership in 2023 are set out on pages 121 to 139.
The Committee’s terms of reference can be found on our website.
The Remuneration Committee is responsible for determining, approving and reviewing the Company’s global
remuneration principles and frameworks, to make sure they support the Group’s strategy and are designed topromote our long-term sustainable success.
The Remuneration Committee is responsible for the Directors’ Remuneration Policy. This Policy was approved byshareholders in June 2022. An updated Policy will be put to shareholders for approval at the 2024 AGM and a copyof the proposed Policy can be found in the Notice of AGM.
The Committee also sets the policy for executive remuneration arrangements – making sure that delivering theGroup’s long-term strategy is prioritised and that we can recruit and retain suitable executive talent to deliver thatstrategy – and reviews the remuneration arrangements for the wider workforce. The Committee Chair regularly
consults the company’s major investors and advisers about remuneration proposals.
No Director is involved in determining their own remuneration arrangements or outcomes. When determining
remuneration outcomes, the Remuneration Committee considers a range of information, including business plans
and individual performance outcomes, and consults with the Audit Committee.

Our Board Diversity & Inclusion Policy can be found on our website, while details of the gender identity andethnicity of our Board members and senior management are set out on page 110.

104

105

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Nomination Committee Report

Having a broad range of skills on
the Board is important for a diverse
company like Informa, particularly
as we explore fast-evolving areas
like digital technology and AI.

Our main purpose as a
Nomination Committee is
to make sure the Board has
this broad mix of skills, so it
can be a valued adviser anda source of positive challenge
for the leadership team.
Our current Board members comefrom diverse backgrounds, withexperience in fields ranging fromfinance and digital to general businessand HR. But we constantly review theskills the Board needs to be able tosteer the business, and the same goesfor skills in the business more broadly.

Membership and meeting attendance
All our independent Non-Executive Directors are members of theCommittee. Helen Owers was a member until she retired from theBoard at the 2023 AGM, when Andy Ransom joined us.

MemberMeeting attendanceJohn Rishton – Chair

2/2

Mary McDowell2/2David Flaschen

2/2Andy Ransom – from 15 June 2023

1/1

Louise Smalley

2/2

Gill Whitehead

2/2

Joanne Wilson

2/2

Zheng Yin

2/2

Helen Owers – to 15 June 2023

1/1

Although not a member, the Group Chief Executive is usually invited to attend
Committee meetings, except when matters that concern him are discussed.
Other senior managers are also invited when relevant.
The Company Secretary attends all meetings and is secretary to
the Committee.

106

The Committee formally met twice
during the year but these topics wereconstantly under discussion by the
Board, as befits a company that values
specialisation and expertise so highly.
With all Non-Executive Directors servingon the Nomination Committee, thiscross-pollination of views from theBoard is a natural process that keeps
important issues at the forefront of
all our minds in a way that benefits
the business.
In my own travels around ourinternational operations this year,
I have been impressed by the depth
and breadth of our colleagues’
capabilities and their commitment toour company.

Changes to the Board
The year saw one change to the Board,
with Helen Owers retiring at the 2023
AGM after nine years. She made many
contributions during her tenure andI would like to thank her for thecommitment, insight and enthusiasm
she brought to our discussions. I also
want to acknowledge the support she
gave me as a newcomer to the Boardback in 2016.

Mary McDowell, our Senior Independent
Director, has taken on Helen’s
responsibilities as the Board member
responsible for colleague engagement,
though all Board members spend timewith colleagues throughout the year.
The US is home to the largest proportionof the company’s colleagues, and Mary’slong experience working as an executive
in the US, and being based in thatcountry, gives her a level of insight andunderstanding that made her the ideal
choice for this position.
Helen’s departure led us to reflect onwhat the business needed, which inturn led to us welcoming Andy Ransom
to the Board. As the CEO of a different
but similarly dynamic and growing
UK-listed, international company,
Rentokil Initial, he adds valuable insightand experience to what we havealready. Andy also brings expertise incapital markets and M&A, all of whichmakes him a great addition to our
discussions and a valuable sourceof counsel for the business.

Focusing on Board diversity
We also keep the Board’s gender andethnic diversity in mind. We meet thetarget set within the latest UK Listing
Rules to have at least one Board
member from a minority ethnic
background, in line with existing Parker
Review guidelines on ethnic diversity.

Looking to 2024
We have a strong, well–established andcommitted leadership team and, as weenter the final year of GAP 2, a key
focus for the Committee, and the Board
as a whole, is to make sure we continue
to support and encourage them in their
ongoing and significant contributions
to Informa’s long–term success.
As a Committee, we will also continue
to focus on making sure the Board has
the best mix of skills, experience andbackgrounds to support the leadershipin maximising the opportunities andovercoming the challenges that cancome with further business growth andexpansion. This will be a particularfocus for our discussions when David
Flaschen retires from the Board in
2024, having completed his nine-year
term as a Non Executive Director
with Informa.

John Rishton
Committee Chair
7 March 2024

Similarly, we meet the requirement tohave at least one senior Board position
held by a woman. The timing of Helen’s
departure and Andy’s arrival meantthat at the snapshot date of the end of2023, we stood slightly below the new
FTSE Women Leaders Review’s 2025
target to have at least 40% female
Board members. We will continue toconsider gender balance in future
Board appointments, as we always do.

107

Roles and responsibilities• Discuss and review succession
plans with the Group Chief
Executive for the other Executive
Directors and key members ofsenior management• Discuss succession plans for therole of Group Chief Executive• Oversee the development of adiverse pipeline for succession
planning• Monitor the effect of diversity
initiatives across the GroupThe Committee’s terms ofreference, setting out its duties
and responsibilities, can be foundon our website.

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Governance Report

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Nomination Committee Reportcontinued

Finding the right successor
to Helen Owers

An effective
induction process

The most important part of our work
this year was to recommend theappointment of new Non-Executive
Director Andy Ransom, following
Helen Owers’ retirement from the Board
after completing her nine-year term.

To enable Andy to contribute to theBoard quickly and effectively, heundertook a thorough induction.
He began by attending meetings
with members of the leadershipteam, covering:

One of our key responsibilities as aCommittee is to consider the skills,
knowledge, experience and diversity of
the Non-Executive Directors as a group,
to make sure that, together, we canchallenge and support the Executive
Management Team to achieve theGroup’s strategic ambitions.
For this new appointment, we decided
that candidates should be a current
leader of an international business ofsome scale, which they had transformedin shape, size or form and led throughchallenging periods as well as throughgrowth. Russell Reynolds, with which
the Company and the Directors haveno connection, was appointed to help
us find the right candidate.
As Chief Executive of Rentokil Initial plc,
Andy has successfully led a combinationof organic and acquisitive growth andhas positioned Rentokil as a pioneer
in digital product innovation. So,
recommending Andy’s appointment
was a unanimous decision – we all
agreed he had the depth of knowledge
and commercial judgement we werelooking for.

• Informa’s strategy and
GAP 2 programme• Introduction to the Finance andInternal Audit functions• The investor relations programmeand shareholder engagement• Colleague engagement
programmes and metrics• Executive remuneration• Corporate governance policies
and processes• Technology and cyber security• Health and safety approach• Deep dives into each businessand its products and customers
with the Divisional CEOs
He was given access to Board andCommittee papers for the previous
12 months, as well as to the Board’s
governance policies and procedures.
Andy also attended a Diversity &Inclusion offsite event and the annual
leadership conference, where he spoke
about leadership on a panel and met
colleagues, getting greater insight into
the Group’s culture and business.

Our process for appointing a new Non-Executive Director
Define the role brief: We developed a comprehensive brief, aligned to theGroup’s guiding principles and culture, which set out clear criteria candidates
would be objectively assessed against and the skills and experience required.
Review longlist: We reviewed Russell Reynolds’ longlist of high-quality,
diverse candidates, after the Chair and Group Chief Executive’s initial review.

I’ve had an excellent andenjoyable introduction to
the team and to the various
businesses across Informa,
meeting a vast array of colleagues
from senior leaders to newrecruits. As part of my induction,
I was fortunate to be invited toparticipate in the Leadership
Summit in Bologna and toattend the Diversity & Inclusion
offsite, both of which showcased
Informa’s open and inclusive
culture, with everyone keen to
share their knowledge about
the business, its strategy andambitions for the future

Expertise across disciplines
This matrix shows the Board’s expertise at 31 December 2023 across ten disciplinesthat are particularly important to Informa’s business.
Experience and skills
Strategic planning
Business transformation and integration
Digital and technology
Risk management
Corporate transactions
B2B operations
People, talent and remuneration
Media or publishing
Finance and capital markets
Sustainability and ESG

Andy Ransom
Non-Executive Director

Managing timecommitments
As allowed under the Code, Executive
Directors can take on one nonexecutive directorship in a FTSE 100
company or other significant
appointment. Details of Stephen A.
Carter’s and Patrick Martell’s otherdirectorships are shown in theirbiographies on pages 91 and 92.
Non-Executive Directors can take onother external appointments with theBoard’s approval, so long as the Board’s
reasons are disclosed in the Annual
Report and the appointments do notaffect a Director’s time commitment
to Informa.

As set out in last year’s report, Gill
Whitehead was appointed as Group
Director, Online Safety for Ofcom in
April 2023, and Joanne Wilson was
appointed as Chief Financial Officer at
WPP PLC in June 2023. These changes
in executive roles have not adversely
affected the time either commits totheir role with Informa.
The Board also authorised Mary
McDowell and Louise Smalley totake up additional non-executive
directorships during 2023: Mary with
Arrow Electronics, Inc. and Louise withAG Barr plc. Both have now retired
from full-time executive roles.
The Board believes that the experience
our Directors gain through theseexternal roles benefits the Company
by broadening and deepening theirknowledge and skills.

Interview candidates: We interviewed shortlisted candidates in a multistage process, which included informal discussions, telephone or video
calls with Committee members and formal interviews, and a rigorous
referencing process.
Recommend appointment: We recommended Andy’s appointment as a
Non-Executive Director to the Board in March 2023, after reviewing potential
conflicts of interest and his time commitments.
Appoint new Director: Andy joined the Board in June 2023 after being
elected by shareholders at the AGM.

108

109

More broadly, our Non-Executive
Directors continue to commit
considerable time to Informa by joining
ad hoc Board and Committee meetings
to discuss matters that could not beheld over until the next scheduled
meeting and by undertaking extra
engagements. Examples of theseengagements, such as visiting Informa
events around the world and joining
colleague events and activities, areshared on pages 96 and 97.
In early 2024, the Committee agreed
that all Directors standing for reelection at the 2024 AGM continued to
be independent and that the overallbalance of knowledge, skills, experienceand diversity allows each to make avaluable contribution to the Board.

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Nomination Committee Report

Supporting a culture of inclusivity,
belonging and diversity is an importantpart of our Committee’s role andmakes business sense. Informa is aninternational business, so our colleagues
and customers operate in regions withdifferent cultural norms, laws, and socialand political focus, as well as industry
and market differences.
This outlook is just as relevant at Board
level, where we work to attract andretain colleagues who are diverse in
their background, thinking, experienceand skills.
Our Board Diversity & Inclusion Policy
describes our approach to diversity on
the Board and its Committees and ourfirm belief that, to be effective, theBoard should reflect the environment
in which we operate.

Overseeing acquisition activity, continued
work on improving controls and a focus ontechnology and data risks were at the heartof the Audit Committee’s agenda in 2023.

The policy explicitly sets out thatdiversity, in its broadest sense, be
considered in all Board appointments.
Similarly, any external search
consultancy working with us is
instructed to present a diversityof candidates.

In these ways, all Board members, notonly Committee members, are able toparticipate and support the actions
being taken to foster a working
environment based on respect andinclusion, encouraging all colleagues
to participate on an equal basis.

In 2023, as in previous years, diversity
and inclusion is discussed at themain Board when all Directors canparticipate and support the actions
being taken.

Gender balance at senior levels is anarea of focus for these discussions.
The Directors fully supported creatinga new role focused on inclusive
leadership in late 2023, and we arebeing updated about introducing a
programme to further support
women’s professional development in
the company. These actions will also
help Informa make positive progresswith its UK gender pay gap data with
the Board as a whole being responsible
for reviewing and approving the annual
UK pay gap report.

Our Chief Diversity and Inclusion
Officer was invited to attend Board
meetings in June and December
and, together with the Group HR
Director, provided updates on theGroup initiatives, progress made andnext steps. The Group HR Director’sreport to each Board meeting also
provides updates on diversity andinclusion matters.
Members of the Board continue to act
as non-executive sponsors for ourcolleague-run networks.

Membership and meeting attendance
MemberMeeting attendance

Gill Whitehead – Chair

4/4

David Flaschen

4/4

Joanne Wilson

4/4

All our Committee members are independent Non-Executive Directors,
and their biographies are given on pages 92 and 93.

Board diversity data

The Board is also satisfied that the Committee as a whole has knowledge
and competence relevant to the markets in which Informa operates.
The mix of its members’ financial and business experience allows for
effective discussion, challenge where appropriate and oversightof critical financial matters.

Below, we set out the gender identity and ethnic background of the Board and Executive Management Team at 31 December
2023, our chosen reference date in accordance with the Listing Rules. The data for the Board and executive management wascollected by the Company Secretary from each individual.

Number of Board
members% of theBoard

Number ofsenior positions
on the Board(Chair, CEO,CFO, SID)

Women

4

36.4

1

2

18.2

Men

7

63.6

3

9

81.8

Not specified/prefer not to say

–

–

–

–

–

Number of Board
members% of theBoard

Number ofsenior positions
on the Board(Chair, CEO,CFO, SID)

Number in
executive
management% ofexecutive
management

White British or other White (including minorityWhite groups)

10

90.9

4

10

90.9

Mixed/multiple ethnic groups

–

–

–

–

–

Asian/Asian British

1

9.1

–

1

9.1

Black/African/Caribbean/Black British

–

–

–

–

–

Other ethnic group, including Arab

–

–

–

–

–

Not specified/prefer not to say

–

–

–

–

–

Information

Inf

Informa’s strong trading
performance has been afeature of 2023, driven bya full recovery in B2B live
events after the pandemic.
As Chair, I have focused
the Committee on making
sure the company supports
this performance, and theaccompanying inorganic
growth, with appropriate
controls, governance andrisk management.

Gill Whitehead and Joanne Wilson are Fellows of the Institute of Chartered
Accountants and have significant financial experience in several sectors.
Gill and Joanne are considered to have recent and relevant financial
experience, as required by the Code.

Information

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Audit Committee Reportcontinued

Supporting a culture ofinclusivity, belonging
and diversity

Governance Report

110

Number in
executive
management% ofexecutive
management

All Non-Executive Directors are invited to attend Committee meetings andare particularly encouraged to attend those that consider the full-year andhalf-year results.
Other regular attendees at Audit Committee meetings include the Board
Chair, Group Chief Executive, Group Finance Director, Group Chief Operating
Officer, Company Secretary, Head of Internal Audit, Chief Commercial Officer,
other members of the leadership team and our external auditor. None ofthese attendees is a member of the Committee.
At the end of each scheduled meeting, the Committee holds private
discussions with either the Head of Internal Audit or the external auditor,
or both, without members of senior management being present.
The Company Secretary attends all meetings and is secretary
to the Committee.

My thanks go to my Committee
colleagues for their contribution
and help during the year, and also
to members of the leadership team
who joined our meetings and informed
our decision making with insights
into the company’s perspective on
our key challenges.

GAP 2 and key
accounting judgements
A key element of GAP 2 is to growthe Group both organically throughinvestment and inorganically by adding
complementary businesses in our
specialist markets. 2023 was a busy
year for acquisitions, funded by theproceeds of the Intelligence divestment
and our strong trading performance.
This, in turn, made M&A a key itemon every Committee agenda, notleast given the complexity ofacquisition accounting.
The Committee takes a close interest in
the business’ estimates for acquisition
accounting, particularly theassumptions behind contingent
consideration calculations and thepurchase price allocation exercises thatassign value to the acquired intangible
assets. Further information on how we
considered the judgements made forthe three most significant acquisitions
is set out on page 114.
The Committee also reviews theassumptions behind the annual
impairment review, to make surethat we can continue to support thecarrying values of the acquired
intangible assets and goodwill on
our balance sheet.

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Improving controls andtechnology resilience

Making a smooth transition
to our new auditor

Evolving sustainability
reporting

In late 2023, the Government
announced it was putting its reporting
regulation proposals aroundgovernance and audit on hold.

As I discussed in my letter last year, we
appointed PwC as our independent
auditor with effect from 2023.

The FasterForward sustainability
programme is a key element of GAP 2,
although Informa’s focus onsustainability is much longer–
established.

The original proposals prompted us
to work extensively on assessing ourcontrol environment and making
improvements where they wereneeded. Sound controls are integral
to good governance, and we are
comfortable that this work positions
us well to report against the new Codethat will apply for our 2026 reportingyear. We also believe our work on
controls will bring other benefits,particularly around shared services.
We continue to pay close attention to
the resilience of our technology, as our
systems are critical to how we deliver
our products, service our customers
and operate day to day.
This has meant staying vigilant toemerging cyber threats and reducing
weaknesses in our technology systems,
supported by regular exercises to test
our defences, often run by externalcyber specialists. The Committee has
overseen how the business has acted
on the resulting recommendations
by improving control of privilegeduser accounts, strengthening
authentication, enhancing security
monitoring and alerting core systems.
We have also looked at system resilience
more widely. The Committee has
overseen the launch of our Fortify
programme, which aims to manage
and mitigate risks around technology
resilience. It considers our technology
systems in the round, including cloudcapability, applications and supply chain.

A key responsibility for the Committee
is overseeing financial reporting, so thetransition to a new external auditor isimportant, and we are pleased that it
has gone well. I was particularly struckby the open communication between
Informa’s Finance leadership team and
PwC, the early discussions held in goodtime by both parties in relation to thefirst–year audit and a proactive attitude
on both sides to quickly resolving
potential uncertainties.
On behalf of the Committee, I would
like to thank the PwC team for theirwork on the 2023 half–year review and
full–year audit. I would also like tothank the Deloitte team for theirprofessionalism and support during thetransition process. More detail on thetransition can be found on page 119.
As we move into the second year of theaudit engagement, we will focus on
making the audit process as efficientand effective as possible. This will
include making controls moreconsistent across regions so we cantest them centrally, increasing ourreliance on general IT controls andmonitoring the new internal controls
we are implementing in response to theanticipated changes to the Code.

Strengthening
data governanceAs I mentioned in last year’s Annual
Report, we have spent time this year
thinking about data governance.
Informa has significant commercial
opportunities to benefit from the
expanded use of data across all ourbusiness operations but to realise
these opportunities, we must ensurethat our collection, use and sharing ofdata is compliant and sustainable.

This year, we have concentrated on
the emerging sustainability reporting
regulations, plus the emerging
requirements for assurance oversustainability reporting data.

Overview of the Committee’s year

Area of focus

Jun

Full-year and half-year financial results and2022 Annual Report
Key accounting matters and judgements
Going concern assessment
Viability Statement
Fair, balanced and understandable review
Tax update

Our Internal Audit team is helping
the Sustainability team with its
preparations, and recently completed
a review, supported by KPMG, of oursustainability KPIs. This included
looking at how the business reports
and tracks performance against ourgoals and KPIs, and to give feedback on
those goals against market practices
and expectations.

Risk management and internal control systems

Sustainability and climate disclosure reporting andassurance update
Principal risk reviews:
Inadequate regulatory complianceTechnology failure
Data loss and cyber breachPrivacy regulation and data governanceReliance on key partnerships
Ineffective change management

Looking ahead to 2024

Compliance, whistleblowing and fraud

Tax policy and governance
Treasury policy compliance review• Review and monitor theeffectiveness of the Group’s
internal financial controls andrisk management systems
and procedures on behalf of
the Board.

Fraud review
Anti-Bribery and Corruption Policy review
Whistleblowing (Speak Up) reviews – updates also
provided to each Board meeting• Oversee compliance,
whistleblowing and fraud
programmes; approve Group
policies in relation to accounting,tax and treasury matters;
and monitor legal andregulatory requirements
regarding financial reporting.

Audit Committee terms of reference review
Internal audit
Internal audit reporting
Internal audit annual plan
Annual effectiveness review of Internal Audit
External audit
External audit reporting
Approval of the 2023 external audit plan

The Committee’s terms ofreference, setting out its duties
and responsibilities, are available
on our website.

Audit and non-audit fees

Gill Whitehead
Committee Chair
7 March 2024

Independence review
Annual effectiveness review of external audit
2022 Audit Management letter
External audit transition update

As detailed on page 118 we completed
a comprehensive review of our data
governance framework and processes.
As a result, we reviewed and approved
management plans to improve ourdata maturity.

112

Dec

• Monitor and review theeffectiveness of the Internal Audit
function and the annual internal
audit plan.

Risk Committee update and planning
Response to BEIS reforms: Restoring trust in audit
and corporate governanceJul• Monitor the integrity of thecompany’s and Group’s financial
statements and any formal
announcements relating tofinancial performance; review
significant financial reporting
judgements, issues andestimates; and confirm whether,taken as a whole, the Annual
Report and Accounts is fair,balanced and understandable.
• Assess the effectiveness of theexternal audit process; review
and monitor the external
auditor’s independence andobjectivity; approve a policy forthe external auditor to supply
non-audit services; and makerecommendations to the Board
about the appointment,
reappointment and removalof the external auditor, its
remuneration and termsof engagement.

Pensions review and risk management

This will be a key focus area in 2024, as
the reporting requirements and goodpractice continue to develop.

Finally, on behalf of the Committee,
I would like to thank our Group FinanceDirector, Gareth Wright, the Informa
Finance team and all other Informa
colleagues who have supported us in
our work.

Mar

Financial and narrative reportingAs detailed on page 115 Informa PLC
will be required to report against the
EU CSRD for our 2028 reporting year.

In 2024, the Committee will continue
to review its agenda to make sure
topics like technology resilience,
data governance and sustainability
reporting get the attention they need.

Roles and responsibilities

The Committee has an extensive annual agenda that focuses on the Group’s
financial reporting, assurance and risk management processes. Our key areasof focus during 2023 are listed here.

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Reviewing financial reporting
When the Committee reviews theAnnual Report and Accounts, weconsider the overall requirement for
it to present a fair, balanced andunderstandable assessment of thecompany’s position, business model,
performance, strategy and prospects.
We received early drafts of the Annual
Report and considered the process for
preparing and verifying it, which
included input from appropriately
qualified colleagues.
We ensured that accounting policies
and practices had been appropriately
applied, including around any
significant transactions during the year,
and that the disclosures in the Annual
Report complied with relevant
accounting standards and otherregulatory financial reporting
requirements, including the Code.
As a Committee we considered material
accounting assumptions and estimates,
any significant judgements or key audit
matters identified during the audit,
and reviewed the application andeffectiveness of internal financial
controls. We also made sure that thecompany’s remuneration consultants
were given the opportunity to review
the Directors’ Remuneration Report.
Before recommending the Annual
Report to the Board, we ensure thatdrafts are reviewed by internal
stakeholders, the external auditor,
Committee members and all membersof the Board.
We can confirm that Informa complies
with all the provisions of the FRC’s
newly introduced Audit Committees
and the External Audit: MinimumStandard.
More details about our fair, balanced
and understandable reporting are
given on page 105

Considering significant
accounting matters
The Committee considered thefollowing significant accounting
matters for the financial year ended
31 December 2023.

Viability Statement
and going concern
We reviewed management’s work to
support the preparation of the financial
statements on the going concern basis
and the appropriateness of the Viability
and Going Concern Statements in theStrategic Report.
We looked at the severe but plausible
scenarios that management
considered, the three-year divisional
business plans, and the mitigating
actions available to the Group in its
three-year viability assessment and thegoing concern assessment to June 2025.
After appropriately challenging theassumptions supporting management’s
assessment, the Committee concluded
that the Viability Statement and going
concern disclosures (see pages 67 to 69)
are appropriate.

Impairment testing
Goodwill is allocated to cash generating
units (CGUs) and the value we haveassigned to each is tested annually for
impairment. The Committee reviewed,
discussed and, where necessary,challenged management’s impairment
assessment for each CGU, including
whether the key assumptions andsensitivities used were appropriate.
The full impairment assessment
disclosures, including details of theassumptions used and sensitivities,
are set out in Note 17 to the
Financial Statements.
As a Committee we concluded thatthe carrying value of goodwill in thebalance sheet could be supported.
We agreed with management that no
impairment was required and that therelated disclosures were appropriate.

114

Acquisitions
The specific actions taken by theCommittee in respect of the threelargest acquisitions by consideration
completed in 2023 are outlined below.
Tarsus Group: The Committee
reviewed the contingent consideration
element of this acquisition, where thedeferred equity component of theconsideration is contingent on the
Informa share price reaching 850p by
1 June 2025.
Management engaged Kroll, a thirdparty independent valuer, to determine
the fair value of the deferred equity
component using an option pricing
model. The 2023 year end fair value
was reassessed at £26.0m
Winsight Group: The Committee
reviewed how the contingent
consideration element (earnout) of thisacquisition had been treated, which
was dependent on Winsight’s 2023
revenue and EBITDA performance.
The contingent consideration was
reassessed to a fair value of £12.1m as
at 31 December 2023 and was paid on
30 January 2024
HIMSS Global Health Conference
and Exhibition: The Committee
reviewed how the acquisition was
treated given this was considered to bea business combination even though
the transaction was legally structured
as an asset purchase. We agreed withmanagement’s assessment.
In addition to the specific actions taken
on each of the three largest acquisitions,when the Group acquires any new
business, it needs to allocate thepurchase price to tangible and intangible
assets. Determining these valuations
requires assumptions and judgement.
The Group has built up considerable
knowledge of the valuation techniques
required. Even so, Kroll, is appointed
to assist the process to identify andsupport the valuations for all acquisitionsof scale. Further details are given in Note
17 to the Financial Statements.

Kroll was engaged to support thepurchase price allocation exercise forthe three largest acquisitions, valuing
the acquired intangible assets.
The Committee reviewed theassumptions and judgements behindthese valuations and was satisfied thatthey were appropriate.

Tax and treasury risks,policies and governance
The Group Finance Director is
responsible for tax and treasury
policies at Board level.
As required by the Tax Governance
Framework, the Group Tax Director
presents the Group Tax Policy andStrategy to our Committee each year,
setting out Informa’s approach to tax.
More details about the approach areavailable on our website.
The Group Treasurer presents theGroup Treasury Policy to our Committee
each year. More details about how
Informa maintains a strong capital
structure are available on our website.

Sustainability reporting
During the year, we received updates
from Group Finance and our external
auditor on the sustainable reporting
requirements introduced by the
CSRD and the ISSB. The Head of
Sustainability also presented to theBoard on this subject.
We reviewed the actions taken toassess whether Informa would need toreport under the CSRD and concurredwith management’s conclusion that theGroup would need to report for thefinancial year ending 31 December
2028. We also noted that somesubsidiaries may fall under the CSRD
requirements and therefore be
required to report for the financial year
ending 31 December 2025.
CSRD will require companies to disclosesustainability issues from a double
materiality perspective, that is, byconsidering the impact of sustainability
topics on Informa and on society.

We considered the outcome of theinitial double materiality assessment
completed by Carnstone, an
independent consultant, which can beseen on page 29. We noted the initialhigh-level review of the CSRD KPIs, inorder to determine which of thesemight affect Informa, and our reporting
process for those in scope. The double
materiality assessment will be
repeated on a larger scale over the
next two years.
We have also taken into account the
feedback received from our auditors tofurther improve the integration of TCFD
disclosures with the other narrative
elements of the Annual Report, achange that is consistent with the FRC
thematic review observations.

Overseeing risk management
and internal controls
The Board delegates responsibility to
the Committee for overseeing theeffectiveness of the Group’s risk
management and internal control
systems. We recognise that taking
appropriate risks is an inherent partof achieving the Group’s businessobjectives. Our system of internal
controls is designed to manage material
risks by addressing their causes andmitigating their potential impact.
This can only provide reasonable,
rather than absolute, assurance againstmaterial misstatement or loss, andrecognises that the cost of control
procedures should not exceed their
expected benefits.
The leadership team, led by the Group
Chief Executive, also regularly meets toreview the Group’s operational andfinancial performance, material risks
and mitigating actions. Each division
has the autonomy to operate within arobust internal control framework.
The Committee, as well as the Board,
regularly reviews the overall risk
management and internal control
process. The process complies with the
FRC’s Guidance on Risk Management,Internal Control and Related Financial
and Business Reporting.

115

To do this review, we monitor theactivities of the Risk Committee, consider
reports from both internal and external
auditors about the effectiveness of thecontrols, and review the Group’s risk
management processes – including
its whistleblowing arrangements.
Any control deficiencies we identify arefollowed up and actions tracked.
All Directors receive the minutes of Risk
Committee meetings via the Audit
Committee papers. In addition, theGroup Finance Director and Group Headof Risk provide a summary of the Risk
Committee’s activities – such as principal
risk deep dives, divisional risk reporting
reviews and risk framework planning – tothe Audit Committee and the Board.
At the half year and full year, we assess
the Group’s principal and emerging
risks, including the process to review
each risk and whether risk exposures
have changed during the period.
No new principal risks were identified
during the year, although the principal
risk called Inadequate response to
major incidents was expanded toinclude any pandemic risk.
The updates provided to us, and theresults of our own investigations, did
not identify any significant control
deficiencies during the year.
We presented the conclusions of ourannual review of the effectiveness of
the risk management and internal
control systems to the Board. As aresult, the Board is satisfied that theGroup’s risk management and internal
control systems have been effective
during the year and that it has fulfilled
its obligations under the Code.
More details about the Group’s risk
management framework and ourprincipal risks are given on pages 59
to 66

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Managing risk through our Risk Committee
Informa has an established executive Risk Committee, responsible for
ensuring that Group risk is managed effectively and for monitoring businessrisks and their effect on the Group.
The Risk Committee comprises the Group Finance Director (Chair), Chief
Operating Officer, Group General Counsel, Head of Internal Audit, Head ofGroup Compliance, Chief Commercial Officer, Chief Information Security
Officer, Group HR Director, Head of Group Health, Safety and Security, Chief
Privacy Officer, Group Risk Manager and colleagues from each of theoperating divisions.
The Risk Committee meets at least four times a year, and its principal duties
are to:• Oversee the Group’s current risk exposures, providing an assessmentof the Group’s principal risks for the Audit Committee to consider• Ensure that there is a regular robust assessment of the principal risks andemerging risks facing the Group, including those risks that would threaten
its business model, future performance, solvency or liquidity• Review the Group’s overall risk assessment processes and the parametersof the qualitative and quantitative metrics used to review the Group’s risks,
as well as monitoring mitigating actions• Provide guidance to the Audit Committee around the Group’s risk appetiteand tolerance for each of the principal risks• Review the effectiveness of the Group’s risk management and internal
control systems, including all material financial, operational andcompliance controls• Review the Group’s approach to, and management of, health andsafety risks• Review the Group’s approach to, and management of, its responses tovarying data privacy regulations globally• Review the adequacy and security of the company’s whistleblowing
arrangements for colleagues and contractors to raise concerns in
confidence about possible wrongdoing in financial reporting orother matters

Closely watchingcyber security

Improving technology
governanceIn 2023 we again paid particularattention to cyber security andgovernance in relation to the risk ofunauthorised and criminal access to
the Group’s technology systems.
This is a key area for the Group as we
accelerate the pace of digitisation andthe use of data in all our businesses,
which is why it is a key element ofmanagement’s Fortify programme.

The Committee undertook a deep diveinto technology failure risk, supporting
management’s Fortify programme.
Fortify is evolving Informa’s cloudstrategy with the launch of a newframework and platform for enhanced
security, observability and cost control.
We identified key actions to improve
technology data governance andsupported the development of a 2024
roadmap to improve service resilienceand disaster recovery of criticalbusiness applications.

Cyber incidents, especially ransomware
attacks and business email
compromise, continue to pose a risk
to businesses and can seriously
affect financial systems and assets,business continuity, reputation andintellectual property.
On the Board’s behalf, our Committee
reviews and monitors Informa’s
approach to cyber security and ensuresthat appropriate and robust cybersecurity defences are in place.
During 2023, we:• Discussed the findings of the cyberattack simulations/exercises thattook place during the year – including
real-world attack exercises andincident response exercises – andsupported recommendations
from management and our
external advisers• Considered and reviewed thetechnology integration risks thatcome with acquisitions• Undertook deep dives into data loss
and cyber breaches, reviewing how
risks were managed, considering
current and emerging risks, andagreeing next steps and actions for
managing and mitigating themMore details about the Risk Committee’s work
are given on pages 56 to 66• Reviewed the outcomes of acompromise assessment to findany evidence of targeted orinteractive attacker activity in
the Informa environment• Supported management as it
continued to enhance cyber security
for the Group, including developinga global colleague cyberambassador network
The Committee Chair updates theBoard following each meeting about
the actions being taken to manage
cyber risks and all Directors have fullaccess to Committee papers.

116

Restoring trust in audit
and corporate governance
When the UK Government publishedits response to the BEIS consultation,
Informa established a team to assess
the effectiveness of its existing internal
control framework, and to design andimplement any changes to theframework in readiness for the
proposed reforms.
The 2023 objectives were to:• Conclude the design of the control
framework, and test the design
effectiveness of Group-wide controls,in-scope business process controls
and IT system controls, correcting
any significant control issues
identified• Support the external auditor
transition, with a focus on theinternal control framework• Minimise disruption to Informa’s
other key projects and business-asusual activities• Adapt quickly to changes to the Codeand other governance guidance
and requirements
The Committee monitored andsupported the leadership team as itprepared for the proposed reforms,
receiving updates on materiality,
fraud and financial reportingrisk assessments.
We scrutinised business processes andIT systems maturity assessments, andreviewed remediation action plans,
where required.

Although a substantive element of the
proposed reforms was withdrawn, theCommittee believes that the work
undertaken has strengthened bothGroup-wide and divisional controls.
By updating policies and processes,
and identifying and improving
weaknesses, Informa will be better
placed to comply with the revised Codewhen it comes into force in 2025.

Assessing the Internal
Audit function
In 2023, all countries where the Group
operates removed their restrictions on
travel and movement following the
pandemic, allowing internal audit work
to be performed onsite again.
We continued to engage third-party
partners to support the Internal Audit
team on audits that required a specifictechnical skillset.
The Head of Internal Audit attends each
Audit Committee meeting and provides
reports on:• Any issues identified around theGroup’s business processes andcontrol activities during its work
• Management’s delivery of actionplans to address any identified
control weaknesses• Any management action plans where
resolution is overdue• Group-wide controls testing toprepare for changes in the CodeDuring 2023 the Committee considered
the findings from testing by Internal
Audit and its co-source partners toassess the effectiveness of Informa’s
cyber security detection, prevention
and response capabilities.
At the end of each financial year we
also review the draft annual internal
audit plan and resourcing levels.
The final plan is approved at thefollowing meeting, after our feedback
has been reflected. The plan sets out
the key risk areas and areas of financial
controls that will be audited during thenext 12 months.

117

An effectiveness review is carried out
each year to assess the quality andexpertise of the Internal Audit function,
how well it is delivering its remit, and to
identify areas for improvement.
The review gave a good degree of
assurance regarding the overall
effectiveness of the function and theskill and experience of its members –and recognised that the use of data
analytics and technology, including AI,
in audits could be expanded.
The Head of Internal Audit has adual reporting line to the Group
Finance Director and the Audit
Committee Chair, and meets privately
with Committee members without
management present at least oncea year.
The Committee confirms that it has
assessed the quality, experience andexpertise of the Internal Audit function,and is satisfied it is appropriate for
the Group.

Monitoring compliance
The Committee is responsible foroverseeing the Risk Committee’s work
to review the Group’s whistleblowing,
fraud and bribery prevention
procedures. The Company Secretary’s
regular report at each Board meeting
contains an update on whistleblowing,
fraud and anti-bribery matters, andboth the Head of Group Complianceand Chief Privacy Officer attend Board
or Committee meetings to reporton their respective functions
and responsibilities.
A deep dive into the principal risk called
Inadequate regulatory compliance took
place in December 2023, when theCommittee reviewed and discussed theprogress of the compliance programmeduring the year. We also considered
and approved the strategy and goals
for the coming year.
The compliance programme isbeing reviewed and updated where
necessary to ensure that it meets therequirements of the UK Economic
Crime and Corporate Transparency Act
2023, which became law in October.

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Widening sanctions controls
With an international footprint, Informa
closely monitors cross-border trade
restrictions and has establishedcontrols in place to prevent prohibited
transactions under US, UK and EU laws
and UN rules.
Since February 2022 the sanctions
landscape has become increasingly
intricate. In response, the Group’s
Compliance team, supported by ourshared service centres, has increased
the breadth of countries covered byour controls. As we integrate acquiredcompanies, we conduct thoroughdue diligence and swiftly implement
or integrate sanctions controls tosafeguard our legal obligations andmeet the expectations of ourbanking partners.
Changes in our framework, andadaptations and extensions to the
sanctions programme, are reported to
the Committee throughout the year.

Growing trust inwhistleblowing
Informa has established processes forany colleague to report concerns in
confidence, either through line
managers, HR managers, the internal
Compliance team or an independentand confidential whistleblowing service– Speak Up – that is available in morethan a dozen languages.
At least once a year, the Head of Group
Compliance reports to our Committee
about the concerns raised throughSpeak Up, highlighting any themes andthe actions being taken to strengthen
processes, trust and awareness acrossthe Group.
During the year, the Compliance teamcreated new and bespoke training
modules designed to showcase
relevant real-life issues that colleagues
and line managers could encounterand how to best handle them.
Feedback was positive, with an uptick
in awareness of and trust in the
Speak Up process, and a greater
understanding among line managersof the role they play.

From 17 December 2023, organisations
with more than 50 employees based in
the EU are required to comply with the
EU Whistleblower Directive. Informa’s
business in the Netherlands falls into
this scope.
We are working to ensure that ourpolicies and procedures comply with
the Whistleblower Protection Act
introduced in February 2023, andwill conduct briefing sessions withthe relevant HR and Investigation
leads for the Netherlands.

Reviewing fraud reports
and responses
At least twice a year, the Committee
receives a report on instances offraud or attempted fraud, together
with details of management’s
responses and the actions taken to
mitigate or eliminate the fraud risks
identified. The frauds or attempted
frauds fall broadly into three maincategories: customer fraud, supplierfraud and cyber fraud.
Internal control processes arereviewed as part of the response, withimprovements made where necessary.
Regular phishing simulation tests also
take place, with additional training
provided for colleagues who fail.

Monitoring bribery processes
and controls
Informa is primarily subject to therequirements of the UK Bribery Act andthe US Foreign Corrupt Practices Act, as
well as a number of local and nationalanti-corruption laws.
At least once a year, the Company
Secretary reports to the Committee
on the Group’s processes and controls
around anti-bribery and corruption.
The report provides us withinformation about the key areas ofactivity for the Group’s anti-bribery
programme, such as the risk
assessment process, including for third
parties; proposed changes to policies
and procedures, including the Code of
Conduct; training and communication
updates; and a summary of any
misconduct investigations undertaken.

Considering data privacy anddata governanceWorking with our new
external auditor

Independence of theexternal auditor

During our assessment of PwC’s first
audit, we specifically considered:

Informa operates in markets where
privacy regimes are increasingly
complex, with growing penalties
and enforcement from regulators.
These regimes include those passed
by Australia, China and other Southeast
Asian countries, as well as privacy laws
passed by various US states, some ofwhich will take effect in 2024 or 2025.

PwC was selected as the Group’s
external auditor after a robust andthorough tender process in 2022.
Following its appointment at the2023 AGM, it became responsible
for external audit work from
1 January 2023.

Chris Burns is the lead audit partner
responsible for signing the audit
opinion on behalf of PwC.

• The helpfulness of planning meetings

Together with existing regimes such as
the General Data Protection Regulation,
this means that colleagues, customers,
suppliers and stakeholders havegreater expectations of transparency
and control over how their personal
data is collected, used and shared.
Informa established a Global Privacy
Framework, based on the Information
Commissioner’s Office Accountability
Framework, and completed abenchmarking exercise to determine its
maturity in this area. We reviewed thefindings of the benchmarking exercise
and supported the Chief Privacy Officer
to develop a Privacy Assessment Policy
and Privacy-by-Design Framework.
The Committee also considered theGroup’s data governance capabilities
and whether the ways in which Informa
collected, used and shared data wascompliant and sustainable.
The Chief Privacy Officer provided us
with updates on evaluation work done
– through internal initiatives and withthe support of external consultants – toassess and develop Informa’s approachto data governance. The exercise
identified where the bulk of Informa’s
data governance risk was concentrated
and which provided the most pressing
risk to the Group’s business operations.
We considered the priority areas
identified through the evaluation andsupported the actions being taken to
mitigate any downstream effects ofpoor data governance.

The Committee is responsible fordeveloping, implementing andmonitoring the Group’s policy on
external audit. This policy assigns
oversight responsibility for monitoring
independence, objectivity andcompliance with ethical and regulatory
requirements to the Committee, andassigns day-to-day responsibility to
the Group Finance Director. It statesthat the external auditor is jointly
accountable to the Board and theCommittee, with the Committee as theprimary contact. The policy also setsout which categories of non-audit
services the external auditor will andwill not be allowed to provide.
Our Committee plays an essential rolein ensuring the independence of theexternal auditor and the quality of theaudit process, and provides challenge
where necessary.
In June 2023, PwC presented its
proposed strategy and scope of the2023 full-year audit and half-year
review, together with details of the key
areas of focus. It shared insights andfeedback that enabled the Committee
to monitor progress and ask questions.

When assessing the independence andobjectivity of the external auditor, weconsider assurances and information
provided by PwC regarding the nature of
the non-audit services it provides, as wellas any commercial business relationships
between PwC and the Group.
The Committee is comfortable that
there have been no instances of
non-compliance or independence
during the year and considers thatthe company has complied with theCompetition and Markets Authority’s
Statutory Audit Services for Large
Companies Market Investigation(Mandatory Use of Competitive Tender
Processes and Audit Committee
Responsibilities) Order 2014.

External auditor effectiveness
Our Committee reviews theperformance of the external auditor
each year, to assess how it has delivered
the external audit service and to identify
areas for improvement. The review
considers the quality of planning,delivery and execution of the audit –including the audit of subsidiarycompanies – the technical competence
and strategic knowledge of the audit
team, and the effectiveness of reportingand communication between the audit
team and management. Performance isassessed according to whether theaudit exceeds, meets or falls below
expectations against a variety of factors.

• Whether there was a goodunderstanding of expectations foraudit support and other deliverables• The auditor’s level of auditing skills
and technical accounting knowledge• Knowledge of the Group’s operations• Whether there was an appropriate
focus on the material risks facing
the Group, including fraud• Whether there was an appropriate
level of challenge over key financial
reporting judgements madeby management• Robustness and efficiency of
the audit• The use of technology, including
data analytics• Adequacy of the audit scope,planning and execution• Communication and escalationof issues• Efficiency of the audit transition
The Committee was satisfied that theaudit plan had been delivered and,having considered the views of theleadership team, including the Group
Finance Director and Head of Group
Finance, concluded that the quality,
delivery and execution of the 2023
external audit were of a high standard
and had been effective.

External audit transition plan
A detailed transition plan was developed during the tender for external audit services and PwC worked closely with
Informa’s Finance and Technology teams to ensure that transition was approached consistently across all regions
and that key milestones were met.
The transition plan included:• Monthly meetings between management and PwC• Shadowing the previous external auditor, Deloitte LLC, during the 2022 year end audit• Reviewing Deloitte’s audit files once the 2022 year end audit had completed• Arranging an audit planning workshop for the global PwC audit team and Informa Finance team
• Undertaking process walkthroughs
The Committee received regular updates on the progress of the transition programme and is satisfied that the transitionof external auditor was delivered efficiently and effectively.

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Audit Committee Report

The Committee must approve all audit
and non-audit services that are provided
by the external auditor. We continue tobelieve that certain non-audit services
should be undertaken by the external
auditor, including services where theauditor’s existing knowledge of theGroup means it would carry out thoseservices more efficiently and effectively
than other providers.
We review the Non-Audit Services
Policy each year, and the actual fees
accrued at each meeting. This helps tosafeguard the ongoing independenceof the external auditor and ensure theGroup complies with the FRC’s EthicalStandard for Auditors and with other
EU audit regulations.
The policy allows the external auditor
to provide the following non-audit
services to the Group:• Audit-related services• Reporting accountant services• Assurance services in relation tofinancial statements within an
M&A transaction, such as providing
comfort letters in connection
with any prospectus that Informa
may issue• Tax advisory and compliance workfor non-EEA subsidiaries andexpatriate tax work

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Directors’ Remuneration Reportcontinued

Providing non-audit services

Governance Report

The policy sets out that the Committee
Chair must approve, in advance, allproposed non-audit engagements
where the fee for any individualassignment is greater than £25,000 orwhere total annual assignments would
exceed a total of £100,000.
In accordance with the FRC Revised
Ethical Standard 2019, a cap on
non-audit fees (being 70% of theaverage audit fee for the threeprevious financial years) will apply
from the fourth financial period
following PwC’s engagement.
The policy also requires the Group
Finance Director to provide ananalysis of all non-audit services
undertaken by the external auditor,
together with the related fees, toeach Committee meeting.

On behalf of the Remuneration
Committee I am pleased to reporton Informa’s approach to Directors’
remuneration in 2023, including theoutcome of the short- and long-term
incentives for the period.

The Committee’s key
focus through the year
has been on setting
appropriate targets toincentivise management
to achieve goals criticalto Informa’s future
success and reviewing
remuneration outcomesin the context of the wider
stakeholder experience.

Membership and meeting attendanceDirector

AttendanceLouise Smalley – Chair

5/5

Details of total fees charged by PwC
during the year ended 31 December
2023 are set out in Note 6 to the
Financial Statements. During the year
the Group incurred non-audit fees
totalling £0.4m (2022: £1.1m).

Zheng Yin

5/5

Andy Ransom – from 15 June 2023

3/3

Helen Owers – to 15 June 2023

2/2

The non-audit fees consisted of £0.36m
relating to the half-year review andinterim audits in China, and £0.06m
relating to assurance over the annual
update to the Euro Medium Term
Note programme.

The Board Chair, Group Chief Executive, Group Finance Director,
Company Secretary, Group HR Director and Director of Investor Relations
are typically invited to attend meetings as required. None are membersof the Committee and they do not attend meetings when their own
remuneration is discussed.

• Other non-audit services notcovered in the list of prohibited andpermitted services, where the threat
to the auditor’s independence andobjectivity is considered trivial andsafeguards are applied to reduce any
threat to an acceptable level

All our Committee members are independent Non-Executive Directors,
and their biographies are given on pages 92 and 93.

All Non-Executive Directors have an open invitation to attend Committee
meetings. The Company Secretary attends all meetings and is secretary to
the Committee.
The Committee’s terms of reference, which set out its duties andresponsibilities, are available on our website.

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In this respect, the Committee hascontinued to pay particular attention to
the impact of wider macro uncertainty
on Informa colleagues over the courseof the last year and the shareholder
experience throughout the short- andlong-term performance periods underreview in 2023.
Having received strong support for
the Directors’ Remuneration Policy
at the 2022 AGM, the Committee also
took time to consult further withshareholders on the specific measures
for the 2024 annual incentive planand the first Long-Term Incentive Plan
(LTIP) award to be granted in 2024
under this Policy, the final year of thecurrent Policy period.

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Directors’ Remuneration Reportcontinued

Accelerating growth
The Company’s operational andfinancial performance throughout 2023
have been excellent. In 2023, the Groupdelivered underlying revenue growthof 30%, reported revenue growth of
41%, operating profit growth of 72%,
adjusted earnings per share growth of
72% and free cash flow growth of 51%.
Against a backdrop of continuing
geopolitical and macro uncertainty, theGroup raised market guidance threetimes throughout the year anddelivered final results ahead ofconsensus expectations.
At the same time, the Group returned
over £548m to shareholders throughour share buyback programme in 2023,
as well as delivering strong double-digit
growth in ordinary dividends andsignificant equity outperformance.
Furthermore, Informa’s share priceincreased by over 25% through 2023,
putting the company in the top quartileof FTSE 100 index performers.
Total shareholder returns (TSR) over
the year were 28%, and 46% over thelast three years.
Informa has also continued to invest for
future growth, both internally in key
areas such as data capture, data
management and digital content, andexternally through a number ofaccretive acquisitions during the year,
including Tarsus, Winsight, HIMSSGlobal Health Conference & Exhibition
and Canalys. In January 2024, thecompany also announced anagreement to combine Informa Tech’s
digital businesses into US-listed
TechTarget, creating a New TechTarget.

Leadership focus andcolleague commitment
The Group’s performance in 2023 wasonly possible due to the commitment
and creativity of Informa’s colleagues inaround 30 countries across the world.
On behalf of the Board, I would like to
put on record our thanks for thisoutstanding contribution throughout
2023, it was critical to our achievements
this year, as the Group’s operational andfinancial performance demonstrate.

Our performance in 2023 follows a very
challenging few years as we navigated
our way through the impact of thepandemic. The strength of Informa’s
performance and position today is the
direct result of a series of decisions by
the leadership team and the Board
throughout that period, combined withthe significant resilience, hard work andcommitment from the entire Informa
colleague community. These decisions
ranged from maximising colleague
support measures and minimising
retrenchment, moving early torefinance debt and raise equity tostrengthen the balance sheet,
refocusing incentives on cash
management and cash generation, andintroducing a more flexible restricted
share scheme, the 2021-2023 Equity
Revitalisation Plan (ERP) for the
Executive Directors and 100+ Senior
Leadership Group colleagues.
At the heart of the Group’s success has
been retention of key talent throughthe uncertainty of the pandemic.
Across the Senior Leadership Group,
fewer than 5% of colleagues have left
the Group since the launch of the ERP in
2021, something that looked extremely
unlikely in the midst of the pandemic,
and a significant reason the company
has been able to accelerate soeffectively out of the pandemic while
continuing to expand the business andenhance our service offering.
Another key component of successhas been the company’s continuous
commitment to invest in innovation
throughout the period, in particular
the development of our centralised
data platform, IIRIS, and expansion inB2B digital services and open researchplatforms. This helped generatevaluable new revenues when live
events were disrupted and has
enabled us to expand ouraddressable audiences, opening
up new avenues of growth

Colleague support
The Company constantly reviews the
support provided to colleagues inorder to ensure everyone has theresources and tools to keep thriving
and delivering for each other andfor Informa.
Following the spike in inflation andincrease in cost of living across many
countries, in 2022, the company

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undertook a series of specific measures
to provide support where it was mostneeded. This included reopening theInforma Colleague Support Fundoffering direct financial assistance tocolleagues in particularly challenging
situations, the worldwide expansionof our EAP colleague assistanceprogramme and a one-off colleague
cost of living supplement for around
5,000 colleagues around the world.
Some of these measures wereextended into 2023 to provide further
ongoing support, and the company
also used annual cost of living rises tosalaries to provide additional support
to colleagues who most needed it.
The vast majority of colleagues saw
a total salary increase of circa 6%,
comprising a cost of living increase of
4% and, for the 90% of colleagues whoearn less than £130,000 base salary(or local equivalent), an additional
2% top-up.

Engaging with colleagues
The Board makes sure it stays close
to the colleague community to beconnected with the pulse of thebusiness and to provide a directchannel for colleague feedback on all
and any matters. We regularly review
the outcomes of company-wide
surveys and interviews, including
annual engagement index scores,
which remain consistently high at over
80 (see page 55 for more details).
We are also fortunate to have manycolleagues come to Board meetings topresent on different businesses andinitiatives and Board members alsointeract through representation on thevarious colleague networks, Board
town halls, site visits and participation
in a range of other meetings andforums (see pages 96 and 97 for moredetails on Board engagement).
I personally appreciated theopportunity to discuss remuneration
with a wide range of colleagues who
attended the town hall with the Board
following the Informa AGM last June.
In 2023, we used these channels, aswell as specific HR leadership forums,
to engage on different aspects ofremuneration, with topics discussed
ranging from potential improvements
to colleague benefits, colleague
development programmes andimproving talent mobility.

Shareholder engagementin 2023

Overview of 2023
remuneration outcomes

The Committee is equally active inengaging with shareholders, both onformal consultation matters andinformally, through regular one-toone meetings. We find theseinteractions invaluable in helping tounderstand investor thinking andgauge their latest views on
remuneration. This input influences thedevelopment and operation of future
remuneration plans at Informa, andI would like to thank our investors fortheir engagement and responsiveness.

Business context

Following a full shareholder consultationon the Directors’ Remuneration Policy in2022, in 2023, as promised, we followed
this up with further consultation on thespecific measures to be applied to thefirst LTIP grant.
In January 2023, we ran our Chair’s
annual shareholder roadshow. This was
an opportunity for shareholders tomeet with the Chair informally, often
accompanied by Non-Executive
colleagues, to discuss anything andeverything, with no subject off thetable. It is always popular withshareholders and during 2023 the Chair
met with 19 institutions, representing
circa 35% of Informa’s equity base.
I was fortunate enough to join severalof these meetings, as did our Audit
Committee Chair, providing helpful
context and input before formal
consultation later in the year.
Subsequently in October 2023, we
wrote to shareholders outlining ourremuneration proposals in relation to
the implementation of the new LTIP for2024 and a specific Executive Director
salary review proposed for 2024.
This led to a further series of meetingsand exchanges with shareholders,largely to clarify specific elements of
the LTIP or to suggest minor
adaptations. Overall, we were pleased
with the response, which was very
supportive of the approach taken, anddirectly links targets to the Group’s
strategic plan for future growth andvalue.

The strength of Informa’s performancein 2023 reflected strong in-year trading
but also the momentum built up
through 2021 and 2022, when thecompany invested in strengthening its
digital capabilities and made somecritical capital allocation decisions.
The benefit of these decisions and theGroup’s ability to seize opportunities
after the pandemic enabled the Groupto raise its 2023 market guidance threetimes throughout the year and deliver
full-year results ahead of consensus.
The Group also began to redeploy thecapital raised through the divestment of
the Informa Intelligence portfolio in 2022
(circa £2.5bn value at an average EV/
EBITDA multiple of 28x), acquiring Tarsus,
Winsight, HIMSS and Canalys, among
others in 2023, at an average postsynergy multiple of circa 9x EV/EBITDA.
At the same time, we have continued
to accelerate returns to shareholders,with £725m of capital returned
through share buybacks and dividends
in the year.
The strength of Informa’s operationaland financial performance in 2023,
both at a Group level and within the
Academic Markets and B2B Markets
divisions, has delivered strong incentive
plan outcomes.

Retirement benefits
In 2023, there was a planned change
to annual retirement benefits for theGroup Chief Executive and Group
Finance Director. To align withshareholder views, the Executive
Directors voluntarily reduced andrestated their contractual pension
entitlements, lowering annual
retirement benefits from 25% to 10%
of salary, which aligns with the rateavailable to a range of other colleagues,
resulting in a reduction in fixed pay.

Short-Term Incentive Plan
(STIP): outcomes of the 2023
Performance Tracker
For the Executive Directors and thewider leadership team (circa 100
colleagues), short-term incentives in2023 were based on a Performance
Tracker of specified operational andfinancial targets. These targets
represented the breadth of critical
success factors across the Grouprequired to enable future growth
and returns. As a reminder, as part ofthe existing Policy, in connection with
the ERP, the 2023 STIP maximum
potential was reduced to 100% ofsalary for the Executive Directors.
The 2023 STIP comprised 12 individual
performance measures, spanning 3
categories, each contributing up to
8.3% of the overall performanceoutcome. 11 of the targets were
quantitative in nature. The three
categories were Financial Performance(33.3%), GAP 2 Digital and Data
Acceleration (33.3%) and Operational
Execution (33.3%).
Full details on the 2023 STIP outturn
are provided in the table on thefollowing page, including a line-by-line
summary of all the performancemeasures, the targets by which they
were assessed and how the Committee
reached its final decisions.
The Group’s strong financial
performance in 2023, with reported
adjusted operating profit more than
20% above the mid-point of initial
market guidance at the start of theyear, delivered maximum outcomes in
the Financial Performance category.
On GAP 2 Digital and Data
Acceleration, the outcomes were varied,with strong progress in expanding our
known, engaged, marketable audience(KEMA) and good growth in Academic
Markets digital revenue, the latter
following several productenhancements and new launches.

Retirement benefits
Salaryentitlement
at 31/12/2023

Previous
contractual
entitlement(25%)

Reduction

Stephen Carter

911,000

227,750(136,650)

91,100Gareth Wright529,500

132,375(79,425)

52,950(£)

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Reducedbenefit(10%)

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Directors’ Remuneration Reportcontinued

However, disruption in the Technology
end market through 2023, which led toretrenchment in some areas of theindustry we serve and a pause inmarketing investment and productlaunch activity, had an impact on
digital revenues in Informa Tech.
This is reflected in the outcomes of twoof the measures. Encouragingly, despite
the market backdrop, strong operational
progress was made in accelerating thelaunch of new content Dives at Industry
Dive, expanding our product offeringand putting us in a strong position as
market activity recovers.

On Operational Execution, theGroup’s strong focus on the reopeningof live and on-demand events in China
proved very effective, with our flexible
approach enabling us to bring products
back to market rapidly as COVID
restrictions progressively eased.

2023 STIP Performance Tracker
STIP Measure

Targets

Outcomes% achieved

1. 2023 Group revenue

2023 Revenue – Threshold: £2,400m /Target: £2,575m / Max: £2,675m

2023 Revenue: £3,029m

8.33%

2. 2023 Underlying revenue growth (URG)

2023 URG – Threshold: 6.0% / Target:
9.5% / Max: 13.0%2023 URG: 29%

8.33%

3. 2023 Group operating profit (OP)2023 Adjusted OP – Threshold:£490m / Target £575m / Max £635m

2023 Adjusted OP: £801m

8.33%

4. 2023 Free cash flow

2023 Free cash flow – Threshold:£360m / Target: £410m / Max: £470m

2023 Free cash low: £606m

8.33%

Financial Performance (33.33%):

33.33%

Financial Performance aggregate outcome
GAP 2 Digital and Data Acceleration (33.33%)
5. B
 2B data quality: Improve the quality of fully
permissioned first–party KEMA

KEMA (Level 2 & 3) – Threshold: 9.6m
/ Target: 9.8m / Max: 10.0m

KEMA (Level 2 & 3) at 13.2m

8.33%

6. B
 2B digital revenue expansion: Informa Tech-led
increased digital revenue expansion (increased %of digital revenues and accelerated rollout of newDives in new categories)

Informa Tech-led digital revenue– Threshold: 60% / Target: 62% /Max: 64%
Rollout of new Dives – Threshold: 4
Dives / Target: 6 Dives / Max: 8 Dives

2023 Informa Tech digitalrevenue: 53%
2023 Rollout of new Dives: 9
Dives

4.17%

7. B
 2B digital revenue: Increase the scale of B2B
digital revenue

B2B digital revenue – Threshold:£540m / Target: £560m / Max: £580m

B2B digital revenue: £503m

0.00%

8. A
 cademic Markets digital revenue: Increase thescale of digital revenues in Academic Markets,
including ebooks and open research

Academic Markets digital revenue– Threshold: £480m / Target: £485m /Max: £490m

2023 Academic Markets
digital revenue: £493m

8.33%

20.83%GAP 2 Digital and Data Acceleration aggregate outcome
GAP 2 Digital and Data Acceleration (33.33%)
9. L
 ive events return: Maximising live & on demand
event revenue versus 2019 outside Mainland
China and Hong Kong

Live and on demand events revenue(ex Greater China) vs 2019 –Threshold: 90% / Target: 95% /Max: 100%

Live and on demand events
revenue (ex Greater China) vs2019: 116%

8.33%

10. E
 SG: number of brands enrolled, committed andreporting to Sustainable Event Fundamentals
programme

No. brands enrolled and reporting
the Fundamentals – Threshold: 315 /Target: 345 / Max: 375

2023 Fundamentals
programme: 377 events

8.33%

7.51%

11. COVID-19 management: The successful nurturingand maintenance of the China business throughdisruption measured through:i) Forward bookings

Forward bookings – Threshold: 40% /Target: 50% / Max: 60%

Forward bookings: 53%ii) Cash refunds

Cash refunds – Threshold: 5% /Target: 4% / Max: 3%

Cash refunds: 3.1%

iii) Venue optionality

Venue optionality – Threshold: 90% /Target: 95% / Max: 100%

Venue optionality: 100%
All top 20 events have signed
agreements in place

Highly engaged colleagues
Improved colleague retention

Improvement in overallcolleague engagement
participation and score vs. 2022
Voluntary colleague turnover
reduced from 15% of total
headcount in 2022 to below 10%

12. C
 ulture and colleague engagement: Optimise
colleague experience to retain engaged andproductive colleagues

8.33%

Operational Execution aggregate outcome

32.50%

Total 2023 STIP outcome

86.66%

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Similarly, our strong commitment tosustainability through our FasterForward
programme enabled us to drive further
penetration of our Sustainable Event
Fundamentals programme, whichis critical to Informa meeting ourlong-term targets.
The Fundamentals support individual
event brands in becoming moresustainable in production, in delivery
and in influencing our customer markets
on their own sustainability challenges.
The Group also continued to deliver
strong engagement scores withcolleagues and, encouragingly, asignificant reduction in voluntarycolleague turnover in a tight labour
market for certain skills and expertise.
All of the above led to 86.66% of the
100% of salary maximum short-term
incentive opportunity being achieved
for all three Executive Directors.

Long-Term Incentive Plan:outcomes of the 2021-2023
Equity Revitalisation Plan
Tranche 1 restricted shares
The 2021-2023 long-term incentive
award was granted in the first quarterof 2021 and the vesting period for
Tranche 1 ERP shares completed on
12 January 2024.
The ERP is a restricted share plan which
was approved by shareholders in
December 2020 and introduced for the2021-2023 period. At the time, themedium-term outlook was highly
unpredictable due to the impact of thepandemic on Informa’s operations,with no visibility on if and when live
events might be possible again.
This made it very difficult to set
three-year performance targets thatwould provide meaningful incentives
for management.
While operating the ERP, the quantumof both the long-term and short-term
incentives for Executive Directors was
substantially reduced and the vestingof the ERP was subject to a series ofunderpins, including a share price floorof 545.4p, which must be met for theaward to vest; this being the share priceat the time the award was granted.
The full three-year grant for the ERP
was made upfront in Q1 2021, with one
third of the grant vesting in each year,

in 2024, 2025 and 2026 (Tranches 1, 2
and 3 respectively), subject to the shareprice underpin being met. The award
for each of the three tranches equated
to 200% of salary for the Group Chief
Executive, 135% of salary for the Group
Finance Director and 125% of salary for
the Group Chief Operating Officer,
whose awards were made prior tobeing appointed to the main Board.
The Committee can confirm that for
Tranche 1 of the ERP, the underpin has
been satisfied and, therefore, the firsttranche of the ERP award vested in
January 2024.
For Stephen A. Carter, this has resulted
in 315,602 shares vesting, with 121,468
shares vesting for Gareth Wright and
98,407 shares for Patrick Martell.
The awards for the Group Chief
Executive and Group Finance Director
are subject to a two-year post-vestingholding period.

Remuneration outcomes:
Stakeholder assessment
Following the calculation of outcomes
for the 2023 STIP and 2021-2023 ERP,
the Committee has assessed the
remuneration of the Executive
Directors in 2023 in the context of thewider stakeholder experience.
This included assessing the experienceof colleagues and how they had been
supported and rewarded through theyear. It also included a review of theexperience of other stakeholders, theshare price performance relative tofinancial outcomes and the strategic
decisions made by the leadershipteam in 2023.
The Committee also reviewed theoutcomes relative to the point at which
awards were made to reflect on whether
there were any unexpected outcomes or
specific factors to consider.
On the 2021-2023 ERP outcome
specifically, the Committee also
considered the share price when theaward was made in Q1 2021. At thattime, the Committee sought to deal
with share price volatility and any
unexpected outcomes through the
reduced size of the restricted shareaward relative to historical LTIP grants
and the minimum share price underpinthat had to be satisfied for the award
to vest.

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The Committee is satisfied that theperformance of the equity over andabove the minimum share priceunderpin reflects consistent delivery
by management, strong progress indelivering the Group’s GAP 2 ambitions(see page 21) and key decisions made on
capital allocation and portfolio focus.
Having reviewed all the above andcomparing the outturn relative tolong-term average rewards at Informa
and relevant peers, the Committee wassatisfied that the STIP and ERP
outcomes in 2023 were fair,
proportionate and balanced.
No adjustments have been made to
the formulaic outcomes presented inthis report.

Looking ahead:
Remuneration
framework for 2024
The Committee’s approach toremuneration in 2024 adopts theapproved LTIP/STIP structure, witha focus on applying targets that arelinked to the priorities for the Group,
namely the delivery of sustainable
underlying revenue growth, improving
profitability, strong cash flow
generation and the effective useof capital.

Ongoing colleague support
The Committee continues to monitor
the broader macro environment andthe pressure on the cost of living forcolleagues in different countries arisingfrom higher levels of inflation andinterest rates.
This includes continuing to be flexible
on levels of remuneration in specificcountries experiencing extreme
conditions like hyperinflation, such as
in Türkiye, supporting mid-year salaryadjustments to support colleagues
amidst the fast-changing environment.
Many of the support measures weintroduced in 2022 also remain in place,providing additional support andadvice to those colleagues most in
need. We will continue to assess thesituation across all our markets and,if required, we are always ready todeploy additional support measures
at short notice.

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2024 colleague salary
increases
We have also reflected the cost ofliving pressures on colleagues in our
approach to base salary increases for
2024, ensuring those feeling the impact
the most receive greater support.
This will see the vast majority ofcolleagues receive an annual salary
increase of around 4%, subject toindividual performance, with thosecolleagues with a base salary of over
£150,000/$180,000 (or local market
equivalent) receiving 3%.

Executive Director salaries
For the Group Chief Executive andGroup Finance Director, cost of living
increases will be at the lower level of
3%, effective from 1 April 2024.
In relation to the Group Chief Operating
Officer, it is over a year since he wasappointed to the role of Chief Executive
of Informa Markets in addition toretaining his role as Group Chief
Operating Officer. Recognising theimportance of this dual role for theGroup and his contribution, theCommittee decided it was appropriate
to reset his base salary and long–term
incentives, having not made any change
on appointment.
This proposal was included in lastyear’s consultation letter and discussedwith shareholders in the second halfof 2023, receiving strong support asshareholders recognised the significant
increase in his responsibility andimportance to the Group.

Therefore, the Group Chief Operating
Officer’s base salary has been
increased by 6% in 2024, slightly
above the 4% average increase for the
majority of the Group but well within
the range for specific role adjustments.
The Committee has also increased
the Group Chief Operating Officer’s
LTIP grant in 2024 to 275% of salary toreflect his expanded role, experienceand contribution, detailed on page 127.

Chair and Non-Executive
Directors’ fees
Aligned to the increases for the Group
Chief Executive and Group FinanceDirector, the Chair’s fee increase for2024 will be at the lower level of 3%.
The Non-Executive Directors’ fees area matter reserved for the Chair andExecutive Directors, in consultation
with independent remuneration
adviser. Our adviser, FIT Remuneration
Consultants, has indicated that ourcurrent Non-Executive Director fees
are substantially below the market for
FTSE 100 and companies of a similar
size. This is being reviewed in thecontext of the upcoming Policy renewal
but to go some way to address this, theChair and Executive Directors havedecided that, in the first instance, in
2024, Non-Executive Directors’ fees will
be increased at the higher level of 4%.

2024 STIP

2024 LTIP

Over the past three years, theCommittee has set in-year targets basedon a Performance Tracker built arounda balanced scorecard consisting of anumber of prioritised measures. In 2023
this included 12 individual targets,
reduced from 20 individual targets
in 2022. These targets proved very
effective in focusing management on
the specific operational and financial
priorities for the Group through the
pandemic period, when many of ourend markets were particularly volatileand the pace of recovery uncertain, andthe delivery of GAP 2.

Following consultation withshareholders, the Committee’s
approach to LTIP measures in 2024 wasto choose metrics directly aligned with
the Group’s strategic and operational
priorities over the next three years.

In 2024, we are returning to a more
traditional approach to structure andquantum across the STIP and LTIP,aligned to market and in line with the
Policy approved by shareholders at the2022 AGM. With our markets having
returned to a more normal trading
pattern, the Committee has adopted
a simplified approach for the STIP
focused on a concentrated set of
output measures. There is a strong bias
towards financial metrics, in line withour commitment in the Policy for atleast 75% of STIP performancemeasures to be financial in nature.
The Committee focused on aligningclosely with Informa’s stated priorities
and targets for 2024, namely further
underlying revenue growth, margin
expansion and earnings momentum,
as detailed below:

This includes a strong weighting
towards financial output measures overstrategic input measures, with a direct

link to the Group’s forward ambitions
for further profitable growth, strong
cash generation, ESG delivery andcontinuing, strong shareholder returns.
Our LTIP measures are therefore
across three categories: Cumulative
Cash and Financial Returns (60%weighting), Shareholder Returns(30%) and Environmental, Socialand Governance (10%).

These long-term measures, as detailed
below, are also clearly aligned with thein-year measures for the 2024 STIP
detailed on page 126, which are more
directly focused on near-term revenue
growth, margin expansion andearnings growth.

2024 LTIP measures
Category

Weighting

1. Cumulative Cashand Financial Returns

60%

2024-2026
target range

Details and rationale

1a. Cumulative
adjusted operating
profit30%£2.9bn to£3.2bnAn absolute adjusted operating profit target over the three-year performance period.
This is a core measure of growth and profitability for Informa and a key KPI for all leadersin the business, as well as a closely tracked metric for the investment community.

1b. Cumulative
operating cash flow30%

£2.6bn to£2.9bnAn absolute operating cash flow target over the three-year performance period. This isalso a core measure of performance for Informa, with a key attraction of the Group to
investors its ability to convert operating profit into cash flow. It is also well understood byparticipants, having been an LTIP measure previously.

2. Shareholder
Returns30%

Relative total
shareholder returns
against FTSE 100
peer group30%

3. Environmental,
Social andGovernance

10%

The Fundamentals
programme
implementationand performance10%

50th percentile A measure of total shareholder returns over the three-year performance period
compared to the FTSE 100 index, excluding Financial Services and Natural Resources
to 75thcompanies. It provides an external indicator of value relative to the wider market,
percentile
providing close alignment to the shareholder experience.

420 to 500
Fundamentals
accredited
eventsThe Fundamentals programme is the core operating delivery measure within Informa’s
FasterForward sustainability programme, directly linked to the delivery of long-term
ESG targets. It requires events teams globally to accept, adopt and embed operating
structures and activities that directly improve the impact of each individual brand, withmajor emphasis on carbon and waste reduction (e.g. reusable stands, renewableelectricity, carbon reduction, travel efficiency etc.) as well as embedding sustainability
content into our brands to help accelerate sustainable impacts in customer markets,and enhance our economic and social impact on our host cities.
Over the next three years, increasing the number of events accredited to ourFundamentals standard across the Group is critical to meeting our long-term
ESG targets, including net zero, net zero waste and community impact.

2024 STIP measures
Measure%Financial delivery:

80%

Details and rationale

Underlying
revenue growth30%

An underlying revenue growth target for the year. This is a core measure of growth for Informa, a key
KPI for leaders in the business and a closely tracked metric for investors and shareholders.

Adjusted earnings
per share50%

An adjusted EPS target for the year. Another core measure of performance and a closely tracked metricfor investors and shareholders, encapsulating organic growth, improving profitability, balance sheet
efficiency and effective capital allocation.

Operational delivery:

20%

Adjusted operating
profit margin20%

A Group-adjusted operating profit margin target for the year. Margin progression is a key KPI for
leaders in the business and a closely tracked metric for investors and shareholders.

The target ranges outlined in the table
above reflect the potential outcomesof the LTIP from Threshold to Max.
They were determined by reference tomarket practice, internal three-yearbusiness plan forecasts for Informa
and external market consensus
expectations, where appropriate.
The Committee believes they provide
stretching but realistic targets and will
provide an effective incentive for the

Executive Directors to deliver strong
results over the period.
As already outlined, the Committee
took the opportunity to reset the Group
Chief Operating Officer’s long-term
incentives in 2024 to reflect his
increased responsibility andcontribution to the Group, having takenon the dual roles of Group Chief
Operating Officer and Chief Executive

The specific in-year business targets and ranges for the STIP measures will be disclosed retrospectively in the Directors’
Remuneration Report within the 2024 Annual Report.

126

127

of Informa Markets. This saw his LTIP
grant increase from 225% to 275% ofbase salary, which puts his grant
midway between the Group Chief
Executive’s award at the Policy Max of
325% and the Group Finance Director’saward at 225%.

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Directors’ Remuneration Reportcontinued

All–colleague share plans
The company has consistently invested
in a range of all-colleague equity shareplans to provide colleagues with an
attractive and efficient way to own partof the company, aligning colleagues
ever more closely to the strategy andpriorities of the Group and enabling
everyone to share in its success.
The two main share plans, ShareMatchand the US Employee Share Purchase
Plan (ESPP), have steadily increased
participation over the years, increasing
equity ownership from less than 2%
when first launched to 24% today.
In 2021, we further improved thebenefits of ShareMatch so thatcolleagues receive two free shares forevery share purchased, up to theannual investment limit of £1,800.
Furthermore, in 2023, we extended theShareMatch plan to an additional 12
territories, such that 97% of colleagues
worldwide now have the opportunity toparticipate in one of our plans.
These investments have supported
continued expansion in participation,with nearly 3,000 colleagues now
members of one of our plans, as at
31 December 2023.

2025-2027 Directors’
Remuneration Policy
Informa’s forward-looking three-year
remuneration cycle means we will berenewing our Directors’ Remuneration
Policy at our AGM this year, for
implementation across the2025-2027 period.
We had a full consultation withshareholders and strong approval forour existing approach to Directors’
remuneration under the current Policy,
including the return to an LTIP
structure from a restricted share planfrom 2024. We also undertook
follow-on engagement on the specificcategories and weighting of incentive
measures to be applied to the LTIP.

Having consulted extensively withshareholders during this Policy period,
I wrote to shareholders in January 2024
to outline that our approach to the
Policy renewal from 2025 will be tolargely retain and repeat the current
Policy on overall structure andapproach, including no changes to basesalary policy, no changes to the annual
STIP approach and no changes to the
LTIP framework we introduced from2024 under the existing Policy.
In relation to quantum, ourremuneration advisers provided us
with comprehensive benchmark datain two specific areas, LTIP equity award
quantums and Non-Executive
Director fees.
The Committee reviewed this data,
which includes both a relevant peergroup of UK-listed businesses inconnected sectors and/or with similarbusiness characteristics, and a broader
FTSE peer group. The Committee took
into account Informa’s current size,
complexity and geographic spread andconcluded that, having not undertaken
a full review for a number of years, inthese areas we are uncompetitive
relative to the market.
Alongside this data, the Committee hasreflected on the increasing complexity
and international exposure of thecompany, particularly in the US, and theneed to pay fairly and competitively to
attract and retain highly capable
leaders. Internal relativities andmaintaining appropriate alignment withother senior executive roles was alsoa consideration.

In light of these factors, the wider
stakeholder experience and theconsistent strong performance of
the Group over recent years, theCommittee concluded that Informa’s
position in relation to LTIP equity award
quantums should be adjusted for the
next policy period.

LTIP equity award quantums
With regard to LTIP equity awards, theCommittee is proposing to align the
Policy to the market median of therelevant peer group, such that the
maximum potential LTIP award policy
will be 400% of base salary.
In 2025, the first year of the next Policy
period, the Committee is intending to
grant an LTIP award of up to 400% ofsalary to the Group Chief Executive andup to 325% for the other Executive
Directors. The final decision will bemade at the start of 2025.
It is intended that the performance
metrics to be used for the awards
in 2025 will follow the framework
established within the current Policy,
based on the business priorities at
the time.
To be clear, the quantum of awards
granted to the Executive Directors for2024 will be in line with the current
Policy, i.e. 325% of salary for the Group
Chief Executive, 275% of salary for theGroup Chief Operating Officer and
225% of salary for the Group FinanceDirector, and the proposed
performance measures for this year
are set out on page 127.

Chair and Non-Executive
Directors’ fees

Continuing growthand performance

The Chair’s fee is a matter for theCommittee while the Non-Executive
Directors’ fees are a matter for the
Chair and the Executive Directors.

Looking ahead, Informa remains
ambitious for future growth and having
navigated through the challenges of thepandemic over recent years, there isa renewed energy and enthusiasm
across the colleague community to
seize the many opportunities available
to the Group.

Following a review, it has beenconcluded that the fees for the Chair
and the Non-Executive Directors
should be adjusted moving forward.
There is currently a significant gap to
the market median in this area and so
the intention is to reset fees to close
this gap and align more closely to themarket. This will better reflect theincreasing complexity of thebusiness and the demands and timecommitments of the role at Informa.
We will implement this change in 2025,aligning with the first year of the new
Policy, with full details to be confirmed
later this year.
We wrote to shareholders outlining all
our proposals early in 2024, providing
an opportunity for consultation andfeedback through February and March.
A summary of the proposed 2025-2027
Policy is set out on page 130 and thefull Policy proposal, including relevantbenchmark data, will be included in the
Notice of AGM which will be publishedseparately, although this is notexpected to differ from the summary
included in this report.

Strong leadership and continuity of key
talent have been central to the Group’s
progress in the last few years and indelivering such outstanding results in
2023. It will be equally critical to theGroup in maintaining the current strong
momentum into 2024 and beyond.
On behalf of the Committee, we lookforward to continuing to support theretention and incentivisation of theleadership team and broader colleague
base, as it takes Informa through thenext stage of its growth and evolution.

Louise Smalley
Committee Chair
7 March 2024

On behalf of the Committee and theBoard, we strongly recommend
shareholders support the Policy at
the AGM in June 2024.

The Committee is also mindful of therelative experience and performance of
our Executive Directors, in particularthat Informa’s Group Chief Executive
has already accrued over ten years ofexperience in the role.
Despite being at a significant
discount to both peer groups in thebenchmarking analysis, the Committee
is focused on adjustments to thelong-term equity awards at this timewith no exceptional changes being
proposed to base salaries in orderto bring them more in line withthe market.

128

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Summary of the 2025-2027 Directors’ Remuneration Policy

Our activities in 2023

Element of pay

Key points

Base salary• No change, other than an annual cost of living review

The Committee is responsible for all executive remuneration decisions, including setting appropriate performance metrics forboth short- and long-term incentive awards and considering the outcomes under these plans.

Benefits andpension• No cap but increases usually in line with those for colleagues, taking account of performance and markets. In specificcircumstances, exceptions may apply where roles/responsibilities change

The Committee is also responsible for determining the Directors’ Remuneration Policy and for setting the remuneration for the
Board Chair, Executive Directors and senior management, as well as reviewing colleague remuneration and related policies.

• Competitive range of benefits

The key matters discussed and approved by the Committee during the year were:• International relocation benefits may be provided• Pension may be paid as a cash sum and/or as a contribution into a pension. The payments in lieu of pension
contributions to the Executive Directors are equal to 10% of salary, in line with that available to a range of colleagues

STIP• No change to quantum, with maximum opportunity set at 200% of salary for the Group Chief Executive and 150% ofsalary for the other Executive Directors

February 2023

• Reviewed the performance metrics for 2023 STIP
March 2023

• Approved the 2023 STIP performance metrics• Approved long-term incentive awards to senior management and key talent• At least 75% of STIP performance measures will be financial in nature• Noted the extension of ShareMatch to 12 new countries from January 2023

• Any bonus over 100% of salary will be paid in deferred shares and any new Directors appointed to the Board who are
yet to reach their shareholding requirement will be required to defer at least one third of any bonus paid into shares
until the requirement is met• Malus and clawback provisions apply
LTIP• Maximum potential award of up to 400% of base salary for the Group Chief Executive and up to 325% for the other
Executive Directors• The performance period will be three years and awards will vest after a minimum of three years. Vested shares will
also be subject to a two-year post-vesting holding period• Performance measures will align with the Group’s strategic priorities and contribute to the sustainable success of
the Group. A range of factors will be considered when setting targets including internal budgets, strategic ambition,
analysts’ consensus views and investors’ expectations, as well as performance on ESG matters

Shareholding
requirements• Reviewed and approved 2022 STIP and 2020 LTIP outcomes• Considered the appropriateness of these outcomes• On-target bonus is intended to result in a payment which is half of the maximum• Performance measures will align with both the Group’s in-year and strategic priorities, contributing to the sustainablesuccess of the Group. A range of factors will be considered when setting targets, including internal budgets, strategic
ambition, analysts’ consensus views and investors’ expectations, as well as performance on ESG matters• Considered the indicative 2022 STIP performance outcomes• Approved the Directors’ Remuneration Report for the 2022 Annual Report• Began discussions as to the appropriate performance measures and targets for 2024 long-term incentive awards
July 2023• Received annual update on colleague earnings• Further consideration of the performance measures and targets for 2024 incentive plans• Approved long-term incentive awards to senior management and good leaver treatment for departing colleagues

October 2023

• Approved 2024 incentive framework for consultation with shareholders

December 2023

• Agreed the framework for 2024 colleague pay reviews• Approved increases to the salaries of the Executive Directors and the fee for the Board Chair, effective from 1 April 2024
• Confirmed vesting of Tranche 1 of the ERP, subject to the share price underpin being met on the vesting date
• Considered the indicative outcomes of the 2023 leadership STIP
• Reviewed and discussed the draft 2023 Directors’ Remuneration Report• Reviewed the Committee’s terms of reference and agreed that no changes were required• Malus and clawback provisions apply• Considered and approved the performance targets for 2024 STIP and LTIP awards, following consultation with shareholders• 400% of salary for the Group Chief Executive and 275% of base salary for the other Executive Directors• Discussed the next Policy (for 2025-2027) and approved a timetable for shareholder consultation prior to the 2024 AGM• New Executive Directors will be expected to meet the guideline within five years of their appointment to the Board.
The Group Chief Executive is required to retain shares to the value of 200% of salary for two years after resignation andthe other Executive Directors are required to hold shares to the value of 150% of salary for two years after resignation• Approved a long-term incentive award to senior management• Considered indicative 2024 long-term incentive awards for the Executive Directors, members of the Executive Committee
and other senior colleagues

Remuneration adviser
FIT Remuneration Consultants LLP (FIT Remuneration Consultants) acted as the Committee’s independent remuneration
consultant throughout 2023, having been appointed in December 2022 following a thorough tender process. FIT Remuneration
Consultants does not provide any other services to the Group.
The Committee Chair and Group HR Director each had direct access to the adviser as and when required and representatives
from FIT Remuneration Consultants also attended Committee meetings during the year. The advice and recommendations
received from FIT Remuneration Consultants are used as a guide by Committee members but do not substitute thoroughconsideration of the matters being addressed by each member.
Fees paid to FIT Remuneration Consultants during the year ended 31 December 2023 for advice provided to the Committee amounted
to £80,922 (2022: FIT Remuneration Consultants £4,112, Ellason LLP £43,201). All fees are charged on a time and expenses basis.
The Committee is satisfied that the advice received from FIT Remuneration Consultants was independent and objective andhas not requested advice from any other remuneration advisory firm during the year. FIT Remuneration Consultants is amember of the Remuneration Consultants Group which is responsible for developing and maintaining the Code of Conduct
for consultants to remuneration committees of UK-listed companies.

Statement of shareholder voting
The table below provides details of votes cast by shareholders in respect of the resolutions on the Directors’ Remuneration
Report at the 2023 AGM and the Directors’ Remuneration Policy at the 2022 AGM. The 2022 Policy can be found on thecorporate governance section of our website.

130

Votes forNumberDirectors’ Remuneration Report (15/06/2023)

1,041,586,861

Directors’ Remuneration Policy (16/06/2022)

1,001,913,504

131

Votes
withheld(abstentions)%Votes against
Number%Total votes
cast

94.54

60,174,201

5.46

1,101,761,062

11,736,567

93.49

69,790,080

6.51

1,071,703,584

122,928,070

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Outcomes% achieved

Directors’ Remuneration Reportcontinued

Annual Report on Remuneration

GAP 2 Digital and Data Acceleration (33.3%)

Basesalary1(£)

Stephen A. Carter
Gareth Wright
Patrick Martell

Benefits2

Pensions3

£560m

£580m

£503m

Total
pay

£480m

£485m

£490m

£493m

4,192,423

GAP 2 Digital and Data Acceleration aggregate outcome

90,2201,019,232

789,473

2,383,718

3,173,191

27,909218,950

1,122,659

785,593

2,194,750

2,980,343

4,103,002

2023

524,375

16,58752,437593,399458,865

917,438

1,376,303

1,969,702

Operational Execution (33.3%)2022

509,000

16,418127,250

652,668

456,573

938,558

1,395,131

2,047,799

2023

450,075

35,78245,008530,865

393,870

743,260

1,137,130

1,667,995

9. Live events return: Maximising live & on demand event
revenue versus 2019 outside Mainland China andHong Kongi

391,8101,001,170

1,392,980

0.00

£540m

8. A
 cademic Markets digital revenue: Increase the scale ofdigital revenues in Academic Markets including ebooks
and open researchTotalvariablepay

26,812502,632

4.17

7. B
 2B digital revenue: Increase the scale of B2B
digital revenue i875,800

43,680

Revenue: 53%
9 new Dives

64.0%
8 new Dives

902,200

22,152

8.33

62.0%
6 new Dives

2022

436,800

13.2m Level 2 & 3
KEMA

Revenue: 60.0%
4 new Dives

6. B
 2B digital revenue expansion: Informa Tech-led
increased digital revenue expansion (increased % ofdigital revenues and accelerated rollout of new Divesin new categories)

2023

2022

Maximum

10.0m

Single total figure of remuneration for Executive Directors (audited)
Long-term
incentive
Awards 4,5

Target9.8m

Any information contained in this section of the report that is subject to audit has been highlighted.

Short-term
incentive
awardsThreshold

9.6mThis section sets out how the Directors’ Remuneration Policy was applied for the year ended 31 December 2023 and specificallythe remuneration outcomes for the Executive and Non-Executive Directors.

Total
fixed
pay

5. B
 2B data quality: Improve the quality of fully
permissioned first–party KEMA

1,895,612

1	Executive Directors’ salaries are reviewed annually. In 2023 the Executive Directors received a 4% increase in base salary in line with the approachtaken to apply a lower increase for all colleagues earning over £130,000 or local equivalent. With effect from 1 April 2023 base salaries were set at£911,000 for Stephen A. Carter, £529,500 for Gareth Wright and £454,500 for Patrick Martell
2	Benefits provided to the Executive Directors typically include (but are not limited to) private medical and life insurance, travel insurance, carbenefits (which may include a car allowance or driver costs in lieu), professional advice, spousal/partner business travel expenses whereappropriate and the value of ShareMatch matching share awards

10. ESG: number of brands enrolled, committed
and reporting to Sustainable Event
Fundamentals programme
11. COVID-19 management: successful nurturing andmaintenance of the China business throughdisruption measured through (i) forward bookings(% of following year revenue booked); (ii) cash refunds(% of total revenue refunded); (iii) revenue optionality
12. Culture and colleague engagement: optimise
colleague experience to retain engaged
and productive colleagues

3	The Executive Directors receive cash payments in lieu of pension contributions at a rate of 10% of base salary in line with the contribution
available to a range of other colleagues. None of the Executive Directors is a member of the Group’s defined benefit pension schemes andaccordingly no entitlements have accrued under these schemes%
achieved

ThresholdTargetMaximum

Outcomes

90.0%

95.0%

100.0%

116%

8.33

377 events havesuccessfully achieved
Fundamentals status

8.33(i) 53%(ii) 3.1%(iii) All top 20 events
have signed agreements
in place

7.51(i) Improvement inoverall colleague
engagement
participation (85%) andscore (80) vs. 2022(ii) Voluntary colleague
turnover reduced from
15% of total headcountin 2022 to below 10%

8.33

315

345

(i) 40.0%(ii) 5.0%(iii) 90.0%(i) 50.0%(ii) 4.0%(iii) 95.0%(i) Highly engaged colleagues(ii) Improved colleague retention

4	The first tranche of the ERP award granted in 2021 vested and became exercisable on 12 January 2024 following the assessment of the share priceunderpin. The value of the award (including accrued dividend shares) has been calculated using the share price on the date of vesting, being
755.2923p. The share price at grant was 545.40p and the impact of share price appreciation on the value of awards is shown on page 1345	The value of the 2020 LTIP included in the single total figure of remuneration for 2022 has been updated to reflect the actual share price on
vesting (being 671.8p on 24 March 2023) rather than the average for the three months to 31 December 2022 which was used in the 2022 Annual
Report. The share price at grant was 388.6p

8.33
20.83%

375(i) 60.0%(ii) 3.0%(iii) 100.0%

Operational Execution aggregate outcome

32.50%

Total 2023 STIP outcome

86.66%

Short-term incentive awards (annual bonus) (audited)
The maximum annual bonus opportunity for the Executive Directors in 2023 was 100% of base salary, in line with the Directors’
Remuneration Policy approved in December 2020.
The targets for the 2023 STIP were divided into three performance categories (Financial Performance, GAP 2 Digital and Data
Acceleration, Operational Execution). The three categories are weighted equally and are each made up of four specificobjectives. If threshold performance is met 20% of the bonus would be payable, at target 60% of the bonus would be payable,
rising to 100% payment at maximum, in each case increasing on a straight line basis between each performance metric.
The Committee considered each of the individual objectives in turn to determine the aggregate outcome of the annual bonus.
Where specific financial targets were part of the objectives, such as with free cash flow, there was a direct assessment of
performance. For non-financial objectives, outputs were judged against a broader set of criteria to meet the purpose of theobjective, with input from all members of the Committee, other Board members and, where applicable, third parties.
Financial Performance (33.3%)i

ThresholdTargetMaximum

Outcomes% achieved

1. Group revenueii£2,400m£2,575m£2,675m

3,029m

8.33

2. Underlying revenue growth

6.0%

9.5%

13.0%

29%

8.33

3. Adjusted operating profitii

£490m

£575m

£635m

£801m

8.33

4. Free cash flow

£360m

£410m

£470m

£606m

ii

iii

i

8.33
33.33%

Financial Performance aggregate outcome
Both the targets and the performance outcomes exclude the acquisition of Tarsusii	The targets and outcomes for Group revenue, underlying revenue growth and adjusted operating profit are set and measured on a constantcurrency basis

Combining the outcomes of all 12 objectives across the 3 performance categories resulted in an aggregate annual incentive
award of 86.66% of the maximum opportunity being earned by the Executive Directors in 2023. Aligned to the Directors’
Remuneration Policy approved in December 2020, the maximum award is 100% of salary and so 86.66% of salary will be paid.

2021-2023 Long-term incentive awards (audited)
The 2021 long-term incentive award was made through the 2021-2023 Equity Revitalisation Plan (the ERP), a restricted shareplan introduced during the pandemic when the outlook was highly unpredictable and setting meaningful three-year targets
was very difficult.
Under the ERP, the quantum of the award for Executive Directors was substantially reduced while the outcome was subject
to a series of underpins, one of which was a share price floor of 545.4p, the share price at the time of grant, which needed
to be met for the award to vest.
As disclosed at the time, the full three-year ERP grant was made in January 2021, with one third of the award vesting in eachof 2024, 2025 and 2026, subject to the underpins set out in the December 2020 Policy being met.
In January 2024, the Committee confirmed that all underpins for the ERP had been satisfied and, having assessed the
remuneration of the Executive Directors in the context of the wider stakeholder experience as detailed on page 125, thatthe first third of the award had vested in full. Stephen A. Carter and Gareth Wright are required to hold the vested awards
for a further two years post vesting during which time they may only sell shares to cover tax or meet other regulatory
requirements. Patrick Martell was not an Executive Director at the time of grant and is therefore not subject to thepost vesting holding period.

iii Free cash flow is measured on a reported currency basis

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Number ofoptions
grantedFace valueof award ondate of grant1

Proportion
vesting

Total valueof vesting
awards2

Total numberof shares
exercisable3

Impact ofshare priceappreciation/(depreciation)
since grant4

Stephen A. Carter

308,712£1,683,715

100%£2,383,718

315,602£647,963

Gareth Wright

118,816£648,022100%£917,438

121,468£249,386£20,030

Patrick Martell

96,259£524,997

100%£743,260

98,407£202,040£16,224

Director

Value ofdividend
shares on
vesting£52,040

Outstanding share awards at 31 December 2023 (audited)
The table below shows details of outstanding awards held by the Executive Directors as at 31 December 2023 and any
movements during the year. Long-term incentive awards are subject to the achievement of performance conditions set at
grant. Deferred Share Bonus Plan (DSBP) awards are based on prior achievement of annual performance conditions andare exercisable from the third anniversary of grant.

Date options
exercisable

Optionexpiry date–

324,959

324,958

24/03/2023

23/03/2030

–

–

–

58,297

24/03/2023

23/03/2030

–

–

–

308,71212/01/2024

11/01/2031

Date of grant

Exercisedduring 20231

Grantedduring 2023

LTIP

24/03/2020

649,917–

DSBP

24/03/2020

58,297

12/01/2021

308,7121

Share price on grant was 545.4p

Director/Scheme

2Based on share price on 12 January 2024, the date of vesting, being 755.2923p

3

Including accrued dividend shares to 12 January 2024

Stephen A. Carter4

Calculated by subtracting the face value of vesting awards at the grant date from the value on the vesting date, excluding dividend shares

Share awards granted during the year (audited)
ERP

No share awards were granted to the Executive Directors during 2023.

Lapsedduring 2023

Unexercisedor unvested
awards at
31 December
20231

Sharesawarded oravailable forexercise1

12/01/2021

308,712–––308,71212/01/2025

11/01/2031

12/01/2021

308,714–––308,714

16/03/2026

11/01/2031

Payments to former Directors or for loss of office (audited)

Gareth Wright

There were no payments to former Directors or to past Directors for loss of office during the year.

LTIP2

24/03/2020

277,931

138,965–

138,966–

24/03/2023

23/03/2030

DSBP2

24/03/2020

3,903

3,903

–

–

–

24/03/2023

23/03/2030

12/01/2021

118,816–––

118,816

12/01/2024

11/01/2031

ERP

12/01/2021

118,816–––

118,816

12/01/2025

11/01/2031

12/01/2021

118,817–––

118,817

16/03/2026

11/01/2031

24/03/2020

229,823

148,235–

81,588–24/03/2023

23/03/2030

12/01/2021

96,259–––96,25912/01/2024

11/01/2031

12/01/2021

96,259–––96,25912/01/2025

11/01/2031

12/01/2021

96,259–––96,25916/03/2026

11/01/2031

Executive Directors’ share ownership (audited)
Shareholding requirements
Equity ownership by the Executive Directors, wider management team and the general colleague base is an important andeffective way to align their interests with those of our shareholders. Executive Directors are expected to meet the shareholding
guideline set in the latest Directors’ Remuneration Policy within five years of 16 June 2022 or their date of appointment,
whichever is the latter, and to maintain this holding throughout their term of office. In addition, the Group Chief Executive isrequired to retain a shareholding of 200% of base salary for two years after resignation. All other Executive Directors are
required to retain a shareholding of 150% of base salary.

Executive Directors’ shareholdings
400%

Gareth Wright275%

Patrick Martell

275%
278%
50%

100%

150%

Shareholding requirement %Director

200%

250%

300%

521%
667%

350%

400%

450%

500%

550%

600%

650%

700%

Shareholding % as at 31 December 2023

Illustrative
Illustrative
Total share value of share Interests as ERP awards Total share value of share Interests as %Share interests atvesting interests atof salary atinterests atinterests at % of salary
Match2 31/12/2023
07/03/2024
07/03/2024 3
31/12/20233 31/12/20233 12/01/2024 07/03/2024 4

Stephen A. Carter

636,756

6,776

643,532£4,750,553

521%

315,602959,134£7,080,327

777%

Gareth Wright

470,175

8,451

478,626£3,533,217

667%

121,468

600,094£4,429,894

837%

Patrick Martell

165,782

5,394

171,176£1,263,621

278%

98,407

222,728£1,644,178362%

1	Beneficial interests include ordinary shares and vested and exercisable awards on a gross of tax basis. At 31 December 2023, Stephen A.
Carter held 329,706 exercisable LTIP awards and 59,148 exercisable DSBP awards (both inclusive of accrued dividend awards)
2	Shares held under the all-colleague ShareMatch scheme are made up of shares purchased by the Executive Director, shares ‘matched’ by theGroup and accrued dividend shares
3

ERP

Valued using the average share price for the three months ended 31 December 2023 (being 738.2p)

4	Patrick Martell exercised the first tranche of his 2021-2023 ERP award plus related dividends on 16 January 2024. 46,855 shares were sold to settle
taxes due on exercise at a price of £7.429 per share. The remaining 51,552 shares were retained. The cost of exercise was £96.26

134

Excludes accrued dividends

2	On 27 March 2023 Gareth Wright exercised the vested LTIP and DSBP awards granted in 2020 plus related dividends (143,631 options in total).
The cost of exercise was £138.97. 68,433 shares were sold to settle taxes due on exercise at a price of £6.688 per share and the remaining
75,198 shares were retained

The beneficial interest of each Executive Director in the company’s shares (including those held by connected persons) as at
31 December 2023 and their anticipated beneficial interests as at 7 March 2024 (being the date when this Directors’
Remuneration Report was approved) are set out below:

Beneficial
holding1

LTIP3

1

Stephen A. Carter

0%

Patrick Martell

3	On 27 March 2023 Patrick Martell exercised the vested LTIP awards granted in 2020 plus related dividends (149,028 options in total). The cost of exercise
was £148.24. 71,005 shares were sold to settle taxes due on exercise at a price of £6.671 per share and the remaining 78,023 shares were retained.
Patrick Martell’s net shares are not subject to a further holding period as they were granted prior to his appointment as an Executive Director

Single total figure of remuneration for the Chair and Non-Executive Directors (audited)
The remuneration of the Chair is determined by the Committee in consultation with the Group Chief Executive while that of the
Non-Executive Directors is determined by the Chair and Executive Directors within the limits set by the Articles of Association.
The table below shows the actual fees paid to the Non-Executive Directors at 31 December 2023 and 2022.
2023
Director

Total fees
(£)

2022

Benefits1
(£)

Total
(£)

Total fees(£)

Benefits1
(£)

Total
(£)

John Rishton (Chair)

406,000

6,043

412,043

394,000

7,777

401,777

Mary McDowell (Senior Independent Director)

81,343

16,85398,19678,9504,358

83,308David Flaschen

70,063

9,547

79,61068,0008,576

76,576

Andy Ransom (appointed June 2023)

38,561

145

38,706–––

Louise Smalley (Remuneration Committee Chair)

81,343

1,849

83,192

78,9502,460

81,410Gill Whitehead (Audit Committee Chair)

85,048342

85,39082,5501,596

84,146

Joanne Wilson

70,063364

70,42768,000152

68,152

Zheng Yin

70,063

2,036

72,09968,000–68,000Helen Owers (retired June 2023)

31,740305

32,04568,0002,672

70,672

1	Benefits comprise the notional benefit of preparing and filing tax returns for Non-Executive Directors based outside the UK together withreasonable travel, subsistence, accommodation and other expenses incurred by the Chair and Non-Executive Directors in the course of
performing their duties and which are deemed by HMRC to be taxable in the UK. The Non-Executive Directors, including the Chair, do notreceive private healthcare or life assurance and are not eligible to join the company’s pension schemes or share plans

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Directors’ Remuneration Reportcontinued

Chair and Non-Executive Directors’ share ownership (audited)

Comparison of the Group Chief Executive’s remuneration to TSR

Details of the Non-Executive Directors’ interests in shares (including those held by connected persons) at 31 December 2023
and 2022 are set out below:

Informa’s TSR performance vs. comparator groups

31 December
2023

31 December
2022

John Rishton

19,716

19,716

Mary McDowell

9,714

9,714

David Flaschen1

31,17230,651

Andy Ransom

13,730–Louise Smalley

8,000

8,000

Gill Whitehead

4,184

4,184

Joanne Wilson

5,400

5,400

Director

Zheng Yin2
Helen Owers (retired June 2023)

–

–

n/a

8,090

1

David Flaschen holds 24,172 ordinary shares and 3,500 American Depository Receipts (ADRs). One ADR is equivalent to two ordinary shares

2

Capital control measures currently prevent Chinese citizens from investing in UK securities

Directors’ service contracts and letters of appointment
Details of the service contracts of the Executive Directors and the letters of appointment of the Non-Executive Directors at
31 December 2023 are as follows:
Date of appointment

Date of current service contract orletter of appointment

1 September 2016

5 January 2021

11 May 2010

30 May 2014

Gareth Wright

9 July 2014

9 July 2014

Patrick Martell

1 March 2021

1 March 2021

Mary McDowell

15 June 2018

11 June 2018

Andy Ransom

15 June 2023

8 March 2023

David Flaschen

1 September 2015

5 March 2019

Gill Whitehead

1 August 201923 July 2019Louise Smalley

1 October 2021

30 September 2021

Joanne Wilson

1 October 2021

30 September 2021

20 December 2021

16 December 2021

Zheng Yin

1	Stephen A. Carter was appointed as a Non-Executive Director on 11 May 2010, CEO-Designate on 1 September 2013 and became Group Chief
Executive on 1 December 2013

The company may terminate an Executive Director’s appointment with immediate effect without notice or payment in lieu of
notice under certain circumstances, as prescribed within the Executive Director’s service contract.
The letters of appointment for the Non-Executive Directors do not contain fixed term periods and can be terminated by either
party giving three months’ notice. The Non-Executive Directors are appointed with the expectation that they will serve for a
maximum of nine years subject to re-election at each AGM.
The service contracts of the Executive Directors and letters of appointment of the Non-Executive Directors are available forinspection at the registered office during normal business hours and at the AGM.

136

250

200

200

150

150

100

100

50

50

0
2013

2014

2015

2016

2017

2018

2019

2020

2021

2022

0
2013

2023

FTSE All-Share Media

2014

2015

2016

2017
Informa

2018

2019

2020

2021

2022

2023

FTSE 100

The following table sets out the total remuneration of the Group Chief Executive over the same period as the TSR graphs.
The percentages for STIP and LTIP outcomes are expressed as a percentage of the maximum opportunity available.

Other remuneration disclosures

John Rishton
Stephen A. Carter1

250

Informa

There have been no changes to these holdings between 31 December 2023 and the date of this report.

Director

The graphs below illustrate the Group’s TSR performance compared with the performance of the FTSE All-Share Media Index
and the FTSE 100 peer group, in the ten-year period ended 31 December 2023. This index and peer group have been selected
for comparison because the Group is a constituent of both.

CEO single figureof remuneration

STIP payout(% of maximum)

Stephen A. Carter£1,794,152

66.7%

n/a

Stephen A. Carter£2,083,275

69.8%

34.6%1

2016

Stephen A. Carter£3,407,650

40.0%

79.3%

2017

Stephen A. Carter£4,132,219

82.4%

83.0%

2018

Stephen A. Carter£4,125,262

93.3%

93.9%

2019

Stephen A. Carter£3,112,342

71.8%

70.2%

2020

Stephen A. Carter£2,720,172

53.6%

50.7%

2021

Stephen A. Carter£2,809,612

89.0%

41.5%

2022

Stephen A. Carter£4,103,002

89.7%

50.0%

2023

Stephen A. Carter£4,192,423

86.7%2100.0%2

Year

Group Chief Executive

2014
2015

LTIP payout(% of maximum)1	The LTIP award which vested in 2015 was pro-rated to reflect Stephen A. Carter’s time as CEO-Designate during 2013, the first year of theperformance period
2

Under the ERP, the maximum STIP payout was reduced to 100% of base salary and the maximum LTIP award was reduced to 200% of base salary

Relative importance of spend on pay
Informa is a people business, dependent on the contributions and expertise of its colleagues around the world. The Group
believes in the importance of investing in colleagues and offering market competitive salaries, as well as flexible benefits
and further opportunities such as ShareMatch. The table below shows the aggregate colleague remuneration and distributions
to shareholders for the years ended 31 December 2023 and 31 December 2022:
2023

2022

% change

12,295

10,781

14.0

Aggregate colleague remuneration (£m)

£782.8m£648.4m

20.7

Remuneration per colleague (£)£63,668£60,143

5.9£176.6m£43.3m307.9£544.9m£514.3m

6.0

Director

Average total number of colleagues1
1

Distributions to shareholders – Dividends paid in the year (£m)
2

– Share buyback 3 (£m)
1

Figures taken from Note 8 to the Consolidated Financial Statements

2

Figures taken from Note 13 to the Consolidated Financial Statements

3

Excludes commission and stamp duties due on the share buyback137

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Directors’ Remuneration Reportcontinued

Pay ratios

Change in Directors’ pay in comparison to that of Informa colleagues

The table below sets out the Group Chief Executive pay ratios as at 31 December 2023 and those for the prior four years.
The disclosure will be built up over time to cover a rolling ten-year period.

The following table shows the percentage change in salary, benefits and bonus earned from 2022 to 2023, as well as forprevious periods, for the Directors compared to the average earnings of all UK colleagues:

Year

Method2023

Option A

2022

2021

2020

2019

Option A

Option A

Option A

Option A

Lower quartile

MedianUpper quartile

Pay ratio

112.2x

78.0x

51.2x

Salary£34,980£47,643£70,000

Total pay and benefits£37,376£53,756£81,963

Pay ratio1

110.8x

78.9x

52.3x

Salary£33,000£45,000£65,339

Total pay and benefits2£36,009£51,263£76,643

Pay ratio

83.2x

60.5x

39.8x

Salary£30,843£41,200£60,117

Total pay and benefits£31,130£44,965£69,218

Pay ratio

88.3x

65.0x

42.7x

Salary£28,436£38,000£56,500

Total pay and benefits£29,910£41,418£64,519

Pay ratio

100.5x

74.6x

47.9x

Salary£27,836£38,570£56,100

Total pay and benefits£30,970£41,748£65,031

1

The 2022 ratios have been restated to reflect the final value of the 2020-2022 LTIP which vested in March 2023

2

The 2022 Total pay and benefits have been restated to reflect the recalculation of colleague benefits

The ratios compare the single total figure of remuneration of the Group Chief Executive with the equivalent for the lower
quartile, median and upper quartile UK employees (calculated on a full-time basis). While the Group Chief Executive is basedin the UK, his role and remit are international, and the pay ratios required by the Companies (Miscellaneous Reporting)
Regulations 2018 take no account of the remuneration received by colleagues based outside the UK (circa 70% of colleagues).
The rules relating to this disclosure set out three possible methodologies, termed Options A, B and C. The Committee has
selected Option A as the most appropriate for the company on the basis that it provides the most robust and statisticallyaccurate means of identifying the lower quartile, median and upper quartile colleagues and is consistent with the Group’s
pay, reward and progression policies.
The total compensation calculations for UK colleagues include salary, bonus payments and benefits package, and LTIP earnings
where appropriate. Base salaries of all colleagues, including the Executive Directors, are set with reference to a range of factors
including market comparators, individual experience and performance in role. The Committee notes that year-on-year
aggregate colleague remuneration has increased; most notably the median colleague total pay and benefits figure has
increased largely as a result of the efforts the company has made to support colleagues with higher cost of living salary
increases (6% in 2023 for the majority).
Due to the structure of the Group Chief Executive’s annual remuneration, where a significant proportion is made up of variable,
performance-related pay that is affected by share price movements, the pay ratios will vary, potentially significantly, year-onyear. The ratios for 2023 are stable compared to 2022. This is a result of (i) the CEO’s total pay and benefits remaining broadly
the same as 2022, (ii) the aforementioned increases to colleagues’ base salaries and (iii) the changing shape of our businessthrough M&A.

2023
Executive Directors

2022

Salary1 Benefits2
%
%

Bonus
%

2021

Salary1 Benefits2
%
%

Bonus
%

2020

Salary1 Benefits2
%
%

Bonus
%

Salary1 Benefits2
%
%

Bonus
%

Stephen A. Carter

3.0

(3.9)

0.5

4.0

(23.4)

4.8

0.0(29.3)(5.1)

0.0(24.8)(26.1)

Gareth Wright

3.0

1.0

0.5

6.0

(5.8)

6.9

0.0

0.5

10.7

0.0

8.9

(22.1)

Patrick Martell

3.0

61.5

0.5

4.0

8.2

19.5

–

–

–

–

–

–

All UK colleagues3

6.2(13.5)

(9.8)

8.2

40.9

44.2

6.7

(8.3)

30.5

1.8

(3.2)

(37.4)

John Rishton4

3.0

–

–

56.3

–

–

239.3

–

–

0.0

–

–

Mary McDowell5

3.0

–

–

18.4

–

–

2.1

–

–

0.0

–

–

David Flaschen

3.0

–

–

4.1

–

–

0.0

–

–

0.0

–

–

Andy Ransom6

n/a

–

–

–

–

–

–

–

–

–

–

–

Louise Smalley7

3.0

–

–

20.9

–

–

–

–

–

–

–

–

Gill Whitehead

8

3.0

–

–

12.5

–

–

19.9

–

–

0.0

–

–

Joanne Wilson9

3.0

–

–

4.1

–

–

–

–

–

–

–

–

Zheng Yin9

3.0

–

4.1

–

–

–

–

–

–

–

–

Non-Executive Directors

1	These calculations have been made using the contractual base pay of the Executive Directors and fees for the Non-Executive Directors and do nottake into account the voluntary salary sacrifice of 33% made by Stephen A. Carter and Gareth Wright for the first full COVID-19 lockdown period in2020 or the 25% voluntary reduction in fees taken by the Non-Executive Directors over the same period2	Benefits received by the Executive Directors include costs to the company of private medical and life insurance, travel insurance, car benefits(which may include a car allowance or driver costs in lieu), professional advice, spousal/partner business travel expenses where appropriate andthe value of ShareMatch matching share awards. Benefits received by the Chair and Non-Executive Directors (disclosed on page 135) relate toexpenses incurred in the course of their duties. These expenses, which are deemed as taxable benefits by HMRC, may vary year-on-year, do notprovide an accurate comparison to the benefits received by colleagues and have therefore not been included. UK colleague benefits for 2022
have been restated to reflect the recalculation of benefits
3

Informa PLC has no employees and therefore the average for all UK colleagues has been selected as the appropriate comparator group4	John Rishton was appointed as Board Chair from June 2021 when his fee was increased5	Mary McDowell was appointed as Senior Independent Director from November 2021 when her fee was increased
6

Andy Ransom was appointed to the Board in June 2023

7	Louise Smalley was appointed as Remuneration Committee Chair from January 2022 when her fee was increased. She was appointed to the Board
in October 2021 and for fair comparison, the percentage change for her fees between 2021 and 2022 has been calculated using the full-time
equivalent fee for 2021
8	Gill Whitehead was appointed as Audit Committee Chair from June 2021 when her fee was increased. She was appointed to the Board in August
2019 and for fair comparison, the percentage change in Gill Whitehouse’s fees between 2019 and 2020 has been calculated using the full-time
equivalent fee for 20199	Joanne Wilson was appointed to the Board in October 2021 and Zheng Yin was appointed to the Board in December 2021. For fair comparison, thepercentage change for their fees between 2021 and 2022 has been calculated using the full-time equivalent fee for 2021

Dilution limits
Informa uses a combination of market purchased and newly issued shares to satisfy all-employee and executive share plans.
The shares held in trust by the Informa Employee Share Ownership Trust do not have voting rights.
During 2023 Informa complied with The Investment Association’s Principles of Remuneration which provide that dilution under
all of the company’s share incentive schemes must not exceed 10% of the issued share capital in any rolling ten-year period,
with a further limitation of 5% in any ten-year period for executive schemes.
These limits are monitored regularly. Any awards satisfied by market purchased shares are excluded from such calculations.
Share awards under all current incentive plans are within the relevant dilution limits.

138

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Directors’ Report
The Directors present their report and the audited consolidated financial statements of the company and the Group for theyear ended 31 December 2023.
This section contains the remaining matters the Directors are required to report on each year, which do not appear elsewherein the Annual Report. Additional information incorporated into this section by reference – including information that is requiredin accordance with the Companies Act 2006 (Act) and Listing Rule 9.8.4R – can be found on the following pages:
Information

Page(s)Future business developments

2 to 89

Risk factors and principal risks

56 to 66

Colleague policies and engagement

32 to 35

Stakeholder engagement – suppliers, customers and others

36 to 39

Greenhouse gas emissions

55

Viability and going concern statements

67 to 69

Governance arrangements

91 to 139

Section 172 Statement

102

Long-term incentive arrangements

121 to 139

Dividends

180

Financial instruments, financial risk management objectives and policies

201 to 208

Post balance sheet events

227

Annual General Meeting

Directors

Informa PLC’s 2024 AGM will be heldat our offices at 240 Blackfriars Road,
London SE1 8BF on Friday 21 June 2024
at 11.00am.

The names and biographical details ofInforma’s Directors are set out on pages
91 to 93 and incorporated by reference.

The Notice of Meeting, together
with a letter from Board Chair andexplanatory notes on the resolutions
to be considered, are set out in a
separate circular which has been sent
to shareholders and is available on
our website.

David Flaschen will reach the ninth
anniversary of his appointment to theBoard during 2024 and will not standfor re-election at the AGM in June.
All other Directors will offer themselves
for re-election.

Articles of Association

Helen Owers served as an independent
Non-Executive Director until her
retirement at the conclusion of the2023 AGM.

The company’s Articles of Association(Articles) were last approved at the2020 AGM. They include provisions on
the rights and obligations attached tothe company’s shares, the appointment
and removal of Directors andthe conduct of the Board andgeneral meetings.

Directors may be appointed or removedby the Board or by shareholders in a
general meeting. Subject to the Act andthe Articles, the Directors may exercise
all the powers of the Company and may
delegate authorities to Committees andday-to-day management and decision
making to individual Executive Directors.

The Articles may only be amended by
special resolution at a general meetingof shareholders, with approval from atleast 75% of those voting in person orby proxy.

The Directors’ Remuneration Reporton pages 121 to 139 contains detailsof the remuneration paid to the
Directors, their interests in the shares of
the company and any awards granted to
the Executive Directors under allcolleague or executive share schemes.
It also summarises the terms of
Executive Directors’ service agreements
and the letters of appointment of the
Non-Executive Directors. These areavailable for inspection at Informa’s
registered office.

A copy of our Articles can be found on
Informa’s website or obtained free ofcharge from Companies House.

140

Directors’ conflicts ofinterests and indemnities
Directors have a statutory duty to avoid
conflicts of interest with the company.
Our Articles allow the Board to approve
conflicts of interest and include otherconflict of interest provisions.
No Director had a material interest
in any contract in relation to thecompany’s business during the year.
To the extent permitted by English law
and the Articles, Informa has agreed toindemnify the Directors in respect ofany liability arising from or connectedwith the execution of their powers,
duties and responsibilities as a Directorof the company, of any of its
subsidiaries or as a trustee of an
occupational pension scheme forcolleagues. The indemnity would notprovide coverage where the Director isproved to have acted fraudulently or
dishonestly. The company purchases
and maintains Directors’ and Officers’
insurance cover against certain legal
liabilities and the costs of claims
connected with any act or omission by
Directors and officers in the executionof their duties.

Share capital

Employee Benefit Trust

Change of control

Informa PLC is a public company limitedby shares, incorporated in England andWales All the company’s ordinary
shares are listed on the London Stock
Exchange (100% free float).

From time to time, shares are held bya trustee in order to satisfy colleagues’
entitlements to shares under theGroup’s share schemes. The shares
held by the trusts do not have any
special rights with regard to control of
the company. While these shares areheld on trust, their rights are notexercisable directly by the relevantcolleagues. The current arrangements
concerning trusts and theirshareholdings in the company are
set out in Note 35 to the Consolidated
Financial Statements.

There are no significant agreements towhich the company is a party that takeeffect, alter or terminate on a change ofcontrol following a takeover bid, except
for the Group’s principal borrowings
described in Note 27 to theConsolidated Financial Statements.

The company has one class of shares,
being ordinary shares of 0.1p each.
All issued shares are fully paid up andcarry no additional obligations or special
rights. Each share carries the right toone vote at shareholder meetings.
On a show of hands, each holder ofordinary shares who attends in person
or is present by proxy or corporate
representative has one vote. On a poll,
every holder of ordinary shares present
in person, by proxy or corporate
representative has one vote for every
share held.
Electronic and paper proxyappointments and voting instructions
must be received no later than 48 hours
before a general meeting. Holders ofordinary shares can lose theirentitlement to vote at general meetings ifthey have been served with a disclosure
notice and failed to provide the company
with information concerning interests
held in those shares. Except as set out
above, there are no limitations on voting
rights of holders of a given percentage,
number of votes or deadlines forexercising voting rights.
There are no restrictions on the transfer
of securities in the company except as
set out in the Articles. Informa is notaware of any agreements between
holders of ordinary shares that may
result in restrictions on the transfer
of securities or on voting rights.
At the 2023 AGM, the Directors were
granted authority to purchase up to141,706,000 ordinary shares in themarket, equal to 10% of issued sharecapital at the time that the Notice of
AGM was approved. During 2023, thecompany purchased and cancelled
76,476,666 ordinary shares (5.6% ofissued capital at 31 December 2023).
The Directors propose to renew thisauthority to purchase shares at the2024 AGM.

Major interests in shares
The table below shows the notificationsof major voting interests in thecompany’s shares as at 31 December
2023 in accordance with the FCA’s
Disclosure and Transparency Rules(DTR 5). All notifications made to thecompany under DTR 5 are published on
a Regulatory Information Service andare available on Informa’s website.
%shareholding

Shareholder
Bank of America Corporation

8.70%

BlackRock, Inc.

5.92%

Newton Investment
Management Ltd

4.93%

Lazard AssetManagement LLC

4.30%

Norges Bank

4.00%

APG Asset Management N.V.

3.99%

Artemis Investment
Manager LLP

3.59%

Invesco Ltd

3.55%

The information above was correct at
the date of notification to the Company.
Between 1 January 2024 and the dateof this Annual Report, the company has
been notified of the following change insubstantial shareholdings:%
shareholding

Shareholder
Bank of America Corporation

More details of our issued share capitalat 31 December 2023, together withdetails of shares issued or repurchased
during the year, is shown in Note 34 to
the Consolidated Financial Statements.

141

<3%

The company does not haveagreements with any Director
or colleague that would provide
compensation for loss of office or
employment resulting from a changeof control on takeover, except those
provisions in the company’s shareschemes that may cause options andawards granted to colleagues to vest
on a takeover.

Political donations
In line with Group policy, no donations
were made to political parties ororganisations or independent election
candidates, and no politicalexpenditure was incurred during theyear ended 31 December 2023.

Subsidiaries andoverseas branches
Details of Group subsidiaries are
given in Note 39 to the Consolidated
Financial Statements.
Informa operates branches in Australia,
Bangladesh, China, France, Hong Kong,Japan, Luxembourg, Malaysia, theNetherlands, Singapore, South Africa,
South Korea, Taiwan, the United ArabEmirates, the US and Vietnam.

Statement of Directors’
responsibilities
The Directors are responsible forpreparing the Annual Report, theDirectors’ Remuneration Report andthe financial statements in accordancewith applicable law and regulations.
Company law requires the Directors to
prepare financial statements for eachfinancial year. Under that law, theDirectors have prepared the Groupfinancial statements in accordance with
UK-adopted international accounting
standards and the company financial
statements in accordance with UK
Generally Accepted Accounting Practice(UK Accounting Standards, comprising
FRS 102 The Financial Reporting

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Directors’ Reportcontinued

Standard Applicable in the UK and
Republic of Ireland, and applicable law).
Under company law, directors must
not approve the financial statements
unless they are satisfied that they givea true and fair view of the state ofaffairs of the Group and the company
and of the profit or loss of the Groupand the company for that period.
In preparing the financial statements,
the Directors are required to:• Select suitable accounting policies
and then apply them consistently• Make judgements and accounting
estimates that are reasonable
and prudent• State whether applicable UK-adopted
international accounting standards
have been followed for the Groupfinancial statements and United
Kingdom Accounting Standards,
comprising FRS 102, have been
followed for the company financial
statements, subject to any material
departures disclosed and explainedin the financial statements• Prepare the financial statements on
the going concern basis unless it isinappropriate to presume that theGroup and company will continue
in business
The Directors are responsible forsafeguarding the assets of theGroup and the company and fortaking reasonable steps for theprevention and detection of fraud
and other irregularities.
The Directors are also responsible forkeeping adequate accounting records
that are sufficient to show and explain
the Group’s and the company’stransactions and disclose withreasonable accuracy at any time thefinancial position of the Group and thecompany. This enables them to ensurethat the financial statements and the
Directors’ Remuneration Report comply
with the Companies Act 2006.

Directors’ confirmations

Audit information

The Directors consider that the Annual
Report and Financial Statements, taken
as a whole, is fair, balanced andunderstandable and provides theinformation necessary for shareholders
to assess the Group’s and company’s
position and performance, businessmodel and strategy.

Each of the Directors at the date of
approval of this report confirms that:

In accordance with DTR 4.1.12R, each of
the Directors, whose names and roles
appear on pages 91 to 93, confirm that,to the best of their knowledge:• The Group Consolidated Financial
Statements, which have been
prepared in accordance with UK–
adopted International AccountingStandards, give a true and fair viewof the assets, liabilities, financial
position and profit of the Group• The company financial statements,
prepared in accordance with UK
Accounting Standards, comprising
FRS 102, give a true and fair viewof the assets, liabilities, financial
position and profit of the company• The Strategic Report includes a fairreview of the development andperformance of the business andthe position of the Group and thecompany, together with a descriptionof the principal risks anduncertainties that it faces
Neither the company nor the Directors
accept any liability to any person in
relation to the Annual Report except tothe extent that such liability could arise
under English law. Accordingly, any
liability to a person who has
demonstrated reliance on any untrue
or misleading statement or omission
shall be determined in accordance withsection 90A of the Financial Services
and Markets Act 2000.

• To the best of their knowledge there
is no relevant audit information thathas not been brought to theattention of the auditor• They have taken all steps required ofthem to make themselves aware of
any relevant audit information and toestablish that the company’s auditor
was aware of that information
This confirmation is given and should
be interpreted in accordance with theprovisions of section 418 of theCompanies Act 2006.

  Financial    Statements  

Reappointment of auditor
A resolution proposing thereappointment of PwC as thecompany’s auditor will be put toshareholders at the 2024 AGM.
By order of the Board

Independent auditors’ report

144

Consolidated Financial Statements
Consolidated Income Statement

152

Consolidated Statementof Comprehensive Income

153

Consolidated Statementof Changes in Equity

154

Consolidated Balance Sheet

155

Consolidated Cash Flow Statement

156

Notes to the Consolidated
Financial Statements

157

Parent Company Financial Statements

Rupert Hopley
General Counsel andCompany Secretary
7 March 2024

Parent Company Balance Sheet

228

Parent Company Statementof Changes in Equity229

Notes to the Parent Company
Financial Statements

230

Other Financial Information

Informa PLC
5 Howick Place
London SW1P 1WG
Company Number: 08860726

The Directors are responsible for the
maintenance and integrity of Informa’s
website. Legislation in the UK governing
the preparation and dissemination offinancial statements may differ fromlegislation in other jurisdictions.

142

Contents

143

Glossary of terms: Alternative
Performance Measures237

Five-Year Summary 

239

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Independent auditors’ report to the members of Informa PLC
Report on the audit of
the financial statements
OpinionIn our opinion:– Informa PLC’s Consolidated Financial
Statements and Parent Company
Financial Statements (the ‘financial
statements’) give a true and fair viewof the state of the Group’s and of
the Parent Company’s affairs as at
31 December 2023 and of theGroup’s profit and the Group’s
cash flows for the year then ended;– the Consolidated Financial
Statements have been properly
prepared in accordance with
UK-adopted international accounting
standards as applied in accordancewith the provisions of the Companies
Act 2006;– the Parent Company Financial
Statements have been properly
prepared in accordance with
United Kingdom Generally Accepted
Accounting Practice (United Kingdom
Accounting Standards, including
FRS 102 “The Financial ReportingStandard applicable in the UK and
Republic of Ireland”, and applicablelaw); and– the financial statements have been
prepared in accordance with therequirements of the Companies
Act 2006.
We have audited the financial
statements, included within the
Annual Report and Accounts (the‘Annual Report’), which comprise: theConsolidated and Parent Company
Balance Sheets as at 31 December
2023; the Consolidated Income
Statement, the Consolidated Statementof Comprehensive Income, theConsolidated Cash Flow Statement andthe Consolidated and Parent Company
Statements of Changes in Equity for theyear then ended; and the notes to thefinancial statements, comprising
significant accounting policies, material
accounting policy information andother explanatory information.
Our opinion is consistent with ourreporting to the Audit Committee.

Basis for opinion

Key audit matters

We conducted our audit in accordancewith International Standards on
Auditing (UK) (“ISAs (UK)”) andapplicable law. Our responsibilities
under ISAs (UK) are further describedin the Auditors’ responsibilities for theaudit of the financial statements
section of our report. We believe thatthe audit evidence we have obtained issufficient and appropriate to provide
a basis for our opinion.

– Recoverability of the carrying valueof goodwill in Informa Tech (Group)

Independence
We remained independent of theGroup in accordance with the ethicalrequirements that are relevant to our
audit of the financial statements in theUK, which includes the FRC’s EthicalStandard, as applicable to listed public
interest entities, and we have fulfilled
our other ethical responsibilities inaccordance with these requirements.
To the best of our knowledge andbelief, we declare that non-audit
services prohibited by the FRC’s EthicalStandard were not provided.
Other than those disclosed in Note 6 of
the Consolidated Financial Statements,
we have provided no non-audit services
to the Parent Company or its controlled
undertakings in the period under audit.

Our audit approach
Overview
Audit scope– We identified 31 components which
required an audit of their complete
financial information due to their size
or risk characteristics. Specific audit
procedures over revenue, receivables
and deferred income were performed
at a further four components to give
appropriate coverage for thesebalances. In addition, specific audit
procedures over central functions,
the Group consolidation and areasof judgement (including taxation,
goodwill and intangible assets
impairment, treasury and postretirement benefits) were directly
led by the Group audit team.
– The audit work performed accounted
for 76% of consolidated revenue,
70% of consolidated adjusted profit
before tax on an absolute basis and
70% of consolidated adjusted
operating profit on an absolute basis.

144– Valuation of the acquired intangibles
in respect of the Tarsus and Winsightacquisitions (Group)– Impairment of investments
in subsidiary undertakings(Parent Company)

Materiality– Overall Group materiality: £39 million
based on approximately 4.7% ofprofit before tax and adjusting items(adjusted profit before tax).
– Overall Parent Company materiality:£37 million based on approximately
0.3% of total assets as constrainedby the allocation of overall
Group materiality.
– Performance materiality:£29.3 million (Group) and£27.8 million (Parent Company).

The scope of our audit
As part of designing our audit, we
determined materiality and assessed
the risks of material misstatement in
the financial statements.

Key audit matters
Key audit matters are those mattersthat, in the auditors’ professional
judgement, were of most significance inthe audit of the financial statements ofthe current period and include themost significant assessed risks ofmaterial misstatement (whether or not
due to fraud) identified by the auditors,
including those which had the greatest
effect on: the overall audit strategy; theallocation of resources in the audit; anddirecting the efforts of the engagement
team. These matters, and any
comments we make on the resultsof our procedures thereon, wereaddressed in the context of our auditof the financial statements as a whole,and in forming our opinion thereon,
and we do not provide a separate
opinion on these matters.

Key audit matter

How our audit addressed the key audit matter

Recoverability of the carrying valueof goodwill in Informa Tech (Group)
Refer to Note 2 Significant accounting policies
and Note 15 Goodwill in the Consolidated
Financial Statements.

In respect of the Informa Tech CGU, management prepared detailed cash flow models on
a VIU and FVLCD basis to estimate the recoverable amount. Our procedures included:

The Group has goodwill of £6,629.8m at
31 December 2023 (2022: £5,880.3m) which
includes £824.6m (2022: £825.9m) relating to
the Informa Tech cash generating unit (‘CGU’).

– evaluating the significant assumptions used by management in determining future cash
flows, including corroborating revenue growth projections to third party forecasts;

Management performs an annual impairment
test in respect of goodwill on a divisional
basis reflecting the lowest level at which itmonitors goodwill. The recoverable amountof a CGU is determined by management as
the higher of its value in use (‘VIU’) or fairvalue less cost of disposal (‘FVLCD’). Bothvaluation methods involve the modelling of
future cash flows based on a number of key
judgements and estimates including revenue
growth, operating profit, long-term growth
and the discount rate. Changes in theseassumptions can have a significant impact
on the headroom available in the
impairment calculations.

– with the support of our valuations experts, assessing the discount and long term growth
rates used and whether they fell within a reasonable range, taking into account externalmarket data;

We considered the recoverability of thecarrying value of goodwill in Informa Techas a key audit matter due to the reductionin headroom since the prior year and thatthe model is sensitive to changes in
key assumptions.
Valuation of the acquired intangibles
in respect of the Tarsus and Winsightacquisitions (Group)
Refer to Note 2 Significant accounting policies,
Note 3 Critical accounting judgements andkey sources of estimation uncertainty andNote 17 Business combinations in theConsolidated Financial Statements.
During 2023, the Group completed six
business combinations, the most significant
being the acquisitions of Tarsus and Winsightfor a total consideration of £359.4m and£324.4m respectively.
With the assistance of their valuation experts,
management has undertaken a purchaseprice allocation exercise identifying andrecognising acquired intangible assets.
For the Tarsus acquisition these included
customer relationships of £122.2m and trade
names of £236.3m. In respect of Winsight,
customer relationships of £65.8m and trade
names of £91.1m were recognised.
Accounting for business combinations canbe complex, particularly in relation to theidentification of acquired intangible assets
which relies on management’s estimate of
future cash flows, royalty rates and customer
attrition rates. Changes in these assumptions
can have a significant impact on the valuation.

– challenging the appropriateness of management’s valuation methodologies;– testing the completeness and accuracy of the models as well as the underlying data,
which included reconciling the cash flows to the Board approved budgets and forecasts;– challenging the extent to which climate change considerations are reflected, as appropriate,in management’s projections;– assessing whether the cash flows in the models are consistent with those used in otherkey estimates and judgements across the Group, where relevant; and– performing our own sensitivities to form an independent view on reasonable
downside scenarios.
Specifically with reference to the FVLCD model, our procedures included:– assessing the appropriateness of the cost of disposal by reference to previous disposals in
the Group and market transactions; and– as an alternative reference point, benchmarking the multiple implied by the recoverable
amount to EBITDA multiples of comparable companies.
In addition, we assessed the completeness and accuracy of the disclosure included in Note 15
Goodwill to the Consolidated Financial Statements.
As a result of our work, we are satisfied that management’s assessment is appropriate and thatno impairment is required at 31 December 2023.

Our audit procedures in respect of the Tarsus and Winsight acquisitions included the following:– we obtained the sale and purchase agreements (‘SPAs’) for both acquisitions and read themto ensure that we understood the substance of the transactions, including the purchaseconsideration and the assets and liabilities acquired;– with the assistance of our valuation experts, we reviewed the purchase price allocation
reports provided by management’s expert and considered their competence and ability
to prepare an analysis to reasonably estimate the value of the acquired intangible assets.
We assessed the completeness of the intangible assets recognised by management and thevaluation methodologies adopted;– we assessed the discount and long term growth rates used and whether they fell withina reasonable range, taking into account external market data;– we agreed the underlying cash flow projections supporting the acquired intangible asset
valuations to management’s acquisition models and post acquisition performance toconfirm consistency and that the actual cash flows were in line with those predicted.
We challenged the key assumptions used in the cash flows, such as revenue growth,
by reference to historic growth rates, Informa’s own forecasts for comparable businesses
and industry information where available;– we considered the reasonableness of key assumptions in the model including customer
attrition and royalty rates with reference to recent comparable transactions and historicalbooking data of both acquired businesses and Informa’s own comparable businesses; and– we reviewed and challenged management’s disclosures in the Consolidated Financial
Statements to ensure they were consistent with the work performed and that the disclosure
appropriately described the key estimation uncertainties in the valuation.
Based on our procedures, we are satisfied that the valuation methodologies, key assumptions
and calculations used and disclosed by management are appropriate.

This is not a complete list of all risks
identified by our audit.

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continued

Key audit matter

How our audit addressed the key audit matter

Impairment of investments in subsidiary
undertakings (Parent Company)
Refer to Note 2 Accounting policies and Note
3 Investments in subsidiary undertakings in
the Parent Company Financial Statements.

In respect of investments in subsidiary undertakings in the Parent Company, we undertook thefollowing to test management’s assessment for indicators of impairment:

At 31 December 2023, the Parent Company
held investments in subsidiary undertakings
amounting to £8,166.6m (2022: £7,897.0m).

– independently performed an assessment of other internal and external impairment
triggers, including the results of the Group’s goodwill impairment review, to identify otherpossible impairment indicators.

Investments in subsidiary undertakings
are accounted for at historical cost lessaccumulated impairment. Judgement isrequired to assess if impairment indicators
exist and where indicators are identified,
if the investment carrying value is supportedby the recoverable amount.

As a result of our work, we are satisfied that there are no indicators of impairment in respectof the carrying value of the Parent Company’s investments in subsidiary undertakings at
31 December 2023.

– evaluated and challenged management’s assessment and judgements, including
consideration of the net assets of the Parent Company with reference to the market
capitalisation of the Group and whether this was indicative of an impairment indicator; andThe financial statements of the Parent Company are prepared using the same accounting processes as the Group’s central
functions and were audited by the Group audit team.

The impact of climate risk on our audit
In planning and executing our audit, we considered the potential impact of climate change on the Group’s business and thefinancial statements. The Group has set out its climate related intentions and metrics as part of its FasterForward programme.
As a part of our audit we made enquiries of management to understand the extent of the potential impact of the physical andtransitional climate change risk on the Consolidated Financial Statements. We also discussed the climate change initiatives
and commitments from FasterForward and other initiatives to reduce CO2 emissions, and the impact these have on the Group
including on future cash flow forecasts.
Management considers that the impact of climate change does not give rise to a material financial statement impact.
With the assistance of our climate change specialists we evaluated management’s risk assessment and understood the Group’s
governance processes including the Climate Impact Steering Committee. We performed an audit risk assessment of how the
impact of the Group’s commitments in respect of climate change including FasterForward may affect the financial statements
and our audit.

In assessing impairment indicators,
management considers the market
capitalisation of the Group, the results of theirannual goodwill impairment assessment andother facts and circumstances which may be
indicative of an impairment indicator.

We challenged the extent to which climate change considerations including the expected cash flows from the initiatives andcommitments had been reflected, where appropriate, in management’s impairment assessment process, going concern
assessment and viability assessment. While climate impacts are not included within management’s forecasts on the groundsof materiality, our independent sensitivities confirmed that these did not have a material impact on key audit matters orchange the conclusions reached. We assessed the consistency of other information disclosed in the Annual Report with theConsolidated Financial Statements, and with our knowledge obtained from the audit.

Based on management’s assessment, no
impairment indicators in respect of thecarrying value of investments in subsidiary
undertakings were identified at the balance
sheet date.

Materiality

How we tailored the audit scope
We tailored the scope of our audit to ensure that we performed enough work to be able to give an opinion on the financial
statements as a whole, taking into account the structure of the Group and the Parent Company, the accounting processes
and controls, and the industry in which they operate.
The Group is organised into four divisions – Taylor & Francis, Informa Markets, Informa Connect and Informa Tech, as well asa corporate function. Each division is further divided into business units which align to a legal entity or business in a specificcountry. A separate divisional management team oversees the operations of each division. For the purposes of our audit,
we have identified each business unit as a component.
The accounting processes for each division are principally undertaken by the Group’s shared service centres in Colchester (UK),
Cairo (Egypt), Sarasota (US), New York (US), Cleveland (US), Hong Kong (HK) and Shanghai (China). Each component reports to
the Group through an integrated consolidation system.
Based on our risk and materiality assessments, we determined which components required an audit of their complete financial
information having consideration to the relative significance of each component to the Group, locations with significant
inherent risks and the overall coverage obtained over each material line item in the Consolidated Financial Statements.
We identified 31 components which required an audit of their complete financial information due to their size or risk
characteristics. Specific audit procedures over revenue, receivables and deferred income were performed at a further four
components to give appropriate coverage of these balances. In addition, specific audit procedures over central functions, theGroup consolidation and areas of judgement (including taxation, goodwill and intangible assets impairment, treasury andpost-retirement benefits) were directly led by the Group audit team.
Where the work was performed by component audit teams, we determined the level of involvement we needed to have in theaudit work at those components to be able to conclude whether sufficient appropriate audit evidence had been obtained asa basis for our opinion on the Consolidated Financial Statements as a whole.
The Group audit team visited component teams in the UK, US, Hong Kong and China during the 2023 audit. In addition, ouroversight procedures included the issuance of formal written instructions to component auditors setting out the work to be
performed at each component and regular communication throughout the audit cycle including regular component calls
through video conferencing, review of component auditor workpapers and participation in audit clearance meetings.

The scope of our audit was influenced by our application of materiality. We set certain quantitative thresholds for materiality.
These, together with qualitative considerations, helped us to determine the scope of our audit and the nature, timing andextent of our audit procedures on the individual financial statement line items and disclosures and in evaluating the effectof misstatements, both individually and in aggregate on the financial statements as a whole.
Based on our professional judgement, we determined materiality for the financial statements as a whole as follows:
Financial statements – Group

Financial statements – Parent Company

Overall materiality£39 million.

£37 million.

How wedetermined it

Approximately 4.7% of profit before tax and adjusting
items (adjusted profit before tax)

Approximately 0.3% of total assets as constrained by theallocation of overall Group materiality

Rationale forbenchmark applied

Profit before tax and adjusting items is used as themateriality benchmark. The Directors use this measure as
they believe that it reflects the underlying performance of
the Group.

We have considered the nature of the business of Informa
PLC (being a holding company for investment activities)
and have determined that total assets are an appropriate
basis for the calculation of the overall materiality level.

For each component in the scope of our Group audit, we allocated a materiality that is less than our overall Group materiality.
The range of materiality allocated across components was between £2 million and £37 million. Certain components wereaudited to a local statutory audit materiality that was also less than our overall Group materiality.
We use performance materiality to reduce to an appropriately low level the probability that the aggregate of uncorrected andundetected misstatements exceeds overall materiality. Specifically, we use performance materiality in determining the scopeof our audit and the nature and extent of our testing of account balances, classes of transactions and disclosures, for example
in determining sample sizes. Our performance materiality was 75% of overall materiality, amounting to £29.3 million for theConsolidated Financial Statements and £27.8 million for the Parent Company Financial Statements.
In determining the performance materiality, we considered a number of factors – the history of misstatements, risk
assessment and aggregation risk and the effectiveness of controls – and concluded that an amount at the upper end of ournormal range was appropriate.
We agreed with the Audit Committee that we would report to them misstatements identified during our audit above£1,950,000 (Group audit) and £1,850,000 (Parent Company audit) as well as misstatements below those amounts that,in our view, warranted reporting for qualitative reasons.

Taken together with the audit procedures undertaken by the Group audit team, the audit work performed accounted for 76%
of consolidated revenue, 70% of consolidated adjusted profit before tax on an absolute basis and 70% of consolidated adjusted
operating profit on an absolute basis. In addition, we have performed disaggregated analytical review procedures and anevaluation of entity level controls, which covers a significant portion of the Group’s smaller and lower risk components thatwere not directly included in our Group audit scope.

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Conclusions relating to going concern

Directors’ Remuneration

Our evaluation of the Directors’ assessment of the Group’s and the Parent Company’s ability to continue to adopt the going
concern basis of accounting included:

In our opinion, the part of the Directors’ Remuneration Report to be audited has been properly prepared in accordance with
the Companies Act 2006.

– agreeing the underlying cash flow projections to Board approved Group level budgets and forecasts, assessing how these
forecasts are compiled and assessing the accuracy of management’s forecasts;

Corporate governance statement– evaluating the key assumptions within management’s forecasts and ensuring that such assumptions are consistent
with those modelled in relation to the recoverability of the carrying value of the Group’s goodwill and Parent Company
investments in subsidiary undertakings;– considering liquidity and available financial resources;– assessing whether the stress testing performed by management appropriately considered the principal risks facing
the business; and– reading management’s paper to the Audit Committee in respect of going concern, and agreeing the forecasts set out in thispaper to the underlying base case cash flow model.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that,
individually or collectively, may cast significant doubt on the Group’s and the Parent Company’s ability to continue as a going
concern for a period of at least twelve months from when the financial statements are authorised for issue.

The Listing Rules require us to review the Directors’ statements in relation to going concern, longer-term viability and that partof the corporate governance statement relating to the Parent Company’s compliance with the provisions of the UK Corporate
Governance Code specified for our review. Our additional responsibilities with respect to the corporate governance statement
as other information are described in the Reporting on other information section of this report.
Based on the work undertaken as part of our audit, we have concluded that each of the following elements of the corporate
governance statement is materially consistent with the financial statements and our knowledge obtained during the audit,
and we have nothing material to add or draw attention to in relation to:– the Directors’ confirmation that they have carried out a robust assessment of the emerging and principal risks;– the disclosures in the Annual Report that describe those principal risks, what procedures are in place to identify emerging
risks and an explanation of how these are being managed or mitigated;

In auditing the financial statements, we have concluded that the Directors’ use of the going concern basis of accounting in the
preparation of the financial statements is appropriate.

– the Directors’ statement in the financial statements about whether they considered it appropriate to adopt the going
concern basis of accounting in preparing them, and their identification of any material uncertainties to the Group’s andParent Company’s ability to continue to do so over a period of at least twelve months from the date of approval of thefinancial statements;

However, because not all future events or conditions can be predicted, this conclusion is not a guarantee as to the Group’s andthe Parent Company’s ability to continue as a going concern.

– the Directors’ explanation as to their assessment of the Group’s and Parent Company’s prospects, the period thisassessment covers and why the period is appropriate; andIn relation to the Directors’ reporting on how they have applied the UK Corporate Governance Code, we have nothing material
to add or draw attention to in relation to the Directors’ statement in the financial statements about whether the Directors
considered it appropriate to adopt the going concern basis of accounting.

– the Directors’ statement as to whether they have a reasonable expectation that the Parent Company will be able to continue
in operation and meet its liabilities as they fall due over the period of its assessment, including any related disclosures
drawing attention to any necessary qualifications or assumptions.

Our responsibilities and the responsibilities of the Directors with respect to going concern are described in the relevant
sections of this report.

Our review of the Directors’ statement regarding the longer-term viability of the Group and Parent Company was substantiallyless in scope than an audit and only consisted of making inquiries and considering the Directors’ process supporting theirstatement; checking that the statement is in alignment with the relevant provisions of the UK Corporate Governance Code; andconsidering whether the statement is consistent with the financial statements and our knowledge and understanding of theGroup and Parent Company and their environment obtained in the course of the audit.

Reporting on other information
The other information comprises all of the information in the Annual Report other than the financial statements and our
auditors’ report thereon. The Directors are responsible for the other information. Our opinion on the financial statements
does not cover the other information and, accordingly, we do not express an audit opinion or, except to the extent otherwise
explicitly stated in this report, any form of assurance thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so,
consider whether the other information is materially inconsistent with the financial statements or our knowledge obtainedin the audit, or otherwise appears to be materially misstated. If we identify an apparent material inconsistency or material
misstatement, we are required to perform procedures to conclude whether there is a material misstatement of the financial
statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that
there is a material misstatement of this other information, we are required to report that fact. We have nothing to report basedon these responsibilities.
With respect to the Strategic Report and Directors’ Report, we also considered whether the disclosures required by the
UK Companies Act 2006 have been included.
Based on our work undertaken in the course of the audit, the Companies Act 2006 requires us also to report certain opinions
and matters as described below.

Strategic Report and Directors’ Report
In our opinion, based on the work undertaken in the course of the audit, the information given in the Strategic Report andDirectors’ Report for the year ended 31 December 2023 is consistent with the financial statements and has been preparedin accordance with applicable legal requirements.
In light of the knowledge and understanding of the Group and Parent Company and their environment obtained in the courseof the audit, we did not identify any material misstatements in the Strategic Report and Directors’ Report.

148

In addition, based on the work undertaken as part of our audit, we have concluded that each of the following elements of thecorporate governance statement is materially consistent with the financial statements and our knowledge obtained during
the audit:– the Directors’ statement that they consider the Annual Report, taken as a whole, is fair, balanced and understandable, andprovides the information necessary for the members to assess the Group’s and Parent Company’s position, performance,business model and strategy;– the section of the Annual Report that describes the review of effectiveness of risk management and internal
control systems; and– the section of the Annual Report describing the work of the Audit Committee.
We have nothing to report in respect of our responsibility to report when the Directors’ statement relating to the Parent
Company’s compliance with the Code does not properly disclose a departure from a relevant provision of the Code specified
under the Listing Rules for review by the auditors.

Responsibilities for the financial statements and the audit
Responsibilities of the Directors for the financial statements
As explained more fully in the Statement of Directors’ responsibilities, the Directors are responsible for the preparation of thefinancial statements in accordance with the applicable framework and for being satisfied that they give a true and fair view.
The Directors are also responsible for such internal control as they determine is necessary to enable the preparation offinancial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the Directors are responsible for assessing the Group’s and the Parent Company’s ability
to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis ofaccounting unless the Directors either intend to liquidate the Group or the Parent Company or to cease operations, or have norealistic alternative but to do so.

149Annual Report and Accounts 2023

Str

Gov

Financial Statements

Inf

Independent auditors’ report to the members of Informa PLC
continued

Auditors’ responsibilities for the audit of the financial statements

Other required reporting

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material
misstatement, whether due to fraud or error, and to issue an auditors’ report that includes our opinion. Reasonable assurance
is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detecta material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individuallyor in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of thesefinancial statements.

Companies Act 2006 exception reporting

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with
our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent
to which our procedures are capable of detecting irregularities, including fraud, is detailed below.
Based on our understanding of the Group and industry, we identified that the principal risks of non-compliance with laws andregulations related to data privacy regulations, prohibited business practices and anti-bribery and corruption laws, and we
considered the extent to which non-compliance might have a material effect on the financial statements. We also consideredthose laws and regulations that have a direct impact on the financial statements such as the Companies Act 2006 andapplicable tax regulation in jurisdictions in which the Group has material operations. We evaluated management’s incentives
and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), anddetermined that the principal risks were related to posting inappropriate journal entries to manipulate financial results andmanagement bias in accounting estimates. The Group engagement team shared this risk assessment with the component
auditors so that they could include appropriate audit procedures in response to such risks in their work. Audit procedures
performed by the Group engagement team and/or component auditors included:– understanding and evaluating the design and implementation of controls designed to prevent and detect irregularities
and fraud;– discussions with management, Internal Audit and the Group’s legal counsel regarding their consideration of known orsuspected instances of non-compliance with laws and regulations or fraud;– identifying and testing journal entries, in particular any journal entries posted with unusual account combinations; and– challenging assumptions and judgements made by management and assessing these for management bias in particular
relating to recoverability of the carrying value of goodwill in Informa Tech (Group), valuation of the acquired intangibles
in respect of the Tarsus and Winsight acquisitions (Group) and impairment of investments in subsidiary undertakings(Parent Company) (see related key audit matters section of this report).
There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of
non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial
statements. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one
resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations,or through collusion.

Under the Companies Act 2006 we are required to report to you if, in our opinion:– we have not obtained all the information and explanations we require for our audit; or– adequate accounting records have not been kept by the Parent Company, or returns adequate for our audit have not been
received from branches not visited by us; or– certain disclosures of Directors’ remuneration specified by law are not made; or– the Parent Company Financial Statements and the part of the Directors’ Remuneration Report to be audited are not inagreement with the accounting records and returns.
We have no exceptions to report arising from this responsibility.

Appointment
Following the recommendation of the Audit Committee, we were appointed by the Directors on 8 March 2023 to audit thefinancial statements for the year ended 31 December 2023 and subsequent financial periods. This is therefore our first yearof uninterrupted engagement.

Other matter
In due course, as required by the Financial Conduct Authority Disclosure Guidance and Transparency Rule 4.1.14R, thesefinancial statements will form part of the ESEF-prepared annual financial report filed on the National Storage Mechanism of
the Financial Conduct Authority in accordance with the ESEF Regulatory Technical Standard (‘ESEF RTS’). This auditors’ reportprovides no assurance over whether the annual financial report will be prepared using the single electronic format specified
in the ESEF RTS.

Christopher Burns (Senior Statutory Auditor)
for and on behalf of PricewaterhouseCoopers LLP
Chartered Accountants and Statutory Auditors
London7 March 2024

Our audit testing might include testing complete populations of certain transactions and balances, possibly using data auditing
techniques. However, it typically involves selecting a limited number of items for testing, rather than testing complete
populations. We will often seek to target particular items for testing based on their size or risk characteristics. In other cases,
we will use audit sampling to enable us to draw a conclusion about the population from which the sample is selected.
A further description of our responsibilities for the audit of the financial statements is located on the FRC’s website at:www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditors’ report.

Use of this report
This report, including the opinions, has been prepared for and only for the Parent Company’s members as a body inaccordance with Chapter 3 of Part 16 of the Companies Act 2006 and for no other purpose. We do not, in giving these opinions,
accept or assume responsibility for any other purpose or to any other person to whom this report is shown or into whose
hands it may come save where expressly agreed by our prior consent in writing.

150

151

Annual Report and Accounts 2023

Str

Consolidated Income Statement for
the year ended 31 December 2023

Notes

Adjusting
items
2023
£m

Statutory
results
2023£m

Adjusted
results
2022£m

Adjusting
items
2022
£m

Statutory
results
2022£m

Revenue

4

3,189.6–

3,189.6

2,262.4–

2,262.4

Net operating expenses

6(2,341.6)(432.1)(2,773.7)(1,768.2)(312.1)(2,080.3)

Other operating income

6

–

87.6

87.6

–

–

–

848.0

(344.5)

503.5

494.2

(312.1)

182.1

5.8

(1.5)

4.3

2.1

(0.1)

2.0

Exchange (loss)/gain on translation of foreign operations

853.8(346.0)

507.8

496.3

(312.2)

184.1

Exchange loss arising on disposal of foreign operations

–

1.3

1.3

–

(0.9)

(0.9)

–

3.0

3.0

–

11.6

11.6

Continuing operations

Share of results of joint ventures
and associates

19

Operating profit/(loss)
Fair value gain/(loss) on investments

19

Profit on disposal of subsidiaries
and operations
Distributions received from investments

19

–

–

–

–

20.6

20.6

Finance income

10

47.4

–

47.4

27.5

–

27.5

Finance costs

11(66.6)(0.8)(67.4)(72.8)(1.3)(74.1)

834.6(342.5)

492.1

451.0

(282.2)168.8(156.4)127.0(29.4)(81.2)

54.5(26.7)

678.2(215.5)

462.7

369.8

(227.7)

142.1

Profit for the year fromdiscontinued operations

–

–

–

29.5

1,463.7

1,493.2

Profit/(loss) for the year

678.2

(215.5)

462.7

399.3

1,236.0

1,635.3

Profit/(loss) before tax
Tax (charge)/credit

12

Profit/(loss) for the year fromcontinuing operations
Discontinued operations

Attributable to:– Equity holders of the Company

14

635.1

(216.1)

419.0

386.0

1,245.5

1,631.5– Non-controlling interests

36

43.1

0.6

43.7

13.3

(9.5)

3.8

Notes

Profit for the year

Inf

2023
£m

2022
£m

462.7

1,635.3(11.8)

26.9

Items that will not be reclassified subsequently to profit or loss:
Remeasurement of the net retirement benefit pension obligation

33

Tax credit relating to items that will not be reclassified to profit or loss–

1.5

Total items that will not be reclassified subsequently to profit or loss

(11.8)

28.4(351.5)

413.7

–

(1.4)

Exchange gain/(loss) on net investment hedge

7.4(188.1)Gain on derivatives in net investment hedging relationships

92.5

173.4

Items that may be reclassified subsequently to profit or loss:

Net investment hedges:

Cash flow hedges:
Fair value (loss)/gain arising on hedging instruments(28.2)

33.3

Less: gain/(loss) reclassified to profit or loss

34.2

(63.1)

Movement in cost of hedging reserve

(6.7)

1.8

Tax charge relating to items that may be reclassified subsequently to profit or loss

(1.2)

(8.2)

Total items that may be reclassified subsequently to profit or loss

(253.5)

361.4

Other comprehensive (expense)/income for the year

(265.3)389.8

Total comprehensive income for the year

197.4

2,025.1– Equity holders of the Company

155.4

2,015.4– Non-controlling interests

42.0

9.7

197.4

2,025.1

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

Earnings per share– Discontinued operations1

From continuing operations– Basic (p)

14

45.6

30.1

24.5

9.5

– Diluted (p)

14

45.3

29.9

24.4

9.4

– Basic (p)

14

45.6

30.1

26.5

112.0

– Diluted (p)

14

45.3

29.9

26.4

111.4

From continuing and discontinued
operations

152

Financial Statements

Consolidated Statement of Comprehensive Income
for the year ended 31 December 2023

Adjusted
results
2023£m

Operating profit/(loss) before joint
ventures and associates

Gov

155.4

497.2

–

1,518.2

155.4

2,015.4

1	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

153

Annual Report and Accounts 2023

Str

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 recyclingof disposed entities
Actuarial gain on defined
benefit pension schemes
Tax relating to components
of other comprehensive
incomeTotal comprehensive
income for the year
Dividends to shareholders
Dividends tonon‑controlling interests
Share award expense
Shares for Trust purchaseTransfer of vested LTIPs
Share buyback4
Acquisition ofnon‑controlling interests5
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 to components
of other comprehensive
incomeTotal comprehensive
income for the year
Dividends to shareholders
Dividends tonon‑controlling interests
Share award expense
Issue of share capital
Shares for Trust purchaseTransfer of vested LTIPs
Share buyback4
Acquisition ofnon‑controlling interests5
Transactions with
non-controlling interests
Remeasurement of
put call options
At 31 December 2023

Share capital£m

Translation
reserve£m

Otherreserves2£m

Retainedearnings£m

1.5–

1,878.6–(208.0)–2,028.0–

2,057.7
1,631.5

Inf

Total
£m

Non‑
controllinginterests£m

Total equity£m

5,757.8
1,631.5288.1
3.8

6,045.9
1,635.3

3At
31 December
2023
Notes
£m

At
31 December
2022£m

Non-current assets
Goodwill

15

6,629.8

5,880.3

Other intangible assets

16

3,140.9

2,972.7

Property and equipment

18

60.8

47.9

Right-of-use assets

37

211.1

208.0

–

–

407.8

–

–

407.8

5.9

413.7

–

–

(188.1)––(188.1)–(188.1)

Investments in joint ventures and associates

19

58.8

35.5

Other investments

19

260.8

262.7

–

–

173.4

(28.0)

–

145.4

–

145.4

Deferred tax assets

20

17.6

1.8

Retirement benefit surplus

33

48.1

55.8

Finance lease receivables

37

8.2

5.1

Other receivables

21

32.6

49.7

Derivative financial instruments

22

–

–

–

–

(1.4)
–

–
–

–
26.9

(1.4)
26.9

–

(1.4)

–

26.9

–

–

(8.2)

–

1.5

(6.7)

–

(6.7)

–
–

–
–

383.5
–

(28.0)–

1,659.9(43.3)

2,015.4(43.3)

9.7–

2,025.1(43.3)

–
–
–
–
(0.1)

–
–
–
–
–

–
–
–
–
–

–
17.5
(3.3)
(11.1)(74.9)–––
11.1(517.0)

–
17.5
(3.3)
–
(592.0)

(9.5)
–
–
–
–

(9.5)
17.5
(3.3)
–
(592.0)–1.4––
1,878.6
–

–
175.5
–

–
1,928.2––
3,168.4
419.0–
7,152.1
419.0

25.9
314.2
43.7

25.9
7,466.3
462.7

–

–

(349.8)––(349.8)(1.7)(351.5)

–

–

7.4

–

–

7.4

–

7.4

–

–

92.5

(0.7)

–

91.8

–

91.8

–

–

–

–

(11.8)(11.8)–(11.8)–

2.2

10,468.7

9,521.7

Current assets
Inventory

23

36.2

28.8

Trade and other receivables

21

546.9

460.4

Current tax asset

12

80.2

7.4

Cash and cash equivalents

26

389.3

2,125.8

Finance lease receivables

37

2.3

1.6

Derivative financial instruments

22

0.6

–

1,055.5

2,624.0

11,524.2

12,145.7

Total assets
Current liabilities
Borrowings

27–(398.4)

Lease liabilities

37(28.4)(30.2)

Derivative financial instruments

22

–

(1.1)

Current tax liabilities

12(85.6)(48.5)

Provisions

28(38.1)(30.1)

Contingent consideration and put call options

29(28.6)(4.1)

Trade and other payables

30(635.7)(661.9)Deferred income

30(972.8)(834.5)(1,789.2)(2,008.8)

Non-current liabilities
Borrowings

27(1,514.5)(1,542.4)

Lease liabilities

37(235.4)(240.2)Derivative financial instruments

22(77.9)(168.1)

Deferred tax liabilities

20(540.9)(532.9)

–

–

(1.2)

–

–

(1.2)

–

(1.2)

–
–

–
–

(251.1)
–

(0.7)
–

407.2
(176.6)155.4(176.6)

42.0
–

197.4
(176.6)Retirement benefit obligation

33

(6.4)

(6.7)

Provisions

28(33.5)(32.5)

Contingent consideration and put call options

29(109.3)(129.2)

–
–
0.1
–
–
(0.1)

–
–
–
–
–
–

–
–
–
–
–
–

–
19.6
173.7
(4.8)
(11.1)(15.8)

–
–
–
–
11.1
(548.3)

–
19.6
173.8
(4.8)
–
(564.2)(16.0)–––––(16.0)
19.6
173.8
(4.8)
–
(564.2)

Trade and other payables

30(24.9)(16.3)

Deferred income

30

(7.6)

(2.3)

(2,550.4)(2,670.6)

Total liabilities(4,339.6)(4,679.4)

Net assets

7,184.6

7,466.3

–

–

–

–

–

–

92.3

92.3

–

–

–

–

(8.3)

(8.3)

3.6

(4.7)

–
1.4

–
1,878.6–(75.6)

1.5
2,090.6–
2,853.5

1.5
6,748.5

–
436.1

1.5
7,184.6

1

See Note 34

2

See Note 35

3

Total attributable to equity holders of the Company

Share capital

34

1.4

1.4

Share premium

34

1,878.6

1,878.6(75.6)

175.5

35

2,090.6

1,928.2

Retained earnings

2,853.5

3,168.4

Equity attributable to equity holders of the parent

6,748.5

7,152.1

Translation reserve
Other reserves

Non-controlling interest

36

Total equity

4 	£548.3m (2022: £517.0m) of shares were bought back during the period. £90.9m (2022: £75.0m) represents the maximum liability forshare buybacks with Informa’s broker through to the conclusion of the Company’s close period as at 31 December 2023
5

Financial Statements

Consolidated Balance Sheetas at 31 December 2023

Sharepremium
account£m

1

Gov

The acquisition of non-controlling interests includes £87.2m relating to the Tarsus acquisition as per Note 17 (2022: USA Beauty transaction)

154

436.1

314.2

7,184.6

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		Gareth WrightGroup Finance Director

155

Annual Report and Accounts 2023

Str

Consolidated Cash Flow Statement
for the year ended 31 December 2023

Financial Statements

Inf

Notes to the Consolidated Financial Statements
for the year ended 31 December 2023
Notes

2023
£m

2022
£m

819.7

560.0

Operating activities
Cash generated by continuing operations

Gov

32

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

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

–

53.7

620.2

450.9

47.9

25.7

Investing activities
Interest received
Dividends received from investments

19

1.4

1.8

Distributions received from investments

19

–

20.6

Purchase of property and equipment

18(27.5)(14.5)

Purchase of intangible software assets

16(55.1)(37.9)

Product development costs additions

16(11.2)(15.1)

Purchase of intangibles related to titles, brands and customer relationships

16(22.8)(9.8)

Acquisition of subsidiaries and operations, net of cash acquired

17(596.7)(315.1)

Acquisition of investments

19

(4.3)

–

Acquisition of convertible bonds

19–(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(176.6)(43.3)Net cash (outflow)/inflow from investing activities
Financing activities
Dividends paid to shareholders

13

Dividends paid to non-controlling interests13(16.0)(9.5)

Repayment of loans

25(393.9)(177.2)

Repayment of borrowings acquired

17(443.9)(36.6)

Borrowing fees paid
Repayment of principal lease liabilities

37

Finance lease receipts

37

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

34

Cash outflow from purchase of shares for Trust35

Net cash outflow from financing activities – continuing operations

(1.2)

–

(33.8)(32.1)

1.3

1.5

(8.2)

–

–

(1.5)

(548.0)(513.3)

(4.8)

(3.3)

(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

Net cash (outflow)/inflow from financing activities – discontinued operations

Effect of foreign exchange rate changes(47.3)

82.6

Cash and cash equivalents at beginning of the year26

2,125.8

884.8

Cash and cash equivalents at end of the year

26

389.3

2,125.8

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 is registered in Englandand 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).
The nature of the Group’s operations and its principal activities are set out in the Strategic Report on pages 2 to 88.
These Consolidated Financial Statements are presented in pounds sterling (GBP), which is the currency of the primaryeconomic environment in which the Group operates and the functional currency of the Parent Company, Informa PLC.
Foreign operations are included in accordance with the policies set out in Note 2.

2. Significant accounting policies
Basis of accounting
The Consolidated Financial Statements have been prepared in accordance with the UK-adopted International AccountingStandards and with the requirements of the Companies Act 2006 as applicable to companies reporting under those standards.

Going concern
To complete the going concern assessment, the Directors have modelled a base case with sensitivities and a reverse stress test
for the period to June 2025. In modelling the base case, the Directors have assumed Group financial performance is consistent
with the guidance given for 2024, followed by similar growth in the first half of 2025.
The proposed combination with TechTarget which is subject to approval by TechTarget’s shareholders and other customary
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 more than £1.1bn. To consider adownside scenario, the Directors applied the three scenarios used in viability modelling to the financial plan. In the scenario
where all risks were combined the Group maintains liquidity headroom of around £0.7bn.
The reverse stress test shows that the Group can afford to lose 54% of its revenue from 1 April 2024 to the end of June 2025
and maintain positive liquidity headroom. This extremely remote scenario assumes no indirect cost savings 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 business risks in asatisfactory way. The Directors have been able to form a reasonable expectation that the Group has adequate resources tocontinue in operation for at least 12 months from the signing date of this Annual Report and Accounts and consider it
appropriate to adopt the going concern basis of accounting in preparing the Consolidated Financial Statements. Further detailis contained in the Strategic Report on page 2.
The Consolidated Financial Statements have been prepared on the historical cost basis, except for certain financial
instruments, pension assets and investments which are measured at fair value. The principal accounting policies adopted are
set out below, all of which have been consistently applied to all periods presented in the Consolidated Financial Statements.
The Group has taken advantage of the audit exemption set out within section 479A of the Companies Act 2006 for the year
ended 31 December 2023 for UK subsidiaries listed on page 235.

Basis of consolidation
The Consolidated Financial Statements incorporate the accounts of the Company and all its subsidiaries. The Group controls
an investee when it is exposed, or has rights, to variable returns from its involvement with the investee and has the ability toaffect those returns through its power over the investee. The results of subsidiaries acquired or sold are included in theConsolidated Financial Statements from the effective date of acquisition or up to the effective date of disposal, as appropriate.
Where necessary, adjustments are made to the results of acquired subsidiaries to bring their accounting policies into line withthose used by other members of the Group.
All intra-Group transactions, balances, income and expenses are eliminated on consolidation. Non-controlling interests in the
net assets of consolidated subsidiaries are identified separately from the Group’s equity and consist of the net assets of thoseinterests at the date of the original business combination plus their share of changes in equity since that date.
Joint ventures are joint arrangements in which the Group has the rights to the net assets through joint control with a third
party. Joint operations arise where there is the contractually agreed sharing of control of an arrangement, which exists only
when decisions about the relevant activities require the unanimous consent of the parties sharing control and where the joint
operators have rights to the assets and obligations for the liabilities relating to the arrangement. Associates are undertakingsover which the Group exercises significant influence, usually from 20–50% of the equity voting rights, in respect of the financial
and operating policies and is neither a subsidiary nor an interest in a joint venture.

156

157

Annual Report and Accounts 2023

Str

Gov

Financial Statements

Inf

Notes to the Consolidated Financial Statements
for the year ended 31 December 2023 continued
2. Significant accounting policies continued
The Group accounts for its interests in joint ventures and associates using the equity method. Under the equity method, theinvestment in the joint venture or associate is initially measured at cost. The carrying amount is adjusted to recognise changes
in the Group’s share of profit or loss of the joint venture or associate since the acquisition date. The Consolidated Income
Statement reflects the Group’s share of the results of operations of the entity. The Consolidated Statement of Comprehensive
Income includes the Group’s share of any other comprehensive income recognised by the joint venture or associate.
Dividend income is recognised when the right to receive the payment is established. Where an associate or joint venture has
net liabilities, full provision is made for the Group’s share of liabilities where there is a constructive or legal obligation toprovide additional funding to the associate or joint venture.

Statement. The Group recognises any non-controlling interest at the proportionate share of the acquiree’s identifiable
net assets.

Discontinued operations
A discontinued operation is a component of the entity that either has been disposed of (or is classified as held for sale) andrepresents a separate major line of business or geographic area of operations, is part of a single co-ordinated plan to disposeof such a line of business or area of operations, or is a subsidiary acquired exclusively with a view to resale. The results of
discontinued operations are presented separately in the Consolidated Income Statement. Discontinued operations in 2022
related to the disposal of Pharma Intelligence, EPFR and Maritime Intelligence.

Disposals

Foreign currencies
Transactions in currencies other than the entity’s functional currency are recorded at the rates of exchange prevailing on
the dates of the transactions. Monetary assets and liabilities denominated in foreign currencies at the reporting date are
retranslated at the rates ruling at that date. These translation differences are included in net operating expenses in theConsolidated Income Statement.
Non-monetary items carried at fair value that are denominated in foreign currencies are translated at the rates prevailingat the date when the fair value was determined. Where a gain or loss on a non-monetary item is recognised in othercomprehensive income, any exchange component of that gain or loss is recognised in other comprehensive income. When again or loss on a non-monetary item is recognised in profit or loss, any exchange component of that gain or loss is recognised
in profit or loss. Non-monetary items that are measured in terms of historical cost in a foreign currency are not retranslated.

At the date of a disposal, or loss of control, joint control or significant influence over a subsidiary, joint venture or associate, theGroup derecognises the assets and liabilities of the entity, with the carrying amount of any non-controlling interest and any
cumulative translation differences recorded in equity. The fair value of consideration including the fair value of any investment
retained is recognised. The consequent profit or loss on disposal that is not disclosed as a discontinued operation is recognised
in profit and loss within ‘profit or loss on disposal of subsidiaries and operations’.

Revenue
IFRS 15 Revenue from Contracts with Customers provides a single, principles-based, five-step model to be applied to all sales
contracts. It is based on the transfer of control of goods and services to customers and requires the identification andassessment of the satisfaction of delivery of each performance obligation in contracts in order to recognise revenue.

The balance sheet of foreign subsidiaries is translated into pounds sterling at the closing rates of exchange. The Consolidated
Income Statement results are translated at an average exchange rate, recalculated for each month at that month’s closing ratefrom the equivalent for the preceding month.

Where separate performance obligations are identified in a single contract, total revenue is allocated on the basis of relative
stand-alone selling prices to each performance obligation, or management’s best estimate of relative value where stand-alone
selling prices do not exist.

Foreign exchange differences arising from the translation of opening net investments in foreign subsidiaries at the closing rate
are taken directly to the translation reserve. In addition, foreign exchange differences arising from retranslation of the foreignsubsidiaries’ results from monthly average rate to closing rate are also taken directly to the Group’s translation reserve.

Revenue is measured at the fair value of consideration received or receivable and represents amounts receivable for goods
and services provided in the normal course of business, net of discounts, VAT and other sales-related taxes, and provisions for
returns and cancellations. Revenue for each category type of revenue is typically fixed at the date of the order and is not variable.

Where a disposal of a foreign subsidiary occurs the translation differences are recognised in the Consolidated Income
Statement in the financial year that the disposal occurs.

Payments received in advance of the satisfaction of a performance obligation are held as deferred income until the point at
which the performance obligation is satisfied. Aside from an immaterial amount which is separately disclosed on the faceof the Consolidated Balance Sheet under non-current liabilities and relates to payment in advance received for biennial
and triennial events and exhibitions, deferred income balances included in current liabilities at the year end reporting date
will be recognised as revenue within 12 months. Therefore, the aggregate amount of the transaction price in respect ofperformance obligations that are unsatisfied at the year end reporting date is the deferred income balance which will besatisfied within one year.

The translation movements on matched long-term foreign currency borrowings, and derivative financial instruments
qualifying as hedging instruments under IFRS 9 Financial Instruments, are also taken to the translation reserve, to the extent
the hedge is effective. The Group treats specific inter company loan balances, which are not intended to be repaid in theforeseeable future, as part of its net investment. The gain or loss relating to the ineffective portion is recognised immediately
in profit or loss and is included in the finance costs line item. Gains and losses on the hedging instrument accumulated in thetranslation reserve are reclassified to profit or loss on the disposal or partial disposal of the foreign operation.
Goodwill and fair value adjustments arising on the acquisition of a foreign entity are treated as assets and liabilities of theforeign entity and translated at the acquisition closing rate. This is then revalued at the year end rate with any foreign exchange
difference taken directly to the translation reserve.

Business combinations
The acquisition of subsidiaries and other asset purchases that are assessed as meeting the definition of a business under therules of IFRS 3 Business Combinations are accounted for using the acquisition method. The consideration for each acquisition ismeasured at the aggregate of fair values of assets given, liabilities incurred or assumed, and equity instruments issued by theGroup in exchange for control of the acquiree. If the accounting for business combinations involves provisional amounts,
which are finalised in a subsequent reporting period during the 12-month measurement period as permitted under IFRS 3,
restatement of these provisional amounts may be required in the subsequent reporting period. Acquisitions by the Group
could be subject to post-acquisition adjustments; therefore, as permitted by IFRS 3, acquisitions have been accounted for using
a provisional accounting basis. Acquisition and integration costs incurred are expensed and included in adjusting items in theConsolidated Income Statement.
If the business combination is achieved in stages, the acquisition-date fair value of the acquirer’s previously held equity interestin the acquiree is remeasured to fair value at the acquisition date through the Consolidated Income Statement. If the businesscombination is achieved with less than 100% control, non-controlling interest is valued at fair value within equity.
Any contingent consideration to be transferred by the acquirer will be recognised at fair value at the acquisition date.
Subsequent changes to the fair value of the contingent consideration, which is classified as a financial liability that is within
the scope of IFRS 9, will be recognised in the Consolidated Income Statement.
Goodwill is initially measured at cost, being the excess of the aggregate of the consideration transferred and the amountrecognised for non-controlling interests over the net identifiable assets acquired and liabilities assumed. If this consideration
is lower than the fair value of the net assets of the subsidiary acquired, the difference is recognised in the Consolidated Income

158

Revenue type

Performance obligations

Revenue recognition accounting policy

Timing of customer payments

Exhibitor
and related
services

Provision of services
associated with exhibitionand conference events,
including virtual events.

Performance obligations are satisfied at the point oftime that services are provided to the customer withrevenue recognised when the event has taken place.

Payments for events are normally received
in advance of the event dates, which are
typically up to 12 months in advance of theevent date, and are held as deferred income
until the event date.

Subscriptions

Provision of journals andonline information services
that are provided on aperiodic basis or updated ona real-time basis.

Performance obligations are satisfied both at a point
in time, with revenue recognised at that point andover time, with revenue recognised straight line overthe period of the subscription.

Subscription payments are normallyreceived in advance of the commencementof the subscription period, which is typicallya 12-month period, and are held as deferredincome.

Transactional
sales

Provision of books andspecific publications inprint or digital format.

Revenue is recognised at the point of time whencontrol of the product is passed to the customer orthe information service has been provided. Control ispassed to the customer when the goods have beendelivered to them.

Transactional sales to customers are
typically on credit terms and customers pay
according to these terms.

Attendeerevenue

Provision of exhibition orconference events.

Performance obligations are satisfied at the point oftime that the event is held, with attendee revenue
recognised at this date.

Payments by attendees are normallyreceived either in advance of the event date
and are held as deferred income until theevent date, or at the event.

Marketing and Provision of advertising andmarketing services.
advertising
services

Performance obligations are satisfied over the periodof the advertising subscription or over the period
when the marketing services are provided. Revenue isrecognised on a straight-line basis over thesubscription period.

Payment for such services are normallyreceived in advance of the marketingor advertising period and are held
as deferred income until the services
are provided.

Sponsorshiprevenue

Revenue relating to sponsorship at eventsis recognised on a point of time basis at theevent date.

Payments for such services are normallyreceived in advance of the sponsorship
period and are held as deferred income
until the services are provided.

Provision of event
sponsorship.

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Notes to the Consolidated Financial Statements
for the year ended 31 December 2023 continued
2. Significant accounting policies continued
Revenue relating to barter transactions is recorded at the fair value of the goods or services received from the customer, andthe timing of recognition is in line with the above. Expenses from barter transactions are also recorded at their fair value andrecognised as incurred. Barter transactions typically involve the trading of show space or conference places in exchange forservices provided at events or media advertising.
There are no material contract assets arising on work performed in order to deliver performance obligations. Where there are
incremental costs of obtaining a contract, the Company has elected to apply the practical expedient in IFRS 15 which permits
those costs to be expensed when incurred. See Notes 4 and 5 for further details of revenue by type, business segment andgeographic location.

Pension costs and pension scheme arrangements
Certain Group companies operate defined contribution pension schemes for colleagues. The assets of the schemes are held
separately from the individual companies. The pension cost charge associated with these schemes represents contributions
payable and is charged as an expense when incurred.
The Group also operates funded defined benefit schemes for colleagues. The cost of providing these benefits is determinedusing the Projected Unit Credit Method, with actuarial valuations being carried out at regular intervals. There is no service cost
due to the fact that these schemes are closed to future accruals. Net interest is calculated by applying a discount rate to the
opening net defined benefit liability or asset and is shown in finance costs, and the administration costs are shown as acomponent of operating expenses. Actuarial gains and losses are recognised in full in the period in which they occur, outsideof the Consolidated Income Statement and in the Consolidated Statement of Comprehensive Income.
The retirement benefit obligation recognised in the Consolidated Balance Sheet represents the actual deficit or surplus in theGroup’s defined benefit plans under IAS 19. Any surplus resulting from this calculation is limited to the present value of any
economic benefits available in the form of refunds from the plans or reductions in future contributions to the plans.

Share-based payments
The Group issues equity-settled share-based payment awards to certain colleagues. These are measured at fair value at dateof grant. An expense is recognised to spread the fair value of each award over the vesting period on a straight-line basis, after
allowing for an estimate of awards that will not vest. At each balance sheet date, the Group revises its estimate of the numberof equity instruments expected to vest. The impact of the revision on the original estimates, if any, is recognised in theConsolidated Income Statement such that the cumulative expense reflects the revised estimate. Non-market vesting
conditions are taken into account by adjusting the number of awards expected to vest at each reporting date so that the
cumulative amount recognised over the vesting period uses the number of awards that eventually vest. Market vesting
conditions are factored into the fair value of awards at grant date. As long as all other vesting conditions are satisfied, a charge
is made irrespective of whether the market vesting conditions are satisfied and there is not an adjustment for failure to achievea market vesting condition.
Own shares are deducted in arriving at total equity and represent the cost of the Company’s ordinary shares acquired by the
Employee Share Trust and ShareMatch in connection with certain of the Group’s colleague share schemes.

Interest income
Interest income is recognised on an accruals basis, by reference to the principal outstanding and at the effective
interest rate applicable. Cash flows from interest income are included as part of investing activities in the Consolidated
Cash Flow Statement.

Taxation
The tax expense represents the sum of the current tax payable and deferred tax. Current tax is based on taxable profit for
the year. Taxable profit differs from profit before tax as reported in the Consolidated Income Statement because it excludes
items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable
or deductible. The Group’s liability for current tax is calculated using tax rates that have been enacted or substantively
enacted by the reporting date.
A current tax provision is recognised when the Group has a present obligation as a result of a past event and it is probable that
the Group will be required to settle that obligation. The provision is the best estimate of the consideration required to settle
the present obligation at the balance sheet date, taking into account the risks and uncertainties surrounding the obligation.
Deferred tax is the tax expected to be payable or recoverable on differences between the carrying amounts of assets andliabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit, and isaccounted for using the balance sheet liability method. Deferred tax liabilities are generally recognised for all taxable160

temporary differences and deferred tax assets are recognised to the extent that it is probable that taxable profits will beavailable against which deductible temporary differences can be utilised. Such assets and liabilities are not recognised if thetemporary difference arises from the initial recognition of goodwill or from the initial recognition of other assets and liabilities(other than in a business combination) in a transaction that affects neither the tax nor accounting profit. To the extent that
goodwill is tax deductible, where a taxable temporary difference arises from the subsequent tax deductible amounts, theassociated deferred tax liability is recognised.
Deferred tax is calculated for all business combinations in respect of intangible assets and other assets that are part of thefair value exercise. A deferred tax liability is recognised to the extent that the fair value of the assets for accounting purposes
exceeds the value of those assets for tax purposes and will form part of the associated goodwill on acquisition. Deferred tax
liabilities are recognised for taxable temporary differences arising on investments in subsidiaries and associates except where
the Group is able to control the reversal of the temporary difference and it is probable that the temporary difference will notreverse in the foreseeable future.
The carrying amount of deferred tax assets is reviewed at each reporting date and reduced to the extent that it is no longer
probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is
calculated at the tax rates that are substantively enacted at the reporting date in relation to the period when the liability is
expected to be settled or the asset is expected to be realised.
Deferred tax assets and liabilities are offset when there is a legally enforceable right to set off current tax assets against
current tax liabilities and when they relate to income taxes levied by the same taxation authority and the Group intends tosettle its current tax assets and liabilities on a net basis.
Current and deferred tax are recognised in the Consolidated Income Statement, except when they relate to items that arerecognised in other comprehensive income or directly in equity, in which case the current and deferred tax are also recognisedin other comprehensive income or directly in equity respectively. Where current tax or deferred tax arises from the initialaccounting for a business combination, the tax effect is included in the accounting for the business combination.
The Group is a multinational group with tax liabilities arising in many geographic locations. This inherently leads to complexity
in the Group’s tax structure. Therefore, the calculation of the Group’s current tax liabilities and tax expense necessarily
involves a degree of estimation and judgement in respect of items whose tax treatment cannot be finally determined until
resolution has been reached with the relevant tax authority or, as appropriate, through a formal legal process. The resolutionof issues is not always within the control of the Group and issues can, and often do, take many years to resolve.
Payments in respect of tax liabilities for an accounting period result from payments on account and on the final resolutionof open items. As a result, there can be differences between the tax charge in the Consolidated Income Statement and tax
payments. The final resolution of certain of these items may give rise to profit and loss and/or cash flow variances.
Any difference between expectations and the actual future liability is accounted for in the period identified.

Goodwill
Goodwill arises from the acquisition of a subsidiary or business and is calculated as the excess of the purchase consideration
over the fair value of identifiable assets and liabilities acquired at the date of acquisition. Goodwill also includes amounts
corresponding to deferred tax liabilities recognised in respect of acquired intangible assets. It is recognised as an asset at cost,assessed for impairment at least annually and subsequently measured at cost less any accumulated impairment losses.
Any impairment is recognised immediately in the Consolidated Income Statement and is not subsequently reversed.
On disposal of a subsidiary or business, the attributable goodwill is included in the determination of the profit or loss on
disposal. Fair value measurements are based on provisional estimates and may be subject to amendment within one yearof the acquisition in line with IFRS 3 Business Combinations, resulting in an adjustment to goodwill.
Goodwill is tested for impairment annually, or more frequently when there is an indication that it may be impaired, at thesegment level. This represents an aggregation of the cash generating units (CGUs) and reflects the level at which goodwill ismonitored in the business. At each reporting date, the Group reviews the composition of its CGUs to reflect the impact ofchanges to cash inflows associated with reorganisations of its management and reporting structure.
Where an impairment test is performed, the carrying value is compared with the recoverable amount which is the higher of thevalue in use and the fair value less costs to sell. Value in use is the present value of future cash flows and is calculated using a
discounted cash flow analysis based on the cash flows of the CGU compared with the carrying value of that CGU, including
goodwill. The Group estimates the discount rates as the risk-adjusted cost of capital for the particular CGU. Fair value less costs
to sell is the amount that a market participant would pay for the asset or CGU less the costs of sale and uses an income-based
approach calculated using a discounted cash flow analysis based on the cash flows of the CGU on a post-tax basis. If therecoverable amount of the CGU or group of CGUs is less than the carrying amount of the unit, the impairment loss is allocatedfirst to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on thebasis of the carrying amount of each asset in the unit.

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Notes to the Consolidated Financial Statements
for the year ended 31 December 2023 continued
2. Significant accounting policies continued

LeasesIn undertaking the impairment testing at 31 December 2023 management considered its view on the likely outcome frompotential climate change scenarios, and after taking account of the materiality of the expected impact, did not view there to be
any adjustment needed to the cash flow forecasts or long-term growth rates used in the testing.

The Group as lessee

Intangible assets
Intangible assets are initially measured at cost. For intangible assets acquired in business combinations, cost is calculated
based on the Group’s valuation methodologies. These assets are amortised over their estimated useful lives on a straight line
basis, as follows:Book lists

20 years1

Journal titles

20 years1

Brands and trademarks

5 – 30 years

Customer relationship databases

5 – 30 years

Intellectual property

5 – 30 years

Software3 – 10 years

Product development

3 – 5 years

1. Or licence period if shorter

Software which is not integral to a related item of hardware is included in intangible assets. Capitalised internal-use software
costs include external direct costs of materials and services consumed in developing or obtaining the software, and payroll andother direct costs for employees who devote substantial time to the project. Capitalisation of these costs ceases when the
project is substantially complete and available for use. These costs are amortised on a straight line basis over their expected
useful lives.
Product development expenditure is capitalised as an intangible asset only if all of the certain conditions are met, with all
research costs and other development expenditure being expensed when incurred. The capitalisation criteria are as follows:• An asset is created that can be separately identified, and which the Group intends to use or sell
• It is technically feasible to complete the development of the asset for use or sale
• It is probable that the asset will generate future economic benefit• The development cost of the asset can be measured reliably
Software and product development expenditure that is part of a Software-as-a-Service (SaaS) arrangement that conveys to
the Group only the right to receive access to the supplier’s application software in the future is a service contract and is notshown as an intangible asset. Similarly, the costs of configuring or customising the supplier’s application software in a SaaSarrangement that is determined to be a service contract is not shown as an intangible asset with such costs being expensed
as incurred; the exception being if the spend resulted in an ‘identifiable’ asset that meets the recognition criteria in IAS 38
Intangible Assets.
The expected useful lives of intangible assets are reviewed annually. The Group does not have any intangible assets withindefinite useful lives (excluding goodwill).

Property and equipment
Property and equipment is recorded at cost less accumulated depreciation and provision for impairment. Depreciation isprovided to write off the cost less the estimated residual value of property and equipment on a straight-line basis over theestimated useful lives of the assets.
Freehold land is not depreciated. The rates of depreciation on other assets are as follows:
Freehold buildings

50 years

Leasehold land and buildings including right-of-use assets

Shorter of useful economic life or life of the lease

Equipment, fixtures and fittings

3–5 years

The gain or loss arising on the disposal or retirement of an asset is determined as the difference between the net sale proceeds
and the carrying amount of the asset and is recognised in the Consolidated Income Statement.

162

The Group assesses whether a contract is or contains a lease at inception of the contract. The Group recognises a right-of-use
asset and a corresponding lease liability with respect to all lease arrangements in which it is the lessee, except for short-termleases (defined as leases with a lease term of 12 months or less) and leases of low value assets (such as tablets and personal
computers, small items of office furniture and telephones). For these leases, the Group recognises the lease payments directlyin the Consolidated Income Statement as expenses.
The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date,using the discount rate implicit within the lease. Where a discount rate is not implicit in the lease, an incremental borrowing
rate reflecting the risk profile of the underlying asset and the term of the lease length is calculated. The lease liability ispresented as a separate line in the Consolidated Balance Sheet. The lease liability is subsequently measured by increasing thecarrying amount to reflect interest on the lease liability (using the discount rate used at commencement) and by reducing thecarrying amount to reflect the lease payments made.
The Group remeasures the lease liability (and makes a corresponding adjustment to the related right-of-use asset) whenever:• A lease contract is modified and the lease modification is not accounted for as a separate lease, in which case the leaseliability is remeasured based on the lease term of the modified lease by discounting the revised lease payments using
a revised discount rate at the effective date of the modification• The lease payments change due to changes in an index, rate or expected payments, in which case the lease liability
is remeasured by discounting the revised lease payments using an unchanged discount rate at the effective date of themodification. If the change in lease payments arises from a change in floating interest rates, then a revised discount rateis usedRight-of-use assets comprise the initial measurement of the corresponding lease liability and any lease payments made at or
before the commencement date, less any lease incentives received and vacant property provisions. They are subsequently
measured at cost less accumulated depreciation and impairment losses. Right-of-use assets are depreciated over the expectedlease term of the underlying asset. The depreciation starts at the commencement date of the lease. Right-of-use assets arepresented as a separate line in the Consolidated Balance Sheet. The Group applies IAS 36 to assess whether a right-of-use
asset is impaired and accounts for any identified impairment loss against the right-of-use asset.
IFRS 16 requires certain judgements and estimates to be made. The most significant of these relate to the discount rates
used and the term of the lease life. However, these are not considered a critical accounting judgement or key source of
estimation uncertainty.
Discount rates are calculated on a lease-by-lease basis. For most leases, the rate used is a portfolio rate, based on estimatesof incremental borrowing costs. The portfolio of rates depends on the territory of the relevant lease, hence the currency used,
and the weighted average lease term. As a result, reflecting the breadth of the Group’s lease portfolio, a level of judgement isrequired in selecting the most appropriate discount rate. The standard permits the adoption of a portfolio approach whereby
a single group guarantee discount rate can be used for leases of a similar nature; therefore, this practical expedient has beenused where appropriate.
IFRS 16 defines the lease term as the non-cancellable period of a lease together with the options to extend or terminate a lease
if the lessee were reasonably certain to exercise that option. Where a lease includes the option for the Group to extend thelease term, the Group makes a judgement as to whether it is reasonably certain that the option will be taken, and an assumed
expiry date is determined. Where there are extension options on specific leases and the assumed expiry date is determined tohave changed, the lease term is reassessed. This reassessment of the remaining life of the lease could result in a recalculationof the lease liability and the right-of-use asset and potentially result in a material adjustment to the associated balancesof depreciation and lease interest.

The Group as lessor
Leases for which the Group is a lessor are classified as finance or operating leases. Whenever the terms of the lease transfer
substantially all the risks and rewards of ownership to the lessee, the contract is classified as a finance lease. All other leases
are classified as operating leases.
When the Group is an intermediate lessor, it accounts for the head lease and the sub-lease as two separate contracts.
The sub‑lease is classified as a finance or operating lease by reference to the right-of-use asset arising from the head lease.
Rental income from operating leases is recognised directly in the Consolidated Income Statement. The Group acts as a lessor
only when office properties leased by the Group have been vacated and subsequently sub-let to third parties.

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Notes to the Consolidated Financial Statements
for the year ended 31 December 2023 continued
2. Significant accounting policies continued
Amounts due from lessees under finance leases are recognised as finance lease receivables at the amount of the Group’s
present value of the lease receipts. The finance lease receivable is subsequently measured by increasing the carrying amountto reflect interest on the finance lease receivable (using the discount rate used at commencement) and by reducing thecarrying amount to reflect the lease payments received.

Impairment of tangible and intangible assets
At each reporting date, the Group reviews the carrying amounts of its tangible and intangible assets to determine whether
there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable
amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where the asset does not
generate cash flows that are independent from other assets, the Group estimates the recoverable amount of the CGU to which
the asset belongs.
The recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimatedfuture cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessmentsof the time value of money and the risks specific to the asset, for which the estimates of future cash flows have not beenadjusted. Fair value less costs to sell uses an income-based approach to calculate a value.
If the recoverable amount of an asset (or CGU) is estimated to be less than its carrying amount, the carrying amount of theasset (or CGU) is reduced to its recoverable amount. An impairment loss is recognised as an expense immediately, unless therelevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Other investments
Other investments are entities over which the Group does not have significant influence (typically where the Group holds lessthan 20% interest in the voting interests of the entity). Other investments are classified as assets held at fair value throughprofit and loss under IFRS 9, with changes in fair value reported in the Consolidated Income Statement.

Inventory
Inventory is stated at the lower of cost and net realisable value. Cost comprises direct materials and expenses incurred inbringing the inventory to its present location and condition. Net realisable value represents the estimated selling price lessmarketing and distribution costs expected to be incurred. Pre-publication costs are included in inventory, representing costs
incurred in the origination of content prior to publication. These are expensed systematically, reflecting the expected sales
profile over the estimated economic lives of the related products (typically over four years).

Subsequent recoveries of amounts previously written off are credited against the provision account. Changes in the carrying
amount of the provision are recognised in the Consolidated Income Statement.
For all other financial instruments, the Group recognises lifetime ECL when there has been a significant increase in credit risk
since initial recognition. However, if the credit risk on the financial instrument has not increased significantly since initialrecognition, the Group measures the loss allowance for that financial instrument at an amount equal to 12-month ECL.
Lifetime ECL represents the expected credit losses that will result from all possible default events over the expected life of afinancial instrument. In contrast, 12-month ECL represents the portion of lifetime ECL that is expected to result from default
events on a financial instrument that are possible within 12 months after the reporting date.

Financial liabilities and equity instruments issued by the Group
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements
entered into.
An equity instrument is any contract that evidences a residual interest in the assets of the Group after deducting all of its
liabilities. Equity instruments issued by the Group are recorded at the proceeds received, net of direct issue costs.

Borrowings
Interest-bearing loans are recorded at the proceeds received, net of direct issue costs and stated at amortised cost using theeffective interest rate method. The amortised cost calculation is revised when necessary to reflect changes in the expectedcash flows and the expected life of the borrowings, including the effects of the exercise of any prepayment, call or similar
options. Any resulting adjustment to the carrying amount of the borrowings is recognised as finance costs in the Consolidated
Income Statement. Cash flows relating to finance costs are included in operating activities in the Consolidated Cash
Flow Statement.

Net debt
Net debt consists of cash and cash equivalents and includes bank overdrafts, borrowings, derivatives associated with debt
instruments, finance leases, lease liabilities, deferred borrowing fees and other loan receivables or loan payables, excluding ineither case fair value through profit and loss items and amounts in escrow, where these are interest bearing and do not relate
to deferred consideration arrangements for acquisitions or disposals.

Debt issue costs
Debt issue costs, including premium payable on settlement or redemption, are accounted for on an accrual basis in theConsolidated Income Statement using the effective interest rate method. These costs are added to the carrying amountof the instrument to the extent that they are not settled in the period in which they arise.

Financial assets

Trade and other payables

Financial assets are recognised in the Group’s Consolidated Balance Sheet when the Group becomes a party to the contractual
provisions of the instrument.

Trade payables and other payables are initially measured at fair value, and are subsequently measured at amortised cost,using the effective interest rate method.

Other financial liabilities

Trade and other receivables
Trade and other receivables without a significant financing component are initially measured at the transaction price and aresubsequently measured at amortised cost using the effective interest rate method, less any impairment. Further details on theGroup’s loss allowance considerations can be found in Note 31(f).

Other financial liabilities are initially measured at fair value, net of transaction costs. Other financial liabilities are subsequently
measured at amortised cost using the effective interest rate method, as set out above, with interest expense recognised onan effective yield basis.

Derivative financial instruments and hedge accounting

Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and balances with banks and similar institutions. Cash equivalents comprisebank deposits and money market funds, which are readily convertible to known amounts of cash and have a maturity of threemonths or less, are subject to an insignificant risk of changes in value and there is a reasonable expectation that these funds
will be used for meeting the short-term cash commitments of the Group.

Impairment of financial assets
The Group recognises lifetime expected credit losses (ECL) for trade receivables and lease receivables. The ECL on thesefinancial assets are estimated based on the Group’s historical credit loss experience, adjusted for factors that are specific tothe debtors, general economic conditions and an assessment of both the current as well as the forecast direction of conditions
at the reporting date, including time value of money where appropriate. The carrying amount is reduced by the ECL throughthe use of a provision account. When a trade receivable is considered uncollectible, it is written off against theprovision account.

The Group’s activities expose it primarily to the financial risks of changes in foreign currency exchange rates and interest rates.
The derivative instruments utilised by the Group to hedge these exposures are cross currency interest rate swaps. The Group
does not use derivative contracts for speculative purposes.
Derivatives are initially recognised at fair value at the date a derivative contract is entered into and are subsequently
remeasured to their fair value at each reporting date. The resulting gain or loss is recognised in profit or loss immediately
unless the derivative is designated and effective as a hedging instrument, in which event the timing of the recognition in profit
or loss depends on the nature of the hedge relationship. A derivative with a positive fair value is recognised as a financial asset
whereas a derivative with a negative fair value is recognised as a financial liability. Derivatives are not offset in the Consolidated
Financial Statements unless the Group has both a legally enforceable right and intention to offset.
The Group designates certain derivatives as either:• Hedges of a particular risk associated with a recognised asset or liability or a highly probable forecast transaction(cash flow hedge)• Hedges of a net investment in a foreign operation (net investment hedge)

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Inf

Notes to the Consolidated Financial Statements
for the year ended 31 December 2023 continued
2. Significant accounting policies continued

Alternative performance measures

The Group designates and documents at the inception of the transaction the relationship between hedging instruments andhedged items, as well as its risk management objectives and strategy for undertaking various hedging transactions.
Furthermore, at the inception of the hedge and on an ongoing basis, the Group documents whether the hedging instrument
is highly effective in offsetting changes in fair values or cash flows of the hedged item attributable to the hedged risk, which
is when the hedging relationship meets all of the following hedge effectiveness requirements:

In addition to the statutory results, adjusted results are prepared for the Consolidated Income Statement, including adjusted
operating profit and adjusted diluted earnings per share, as the Board considers these non-GAAP measures to be a useful andalternative way to measure the Group’s performance in a way that is comparable to the prior year. See the Glossary on page237 for definitions of non-GAAP measures, which includes adjusted measures shown in Notes 7 and 14.

• There is an economic relationship between the hedged item and the hedging instrument

Standards and interpretations adopted in the current year

• The effect of credit risk does not dominate the value changes that result from that economic relationship• The hedge ratio of the hedging relationship is the same as that resulting from the quantity of the hedged item that theGroup actually hedges and the quantity of the hedging instrument that the Group actually uses to hedge that quantityof hedged item
If a hedging relationship ceases to meet the hedge effectiveness requirement relating to the hedge ratio but the risk
management objective for that designated hedging relationship remains the same, the Group adjusts the hedge ratioof the hedging relationship (i.e. rebalances the hedge) so that it meets the qualifying criteria again.
The Group elects to exclude foreign currency basis from the designation of the financial instrument, applying the cost ofhedging approach. The amounts accumulated in the cost of hedging reserve is reclassified to profit or loss in line with thealigned hedged item.

Cash flow hedge
Changes in fair value of derivative financial instruments that are designated, and effective, cash flow hedges of forecast
transactions are recognised in other comprehensive income and accumulated under the heading of cash flow hedging reserve,
limited to the cumulative change in fair value of the hedged item from inception of the hedge. The gain or loss relating to theineffective portion is recognised immediately in profit or loss.
The cumulative amount recognised in other comprehensive income and accumulated in equity is reclassified into theConsolidated Income Statement out of other comprehensive income in the same period when the hedged item is recognised
in profit or loss.

Hedges of net investment in foreign operations
Hedges of net investment in foreign operations are accounted for similarly to cash flow hedges. Any gain or loss on the hedging
instrument in relation to the effective portion of the hedge is recognised in other comprehensive income and accumulated in
the foreign currency translation reserve. The gain or loss relating to the ineffective portion is recognised immediately in theConsolidated Income Statement. Gains and losses on the hedging instrument relating to the effective portion of the hedge
accumulated in the foreign currency translation reserve are reclassified to profit or loss when the hedged item is disposed of.

Discontinuation of hedge accounting
Hedge accounting is discontinued when the hedge instrument expires or is sold, terminated or exercised, or no longer qualifies
for hedge accounting; the discontinuation is accounted for prospectively. At that time, any cumulative gain or loss on thehedging instrument recognised in equity is retained in equity until the forecast transaction occurs. If a hedged transaction is nolonger expected to occur, the net cumulative gain or loss recognised in equity is transferred to the Consolidated Income
Statement in the period.
A derivative is presented as a non-current asset or a non-current liability if the remaining maturity of the instrument is morethan 12 months and it is not expected to be realised or settled within 12 months. Other derivatives are presented as current
assets or current liabilities. Further details of derivative financial instruments are disclosed in Notes 22 and 31.

Adoption of new and revised International Financial Reporting Standards (IFRSs)
The following new standards and interpretations have been adopted in the current year, effective as of 1 January 2023:• IFRS 17 (including the June 2020 and December 2021 Amendments to IFRS 17) – Insurance Contracts• Amendments to IFRS 10 and IAS 28 – Sale or Contribution of Assets between an Investor and its Associate or Joint Venture• Amendments to IAS 1 – Classification of Liabilities as Current or Non-current• Amendments to IAS 1 and IFRS Practice Statement 2 – Disclosure of Accounting Policies• Amendments to IAS 8 – Definition of Accounting Estimates• Amendments to IAS 12 – Deferred Tax related to Assets and Liabilities arising from a Single Transaction, and International Tax
Reform – Pillar Two Model Rules. The Group has applied the temporary exception under IAS 12 Deferred Tax related to theaccounting for deferred taxes arising from the implementation of the Pillar two rules.
The adoption of the above standards and interpretations is not expected to lead to any changes to the Group’s accounting
policies or have any material impact on the financial position or performance of the Group.
All other amendments of IFRSs have not led to any changes to the Group’s accounting policies or had any material impact on
the financial position or performance of the Group. Other amendments and interpretations to IFRSs effective for the period
ended 31 December 2023 have had no impact on the Group.

Standards and interpretations in issue, but not yet effective
At the date of authorisation of these financial statements, the following standards and interpretations which have not been
applied in these financial statements were in issue but have not yet come into effect:• Amendments to IFRS 16 – Leases on Sale and Leaseback
The adoption of the above standards and interpretations is not expected to lead to any changes to the Company’s accounting
policies or have any material impact on the financial position or performance of the Company.

3. Critical accounting judgements and key sources of estimation uncertainty
In the application of the Group’s accounting policies, which are described in Note 2, the Directors are required to makejudgements and estimates about the carrying amounts of assets and liabilities that are not readily apparent from othersources. The estimates and associated assumptions are based on historical experience and other relevant factors.
Actual results may differ from these estimates.

Critical accounting judgements
In addition to the judgement taken by the Group in selecting and applying the accounting policies set out above, the Directors
have made the following judgements concerning the amounts recognised in the Consolidated Financial Statements. There areno additional critical accounting judgements and key sources of estimation uncertainty relating to climate-related risks.

Provisions
Provisions are recognised when the Group has a present obligation (legal or constructive) as a result of a past event, and it isprobable that the Group will be required to settle that obligation. Provisions are measured at management’s best estimate of
the expenditure required to settle the obligation at the reporting date, and are discounted to present value where the effectis material. Any difference between the amounts previously recognised and the current estimates is recognised immediately
in the Consolidated Income Statement.
Restructuring provisions are recognised when the Group has a detailed formal plan for the restructuring that has beencommunicated to the affected parties. Acquisition and integration provisions are recognised when there is a commitment tosettle an obligation relating to expenditure incurred on acquisition-related items or integration items of spend that relate to an
acquisition. Onerous contract provisions are recognised when it is determined that the cost to fulfil the contract is higher thanthe economic benefit to be obtained from it.

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Inf

Notes to the Consolidated Financial Statements
for the year ended 31 December 2023 continued
3. Critical accounting judgements and key sources of estimation uncertainty continued

4. Revenue

Identification of adjusting items

An analysis of the Group’s revenue by type is set out below; refer to the accounting policy in note 2 on revenue for an
explanation of the nature of revenue types, their timing and related expected cash flows, and any uncertainties and significant
payment terms.

The Group provides adjusted results and underlying measures in addition to statutory measures, in order to provide additional
useful information on business performance trends to shareholders. The Board considers these non-GAAP measures as an
appropriate way to measure the Group’s performance because it aids comparability to the prior year, to other companies thattreat specific items as adjusting items and given the size of these items and variability from one year to the next.
The terms ‘adjusted’ and ‘underlying’ are not defined terms under IFRS and may not therefore be comparable with similarly
titled measurements reported by other companies. Management is therefore required to exercise its judgement inappropriately identifying and describing these items. These measures are not intended to be a substitute for, or superior to,
IFRS measurements.
The Financial Review provides reconciliations of alternative performance measures (APMs) to statutory measures and provides
the basis of calculation for certain APM metrics. These APMs are provided on a consistent basis with the prior year.

Estimation uncertainty
As at the year ended 31 December 2023, the Group noted three key sources of estimation uncertainty. As set out in Note 15, noreasonably possible change in assumptions for the goodwill impairment assessment would give rise to an impairment, andtherefore the cash flow forecasts for the impairment assessment of goodwill are no longer assessed to be a key source of
estimation uncertainty at 31 December 2023.

Year ended 31 December 2023
InformaMarkets£m

InformaTech£mInforma
Connect£mTaylor &Francis
£m

Total
£m

1,498.3

Continuing operations
1,309.4

85.1

103.8

–

Subscriptions

34.8

58.7

144.0

346.1

583.6

Transactional sales

4.3

26.5

45.6

272.0

348.4

Attendee

74.8

54.4

164.8

–

294.0

Marketing and advertising services

91.0

116.3

36.0

0.9

244.2

Sponsorship

79.0

55.7

86.4

–

221.1

1,593.3

396.7

580.6

619.0

3,189.6

InformaMarkets1£m

InformaTech£mInforma
Connect1£mTaylor &Francis
£m

Total
£m

Exhibitor

708.7

63.5

48.0

–

820.2

Subscriptions

27.7

57.2

121.9

325.9

532.7

Transactional sales

5.4

27.5

37.8

266.8

337.5

Exhibitor

Total

Year ended 31 December 2022 (re-presented)

Details of the three key sources of estimation uncertainty are outlined below.

Measurement of retirement benefit obligations
The measurement of the retirement benefit obligation and surplus involve the use of a number of assumptions. The mostsignificant of these relate to the discount rate and mortality assumptions where reasonable changes to these estimates could
result in a material adjustment to the retirement benefit obligations within the next financial year. The most significant scheme
is the UBM Pension Scheme (UBMPS). Note 33 details the principal assumptions which have been adopted following advice
received from independent actuaries and also provides sensitivity analysis with regard to changes to these assumptions.

Continuing operations

Attendee

55.4

51.5

114.4

–

221.3

Valuation of the acquisition intangible assets

Marketing and advertising services

74.4

85.2

23.6

0.9

184.1

Sponsorship

61.7

35.9

69.0

–

166.6

Total

933.3

320.8

414.7

593.6

2,262.4

The valuation of the acquisition intangibles relies on management’s estimate of both royalty rates and attrition rates for Tarsus
and royalty rates for Winsight. A reasonable change to these estimates could cause a material adjustment to the provisional
fair value of these intangibles within the measurement period. Note 17 provides sensitivity analysis for these estimates.

Measurement of retained stake in Pharma Intelligence1 	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

As part of the disposal of Pharma Intelligence in 2022 the Group retained an investment of 15%. Pharma Intelligence wassubsequently merged with Norstella leaving Informa with an effective stake of 6.7% which is held at fair value of £154.4m as
at 31 December 2023. The valuation of the investment involves a number of unobservable inputs with the most significantof these being the discount rate, where a reasonable change to the rate could cause a material adjustment to the fair valueof the investment within the next financial year. The discount rate was calculated using the weighted average cost of capital.
The £154.4m fair value is based on a discount rate of 9.5%. Sensitivities have been run on the discount rate, with a 0.5% change
being considered a reasonable possible change for the purposes of sensitivity analysis. A 10.0% discount rate would result infair value of £138.1m while a discount rate of 9.0% would result in a fair value of £173.1m.

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Inf

Notes to the Consolidated Financial Statements
for the year ended 31 December 2023 continued
5. Business segments

Year ended 31 December 2022 (re-presented)

The Group has identified reportable segments based on financial information used by the Directors in allocating resources andmaking strategic decisions. We consider the chief operating decision maker to be the Executive Directors.

The business segment results for the year ended 31 December 2022 have been re-presented, with no impact on the reported
Consolidated Income Statement, to reflect:

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 a separate segment for thesix‑month period ended 30 June 2023 as the business was not fully integrated into the existing Informa segments. As at
31 December 2023, Tarsus has been integrated within Informa Markets and Informa Connect.

• A change in central cost allocation methodology between business segments which was revised in 2023
• A transfer of the Aesthetics Medicine business from the Informa Markets segment to the Informa Connect segment
For further details on the re-presentation as well as a reconciliation of the continuing business segments, refer to the 2023
Half-Year Results.

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

Year ended 31 December 2023

InformaTech£mInforma
Connect 3£mRevenue

933.3

320.8

Adjusted operating profit before joint ventures and associates1

172.7

55.5

2.1

Adjusted operating profit
Intangible asset amortisation (Note 16)2

Share of adjusted results of joint ventures and associates

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

InformaMarkets£m

InformaTech£mInforma
Connect£mTaylor &Francis
£m

Total
£m

1,593.3

396.7

580.6

619.0

3,189.6

454.7

72.9

102.5

217.9

848.0

5.8

–

–

–

5.8

Adjusted operating profit

460.5

72.9

102.5

217.9

853.8

Intangible asset amortisation (Note 16)2

(179.0)(37.5)(43.4)(52.9)(312.8)

Impairment – acquisition-related and other intangibles(24.5)

(0.3)

(0.3)

–

(25.1)

0.1

(0.3)

0.8

–

0.6

Acquisition costs (Note 7)(15.7)(17.0)(19.7)(0.9)(53.3)

Integration costs (Note 7)

(8.3)

(2.9)

(8.5)

–

(19.7)

Reversal of impairment/(impairment) – IFRS 16 right-of-use assets

Restructuring and reorganisation costs (Note 7)

1.8

1.1

(0.5)

(13.4)(11.0)

Fair value (loss)/gain on contingent consideration (Note 7)

(7.3)

82.4

0.7

(0.2)

75.6

Foreign exchange loss on swap settlement

(2.8)

(0.7)

(1.0)

(1.1)

(5.6)

Credit in respect of unallocated cash
Operating profit

3.3

0.8

1.2

–

5.3

228.1

98.5

31.8

149.4

507.8

Fair value gain on investments

1.3

Profit on disposal of subsidiaries and operations (Note 19)

3.0

Finance income (Note 10)

47.4

Finance costs (Note 11)(67.4)

Profit before tax

492.1

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

InformaMarkets3£mExcludes intangible product development and software amortisation

170

Taylor &Francis
£m

Total
£m

414.7

593.6

2,262.4

57.2

208.8

494.2

–

–

–

2.1

174.8

55.5

57.2

208.8

496.3

(168.6)(27.0)(26.8)(52.9)(275.3)

Impairment – acquisition-related and other intangibles

(6.7)

–

(0.2)

–

(6.9)

Reversal of impairment/(impairment) – IFRS 16 right-of-use assets

2.6

0.1

(3.8)

1.2

0.1

Reversal of impairment/(impairment) – property and equipment

0.4

0.1

(0.1)

0.3

0.7

Acquisition costs (Note 7)(0.1)(11.1)

(0.3)

(0.3)

(11.8)

Integration costs (Note 7)

(0.3)

(1.7)

(8.4)

0.2

(10.2)

Restructuring and reorganisation costs (Note 7)

2.0

0.7

(2.4)

1.3

1.6

Onerous contracts associated with COVID-19 (Note 7)

(5.0)

0.5

(0.2)

–

(4.7)

Fair value loss on contingent consideration (Note 7)

(0.1)

(3.7)

–

(1.9)

(5.7)

Operating (loss)/profit

(1.0)

13.4

15.0

156.7

184.1

Fair value loss on investments(0.9)

Profit on disposal of subsidiaries and operations

11.6

Distributions received from investments

20.6

Finance income (Note 10)

27.5

Finance costs (Note 11)(74.1)

Profit before tax

168.81	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
2

Excludes intangible product development and software amortisation

3	As a result of the Aesthetic Medicine business transferring from Informa Markets to Informa Connect, these figures have been re-presented.
Aesthetic Medicine generated £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

The accounting policies of the reportable segments are the same as the Group’s accounting policies described in Note 2.
Adjusted operating results by operating segment is the measure reported to the Directors for the purpose of resource
allocation and assessment of segment performance. Finance costs and finance income are not allocated to segments, as thistype of activity is driven by the central Treasury function, which manages the cash positions of the Group.

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Financial Statements

Inf

Notes to the Consolidated Financial Statements
for the year ended 31 December 2023 continued
5. Business segments continued

6. Operating expenses and other operating income

Segment assets

Operating profit for continuing operations has been arrived at after charging/(crediting):
31 December
2023£m

31 December
20221
£m

Informa Markets

6,838.7

6,306.0

Informa Connect

1,632.1

998.3

Informa Tech

1,368.2

1,419.6

Taylor & Francis

968.5

959.0

10,807.5

9,682.9

Total segment assets
Unallocated assets
Total assets

716.7

2,462.8

11,524.2

12,145.7

1	As a result of the Aesthetic Medicine business transferring from Informa Markets to Informa Connect, these figures have been re-presented.
Aesthetic Medicine held assets worth £35.9m as at 31 December 2022

For the purpose of monitoring segment performance and allocating resources between segments, the Group monitors the
non-current tangible, intangible and financial assets attributable to each segment. All assets are allocated to reportablesegments except for certain centrally held balances, including cash, some intangible software assets relating to Group
infrastructure, balances receivable from businesses sold and taxation (current and deferred). Assets used jointly by reportablesegments are allocated on the basis of the revenues earned by individual reportable segments.

Geographic information
The Group’s revenue by location of customer and information about its segment assets by geographic location aredetailed below:
RevenueUK
Continental Europe
North America

Segment non-current assets1

2023
£m

2022
£m

2023
£m

2022
£m

188.8

127.8

2,278.3

1,826.4

355.1

304.9

945.0

950.4

1,541.4

1,267.4

4,927.2

4,461.5

China

449.0

99.2

1,767.4

1,818.4

Rest of World

655.3

463.1

224.3

142.5

3,189.6

2,262.4

10,142.2

9,199.2

1

Notes

Cost of sales (excluding staff costs,
depreciation and COVID-19 adjusting items)
Staff costs

8

Auditor’s remuneration for audit services

Adjusted
results
2023£m

Adjusting
items
2023
£m

Statutory
results
2023£m

Adjusted
results
2022£m

Adjusting
items
2022
£m

Statutory
results2022£m

1,123.7–

1,123.7

778.3

–

778.3

900.6

–

900.6

745.8

–

745.8

6.3

–

6.3

3.9

–

3.9

–

13.5

11.7

–

11.7

Depreciation – property and equipment

18

13.5

Depreciation – IFRS 16 right-of-use assets

37

26.3

–

26.3

24.8

–

24.8

Amortisation of other intangible assets

16

41.1

312.8

353.9

35.2

275.3

310.5

Impairment – acquisition-related andother intangibles

7

–

25.1

25.1

–

6.9

6.9

Reversal of impairment – IFRS 16
right-of-use assets

7

–

(0.6)

(0.6)

–

(0.1)

(0.1)

Reversal of impairment – property
and equipment

18

–

–

–

–

(0.7)

(0.7)

Acquisition costs

7

–

53.3

53.3

–

11.8

11.8

Integration costs

7

–

18.2

18.2

–

10.2

10.2

Restructuring and reorganisation costs

7

–

11.0

11.0

–

(1.6)

(1.6)
4.6

Onerous contracts associatedwith COVID-19

7

–

–

–

–

4.6

Fair value gain on contingent consideration

7–(87.6)(87.6)–––

Fair value loss on contingent consideration

7

–

12.0

12.0

–

5.7

5.7

Net foreign exchange loss

7

7.6

5.6

13.2

5.0

–

5.0

Credit in respect of unallocated cash

7

–

(5.3)

(5.3)

–

–

–

222.5

–

222.5

163.5

–

163.5

2,341.6344.5

2,686.1

1,768.2

312.1

2,080.3

Other operating expenses
Total net operating expenses and otheroperating income before share of joint
ventures and associates

Amounts payable to the auditor, PwC LLP (2022: Deloitte LLP) and its associates by the Company and its subsidiary
undertakings are provided below:

Non-current amounts exclude other investments, derivative financial instruments, deferred tax assets and retirement benefit surplus

Fees payable to the Company’s auditor for the audit of the Company’s annual financial statements

No individual customer contributed more than 10% of the Group’s revenue in either 2023 or 2022.

2023
£m

2022
£m

5.0

3.2

Fees payable to the Company’s auditor and its associates for other services to the Group:
1.3

0.7

6.3

3.9

Half-year review

0.3

0.2

Other services

0.1

0.9

Total non-audit fees

0.4

1.1

Audit of the Company’s subsidiaries
Total audit fees
Fees payable to the Company’s auditor for non-audit services comprises:

Fees payable to PwC LLP (2022: Deloitte LLP) and its associates for non-audit services to the Company are included in the
consolidated disclosures above.

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Financial Statements

Inf

Notes to the Consolidated Financial Statements
for the year ended 31 December 2023 continued
6. Operating expenses and other operating income continued

The principal adjusting items are in respect of the following:

The Audit Committee approves all non-audit services within the Company’s policy. The Committee considers that certain
non-audit services should be provided by the external auditor, because its existing knowledge of the business makes this themost efficient and effective way for those non-audit services to be carried out, and does not consider the provision of suchservices to impact the independence of the external auditor in accordance with the FRC’s ‘Revised Ethical Standard 2019’.
In 2023 the non-audit fees paid to PwC LLP totalled £0.4m (2022: £1.1m to Deloitte LLP), which represented 6% (2022: 28%) of
the 2023 audit fee, with £0.3m (2022: £0.2m) relating to the half-year review. £0.9m of the 2022 other services relates to thedivestment of the Intelligence division.

• Intangible asset amortisation is the amortisation charged in respect of intangible assets acquired through businesscombinations or the acquisition of trade and assets. The charge is not considered to be 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 the related business combinations have been included within theadjusted results.

A description of the work of the Audit Committee is set out in the Corporate Governance Statement on pages 111 to 120 andincludes an explanation of how auditor objectivity and independence is safeguarded when non-audit services are provided by
the auditor. No services were provided under contingent fee arrangements.

7. Adjusting items

The following charges/(credits) in respect of continuing operations are presented as adjusting items:
Notes

2023
£m

2022
£m

Intangible asset amortisation1

16

312.8

275.3

Impairment – acquisition-related and other intangible assets

16

25.1

6.9

Reversal of impairment – IFRS 16 right-of-use assets

37

(0.6)

(0.1)

–

(0.7)

Acquisition costs

53.3

11.8

Integration costs

19.7

10.2

Restructuring and reorganisation costs

11.0

(1.6)

Onerous contracts associated with COVID-19–

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–

Continuing operations

Credit in respect of unallocated cash
Adjusting items in operating profit/loss from continuing operations2

(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)

Distributions received from investments
Finance costs

11

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

12

Adjusting items in profit for the year from continuing operations

0.8

1.3

342.5

282.2

(127.0)(54.5)

215.5

227.7

1	Intangible asset amortisation is in respect of acquired intangibles and excludes amortisation of software and product development of £41.1m(2022: £35.2m)
2• Reversal of impairment of right-of-use assets mainly relate to the reopening of previously impaired office properties.
These have been classified as adjusting items based on being infrequent in nature and therefore not being considered
to be part of the usual underlying costs of the Group and to provide comparability of underlying results to prior periods.
• Acquisition and integration costs are costs incurred in acquiring and integrating share and asset acquisitions. These areclassified as adjusting items as these costs relate to M&A activity which is not considered to be part of the usual underlying
activities of the Group.

The Board considers certain items should be recognised as adjusting items (see Glossary on page 237) 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.

Reversal of impairment – property and equipment• 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.

• Restructuring and reorganisation costs are costs incurred by the Group in business restructuring and operating modelchanges and specific and non-recurring legal costs. These have been classified as adjusting items when they relate to specificinitiatives 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 been cancelled 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 and therefore they are adjusted to provide comparability toprior 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 as a result of acquisitions and are not part of the underlying
operations of the business and are therefore adjusted to provide comparability of underlying results to prior periods. It isnoted that the revenue and results 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 not considered to bepart of the Group’s underlying operations and are adjusted to provide comparability to prior periods.
• Credit in respect of unallocated cash relates to a change to the period that unapplied and unallocated cash receipts will beheld on the Consolidated Balance Sheet in certain territories before being released to the Consolidated Income Statement.
The balance recognised in adjusting items is comprises of balances that would have been released in prior periods under therevised methodology and is not expected 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 value of investments
held. This is classified as an adjusting item as it does not relate to the underlying trading operations and performance of theGroup. Hence, results are adjusted to provide comparability to prior periods.
• Profit on disposal of subsidiaries and operations relates to disposals in the current period or subsequent costs or credits
relating to prior disposals. 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 prior periods.
• Distributions from investments are considered to be one-off in nature and are not considered to be part of 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 in Note 12.

Includes £1.5m (2022: £0.1m) relating to joint ventures and associates

174

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Financial Statements

Inf

Notes to the Consolidated Financial Statements
for the year ended 31 December 2023 continued
8. Staff numbers and costs

The movement in the number of awards during the year is as follows:

The monthly average number of persons employed by the Group (including Directors) during the year, analysed by segment,
was as follows:
Average number of
employees

2023
Number ofoptions2022
Number ofoptions

Outstanding as at 1 January

8,202,790

9,349,726

LTIPs granted in the year

2,798,314

2,548,150(3,448,832)

2023

2022

LTIPs exercised in the year

(1,826,371)

Informa Markets

4,982

4,383

LTIPs lapsed in the year

(295,988)(246,254)

Informa Connect

2,206

1,661

Outstanding as at 31 December

8,878,745

8,202,790

Informa Tech

2,053

1,308

Taylor & Francis

3,054

2,866

Exercisable awards included in outstanding number of options as at 31 December

1,468,521

580,324

Continuing operations

12,295

10,218Discontinued operations
Total

–

563

12,295

10,781

Their aggregate remuneration comprised:Year ended 31 December 2023
Continuing Discontinued
operations
operations£m£mYear ended 31 December 2022
Total
£m

Continuing
operations£m

Discontinued
operations
£m

Total
£m

Wages and salaries

782.8

–

782.8

648.4

38.6

687.0

Social security costs

70.6

–

70.6

58.6

6.0

64.6

Pension costs associated with staff charged to operating
profit (Note 33)

26.4

–

26.4

21.7

2.3

24.0

Share-based payments (Note 9)

20.8

–

20.8

17.1

1.0

18.1

Staff costs (excluding adjusting items)

900.6

–

900.6

745.8

47.9

793.7

Redundancy costs1

15.5

–

15.5

(0.6)

0.5

(0.1)

916.1

–

916.1

745.2

48.4

793.6

1

Included within restructuring and reorganisation costs (see Note 7)

The remuneration of the Directors, who are the key management personnel of the Group, is set out below in aggregate foreach of the categories specified in IAS 24 Related Party Disclosures (Note 38). Further information about the remunerationof individual Directors is provided in the audited part of the Remuneration Report on pages 132 to 136.
2023
£m

2022
£m

Short-term employee benefits

2.9

2.9

Post-employment benefits

0.2

0.4

Share-based payments

3.2

3.1

6.3

6.4

9. Share-based payments
The Group recognised total expenses of £20.8m (2022: £18.1m) relating to share-based payment costs in the year ended
31 December 2023 with £14.6m (2022: £12.9m) relating to equity-settled LTIP awards, £1.6m (2022: £1.8m) relating to equitysettled Curinos Management Incentive Plan share awards, £4.1m (2022: £2.9m) relating to equity-settled ShareMatch and£0.5m (2022: £0.5m) relating to Employee Share Purchase Plan (ESPP) awards.

Long-Term Incentive Plan
The Group’s Long-Term Incentive Plan (LTIP) awards granted in January 2023 are part of the Equity Revitalisation Plan (ERP)
restricted share awards which have a three-year vesting period. These awards are subject to a shareholder value underpin: if,
when an award vests, the Informa share price is not above £5.454 for the ERP award, the award will not vest until the shareprice exceeds that price for a period of at least three months. If this has not been achieved within two years from the original
vesting date, no shares will vest and the award will lapse. The grant price used for the valuation of the awards is the closing
share price from the day prior to the allocation grant date. Allocations are equity-settled and will lapse if the colleague leaves
the Group before a grant is exercisable, unless the employee meets certain eligibility criteria.

176

In order to satisfy outstanding share awards granted under the LTIP, the share capital would need to be increased at
31 December 2023 by 8,074,700 shares (2022: 5,541,101 shares) taking account of the 804,045 (2022: 2,661,689) shares held in
the Employee Share Trust (Note 35). The Company will satisfy the awards either through the issue of additional share capital or
the purchase of shares as needed on the open market. The weighted average exercise price for LTIPs exercised during the year
was £6.91 (2022: £6.02). The exercise price for the majority of LTIP awards is 0.1p per share award and the average period to
exercise was 5.7 years (2022: 5.4 years) for awards exercisable at 31 December 2023.
The expected life used in the model has been adjusted, based on the Group’s best estimate, for the effects ofnon‑transferability, exercise restrictions and behavioural considerations.

Curinos Management Incentive Plan (MIP) share awards
Following the acquisition of Novantas Inc. on 28 May 2021 and its combination with the Informa FBX business to form theCurinos business, incentive unit share (MIP) awards were agreed to be issued to Curinos colleagues for the equivalent of
up to 10% of the share capital of the Curinos business.
MIP awards provide holders a payment following a performance event based on the increase in the value of the Curinos
business relative to the initial investment price, as adjusted for the percentage vested for the performance-based element of
the awards. MIP awards are dependent on continued employment during the vesting period, with one third vesting equally
over time and two thirds being subject to a performance criterion related to the level of increase in value of the Curinos
business. Payment is subject to meeting these vesting conditions and follows a performance event, being a sale of theCurinos business or a sale of the Inflexion ownership in Curinos. MIP awards have been valued for IFRS 2 purposes using astochastic Option Pricing modelling approach, using comparable companies to estimate volatility and assuming an expected
life of three years. MIP awards were granted to Curinos colleagues on 9 September 2021. During the year, 2,950,000 awards
were issued, 8,192,233 awards were forfeited and 462,181 awards were repurchased from terminated employees and removed
from the shares which are available for subsequent issuance. The number of awards outstanding under the MIP scheme as at
31 December 2023 was 40,617,205 (2022: 46,321,619). The share-based payment expense in the year ended 31 December 2023
was £1.6m (2022: £1.8m). The awards have an expected weighted average remaining life of 3.0 years (2022: 1.5 years) as at
31 December 2023.

ShareMatch (Share Incentive Plan)
In June 2014, the Company launched ShareMatch, a global Share Incentive Plan, under which eligible colleagues can invest up to
the limit of £1,800 per annum in the Company’s shares. For every one share purchased by the colleague, the Company awards
the participant two matching shares after a three-year period.
Matching shares are subject to forfeiture if the purchased shares are withdrawn from the scheme within three years ofpurchase or if the colleague leaves the Group, unless the reason for leaving is due to restructuring or retirement. In addition,
both the purchased and matching shares are eligible to receive any dividends payable by the Company, which are reinvested
in more shares. Employee subscriptions can be made on a monthly or one-off lump sum basis and matching shares arepurchased on a monthly basis, through a UK Trust. Further details are set out in the remuneration section of thefinancial statements.

Outstanding as at 1 January

2023
ShareMatch
Number ofshare awards

2022
ShareMatch
Number ofshare awards

1,354,338

1,078,742

Purchased in the year

840,329

597,446

Transferred to participants in the year

(304,901)(321,850)

Outstanding as at 31 December

1,889,766

1,354,338

177

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Financial Statements

Inf

Tax
2023
£m

Gross
2022
£m

Tax
2022
£m

Notes to the Consolidated Financial Statements
for the year ended 31 December 2023 continued
10. Finance income

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

Interest income on bank deposits
Interest income from loans receivable

2023
£m

2022
£m

46.7

25.3

Intangible assets amortisation–

1.7

Benefit of goodwill amortisation for tax purposes only

Notes

Gross
2023
£m

7

(312.8)76.8(275.3)

63.4–(14.5)–(13.1)

Interest income from finance lessor leases

0.4

0.3

Impairment – acquisition-related and other intangible assets

7(25.1)

6.4

(6.9)

1.5

Fair value gain on financial instruments through the Income Statement

0.3

0.2

Reversal of impairment – IFRS 16 right-of-use assets

7

0.6

(0.1)

0.1

0.3

Total finance income

47.4

27.5

(0.1)

11. Finance costs
Notes

Interest expense on borrowings and loans1
Interest on lease liabilities

37

Interest (income)/cost on pension scheme net surplus

33

2023
£m

2022
£m

58.2

61.1

11.2

11.0

(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

2

Total finance costs
1

0.8

1.3

67.4

74.1

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

2	The adjusting item for finance costs in 2023 relates to the revaluation of the BolognaFiere convertible bond (see Note 19). The adjusting item forfinance costs in 2022 relates to the finance fees associated with the early repayment of debt

Reversal of impairment – property and equipment

7

–

–

0.7

Acquisition and integration-related costs

7(73.0)

22.5(22.0)

3.7

Restructuring and reorganisation costs

7(11.0)

2.7

1.6

(0.1)

Onerous contracts associated with COVID-19

7

Fair value gain on contingent consideration

–

–

(4.7)

1.1

87.6

–

–

–

Fair value loss on contingent consideration

7(12.0)

–

(5.7)

–

Foreign exchange loss on swap settlement

7

(5.6)

1.3

–

–

Credit in respect of unallocated cash

7

Fair value gain/(loss) on investments

5.3

(1.2)

–

–

1.3

1.5

(0.9)

–

3.0

–

11.6

–

Distributions received from investments

7

–

–

20.6

(2.5)

Finance costs

7

Profit on disposal of subsidiaries and operations

(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

The current and deferred tax are calculated on the estimated assessable profit for the year. Taxation is calculated in eachjurisdiction 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:

12. Taxation

2023
£m

The tax charge/(credit) comprises:

Profit before tax from continuing operations
2023£m

Current tax:
Current year
UK
Continental Europe
US
China
Rest of world
Prior years
Total current tax

33.2
26.0
(10.5)
25.6
25.1(25.1)
74.3

Deferred tax:
Current year
Prior years
Credit arising from tax rate changes
Total deferred tax
Total tax charge(36.3)(6.6)(2.0)(44.9)
29.4

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

29.4
–
29.4

2022
£m

17.6
14.7
202.3
2.9
10.2
(2.9)
244.8

71.7
(3.6)
(1.3)
66.8
311.6
26.7
284.9
311.6

Profit before tax from discontinued operations

2022
%

£m

492.1

168.8

–

1,778.1%

Total profit before tax

492.1

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

115.6

23.5

369.9

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

1,946.9
19.0

Non-taxable income1(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)

Adjustments for prior years2(31.7)

(6.4)

(6.5)

(0.3)

Net movement in provisions for uncertain tax positions3(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

1

Non-taxable income includes income in relation to the remeasurement of contingent consideration as set out in Note 29

2

Adjustments for prior years incorporate refinements to tax computations made on submission and agreement with tax authorities3	The net movement in provisions for uncertain tax positions reflects management’s reassessment of the provisions required in relation tohistorical tax exposures

In addition to the income tax charge in the Consolidated Income Statement, a tax charge of £1.2m (2022: £6.7m) has beenrecognised 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 Two 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 Two effective tax rate of less than 15%.

178

179

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Financial Statements

Inf

Notes to the Consolidated Financial Statements
for the year ended 31 December 2023 continued
12. Taxation continued

Weighted average number of shares

The Group has performed an assessment of the potential exposure to Pillar Two income taxes. The assessment is based on themost recent tax filings, country-by-country reporting, and financial statements for the constituent entities in the Groupalthough it is not based on a full Global Anti-Base Erosion calculation. Based on this assessment, the majority of entities fallwithin the transitional safe harbours or have a simplified effective tax rate of more than 15%. However, there are a limited
number of jurisdictions where the transitional safe harbour relief may not apply and the Pillar Two effective tax rate is below
15%. The legislation is not expected to have a material impact on the Group.

The table below sets out the adjustment in respect of dilutive potential ordinary shares for use in the calculation of diluted EPS
and diluted adjusted EPS: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 adetailed review of this has not yet been performed.

Weighted average number of shares used in diluted and adjusted diluted earnings per share

13. Dividends

2023

8,670,882

Effect of dilutive potential ordinary shares

2023
£m

2022
Pence pershare

Amounts recognised as distributions to equity holders in the year:

Per shareamount2022
Pence

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)

419.0

30.1

138.3

9.5

–

(0.2)

–

(0.1)

419.0

29.9

138.3

9.4

Earnings2023£m

Per shareamount2023
Pence

Earnings2022£m

Per shareamount2022
Pence

Interim dividend for the year ended 31 December 2022

–

–

3.0

43.3

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

Final dividend for the year ended 31 December 2022

–

–

6.8

95.7

Effect of dilutive potential ordinary shares (p)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

As at 31 December 2023 £0.3m (2022: £0.2m) of dividends were still to be paid, and total dividend payments in the 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 shareis subject to approval of shareholders at the Annual General Meeting and has not been included as a liability in these
Consolidated Financial Statements. The payment of this dividend will not have any tax consequences for the Group.

Earnings
2022
£m

–

Adjustments to exclude profit for the period from discontinued operations
2022£m

Per shareamount
2023
Pence

462.7

Profit for the year
2023
Pence pershare

8,117,003

1,402,722,142 1,464,284,255

Earnings
2023£m

Statutory earnings per share from continuing operations

2022

1,394,051,260 1,456,167,252

Weighted average number of shares used in basic and adjusted basic earnings per share

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––

In the year ended 31 December 2023 there were dividend payments of £16.0m (2022: £9.5m) to non-controlling interests.

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

1,493.2

102.5

14. Earnings per share

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

Earnings2023£m

Per shareamount2023
Pence

Earnings2022£m

Per shareamount
2022
Pence

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 Trustand ShareMatch.

DilutedThe diluted EPS calculation is based on the basic EPS calculation above except that the weighted average number of shares
includes all potentially dilutive options granted by the reporting date as if those options had been exercised on the first day of
the accounting period or the date of the grant, if later. In 2023 there were no (2022: nil) potential ordinary shares which wereanti-dilutive and therefore excluded from the weighted average number of ordinary shares for the purpose of calculating
diluted EPS.

180

Statutory earnings per share from continuing and discontinued operations

Profit for the year

462.7

Non-controlling interests(43.7)

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 ofstatutory diluted EPS

181

1,635.3(3.8)

Annual Report and Accounts 2023

Str

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Financial Statements

Inf

Notes to the Consolidated Financial Statements
for the year ended 31 December 2023 continued
14. Earnings per share continued

15. Goodwill

Adjusted earnings per share£m

In addition to basic EPS, adjusted diluted EPS has been calculated to provide useful additional information on underlying
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 7).

Cost
At 1 January 2022

Earnings2023£m

Per shareamount2023
Pence

Earnings2022£m

Per shareamount2022
Pence

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

419.0

30.1

138.3

9.5

Intangible asset amortisation

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

Adjusted earnings per share from continuing operations

11.0

0.8

(1.6)

(0.1)

Onerous contracts associated with COVID-19

–

–

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

Earnings2023£m

Per shareamount2023
Pence

Earnings2022£m

Per shareamount2022
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

Earnings2023£m

Per shareamount2023
Pence

Earnings2022£m

Per shareamount
2022
Pence

635.1

45.6

386.0

26.5

–

(0.3)

–

(0.1)

635.1

45.3

386.0

26.4

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

Adjusted earnings per share from discontinued operations

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

182

6,378.7

Additions in the year

321.4

Disposals(593.9)Exchange difference

453.0

At 1 January 2023

6,559.2

Additions in the year (Note 17)

998.1

Exchange differences(275.7)

At 31 December 2023

7,281.6

Accumulated impairment losses
At 1 January 2022

(661.7)

Disposals

37.5

Exchange differences(54.7)

At 1 January 2023

(678.9)Exchange differences

27.1

At 31 December 2023

(651.8)Carrying amountAt 31 December 2023

6,629.8

At 31 December 2022

5,880.3

The Group tests for impairment of goodwill at the business segment level (see Note 5) representing an aggregation of CGUs
reflecting the level at which goodwill is monitored. The impairment testing of goodwill involved testing for impairment at asegment level by aggregating the carrying value of assets across CGUs in each division and comparing the higher of the value
in use or fair value less costs to sell calculations derived from the latest Group cash flow projections.
There were four groups of CGUs for goodwill impairment testing in 2023 and these were identical to the business segment
reporting detailed in Note 5 (2022: four CGU groups).
Goodwillcarrying
amount31 December
2023£m

Goodwillcarrying
amount31 December
2022£m

Number of
CGUs
2023

Number of
CGUs
2022

Informa Markets

4,211.5

3,869.2

5

6

Informa Connect

1,023.3

620.5

4

3

Informa Tech

824.6

825.9

1

1

Taylor & Francis

570.4

564.7

1

1

6,629.8

5,880.3

11

11

CGU groups

Impairment review
As goodwill is not amortised, it is tested for impairment at least annually, or more frequently if there are indicators of
impairment. At half-year 2023, we concluded that there were no indicators of impairment except for the Informa Tech segment.
Testing involved comparing the carrying value of assets with value in use calculations, derived from the latest Group cash flow
projections. The impairment review confirmed that there was sufficient headroom and therefore no impairment was required.
The key inputs and assumptions used in the impairment analysis were the projected cash flows, long-term growth rate anddiscount rate. A reasonably possible change to assumptions would not give rise to an impairment.
In line with our accounting policy, an annual impairment review was performed as at 31 December 2023. For Informa Markets,
Informa Connect and Taylor & Francis testing involved comparing the carrying value of assets in each CGU group with value in
use calculations, derived from the latest Group cash flow projections as in FY22. For Informa Tech, the goodwill impairment
testing involved comparing the carrying value of assets in each CGU group with an income-based fair value less cost to sell
(FVLCTS) calculation, derived from the latest Group cash flow projections. As a result of the proposed combination of
TechTarget and Informa Tech’s digital businesses, a FVLCTS approach was deemed to be the most appropriate reflectionof the value of the ongoing business rather than a value in use approach.

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Product
development
£m

Total
£m

Notes to the Consolidated Financial Statements
for the year ended 31 December 2023 continued
15. Goodwill continued

16. Other intangible assets

Management has used the following key assumptions in its impairment analysis as at 31 December 2023:
Informa Markets, Informa Connect
and Taylor & Francis

Projected cash flows

Informa Tech

For 2024 projected cash flows, management has used the annual budget. For 2025 and 2026 management
has used the three-year plan forecast. A review of all forecast revenue streams has been undertaken. These
forecasts include management expectations of the business’s future performance and represent the Directors’
best estimate of the future performance of these businesses. Management has considered the quantitative
impact of unmitigated climate-related risks on asset recoverable amounts and concluded that this would notcause a material impact to annual cash flows. In its forecasts management has considered recent trading
performance, including in the Middle East, and current market conditions when determining these estimates.

Assumptions in relation to tax

All cash flows used are pre tax.

All cash flows are post tax. Income tax has been applied
at a blended rate of 25.4%.

Long-term growth rate

For the Group’s value in use calculation, a perpetual growth rate has been applied to the 2026 operating
cash flows.
Long-term growth rates are based on external reports on long-term GDP growth rates for the main geographic
markets in which each CGU group operates and therefore are not considered to exceed the long-term average
growth prospects for the individual markets. Long-term growth rates have not been risk adjusted to reflect anyof the uncertainties noted above, as these uncertainties are already reflected in the forecasts.

Discount rate applied

We have calculated the pre-tax discount rate foreach of the CGUs and CGU groups. For the cost ofdebt, we have considered market rates, based on
entities with a comparable credit rating. The cost ofequity is calculated using the Capital Asset Pricing
Model (CAPM). Discount rates have not been risk
adjusted to reflect any of the uncertainties noted
above, as these uncertainties are already reflectedin the forecasts.

We have calculated the post-tax discount rate for eachof the CGUs and CGU groups. For the cost of debt, wehave considered market rates, based on entities witha comparable credit rating. The cost of equity is
calculated using the CAPM. Discount rates have notbeen risk adjusted to reflect any of the uncertainties
noted above, as these uncertainties are alreadyreflected in the forecasts.

Management has concluded that there was no impairment indicated in the impairment tests conducted as at 31 December
2023, noting headroom as follows:
Headroom on CGU groups

Long-term market
growth rates

Pre-tax discount rates

Post-tax discount rates

Key assumptions
and headroom

2023
£m

2022
£m

2023

2022

2023

2022

2023

2022

Informa Markets

4,559.3

1,990.8

2.4%

2.2%

11.2%

11.6%

n/a

n/a

Informa Connect

889.8

281.0

2.1%

1.7%

12.1%

13.0%

n/a

n/a

Informa Tech

215.0

282.9

2.1%

1.8%

n/a

13.3%

10.2%

n/a

Taylor & Francis

2,562.4

1,822.9

2.1%

1.6%

11.0%

11.3%

n/a

n/a

Publishingbook lists andjournal titles£m

Database andintellectual
property,
brand andcustomer
relationships£m

Exhibitions
andconferences,brand andcustomer
relationships£m

Sub-total£mIntangible
softwareassets
£m

877.2

682.2

3,372.8

4,932.2

282.2

71.9

5,286.3

–

–

–

–

(6.7)

6.9

0.2
188.7

Cost
At 1 January 2022
Reclassification
Arising on acquisition of subsidiaries andoperations

–

188.2

–

188.2

0.5

–

Additions1

5.8

–

29.8

35.6

39.3

22.8

97.7

Disposals–(228.3)(4.2)(232.5)(46.6)(61.2)(340.3)

Exchange differences

55.5

51.6

264.6

371.7

10.2

5.1

387.0

At 1 January 2023

938.5

693.7

3,663.0

5,295.2

278.9

45.5

5,619.6

Arising on acquisition of subsidiaries
and operations

6.8

40.5

529.8

577.1

–

1.5

578.6

Additions1

8.4

2.2

22.2

32.8

52.9

14.9

100.6

–

(22.6)(19.4)(42.0)(10.7)(11.2)(63.9)

Exchange differences(28.5)(35.9)(170.4)(234.8)

(4.2)

(0.7)

(239.7)

At 31 December 2023

925.2

677.9

4,025.2

5,628.3

316.9

50.0

5,995.2(630.0)(450.0)(1,102.0)(2,182.0)(176.9)(43.8)(2,402.7)

–

–

–

–

0.3

0.2

0.5

Charge for the year

(52.8)(24.6)(198.4)(275.8)(32.5)(5.7)(314.0)

Impairment losses

–

–

(6.0)

(6.0)

(0.9)

–

(6.9)

Disposals

–

182.1

0.8

182.9

39.3

38.5

260.7

Disposals

Amortisation2
At 1 January 2022
Reclassification

Exchange differences(41.5)(35.9)(97.0)(174.4)

(7.0)

(3.1)

(184.5)

At 1 January 2023

(724.3)(328.4)(1,402.6)(2,455.3)(177.7)(13.9)(2,646.9)

Charge for the year

(52.7)(36.5)(223.6)(312.8)(35.1)(6.0)(353.9)Impairment losses

(0.2)

–

(23.5)(23.7)–(1.4)(25.1)

–

22.6

19.4

42.0

13.8

7.2

63.0

Exchange differences

23.0

16.9

65.5

105.4

2.7

0.5

108.6

At 31 December 2023

(754.2)(325.4)(1,564.8)(2,644.4)(196.3)(13.6)(2,854.3)

Disposals

Carrying amountAt 31 December 2023

171.0

352.5

2,460.4

2,983.9

120.6

36.4

3,140.9

The headroom shown above represents the excess of the recoverable amount over the carrying value.

At 31 December 2022

214.2

365.3

2,260.4

2,839.9

101.2

31.6

2,972.7

Sensitivity analysis

1	Additions includes business asset acquisitions and product development. The Consolidated Cash Flow Statement shows £89.1m (2022: £62.8m)
for these items, with £22.8m (2022: £9.8m) for titles, brands and customer relationships, £55.1m (2022: £37.9m) for intangible software assets and£11.2m (2022: £15.1m) of product development in relation to continuing operations

Key uncertainties relate to the continued growth of both the events and publishing businesses, and the variability in the impactof high interest rates across the geographies in which the Group operates, which may impact the future cash flows, discountrates and long-term market growth rates (LTGR). The cash flow sensitivity analysis scenario considered a 10% cash flow
reduction in the period 2024 to 2026 including the perpetuity year, reflecting an estimation of the impact of a reduction in thenumber or profitability of physical events or of a reduction in the digital revenue numbers. The sensitivity analysis scenarios
considered changes to the key assumptions on the discount rates by increasing rates by 100bps and for the LTGR by reducing
rates by 50bps.
The above sensitivities indicate management’s assessment of reasonably plausible, material changes to assumptions.
The results of the sensitivity analysis showed there remained headroom in each CGU group under all three scenarios tested.

184

2

Amortisation is included within the Net operating expenses line within the Consolidated Income Statement

Intangible software assets include a gross carrying amount of £287.8m (2022: £247.3m) and accumulated amortisation of£170.7m (2022: £151.2m) which relates to software that has been internally generated. There were additions of £50.0m(2022: £37.6m) related to internally generated intangible assets. The Group does not have any of its intangible assets pledged
as security over bank loans. In 2023, £nil (2022: £nil) was recognised as research and development expenditure in the period.
In addition to the impairment review of goodwill a review of intangible assets identified an impairment of £23.7m (2022: £6.0m)
relating to brands and customer relationships where the recoverable amount did not support the carrying amount, and thisincluded selected individual events which have been discontinued.

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Notes to the Consolidated Financial Statements
for the year ended 31 December 2023 continued
17. Business combinations

The provisional fair values of the identifiable assets acquired and liabilities assumed at the acquisition date are shown below:
Provisional
fair value Adjustments£m£mProvisional
fair value
£m

2023
£m

2022
£m

361.1

–

Tarsus1

144.3–

Property and equipment

2.7

0.2

2.9

Winsight

296.8–

Investments in joint ventures

22.3

–

22.3

HIMSS Global Health Conference & Exhibition

84.0

–

Trade and other receivables1

45.9

0.6

46.5

Canalys37.7–

Cash and cash equivalents

29.6

(0.5)

29.1

LSX

7.5

–

Trade and other payables(81.9)

5.3(76.6)

Future Science Group

22.4

–

Borrowings(443.9)–(443.9)Deferred income(90.1)–(90.1)

Provisions

(5.7)

–

(5.7)

(7.7)

–

(7.7)

Cash paid on acquisitions, net of cash acquired

Current year acquisitions

Acquisition intangible assets

Prior year acquisitions including deferred and contingent payments

361.1

Black Arts

2.2

1.4

Other

1.8

–

Current tax liabilities

Industry Dive

–

302.2

Deferred tax liabilities(55.9)–(55.9)

Skipta–4.9

Total identifiable net liabilities assumed(223.6)

5.6(218.0)China Bakery–

1.5

Non-controlling interest(87.2)–(87.2)

Clinerion AG–

2.3

Provisional goodwill

670.2

(5.6)

664.6

Total consideration

359.4

–

359.4

Premiere Shows–

0.4

NetLine Corporation

–

2.4

596.7

315.1

Total cash paid in year, net of cash acquired
1

Includes £5.3m of contingent consideration settled post acquisition

1	Trade and other receivables includes trade receivables that represent the gross contractual amounts and the amounts that are expected to becollected in full

Included in net liabilities are £443.9m of external borrowings comprising an interest-bearing loan. This loan was settled by theGroup on 17 April 2023 immediately following acquisition.

Acquisitions
To determine the value of separately identifiable intangible assets of a business combination, and deferred tax on these
intangibles, the Group is required to make estimates when utilising valuation methodologies. These methodologies include
the use of discounted cash flows, revenue forecasts and the estimates for the useful economic lives of intangible assets.
There are estimates involved in assessing what amounts are recognised as the estimated fair value of assets and liabilities
acquired through business combinations, particularly the amounts attributed to separate intangible assets such as titles,
brands, acquired customer lists and associated customer relationships. These estimates impact the amount of goodwill
recognised on acquisitions. Any provisional amounts are subsequently finalised within the 12-month measurement period, as
permitted by IFRS 3. The Group has built considerable knowledge of these valuation techniques, and for major acquisitions theGroup also considers the advice of third party independent valuers to identify and support the valuation of intangible assets
arising on acquisition.
If all material business combinations had completed on the first day of the reporting period, the total revenue of the Groupwould have been £3,273.4m and profit after tax of £467.8m for the year ended 31 December 2023.

Acquisition of Tarsus
On 17 April 2023, the Group acquired 100% of the issued share capital of Tiger Acquisitions (Jersey) Limited, parent company of
Tarsus Group Limited, and its subsidiaries (collectively Tarsus Group). Tarsus owns and operates a portfolio of over 160 live andon-demand B2B event brands across a number of markets.
Total consideration was £359.4m, of which £168.1m was paid in cash, £169.8m was settled by the issue of 26.0m shares inInforma PLC at a price of £6.56 per share, and the remainder represented by deferred Informa equity, determined to have a fairvalue of £21.5m at acquisition date, which is contingent upon the Informa PLC share price reaching £8.50 for two consecutive
trading days by 1 June 2025. The contingent equity was fair valued using an Option Pricing model and the estimated range ofvolatility is £16.9m to £24.0m. The maximum payment is capped at £35.3m ($45.0m) and there is no link between thecontingent equity and ongoing employment. Subsequent remeasurement of the contingent consideration will be recordedin the Consolidated Income Statement.

The £87.2m fair value of non-controlling interest has been valued through the income approach using a discounted cash flow
analysis. The non-controlling interest relates to subsidiaries of Tiger Acquisitions (Jersey) Limited.
Acquisition intangible assets of £361.1m consist of £236.3m of trade names fair valued using the relief from royalty method,£122.2m of customer relationships fair valued using the excess earnings income method, and £2.6m of content library fairvalued using the cost approach. A deferred tax liability has been recognised as a result of the recognition of these acquisition
intangible assets.
To determine the value of separately identifiable intangible assets several estimates have been made. Three estimates havebeen identified where a reasonable change could cause a materially different value of intangible assets to be recognised.
The most significant of these estimates is the royalty rate used within the relief from royalty valuation method for trade names.
A 2.5% increase or decrease in royalty rate would result in a circa £40m increase or decrease in trade names valuation.
The second significant estimate is the attrition rate used in the customer relationships valuation. A 5% decrease in attrition ratewould result in a £16.7m increase in customer relationships valuation and a 5% decrease in attrition rate would result in a
£22.5m increase in customer relationships valuation. The final significant estimate is the estimates of initial useful economic
life. A two-year increase in estimate would result in a £24.6m increase in trade name valuations and a two-year decrease would
result in a £29.2m decrease in trade name valuations. Ongoing amortisation is not considered a significant estimate.
The provisional goodwill arising from the acquisition has initially been identified as relating to the following factors:• Increased depth in growing business-to-business markets• Access to new markets where Informa had less presence, with the benefit of global reach of the highly complementary
geographic and commercial fit of the combined portfolios• Synergy opportunities from cost savings and incremental revenue opportunities• Enhanced quality of earnings as increased scale and international breadth provide resilience and greater
revenue predictability
Goodwill recognised is included in the Informa Markets and Informa Connect group of CGUs for 31 December 2023. None of
the goodwill recognised is expected to be deductible for tax purposes.
Total acquisition-related costs of £20.3m were recognised within adjusting items in the Consolidated Income Statement.
The Tarsus business generated revenue of £152.2m and profit after tax of £37.2m for the period from the date of acquisition to
31 December 2023.

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Notes to the Consolidated Financial Statements
for the year ended 31 December 2023 continued
17. Business combinations continued

The Winsight business generated revenue of £59.7m and profit after tax of £15.4m for the period from the date of acquisition
to 31 December 2023.

Acquisition of WinsightOn 16 May 2023, the Group acquired 100% of the issued share capital of LOE Holdings LLC, parent company of Winsight, LLC,
and its subsidiaries (collectively Winsight). Winsight is the leading specialist B2B events, data and media group for the
Foodservice market.
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. There is no link between the contingent
consideration and ongoing employment.

Provisional
fair value
£m

25.7

Acquisition intangible assets

The provisional fair values of the identifiable assets acquired and liabilities assumed at the acquisition date are shown below:
Provisional
fair value
£m

163.4
1.5

Other intangible assets

On 1 August 2023 the Group completed the acquisition of the HIMSS Global Health Conference & Exhibition (HIMSS) assets.
The transaction was structured as an asset purchase but constitutes a business combination. HIMSS is the largest US event
focusing on information systems and information technology for the healthcare sector. Total consideration was £84.0m, all ofwhich was paid in cash.
The provisional fair values of the identifiable assets acquired and liabilities assumed at the acquisition date are shown below:

The fair value of contingent consideration was calculated using a probability-weighted scenario approach and reflects thediscounted value of estimated payments based on estimates of 2023 performance of Winsight as at date of acquisition.
The estimated range of undiscounted payment is £8.3m to £11.8m. The maximum payment is capped at £16.1m.
Subsequent remeasurement of the contingent consideration will be recorded in the Consolidated Income Statement.

Acquisition intangible assets

Acquisition of HIMSS

Property and equipment

1.8

Trade and other receivables1

6.9

Cash and cash equivalents

17.9

Right-of-use assets

3.9

Finance lease receivables

0.3

Other receivables

0.3

Finance lease liabilities(4.2)

Trade and other receivables

0.4

Trade and other payables(3.8)

Deferred income(6.4)

Total identifiable net assets acquired

15.9

Provisional goodwill

68.1

Total consideration

84.0

Acquisition intangible assets of £25.7m consists of £17.1m of customer relationships fair valued using the income method and£8.6m for a trademark licence agreement valued using the relief from royalty method. No deferred tax liability has beenrecognised as a result of the recognition of these acquisition intangible assets.
Provisional goodwill arising from the acquisition was £68.1m and represents the total consideration of £84.0m less the fairvalue of the net assets acquired of £15.9m.
The value of goodwill arising from the acquisition has been identified as relating to the following factors:

Trade and other payables(2.3)• Access to the healthcare information industry in North America

Deferred income(36.2)(1.2)• Synergy opportunities from cost savings

Provisions
Current tax liabilities(1.5)

Deferred tax liabilities(8.9)

Total identifiable net assets acquired

141.7

Provisional goodwill

182.7

Total consideration

324.4

1	Trade and other receivables includes trade receivables that represent the gross contractual amounts and the amounts that are expected to becollected in full

Acquisition intangible assets of £163.4m consists of £91.1m of trade names fair valued using the relief from royalty method,£65.8m of customer relationships fair valued using the excess earnings income method and £6.5m of content library fair valued
using the relief from royalty method. A deferred tax liability has been recognised as a result of the recognition of theseacquisition intangible assets. To determine the value of separately identifiable intangible assets several estimates have been
made, the most significant of these estimates being the royalty rate used within the relief from royalty valuation method for
trade names where it has been determined that a reasonable change in the estimate could cause a material change in theprovisional value of the intangibles. A 2.5% increase or decrease to the royalty rate would cause a £17.0m increase or decrease
to the valuation of trade names.

Goodwill recognised will be included in the Informa Connect group of CGUs. All of the goodwill recognised is expected to be
deductible for tax purposes.
Total acquisition-related costs of £1.2m were recognised within adjusting items in the Consolidated Income Statement.
The HIMSS business generated revenue of £0.1m and loss after tax of £1.1m for the period from the date of acquisition to
31 December 2023.

Acquisition of Canalys
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 sub-segments of the Tech market:
channel and mobility.
Total consideration was £48.6m, of which £41.5m was settled in cash, £3.9m in ordinary shares in Informa PLC and £3.2m
contingent consideration. The contingent consideration is based on revenue and cost performance in the period 1 April 2023 to
31 March 2024. The fair value of contingent consideration at acquisition was calculated using a probability-weighted scenario
approach and reflects the discounted value of the estimated payment. The maximum earn-out payable is £3.9m.

Provisional goodwill arising from the acquisition was £182.7m and represents the total consideration of £324.4m less the fairvalue of the net assets acquired of £141.7m. The value of goodwill arising from the acquisition has been identified as relating to
the following factors:• Enhancing Informa’s position in a large, growing and fragmented Foodservice market• Access to Winsight’s close relationships with exhibitors, attendees and subscribers• Cost synergy opportunities and access to an experienced and skilled workforce
Goodwill recognised will be included in the Informa Connect group of CGUs. £110.8m of the goodwill recognised is expected to
be deductible for tax purposes.
Total acquisition-related costs of £13.3m were recognised within adjusting items in the Consolidated Income Statement.

188

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Notes to the Consolidated Financial Statements
for the year ended 31 December 2023 continued
17. Business combinations continued

18. Property and equipment

The provisional fair values of the identifiable assets acquired and liabilities assumed at the acquisition date are shown below:
Provisional
fair value£m

Acquisition intangible assets

11.0

Trade and other receivables

4.1

Cash and cash equivalents

3.8

Property and equipment

0.1

Right-of-use assets

0.6

Trade and other payables(1.2)

Deferred income(5.5)

Lease liabilities(0.6)

Current tax liabilities(0.2)

Deferred tax liabilities(2.8)

Total identifiable net assets acquired

9.3

Provisional goodwill

39.3

Total consideration

48.6

Acquisition intangible assets of £11.0m consist of £8.0m of customer relationships, fair valued using the excess earnings
method, and £3.0m of content, fair valued using the relief from royalty method. A deferred tax liability has been recognised
as a result of the recognition of these acquisition intangible assets.
Provisional goodwill arising from the acquisition was £39.3m and represents the total consideration of £48.6m less the fairvalue of the net assets acquired of £9.3m.
The value of goodwill arising from the acquisition has been identified as relating to the following factors:

Freeholdland andbuildings£mLeaseholdland andbuildings£mEquipment,
fixtures and Total property
fittings
and£m equipment £m

Cost
3.1

55.3

43.7

102.1

Additions1

At 1 January 2022

–

1.1

13.2

14.3

Acquisitions

–

0.5

–

0.5

Disposals

–

(8.6)

(12.9)(21.5)

Exchange differences

0.1

4.2

5.6

9.9

At 1 January 2023

3.2

52.5

49.6

105.3

Additions1

0.2

14.7

16.5

31.4

Acquisitions

0.2

–

4.6

4.8

Disposals(0.1)(20.6)(8.7)(29.4)

Exchange differences

(0.1)

(2.2)

(6.0)

(8.3)

At 31 December 2023

3.4

44.4

56.0

103.8

At 1 January 2022

(0.7)

(25.2)(34.7)(60.6)

Charge for the year

–

(4.5)

(7.2)

(11.7)

Disposals

–

8.5

12.2

20.7

Impairment reversal

–

0.7

0.1

0.8

Exchange differences

–

(2.4)

(4.2)

(6.6)

At 1 January 2023

(0.7)

(22.9)(33.8)(57.4)

Charge for the year

(0.2)

(4.3)

(9.0)

(13.5)

Disposals

0.1

16.0

8.0

24.1

Depreciation• Enhancing Informa’s position in the channel sub-segment through an increased product offering and expanded
geographic footprint

Exchange differences

–

1.5

2.3

3.8

At 31 December 2023

(0.8)

(9.7)

(32.5)(43.0)• Enhancing Informa’s position in consumer and business devices through improved ability to win across the supply chain

Carrying amountAt 31 December 2023

2.6

34.7

23.5

60.8

At 31 December 2022

2.5

29.6

15.8

47.9

2023
£m

2022
£m

35.5

29.1

–

2.0

• Synergy opportunities through cost savings
Goodwill recognised will be included in the Informa Tech CGU. None of the goodwill recognised is expected to be deductible fortax purposes.

1

Total acquisition-related costs of £0.9m were recognised within adjusting items in the Consolidated Income Statement.

The Group does not have any of its property and equipment pledged as security over bank loans.

The Canalys business generated revenue of £9.9m and profit after tax of £2.4m for the period from the date of acquisition to
31 December 2023.

19. Other investments and investments in joint ventures and associates

Cash paid in relation to additions was £27.5m (2022: £14.5m)

Investments in joint ventures and associates

Acquisition of LSX
On 3 July 2023, the Group acquired 100% of the issued share capital of LSX Limited (LSX) for cash and contingent consideration.
LSX is an organiser of partnering and strategy events in the US, UK and Europe, pairing life science company leaders withpartners and investors for the Biotech, Medtech and Healthtech sectors.

Acquisition of Future Science GroupThe carrying value of investments in joint ventures and associates is set out below:

At 1 January

On 30 November 2023, the Group acquired 100% of the issued share capital of the Future Science Group (FSG) for cash
consideration. FSG is a London-based, global scientific publisher of journals, ebooks and digital hubs focused on medical,
biotechnological and scientific research. The portfolio is made up of 33 journals, five digital hubs and a Plain Language
Summaries microsite.

190

Arising on acquisition of associates
Arising on acquisition of joint ventures
Arising on transfer from other investments1

22.3

–

–

3.9

Arising on transfer to subsidiaries2

(1.8)

–

Dividends received from associates

(1.4)

(1.8)
2.0

Share of profit of associates

2.5

Share of profit of joint ventures

1.8–

Foreign exchange (loss)/gain

(0.1)

0.3

At 31 December

58.8

35.5

1

2022: Founders Forum LLP

2

2023: Zhongshan Guzhen Lighting Expo Co., Ltd

191

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Str

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Financial Statements

Inf

2023
£m

2022
£m

Notes to the Consolidated Financial Statements
for the year ended 31 December 2023 continued
19. Other investments and investments in joint ventures and associates continued

Other investments

There was no comprehensive income from joint ventures and associates. All amounts in 2023 and 2022 relate tocontinuing operations.

The Group’s other investments at 31 December 2023 are as follows:

The Group’s investments in joint ventures at 31 December 2023 were as follows:
Country ofincorporation
andDivisionsoperation

Company

Independent Materials Handling Exhibitions Limited

262.7

6.1

–

166.5

Additions of listed equity securities in year

24.9

–

Conversion of convertible bonds to investments(20.6)–

Addition of preference shares

–

72.9

Addition of convertible bond

–

22.2

Transfer to associates1

–

(3.9)

Fair value gain/(loss)

2.5

(8.4)

At 1 January
Additions of unlisted equity securities in year

Class ofshares held

Shareholding
or share ofoperation

RegisteredofficeInforma Markets

UK

Ordinary50%

UK1

GML Exhibition (Thailand) Co. Ltd

Informa Markets

ThailandOrdinary

49%

TH1

Cosmoprof India Private Limited

Informa Markets

India

Ordinary50%

IN1

Lloyd's Maritime Information Services Ltd

Informa Connect

UK

Ordinary

50%

UK2

Shanghai Intex Exhibition Co., Ltd

Informa Markets

China

Ordinary

50%

CH1

Tarsus Asia Exhibitions Pte. Ltd

Informa Markets

Singapore

Ordinary50%

SG1

Tak Mexico Holdings, LLC

Informa Markets

US

Ordinary

50%

US1

Tarsus RAI Events, LLC

Informa Markets

US

Ordinary

50%

US1Foreign exchange (loss)/gain
At 31 December
1

(8.7)

7.3

260.8

262.7

2022: Founders Forum LLP

No joint venture is considered individually material to the Group.

Other investments consist of investments in listed and unlisted equity securities and preference shares.

The Group’s investments in associates at 31 December 2023 were as follows:

The preference shares relate to the disposal of Maritime Intelligence which accrue a 12% cumulative dividend that is repayable ona future event. On initial recognition the preference shares were valued at £72.9m. The initial fair value of the preference shares
was calculated using a probability-weighted scenario approach given judgement in the time period for which these preference
shares may be held (Level 3 instrument). The fair value of the preference shares as at 31 December 2023 was £76.7m(2022: £72.9m). The valuation of the preference shares involves unobservable assumptions with the most significant of thesebeing the discount rate. The £76.7m fair value is based on a discount rate of 12.61%. Sensitivities have been run on the discountrate, with a 0.5% change being considered a reasonable possible change for the purposes of sensitivity analysis. A 12.11% discountrate would result in a fair value of £77.6m while a discount rate of 13.11% would result in a fair value of £75.6m.

Country ofincorporation
andDivisionsoperation

Company

Shareholding
or share ofClass of shares held
operation

Accounting
year end

RegisteredofficeMaritime Insights & Intelligence Limited1

Informa Markets

UK

Ordinary

20.0% 31 December

UK3

Independent Television News Limited

Informa Markets

UK

Ordinary

20.0% 31 December

UK4

PA Media Group Ltd

Informa Markets

UK

Ordinary

18.2% 31 December

UK5

Guangdong International Exhibitions Ltd

Informa Markets

China

Ordinary

27.5% 31 December

CH2

Bridge Events Technologies Limited

Informa Connect

UK

Ordinary

14.9% 31 December

UK6

UK Membership Interest

22.3% 31 December

UK7

Founders Forum LLP
1Informa Tech

The Group also holds 23.5% of the preference shares in Maritime Insights & Intelligence Limited. See below for further detailNo associate is considered individually material to the Group.
Registered office

Registered office address

CH1

Floor 11, New Town Mansion, 55 Lou Shan Guan Road, Shanghai 200336, China

CH2

5th Floor, Building A121, Guang Yuan Road (West), Guangzhou 510400, China

IN1

Solitaire-XIV Building, B-Wing, 1st Floor, Unit No. 3 & 4, Guru Hargovindji Marg, Chakala, Andheri (East),
Mumbai 400093, India

SG1

9 Raffles Place, #26-01, Republic Plaza, Singapore 048619

TH1

428 Ari Hills Building, 18th Floor, Phahonyothin Road, Samsen Nai, Phaya Thai, Bangkok 10400, Thailand

UK1

5 Howick Place, London, SW1P 1WG, United Kingdom

UK2

71 Fenchurch Street, London, EC3M 4BS, United Kingdom

UK3

5th Floor, 10 St. Bride Street, London, EC4A 4AD, United Kingdom

UK4

200 Grays Inn Road, London, WC1X 8XZ, United Kingdom

UK5

37 North Wharf Road, London, W2 1AF, United Kingdom

UK6

4th Floor, 4 Tabernacle Street, London, EC2A 4LU, United Kingdom

UK7

6th Floor, 180 Strand, 2 Arundel Street, London, WC2R 3DA, United Kingdom

US1

c/o The Corporation Trust Company, Corporation Trust Center, 1209 Orange Street, Wilmington DE, 19801, USA

192

Additions of listed equity securities (£24.9m) relates to the conversion of the BolognaFiere bond that was initially acquired in
December 2022. On listing on 19 December 2023, the bond was converted into 22.2m BolognaFiere shares that were fairvalued at £20.6m. On IPO, the shares were valued at €1.25 and we therefore recognised an initial value of €27.8m (£24.1m) for
our investment. In addition, we purchased a further 4m of BolognaFiere shares at a total value of €5m (£4.3m). At 31 December
2023, we were required to recalculate the fair value of our investment. As the share price of BolognaFiere was €1.25 at year end
the fair value remained €32.8m (£28.5m). The calculation of the fair value was not considered to be a key source of estimation
uncertainty as the key input is an observable, independent price.

20. Deferred tax
Consolidated
Balance Sheet at
31 December
2023£m

Accelerated tax depreciation
Intangibles

Consolidated Income
Statement year ended
31 December
2022
£m

2023
£m

(6.1)

3.3

(10.0)

0.7

647.4

633.4

(40.8)(39.9)

2022£m

Pensions

(1.6)

(1.7)

–

0.7

Losses(69.4)(71.7)

3.7

100.3

Other1

1

Other relates predominantly to interest carried forward and provisions

193(47.0)(32.2)

2.2

5.0

523.3

531.1

(44.9)

66.8

Annual Report and Accounts 2023

Str

Gov

Financial Statements

Inf

2023
£m

2022
£m

Trade receivables

372.2

334.4

Less: provision(30.5)(45.0)

Trade receivables net

341.7

289.4

Other receivables

60.9

42.0

Accrued income

44.3

43.9

Prepayments

100.0

85.1

Total current

546.9

460.4

Other receivables

32.7

50.3

Less: provision

(0.1)

(0.6)

Other receivables net

32.6

49.7

579.5

510.1

Notes to the Consolidated Financial Statements
for the year ended 31 December 2023 continued
20. Deferred tax continued

21. Trade and other receivables

The movement in the deferred tax balance during the year is:

Net deferred tax liability at 1 January

2023
£m

2022
£m

531.1

421.8

–

(2.6)

Credit to other comprehensive income for the year

62.5

35.7

–

(20.3)(Credit)/charge to profit or loss for the year

(44.9)

66.8

Foreign exchange and other movements(25.4)

29.7

Net deferred tax liability at 31 December

523.3

531.1

Acquisitions and additions
Disposals

Certain deferred tax assets and liabilities have been offset. The analysis of deferred tax balances for the Consolidated Balance
Sheet is set out below:
2023
£m

2022
£m

Deferred tax liability

540.9

532.9

Deferred tax asset(17.6)

(1.8)

523.3

531.1

Deferred tax assets have been recognised because, based on the Group’s current forecasts, it is expected that there will betaxable profits against which these assets can be utilised. A deferred tax asset of £15.9m has been recognised in respect of
Luxembourg tax losses. Notwithstanding the fact that the relevant company generated additional tax losses in 2022 and theutilisation of the deferred tax asset is dependent on future taxable profits in excess of the profits arising from the reversal ofexisting taxable temporary differences, we have recognised this deferred tax asset on the basis that our profit forecasts
demonstrate that sufficient taxable profits will be available to utilise these losses in the foreseeable future.
The Group has the following unused tax losses in respect of which no deferred tax assets have been recognised:• £313.4m (2022: £264.8m) of UK tax losses• £89.9m (2022: £95.7m) of US Federal tax losses which expire between 2024 and 2037

Current

Non-current

In 2022, as a result of the Pharma Intelligence disposal, an agreement with the Trustees of the UK pension schemes toaccelerate deficit repair contributions for the UK pension schemes was agreed. This resulted in a contribution of £28.2m into
an escrow fund, with payment from this fund to the pension schemes being dependent on the future financial strength of theUK pension schemes. In 2023, this contribution is included within current other receivables £15.6m and non-current otherreceivables £12.6m. In 2022, the full amount was included within non-current other receivables as well as operating cash flows
in the cash flow statement (see Note 32).
The average credit period taken on sales of goods is 56 days (2022: 54 days). Under the normal course of business, the Group
does not charge interest on its overdue receivables.
The Group’s exposures to credit risk and impairment losses related to trade and other receivables are disclosed in Note 31.
The Directors consider that the carrying amount of trade and other receivables approximates to their fair value.

22. Derivative financial instruments• £210.0m (2022: £202.1m) of US State tax losses which expire between 2024 and 2042
• £270.1m (2022: £268.2m) of UK capital losses which are only available for offset against future capital gains

2023
£m

2022
£m

0.6

–

0.6

–

Financial assets – current• £6.5bn (2022 Restated: £6.6bn) of Luxembourg tax losses

Currency forwards• £30.6m (2022: £31.2m) of Brazilian tax losses• £105.2m (2022: £72.0m) of tax losses in other countries

Financial assets – non-current
Currency forwards

Other than as noted, none of the losses are due to expire.
No deferred tax has been recognised in respect of these tax losses as it is not considered probable that these losses will
be utilised. This assessment has been made on the basis of the latest financial forecasts for the Group which set out
management’s expectations of the profit before tax in each of the relevant jurisdictions.
In addition, the Group has other deductible temporary differences not recognised of £52.7m (2022: £1.5m). No deferred tax
assets have been recognised in respect of these amounts as it is not considered probable that they will be utilised.

–

2.2

–

2.2

–

(1.1)

–

(1.1)

(77.9)(168.1)(77.9)(168.1)

Financial liabilities – current
Currency forwards
Financial liabilities – non-current
Cross currency swaps designated in a hedging relationshipNo liability has been recognised in relation to withholding tax on undistributed earnings of subsidiaries because the Group,
being in a position to control the timing of the distribution of intra-Group dividends, has no intention to distribute intra-Groupdividends in the foreseeable future. The amount of withholding tax for which deferred tax liabilities have not been recognised
was £6.4m (2022: £3.8m). The gross temporary differences associated with investments in subsidiaries amount in aggregate to£2.5bn (2022: £3.8bn).

Cross currency swaps that are associated with debt instruments are included within net debt (see Note 25). £77.9m(2022: £168.1m) of derivative financial liabilities are in hedging relationships (see Note 31). Currency forwards are also 		
included in net debt.

194

195

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Financial Statements

Cash flow

Exchange
movements

Inf

Notes to the Consolidated Financial Statements
for the year ended 31 December 2023 continued
23. Inventory
2023
£m

2022
£m

Work in progress

15.0

6.6

Finished goods and goods for resale

21.2

22.2

36.2

28.8

Cash and cash equivalents

At
1 January2022

Non-cashMovements

At
31 December
2022

£m

£m

£m

£m

£m

884.8

–

1,158.4

82.6

2,125.8

Other financing assets
Derivative assets associated with borrowings

3.4

(1.2)

–

–

2.2

The write-down of inventory during the year amounted to £nil (2022: £0.6m credit). The cost of inventories recognised as a costof sales expense during the year was £32.0m (2022: £31.8m).

Finance lease receivables

6.4

1.9

(1.5)

(0.1)

6.7

Total other financing assets

9.8

0.7

(1.5)

(0.1)

8.9

24. Reconciliation of movement in net debt

Other financing liabilities
Bond borrowings due in more than one year

(Decrease)/increase in cash and cash equivalents in the year (including cash acquired)

2023
£m

2022
£m

(1,689.2)

1,158.4(2,001.3)

398.4

177.2

(86.6)(1,512.3)

Bank loans due in more than one year

(36.8)

–

0.4

(4.9)

(41.3)

Bond borrowing fees

12.1

(3.3)

–

–

8.8

Bank loan fees due in more than one year

3.4

(1.1)

–

0.1

2.4

Cash flows from net drawdown of borrowings, derivatives and lease liabilities associated with debt

879.7

244.8

Derivative liabilities associated with borrowings(40.7)(127.4)––(168.1)

Change in net debt resulting from cash flows(809.5)

1,403.2

Lease liabilities(265.9)(13.7)

32.1(22.9)(270.4)Non-cash movements including foreign exchange(365.2)(201.4)

Acquired debt (Note 17)–(36.6)

36.6––(1,174.7)

1,201.8

Bond borrowings due in less than one year–

(398.4)––(398.4)

Movement in net debt in the period
Net debt at beginning of the year

(244.6)(1,434.6)

Total other financing liabilities(2,329.2)(182.1)246.3(114.3)(2,379.3)

Net lease additions in the year

(37.1)(11.8)

Total net financing liabilities(2,319.4)(181.4)244.8(114.4)(2,370.4)

Net debt at end of the year

(1,456.4)(244.6)
Net debt(1,434.6)(181.4)

1,403.2(31.8)(244.6)

25. Movements in 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 amaturity date no later than 28 May 2027.

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 other loan 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 and cash equivalents

At
1 January2023

Non-cashMovements

At
Exchange 31 December
movements
2023

Cash flow

£m

£m

£m

£m

£m

2,125.8–(1,689.2)(47.3)

389.3

2.2

(2.2)

–

–

–

Other financing assets
Derivative assets associated with borrowings
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

26. Cash and cash equivalents

Cash and cash equivalents1(1,512.3)

–

–

19.7

(1,492.6)(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

Bank loans due in more than one year

Derivative liabilities associated with borrowings(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 (Note 17)
Bond borrowings due in less than one year

Net debt

196

2022
£m

389.3

2,125.8

1	Cash and cash equivalents comprises balances valued at amortised cost of £248.3m (2022: £800.8m) and those at fair value of £141.0m(2022: £1,325.0m)

The Group’s exposure to interest rate risks and a sensitivity analysis for financial assets and liabilities are disclosed in Note 31.

Other financing liabilities
Bond borrowings due in more than one year

2023
£m

197

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Inf

Notes to the Consolidated Financial Statements
for the year ended 31 December 2023 continued
27. Borrowings

28. Provisions

Total borrowings, excluding derivative assets and liabilities associated with borrowings, are as follows:
Notes

2023
£m

2022
£m

–

398.4

–

398.4

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

25

Non-current
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

(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

Bank borrowings – non-current

25

Euro Medium Term Note issue costs
Euro Medium Term Note borrowings – non-current

25Group-level borrowings do not have any financial covenants and do not contain any pledge of its property and equipment andother intangible assets as security over loans.

Acquisition
andintegration£m

Property Restructuringleasesprovision£m£m

Onerouscontract
provision£m

Otherprovision
£m

Total
£m

At 1 January 2022

0.3

30.5

0.8

1.6

18.5

51.7

Increase in year

25.8

4.1

0.8

18.7

9.8

59.2

–

–

–

–

9.7

9.7

Utilisation(22.9)

(5.5)

(0.4)

(3.5)

(5.7)

(38.0)

Release(3.2)(11.1)

(0.9)

(0.8)

(4.0)

(20.0)

–

18.0

0.3

16.0

28.3

62.6

75.1

12.2

24.8

0.5

7.2

119.8

Acquisitions of subsidiaries

At 1 January 2023
Increase in year

–

0.1

0.2

–

7.4

7.7

Utilisation(47.5)(4.5)(16.7)(16.0)(5.0)(89.7)

Release(11.7)(15.7)

–

–

(1.4)

(28.8)At 31 December 2023

15.9

10.1

8.6

0.5

36.5

71.6

Acquisitions of subsidiaries

2023
Current liabilities
Non-current liabilities

15.9

0.5

8.5

0.5

12.7

38.1

–

9.6

0.1

–

23.8

33.5

2022

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:

Current liabilities

–

4.7

0.3

16.0

9.1

30.1

Non-current liabilities

–

13.3

–

–

19.2

32.5

• £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.

Acquisition and integration provisions relate to the costs and fees incurred in acquiring businesses and subsequently
integrating these into the Group. Within the £15.9m balance as at year end, £15.0m relates to the proposed combination 		of TechTarget and Informa Tech’s digital businesses.

• £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.
• £23.2m (2022: £31.7m) comprising a number of bilateral uncommitted bank facilities that can be drawn down to meetshort-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 base rate 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%).
The Group’s exposure to liquidity risk is disclosed in Note 31(g).

198

The balance of £10.1m in property leases relates to provisions for the future costs, excluding rental costs, of a number of officeproperties that have been permanently vacated. These provisions will be utilised over the course of the remaining leases.
The majority of the provisions are expected to be utilised as follows: £0.5m within one year, £9.2m in two to five years and£0.4m after five years.
The movement within onerous contract provisions primarily relates to the costs incurred in carrying out the transitional
services agreements that were signed upon disposal of the Intelligence businesses in the previous reporting period.
The remaining £0.5m balance relates to onerous contracts for events which have been cancelled or postponed and forwhich the costs cannot be recovered.
Other provisions primarily consist of legal and various other claims. Of the £23.8m non-current provision, £18.5m is expected
to be utilised within three years with the remaining £5.3m within five years. Of the £18.5m provision to be utilised within three
years, £8.4m relates to US sales tax.

199

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Financial Statements

Inf

Notes to the Consolidated Financial Statements
for the year ended 31 December 2023 continued
29. Contingent consideration and put call options
Contingent
consideration£m

At 1 January 2022

14.7

Fair value loss through profit/loss

5.7

Acquisitions of subsidiaries

126.1

Trade payables and accruals principally comprise amounts outstanding for trade purchases and ongoing costs. The average
credit period taken for trade purchases is 52 days (2022: 45 days). There are no suppliers who represent more than 10% of thetotal balance of trade payables in either 2023 or 2022. The Group has financial risk management policies in place to ensure thatall payables are paid within the credit timeframe. Therefore, under the normal course of business, the Group is not charged
interest on overdue payables. The Directors consider that the carrying amount of trade payables is approximate to theirfair value.

Deferred income

Utilisation(9.3)

Currency translation(3.9)

At 1 January 2023

133.3

Total current

Fair value gain through profit or loss

(87.6)

Total non-current

Fair value loss through profit or loss

12.0

Total

Fair value gain through equity on put call options(1.5)

Acquisitions of subsidiaries (Note 17)

45.4

Acquisitions of assets

5.0

Amounts assumed at acquisition date (Note 17)

56.5

Transfers1(13.1)

Utilisation(9.3)

Currency translation(2.8)

At 31 December 2023

137.9

2023
£m

2022
£m

972.8

834.5

7.6

2.3

980.4

836.8

Deferred income relates to payments received in advance of the satisfaction of a performance obligation. Non-current
amounts relate to payments in advance received for biennial and triennial events and exhibitions.

31. Financial instruments(a) Financial risk management
The Group has exposure to the following risks from its use of financial instruments:• Market risk

2023
Current liabilities

28.6

Non-current liabilities

109.3

2022
Current liabilities

4.1

Non-current liabilities

129.2

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

The contingent consideration is based on future business valuations, revenue growth and profit multiples (Level 3 fair value
measurements) and has been estimated on an acquisition-by-acquisition basis using available forecasts (a significant
unobservable input). The higher the forecast, the higher the fair value of any contingent consideration (subject to any
maximum payout clauses).

• Credit risk
• Liquidity riskThis note presents information about the Group’s exposure to each of the above risks, the Group’s management of capital, and
the Group’s objectives, policies and procedures for measuring and managing risk.
The Board of Directors has overall responsibility for the establishment and oversight of the Group’s risk management framework.
The Board has established a Treasury Committee which is responsible for developing and monitoring the Group’s financial risk
management policies. The Treasury Committee meets regularly and reports to the Audit Committee on its activities.
The Group Treasury function provides services to the Group’s businesses, co-ordinates access to domestic and international
financial markets, and monitors and manages the financial risks relating to the operations of the Group. These risks include
market risk (including currency risk, interest risk and price risk), credit risk and liquidity risk.
The Treasury Committee has put in place policies to identify and analyse the financial risks faced by the Group and has set
appropriate limits and controls. These policies provide written principles on funding investments, credit risk, foreignexchange risk and interest rate risk. Compliance with policies and exposure limits is reviewed by the Treasury Committee.
This Committee is assisted in its oversight role by the Internal Audit function, which undertakes both regular and ad hoc
reviews of risk management controls and procedures, the results of which are reported to the Audit Committee.

30. Trade and other payables and deferred income
Trade and other payables
2023
£m

2022
£m

Trade payables

108.2

139.2

Other payables

53.8

74.4

Deferred consideration

3.7

0.6

Accruals

379.1

372.7

Share buyback liability1

90.9

75.0

Total current

635.7

661.9

Current

Capital risk management
The Group manages its capital to ensure that the Group is able to continue as a going concern while maximising the return tostakeholders and supporting the future development of the business. In order to maintain or adjust the capital structure, theGroup may suspend or adjust the amount of dividends paid to shareholders, return capital to shareholders, issue new sharesor sell assets to reduce debt.
The capital structure of the Group consists of net debt, which includes cash and cash equivalents (see Note 26), borrowings(see Note 27), and equity attributable to equity holders of the parent, comprising issued capital (see Note 34), reserves andretained earnings.

Cost of capital

Non-current
Other payables

13.6

15.8

Deferred consideration

11.3

0.5

Total non-current

24.9

16.3

660.6

678.2

The Group’s Treasury Committee reviews the Group’s capital structure on a regular basis and, as part of this review, theCommittee considers the weighted average cost of capital and the risks associated with each class of capital.

1	The share buyback liability of £90.9m reflects the remaining liability for the purchase of the Company’s own shares through to the conclusion of
the Group’s share buyback programme in 2024. The share buyback liability of £75.0m in 2022 reflected the maximum liability for the purchase of
the Company’s own shares through to the conclusion of the Group’s closed period on 8 March 2023, following an irrevocable instruction to theGroup’s broker in connection with the share buyback programme

200

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Inf

Notes to the Consolidated Financial Statements
for the year ended 31 December 2023 continued
31. Financial instruments continued

The following table details financial liabilities by interest category:
2023

Informa Leverage ratio
There are no financial covenants on our Group-level debt facilities in issue at 31 December 2023. There are financial covenants
over £30.4m ($38.8m) of drawn borrowings in the Curinos business and at 31 December 2023 all financial covenants were met.

(b) Categories of financial instruments
Details of the significant accounting policies and methods adopted, including the criteria for recognition, the basis ofmeasurement and the basis on which income and expenses are recognised in respect of each class of financial asset, financial
liability and equity instrument, are disclosed in Note 2.
Notes

2023
£m

2022
£m

Financial assets
Trade receivables

21

341.7

289.4

Other receivables

21

93.5

91.7

Finance lease receivables

37

10.5

6.7

Cash and cash equivalents – at amortised cost

26

248.3

800.8

Cash and cash equivalents – at fair value1

26

141.0

1,325.0

Derivative assets

22

0.6

2.2

Other investments

19

Total financial assets

Floating rate£m

Non-interest
bearing
£m

Total
£m

Bank borrowings

–

28.1

–

28.1

–

38.9

–

38.9

Bond borrowings

1,486.4––

1,486.4

1,901.9––

1,901.9

Lease liabilities

263.8

–

–

263.8

270.4

–

–

270.4

Derivatives liabilities

77.9

–

–

77.9

169.2

–

–

169.2

Trade payables

–

–

108.2

108.2

–

–

139.2

139.2

Accruals

–

–

260.7

260.7

–

–

215.7

215.7

Other payables

–

–

67.4

67.4

–

–

90.2

90.2

Share buyback liability

–

–

90.9

90.9

–

–

75.0

75.0

Deferred consideration

–

–

15.0

15.0

–

–

1.1

1.1

Contingent consideration

–

–

137.9

137.9

–

–

133.3

133.3

1,828.1

28.1

680.1

2,536.3

2,341.5

38.9

654.5

3,034.9

Interest rate sensitivity analysis
98% (2022: 98%) of total borrowings are at fixed interest rates; hence the Group’s interest rate sensitivity would only beaffected by the exposure to variable rate debt.

262.7
2,778.5

If interest rates had been 100bps higher or lower and all other variables were held constant, the Group’s profit for the year
would have decreased or increased by £0.3m (2022: £0.4m).
Financial assets are both fixed and floating interest rate bearing but any interest received on these amounts is immaterial to
the Group.

27

28.1

38.9

Bond borrowings

27

1,486.4

1,901.9

Lease liabilities

37

263.8

270.4

Derivative liabilities

22

77.9

169.2

Trade payables

30

108.2

139.2

Accruals

30

260.7

215.7

Other payables

30

67.4

90.2

Share buyback liability

30

90.9

75.0

Deferred consideration

30

15.0

1.1

Contingent consideration

29

137.9

133.3

2,536.3

3,034.9

Comprises money market funds which are measured at fair value – no change in valuation compared to held at amortised cost

Should interest rates fluctuate by a different rate to those disclosed, the impact can be linearly interpolated.

(e) Foreign currency risk
The Group is a business with significant net USD or currencies pegged to USD transactions; hence exposures to exchange rate
fluctuations arise.
Allied to the Group’s policy on the hedging of surplus foreign currency cash inflows, the Group will usually seek to finance its
net investment in its principal overseas subsidiaries by borrowing in those subsidiaries’ functional currencies, primarily USD.
This policy has the effect of partially protecting the Group’s Consolidated Balance Sheet from movements in those currencies
to the extent that the associated net assets are hedged by derivatives.
The carrying amounts of the Group’s foreign currency denominated assets and liabilities at the reporting date are as follows:(c) Market risk

AssetsMarket risk is the risk that changes in market prices, such as foreign exchange and interest rates, will affect the Group’s incomeor the value of its holdings of financial instruments.
The Group manages these risks by maintaining a mix of fixed and floating rate debt and currency borrowings using derivatives
where necessary. The Group does not use derivative contracts for speculative purposes.
The Group’s overall risk management programme focuses on the unpredictability of financial markets and seeks to minimise
adverse effects on the Group’s financial performance. Risk management is carried out by a central Treasury function underpolicies approved by the Board of Directors. There has been no change to the Group’s exposure to market risks or the mannerin which these risks are managed and measured.

(d) Interest rate risk
The Group has no significant interest-bearing assets at floating rates, except cash, but is exposed to interest rate risk as entities
in the Group borrow funds at both fixed and floating interest rates. Borrowings issued at variable rates expose the Group to
cash flow interest rate risk. Borrowings issued at or converted to fixed rates expose the Group to fair value interest rate risk.
The interest rate risk is managed by maintaining an appropriate mix of fixed and floating rate borrowings and by the use ofinterest rate swap contracts. The Group’s exposures to interest rates on financial assets and financial liabilities are detailed 		in the liquidity risk section of this note.

202

Fixed rate
£m

260.8

Bank borrowings

1

Total
£m

1,096.4

Financial liabilities

Total financial liabilities

Fixed rate
£m

2022

Non-interest
Floating rate
bearing£m£m

Liabilities

2023
£m

2022
£m

2023
£m

2022
£m

USD

645.8

1,421.1(823.1)(1,074.1)

EUR

68.8

37.4

(1,166.5)(1,989.8)

CNY

139.2

104.4

(138.5)(89.3)

Other

271.4

1,144.8(1,153.8)(520.5)

1,125.2

2,707.7(3,281.9)(3,673.7)

This table excludes the Group’s derivatives.
Cross currency swaps are used to hedge the Group’s net investments in foreign subsidiaries which resulted in a gain of £92.5m(2022: £173.4m) being recognised through other comprehensive income.
Average rate

Closing rate

2023

2022

2023

2022

USD

1.24

1.24

1.27

1.21

Euro

1.15

1.17

1.15

1.13

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Inf

Notes to the Consolidated Financial Statements
for the year ended 31 December 2023 continued
31. Financial instruments continued

The carrying amount of financial assets recorded in the financial statements, which is net of impairment losses, represents theGroup’s maximum exposure to credit risk.

Foreign currency sensitivity analysis

Trade receivables

In 2023 approximately 62% (2022: 65%) of Group revenue was received in USD or currencies pegged to USD. Similarly, theGroup incurred approximately 54% (2022: 54%) of its costs in USD or currencies pegged to USD. Each one cent ($0.01)
movement in the USD to GBP exchange rate has a circa £16m (2022: circa £13m) impact on annual revenue, a circa £6m (2022:
circa £5m) impact on annual adjusted operating profit and a circa £12m (2022: circa £15m) impact on the net investment hedge
reserve. Should exchange rates fluctuate by a different rate to those disclosed, the impact can be linearly interpolated.

The Group’s credit risk is primarily attributable to its trade receivables and the amounts presented in the Consolidated Balance
Sheet are net of the expected credit loss (ECL). Trade receivables consist of a large number of customers, spread across diverse
industries and geographic areas, and the Group’s exposure to credit risk is influenced mainly by the individual characteristics
of each customer. The Group does not have significant credit risk exposure to any single counterparty or any group ofcounterparties having similar characteristics. Concentration of credit risk did not exceed 5% of gross trade receivables at
any time during the year.

Derivatives designated in hedge relationships
2023
£m

2022
£m

Cross currency swaps – derivative financial assets––

Cross currency swaps – derivative financial liabilities(77.9)(168.1)

There are cross currency swaps over the Euro Medium Term Note (EMTN) borrowings where the Company receives thefollowing:• A fixed rate of interest for £450.0m of EMTN borrowings with a maturity of July 2026 and pays a fixed rate of interest for $588.9m• A fixed rate of interest on €500m of EMTN borrowings with a maturity of April 2028 and pays a fixed rate of interest for $551.6m• A fixed rate of interest on €700.0m of EMTN borrowings with a maturity of October 2025 and pays a fixed rate of interest
for $821.6m
At 31 December 2023, the fair value of these swaps was a net financial liability of £77.9m (2022: liability of £168.1m); of theseamounts a £58.1m liability (2022: £167.5m liability) was designated in a net investment hedge relationship and a £19.8m(2022: £0.6m) liability was designated in a cash flow hedge relationship.
The cross currency swaps in place are used to hedge against foreign exchange movements in relation to translation of foreign
net investments and for future cash flow repayments of EUR debt. As such, the Receive EUR Pay USD cross currency swaps
have been separated into synthetic cross currency swaps, whereby the EUR to GBP legs are hedging the cash flow risk on the
EUR debt and GBP to USD legs are hedging foreign currency risk relating to net investments. The Receive GBP Pay USD crosscurrency swaps are hedging foreign currency risk related to net investments.
The result of the synthetic cross currency swaps has been to swap €1,200.0m to £1,067.4m to hedge the cash flow risk at an average
foreign exchange rate of €1.12:£1 and additionally £1,067.4m to $1,373.1m to hedge the foreign currency risk at an average foreignexchange rate of $1.29:£1.
The net investment hedge reserve at 31 December 2023 was £55.3m (2022: £155.2m). The gain during the year was £99.8m(2022: £173.4m gain) in respect of the hedging instruments.
The cash flow hedge reserve at 31 December 2023 was £32.1m (2022: £26.1m). The fair value loss during the year was £28.2m(2022: £33.3m gain) in respect of the hedged instruments, and a gain of £34.2m (2022: £63.1m loss) in respect of the hedged
items which has been reclassified to finance costs in profit or loss. Interest of £10.6m has been reclassified to profit or loss.
The main source of ineffectiveness in the above hedging relationships is the effect of the Group’s own and counterparty
credit risk on the fair value of the cross currency swaps, which is not reflected in the fair value of the hedged item that is
exposed to change in foreign exchange rates, the change in value of the hedged item used as the basis for recognising hedge
ineffectiveness for the period. No other significant sources of ineffectiveness have emerged from these hedging relationships.
These hedges were assessed to be highly effective at 31 December 2023 with no ineffectiveness recognised in theConsolidated Income Statement.

All customers have credit limits set by credit managers and are subject to the standard terms of payment of each division.
As Informa Markets, Informa Connect, Omdia and the journals subscriptions part of the Taylor & Francis division operate
predominantly on a prepaid basis they have a low bad debt history. The Group is exposed to normal credit risk and potential
losses are mitigated as the Group does not have significant exposure to any single customer.
The Group recognises lifetime ECL for trade receivables using a provisioning matrix. The ECL is estimated based on the Group’s
historical credit loss experience where for non-event receivables a 50% provision is made over 180 days based on due date and100% provision is made over 270 days, and a 100% provision is made for events receivables 3 months post event date. This isthen adjusted for factors that are specific to the debtors, general economic conditions and an assessment of both the current
as well as the forecast direction of conditions at the reporting date, including time value of money where appropriate.
The carrying amount is reduced by the ECL through the use of a provision account. The Group writes off a trade receivableagainst the provision account when the receivable is considered uncollectible. This occurs when the debtor is in severe financial
difficulty and there is no realistic prospect of recovery, e.g. when the debtor has been placed under liquidation or has enteredinto bankruptcy proceedings. None of the trade receivables that have been written off are subject to enforcement activities.
Subsequent recoveries of amounts previously written off are credited against the provision account. Changes in the carrying
amount of the provision are recognised in the Consolidated Income Statement.
The Directors consider that the carrying amount of trade and other receivables approximates to their fair value.

Ageing of trade receivables:
Gross
2023
£m

Provision
2023
£m

Gross
2022
£m

Provision2022£m

Not past due

151.0

–

152.6

–

Past due 0–30 days

96.9

–

85.0

–

Past due over 31 days

124.3

(21.2)

96.8(29.0)

372.2(21.2)

334.4(29.0)

–

(9.3)

–

(16.0)

372.2(30.5)

334.4(45.0)

Books return provision (see below)
Total

Trade receivables that are less than three months past the date due for payment are generally not considered impaired. Of thegross trade receivables balance of £372.2m (2022: £334.4m), £30.6m (2022: £17.2m) was more than three months past the due
date for payment. The Group believes there has not been a significant change in the credit quality and the amounts are
considered recoverable. The Group does not hold any collateral over these balances.
A provision relating to returns on books which are yet to be paid for of £9.3m (2022: £16.0m) has been disclosed separately inthe table above. This is based on the Group’s best estimate of returns for future periods, taking account of returns trends, andthe amount is included as part of the overall provision balance of £30.5m (2022: £45.0m).

Movement in the provision:(f) Credit risk
The Group’s principal financial assets are trade and other receivables (see Note 21) and cash and cash equivalents (see Note26), which represent the Group’s maximum exposure to credit risk in relation to financial assets.
Credit risk refers to the risk that a counterparty will default on its contractual obligations resulting in financial loss to theGroup. The Group has adopted a policy of assessing creditworthiness of counterparties as a means of mitigating the risk offinancial loss from defaults.
The Group’s exposure and the creditworthiness of its counterparties are continuously monitored, and the aggregate value oftransactions concluded is spread among approved financial institutions. Credit exposure is controlled by counterparty limits
that are reviewed and approved as part of the Group’s treasury policies.

2023
£m

2022
£m

1 January

45.0

49.1

Provision recognised

5.4

18.3

Receivables written off as uncollectible

(5.6)

(9.6)

Amounts recovered during the year

(14.3)(12.8)

31 December

30.5

45.0

There are no customers who represent more than 5% of the total gross balance of trade receivables in either 2023 or 2022.

Predominantly all of the Group’s cash and cash equivalents are held in investment grade counterparties; where this is not thecase approval is required by the Group Treasury Committee.

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Financial Statements

Inf

Notes to the Consolidated Financial Statements
for the year ended 31 December 2023 continued
31. Financial instruments continued

The following tables present the earliest date on which the Group can settle its financial liabilities. The table includes bothinterest and principal cash flows.

Non-current other receivables
Non-current other receivables mainly arise from disposals made in the current and prior years. The movement in the provision
representing the ECL on non-current other receivables is as follows:

Carrying
amount£m

Contractual
cash flows1£mLess than
1 year£m

1–2 years£m

2–5 years£m

Greater than
5 years£m

31 December 2023
Non-derivative financial liabilities

2023
£m

2022
£m

Bank borrowings(28.1)(40.0)

(3.5)

(3.5)

(33.0)–

1 January

0.6

6.8

Bond borrowings(1,486.4)(1,574.3)(32.4)(638.0)(903.9)–Provision released

(0.5)

(6.2)

Lease liabilities(263.8)(386.5)(38.9)(37.9)(92.5)(217.2)31 December

0.1

0.6

Trade and other payables(527.2)(527.2)(513.6)(13.6)––

Deferred consideration(15.0)(15.0)(3.7)–(11.3)–

Contingent consideration(137.9)(111.9)(28.6)(8.8)(74.5)–(2,458.4)(2,654.9)(620.7)(701.8)(1,115.2)(217.2)

We have considered the credit risk of non-current other receivables and do not consider there to be any additional risk.

(g) Liquidity risk

Derivative financial liabilities

Liquidity risk is the risk that the Group will not be able to meet its financial obligations as they fall due. Ultimate responsibility
for liquidity risk management rests with the Board of Directors, though operationally it is managed by Group Treasury withoversight by the Treasury Committee. Group Treasury has built an appropriate liquidity risk management framework for the
management of the Group’s short-, medium- and long-term funding. The Group manages liquidity risk by maintaining
adequate reserves and debt facilities, together with continuously monitoring forecast and actual cash flows and matching thematurity profiles of financial assets and liabilities. Included in note 27 is a summary of additional undrawn facilities that theGroup has at its disposal.

Cross currency swaps – receipts(77.9)

Cross currency swaps – payments
Total financial liabilities

1,574.7

32.4

638.2

904.1

–

(1,695.8)(57.4)(698.3)(940.1)–(77.9)(121.1)(25.0)(60.1)(36.0)–(2,536.3)(2,776.0)(645.7)(761.9)(1,151.2)(217.2)31 December 2022
Non-derivative financial liabilities

Historically and for the foreseeable future the Group has been, and is expected to continue to be, in a net borrowing position.
The Group’s policy is to fulfil its borrowing requirements by borrowing in the currencies in which it operates, principally USD
and EUR, thereby providing a natural hedge against projected future surplus USD cash inflows.

Bank borrowings2(38.9)(56.0)

(3.9)

(4.4)

(47.7)–

Bond borrowings(1,901.9)(2,029.2)(434.2)(32.8)(1,117.9)(444.3)

Lease liabilities(270.4)(381.3)(40.4)(33.2)(81.6)(226.1)(h) Liquidity and interest risk tables

Trade and other payables(520.1)(520.1)(502.4)(17.7)––

Deferred consideration

(1.1)

(1.1)

(0.6)

–

(0.5)

–

Contingent consideration(133.3)(133.3)

(4.1)

(3.8)

(125.4)–(2,865.7)(3,121.0)(985.6)(91.9)(1,373.1)(670.4)

The following tables detail the Group’s remaining contractual maturities for its financial assets and liabilities.
The table below presents the contractual maturities of the financial assets, including interest that will be earned on thoseassets except where the Group anticipates that the cash flow will occur in a different period.
Carrying
amount£m

Contractual
cash flows1£mLess than
1 year£m

1–2 years£m

Derivative financial liabilities
Currency forwards

Greater than
2–5 years
5 years£m£m

31 December 2023

Non-interest bearing
Maritime preference shares

Currency forwards

Maritime preference shares
Convertible bondTotal financial assets
1

–

–

–

32.8

1,117.7

444.5(462.0)(1,998.2)(208.0)(60.3)(1,267.9)(169.2)(237.7)(42.5)(27.5)(150.2)(17.5)(3,034.9)(3,358.7)(1,028.1)(119.4)(1,523.3)(687.9)

10.7

2.2

2.0

6.5

–

1

Under IFRS 7 contractual cash flows are undiscounted and therefore may not agree with the carrying amounts in the Consolidated Balance Sheet

960.4

48.2

–

–

2

31 December 2022 comparative has been updated to remove duplicated cash flow from the greater than 5 years bucket

76.7

109.8

–

–

109.8

–

1,095.8

1,129.1

962.6

50.2

116.3

–

3	31 December 2022 comparative cross currency swaps receipts and payments have been updated for the cash flows that had been incorrectly
included in derivative financial assets in 2022

(i) Fair values and fair value hierarchy

0.6

0.6

0.6

–

–

–

1,096.4

1,129.7

963.2

50.2

116.3

–

0.8

6.7

7.5

1.9

1.2

3.6

2,674.5

2,674.5

2,647.5

49.8

–

–

72.9

109.8

–

–

109.8

–

22.2

29.7

1.3

1.3

3.9

23.2

2,776.3

2,821.5

2,627.9

52.3

117.3

24.0

2.2

2.2

2.2

–

–

–

2,778.5

2,823.7

2,630.1

52.3

117.3

24.0

Derivative financial assets
Currency forwards2

(1.1)
166.6

1,008.6

Non-derivative financial assets
Non-interest bearing(168.1)(1.1)
1,761.6

10.5

31 December 2022
Finance lease receivable(1.1)

1,008.6

Derivative financial assets
Total financial assets

Cross currency swaps – payments3
Total financial liabilities

Non-derivative financial assets
Finance lease receivable

Cross currency swaps – receipts3

Valuation techniques use observable market data where it is available and rely as little as possible on entity-specific estimates.
The fair values of interest rate swaps and forward exchange contracts are measured using discounted cash flows. Future cash
flows are based on forward interest/exchange rates (from observable yield curves/forward exchange rates at the end of thereporting period) and contract interest/forward rates, discounted at a rate that reflects the credit risk of the counterparties.
Financial instruments that are measured subsequently to initial recognition at fair value are grouped into Levels 1 to 3, basedon the degree to which the fair value is observable, as follows:
Level 1 fair value measurements are those derived from unadjusted quoted prices in active markets for identical assets or liabilities.
Level 2 fair value measurements are those derived from inputs, other than quoted prices included within Level 1, that are
observable for the asset or liability, either directly (as prices) or indirectly (derived from prices).

Under IFRS 7 contractual cash flows are undiscounted and therefore may not agree with the carrying amounts in the Consolidated Balance Sheet

2	Cross currency swap receipts and payments were incorrectly classified in derivative financial assets in 2022 so have been moved to derivative
financial liabilities to show the comparative correctly

206

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Inf

2023
£m

2022
£m

492.1

168.8
11.7

Notes to the Consolidated Financial Statements
for the year ended 31 December 2023 continued
31. Financial instruments continued

32. Notes to the Cash Flow Statement

Level 3 fair value measurements are those derived from valuation techniques that include inputs for the asset or liability thatare not based on observable market data (unobservable inputs), such as internal models or other valuation methods. Level 3
balances for contingent consideration, other investments and convertible bonds use future cash flow forecasts to determine
the fair value, with the fair value of deferred consideration balances taken as the receivable amount less any provision.
Financial assets and liabilities measured at fair value in the Consolidated Balance Sheet and their categorisation in the fair value
hierarchy 31 December 2023 and 31 December 2022:
Level 1
2023
£m

Level 22023
£m

Level 3
2023
£m

Total
2023
£m

–

0.6

–

0.6

Financial assets
Unhedged derivative financial instruments

141.0

–

–

141.0

–

28.3

232.5

260.8

141.0

28.9

232.5

402.4

Derivative financial instruments in designated hedge accounting relationships1

–

77.9

–

77.9

Deferred consideration on acquisitions

–

–

15.0

15.0

Contingent consideration on acquisitions (Note 29)

–

–

137.9

137.9

–

77.9

152.9

230.8

Cash and cash equivalents measured at fair value
Other investments (Note 19)
Financial liabilities at fair value through profit or loss and through equity

1

Amounts relate to cross currency interest rate swaps associated with Euro Medium Term Notes (see Note 27)
Level 12022£m

Level 22022£m

Level 3
2022
£m

Total
2022
£m

–

2.2

–

2.2

1,325.0––

1.325.0

–

–

262.7

262.7

1,325.0

2.2

262.7

1,589.9

Financial assets
Unhedged derivative financial instruments
Cash and cash equivalents measured at fair value
Other investments (Note 19)
Financial liabilities at fair value through profit or loss
Derivative financial instruments in designated hedge accounting relationships1

–

168.1

–

168.1

Unhedged derivative financial instruments

–

1.1

–

1.1

Deferred consideration on acquisitions

–

–

1.1

1.1

Contingent consideration on acquisitions (Note 29)

–

–

133.3

133.3

–

169.2

134.4

303.6

Notes

Continuing operations
Profit before tax
Adjustments for:
Depreciation of property and equipment

18

13.5

Depreciation of right-of-use assets

37

26.3

24.8

Amortisation of other intangible assets

16

353.9

310.5

Impairment – acquisition-related and other intangible assets

16

25.1

6.9

Reversal of impairment – IFRS 16 right-of-use assets

37

(0.6)

(0.1)

Reversal of impairment – property and equipment

7

–

(0.7)

Share-based payments

9

20.8

17.5

Fair value gain on contingent consideration

7(87.6)–

Fair value loss on contingent consideration

7

12.0

5.7

(5.1)

(3.0)

Profit on disposal of businesses

7

(3.0)

(11.6)

Distributions received from investments

7–(20.6)

Lease modifications

Loss on disposal of property, equipment and software

Carrying
Estimatedamountfair value
31 December 31 December
2023
2023
£m
£m

Carrying Estimated fairamountvalue
31 December 31 December
2022
2022
£m
£m

Financial liabilities
Bond borrowings

1,486.4

1,417.1

1,901.9

1,759.1

Total

1,486.4

1,417.1

1,901.9

1,759.1

208

0.3

Fair value (gain)/loss on investment

7

(1.3)

0.9

Finance income

10(47.4)(27.5)

Finance costs

11

67.4

74.1

Share of adjusted results of joint ventures and associates

19

(5.8)

(2.1)

862.7

555.6

Operating cash inflow before movements in working capital(Increase)/decrease in inventories

(7.4)

0.1

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

197.2

Movements in working capital(39.5)

55.6

Pension deficit recovery contributions

33

Additional pension payment
Pension payment into escrow
Cash generated by continuing operations
Cash generated by discontinued operations
Cash generated by operations

(3.5)

(6.9)

–

(16.1)–(28.2)

819.7

560.0

–

54.7

819.7

614.7

Reconciliation of total net financing liabilities
Total net
financing Share buyback
liabilities
liability Total financing(Note 25)
(Note 30)
cash flows
£m
£m
£m

Fair value of other financial instruments (unrecognised)
The Group also has a number of financial instruments which are not measured at fair value in the balance sheet. For the
majority of these instruments, the fair values are not materially different to their carrying amounts, since the interest
receivable/payable is either close to current market rates or the instruments are short-term in nature. Significant differenceswere identified for the following instruments at 31 December 2023 and 31 December 2022:

2.4(2,319.4)–(2,319.4)

Non-cash movements

At 1 January 2022

(181.4)(75.0)(256.4)

Cash flow

244.8

–

244.8

Exchange movements(114.4)–(114.4)(2,370.4)(75.0)(2,445.4)

Non-cash movements(405.0)(90.9)(495.9)Cash flow

879.7

75.0

954.7

Exchange movements

50.0

–

50.0

At 31 December 2023

(1,845.7)(90.9)(1,936.6)

At 1 January 2023

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Notes to the Consolidated Financial Statements
for the year ended 31 December 2023 continued
33. Retirement benefit schemes(a) Charge to operating profit
The charge to operating profit for the year in respect of pensions, including both defined benefit and defined contribution
schemes, was £26.4m (2022: £24.0m).

The defined benefit obligation is valued by projecting the best estimate of future benefit payments (allowing for future salary
increases for UK employed deferred members, revaluation to retirement for deferred members and annual pension increases
for UK members) and then discounting to the balance sheet date. UK members receive increases to their benefits linked toinflation (subject to caps for the UK Schemes). There are no caps on benefits in the US Scheme as benefits are not linked toinflation in this Scheme. The valuation method used for all Schemes is known as the Projected Unit Credit Method.
The approximate overall duration of the Group Schemes’ defined benefit obligation as at 31 December 2023 was as follows:(b) Defined benefit schemes – strategy
The Group operates four defined benefit pension schemes in the UK (the UK Schemes): the Informa Final Salary Scheme(Informa FSS), the Taylor & Francis Group Pension and Life Assurance Scheme (T&F GPS), the UBM Pension Scheme (UBMPS)
and the United Newspapers Executive Pension Scheme (UNEPS). These are for qualifying UK colleagues and provide benefits
based on final pensionable pay. The Group also has a defined benefit scheme in the US, the Penton, Inc. Retirement Plan (theUS Scheme). The Penton Media, Inc. Supplemental Executive Retirement Plan was settled in the year, having paid a lump-sum
benefit to the final participant. All schemes (the Group Schemes) are closed to future accruals. Contributions to the UK
Schemes are determined following triennial valuations undertaken by a qualified actuary using the Projected Unit Credit
Method. Contributions to the US Scheme are assessed annually following valuations undertaken by a qualified actuary.
For the UK Schemes, the defined benefit schemes are administered by separate funds that are legally separated from theCompany. The Trustees are responsible for running the UK Schemes in accordance with the Group Schemes’ Trust Deed andRules, which sets out their powers. The Trustees of the UK Schemes are required to act in the best interests of the beneficiariesof the Group Schemes. There is a requirement that one third of the Trustees are nominated by the members of the UK
Schemes. The Trustees of the pension funds are responsible for the investment policy with regard to the assets of the fund.
None of the Schemes have any reimbursement rights.
The Group’s pension funding policy is to provide sufficient funding, as agreed with the Trustees, to ensure any pension deficit
will be addressed to ensure pension payments made to current and future pensioners will be met.
For the US Scheme, the defined benefit scheme is administered by Informa Media, Inc. and is subject to the provisions of the
Employee Retirement Income Security Act 1974 (ERISA). The Company is responsible for the investment policy with regard to
the assets of the fund. The defined benefit scheme has no reimbursement rights.
The investment strategies adopted by the Trustees of the UK Schemes include some exposure to index-linked gilts andcorporate bonds. The investment objectives of the US Scheme are to maximise plan assets within designated risk andreturn profiles.
The current asset allocation of all schemes consists primarily of bespoke funds, bonds, property, diversified growth funds,
credit funds, equities, annuity contracts and other offering rate funds. All assets are managed by a third-party investment
manager according to guidelines established by the Company.

(c) Defined benefit schemes – risk
Through the Group Schemes the Company is exposed to a number of potential risks as described below:

2023

Overall duration (years)

Informa FSS
and T&F
Schemes

UBMPS and
UNEPS
Schemes

15

11

2022
PentonSchemeInforma FSS
and T&F
Schemes

UBMPS and
UNEPS
SchemesPentonSchemes

11

16

11

11

The assumptions which have the most significant effect on the results of the IAS 19 valuation for the Schemes are thoserelating to the discount rate, the rates of price inflation, salaries, and pensions and life expectancy. The main assumptions
adopted are:2023
Informa FSS
and T&F
Schemes

Discount rate
Rate of price inflation
Rate of increase for deferred pensions
Rate of increase for pensions in payment

2022

UBMPS and
UNEPS
SchemesPentonSchemeInforma FSS
and T&F
Schemes

UBMPS and
UNEPS
SchemesPentonSchemes

4.60%

4.60%

4.75%

4.95%

4.95%

4.95%

2.45% (CPI)

2.45% (CPI)n/a2.45% (CPI)

2.45% (CPI)n/a3.05% (RPI)

3.05% (RPI)n/a3.15% (RPI)

3.15% (RPI)

n/a

2.00%

2.00%

n/a

1.90%

1.90%

n/a

2.00–2.90%

2.00–2.90%

n/a1.90–2.90%

1.90–2.90%

n/aLife expectancy:
For an individual aged 65 – male (years)

86

86

85

86

87

85

For an individual aged 65 – female (years)

88

88

87

89

89

87

For the UK Schemes, mortality assumptions used in the IAS 19 valuations are taken from tables published by Continuous
Mortality Investigation (CMI). The UBMPS uses 100%/108% (male/female) of the ‘SAPS’ S3 Normal tables (2022: 101%/105%)
based on the year of birth, the Informa FSS Scheme uses ‘SAPS’ S3 Pensioner tables with a scaling factor of 100% (2022: nochange since previous year end), the T&F GPS Scheme use ‘SAPS’ S3 Middle tables with a scaling factor of 100% (2022: nochange since previous year end) and the UNEPS Scheme uses the ‘SAPS’ S3 Normal tables with a scaling factor of 100% (2022:
no change since previous year end). All UK Schemes use life expectancy improvements taken from CMI 2022 (2022: CMI 2021)
with an initial addition parameter of 0% (2022: 0.25%), a weighting of 35% to 2022 mortality data, a weighting of 10% to2021 mortality data (2022: 10%), a weighting of 10% to 2020 mortality data (2022: 10%) and the long-term rate of improvementof 1.00% (2022: 1.25%).

• Asset volatility: The Group Schemes’ defined benefit obligation is calculated using a discount rate set with reference tocorporate bond yields; however, the Group Schemes invest in other asset classes as stated above. The mix of assets is
expected to outperform corporate bonds in the long term, but provide volatility and risk in the short term(d) Defined benefit schemes – individual defined benefit scheme details
Informa FSS

T&F GPS

UBMPS

UNEPS

• Changes in bond yields: A decrease in corporate bond yields would increase the Group Schemes’ defined benefit obligation;
however, this would be partially offset by an increase in the value of the Schemes’ bond holdings

Latest valuation date1

31.3.2020

30.9.2020

31.3.2020

5.4.2020

Funding (shortfall)/surplus at valuation date and agreed recovery plan amounts for
UK Schemes(£24.6m)(£3.7m)(£56.0m)£3.8m£2m per year
to 30 June2026

£0.25m per
year to 30
September
2026£2.5m peryear to 30
September
2025

n/a

• Inflation risk: A significant proportion of the Group Schemes’ defined benefit obligation is linked to inflation; therefore
higher inflation will result in a higher defined benefit obligation (subject to caps for the UK Schemes). The majority of the
UK Schemes’ assets target being fully hedged against inflation, therefore an increase in inflation is not expected to impact
the deficit• Life expectancy: If the Group Schemes’ members live longer than expected, the Group Schemes’ benefits will need to be
paid for longer, increasing the Group Schemes’ defined benefit obligations

1

The triennial valuations conducted in the year are expected to be finalised in 2024

The Trustees and the Company manage risks in the Group Schemes through the following strategies:• Diversification: Investments are well diversified, such that the failure of any single investment would not have a material
impact on the overall level of assets• Investment strategy: The Trustees are required to review their investment strategy on a regular basis
There are three categories of pension scheme members:• Employed deferred members: Currently employed by the Company• Deferred members: Former colleagues of the Company• Pensioner members: In receipt of pension

210

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Financial Statements

Inf

2023
£m

2022
£m

(478.2)547.1(27.2)
41.7(477.3)557.9(31.5)
49.1

48.1
(6.4)
41.7

55.8
(6.7)
49.1

2023
£m

2022
£m

(477.3)(22.7)
35.4(15.4)
1.8(478.2)(735.2)(13.9)
39.2
237.6
(5.0)
(477.3)

2023
£m

2022
£m

746.6

Notes to the Consolidated Financial Statements
for the year ended 31 December 2023 continued
33. Retirement benefit schemes continued

Amounts recognised in the Consolidated Balance Sheet in respect of the Group Schemes are as follows:

The sensitivities regarding the principal assumptions used to measure the IAS 19 pension scheme liabilities are set out below:
Impact on Scheme liabilities: Increase amounts
Informa FSS£m

Sensitivity analysis at 31 December 2023

T&F GPS
£m

UBMPS
£m

UNEPS
£m

Penton£m

Discount rate – Decrease by 1.00%

10.9

2.8

36.4

0.7

2.1

Rate of price inflation pre-retirement – Increase by 1.00%

7.1

1.8

11.5

0.8

n/a

Life expectancy – Increase by 1 year

2.0

0.5

13.3

1.5

0.5

Sensitivities have been prepared using the same approach as 2022. The above sensitivity analyses are based on a change in anassumption while holding all other assumptions constant, although in practice this is unlikely to occur and changes in someassumptions may be correlated. Should discount and inflation rates fluctuate by a different rate to those disclosed, the impact
can be linearly interpolated.

Present value of defined benefit obligations
Fair value of Scheme assets
Irrecoverable element of pension surplus
Net surplus
Reported as:
Retirement benefit surplus recognised in the Consolidated Balance Sheet
Deficit in scheme and liability recognised in the Consolidated Balance Sheet
Net surplus

Changes in the present value of defined benefit obligations are as follows:

Amounts recognised in respect of these defined benefit schemes are as follows:
2023
£m

2022
£m

Recognised in profit before tax
Past service credit and administrative expenses

0.1

0.1

Interest (income)/cost on net pension surplus (Note 11)

(1.8)

0.7

2023
£m

2022
£m

Actuarial loss on scheme assets(2.3)(188.7)

Experience loss

Opening present value of defined benefit obligation at 1 January
Interest cost
Benefits paid
Actuarial (loss)/gain
Effect of movement in foreign currencies
Closing present value of defined benefit obligation at 31 December

Changes in the fair value of Scheme assets are as follows:

Recognised in the Consolidated Statement of Comprehensive Income(17.4)(22.8)

Opening fair value of Scheme assets at 1 January

557.9

Change in irrecoverable element of pension surplus

5.9(22.1)

Return on Scheme assets

26.0

13.2

Change in demographic actuarial assumptions

18.0

15.7

Actuarial loss

(2.4)

(188.7)

Change in financial actuarial assumptions(16.0)

244.8

Benefits paid

(35.4)(39.2)

Total recognised in the Consolidated Statement of Comprehensive Income(11.8)

26.9

Other payments from the Schemes

(0.1)

(0.1)

Contributions from the employer to the Schemes

2.5

22.3

Movement in net surplus during the year
Net surplus in Schemes at beginning of the year (before irrecoverable element of pension surplus)
Past service credit and administrative expenses
Net finance income/(cost)
Actuarial (loss)/gain
Deficit recovery contributions from the employer to the Schemes
Effect of movement in foreign currencies
Net surplus in Schemes at end of the year (before irrecoverable element of pension surplus)
Irrecoverable element of pension surplus
Net surplus in Schemes at end of the year after irrecoverable element of pension surplus

212

2023
£m

2022
£m

80.6
(0.1)
3.3
(17.8)
2.5
0.4
68.9(27.2)
41.7

11.4
(0.1)
(0.7)
48.9
22.3
(1.2)
80.6
(31.5)
49.1

Effect of movement in foreign currencies
Closing fair value of Scheme assets at 31 December

(1.4)

3.8

547.1

557.9

The assets of the Informa FSS and T&F GPS include assets held in managed funds, liability driven investment (LDI) funds and cash
funds operated by Legal & General Investment Management Limited (LGIM), Partners Group (UK) Limited, Zurich Assurance
Limited, BlackRock, Inc and Baillie Gifford International.
The assets of the UBMPS assets are held in equity funds, absolute return bonds and bespoke LDI funds with LGIM, real returnfunds with Newton Investment Management Limited, property funds with Aviva Investors Jersey Unit Trusts and M&G
Investment Management Limited (M&G), an illiquid credit fund with M&G annuities to cover a small number of pension
members and cash.
The assets of the UNEPS assets are held in an insurance buy-in policy with Aviva Life & Pensions UK Limited and a Sterling
Liquidity Fund with LGIM.

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Notes to the Consolidated Financial Statements
for the year ended 31 December 2023 continued
33. Retirement benefit schemes continued

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 these shares. 512,181 shares(2022: 599,861 shares) for consideration of £4.0m (2022: £3.7m) were settled and cancelled subsequent to year end.

The assets of the Penton Scheme are primarily invested in collective investment trust funds operated by Aon with various
investment managers serving as sub-managers within each fund.

Share premium

The fair values of the assets held are as follows:

2023
£m

2022
£m

1,878.6

1,878.6

Informa FSS£m

T&F GPS
£m

UBMPS
£m

UNEPS
£m

Penton
£m

Total
£m

At 1 January

Equities

9.9

2.3

–

–

7.9

20.1

Issued in the year––

Bonds and gilts

23.1

5.4

107.2

–

12.2

147.9

At 31 December

1,878.6

1,878.6

31 December 2023

Property

9.0

2.2

62.1

–

2.5

75.8

Diversified growth fund

9.9

2.3

41.1

–

–

53.3

Illiquid credit funds

1.1

0.3

48.0

–

–

49.4

Bespoke funds (LDI and hedge funds)

34.5

8.3

133.5

–

1.4

177.7

–

–

3.8

11.9

–

15.7

Annuity contracts
Cash

0.8

0.3

4.6

1.3

0.2

7.2

Total

88.3

21.1

400.3

13.2

24.2

547.1

Informa FSS£m

T&F GPS
£m

UBMPS
£m

UNEPS
£m

Penton
£m

Total
£m

Equities

15.1

3.8

43.6

–

8.4

70.9

Bonds and gilts

7.2

1.6

72.4

–

11.0

92.2

Property

8.9

2.1

66.1

–

5.0

82.1

Diversified growth fund

15.6

3.9

59.2

–

–

78.7

Illiquid credit funds

1.3

0.4

47.7

–

–

49.4

Bespoke funds (LDI and hedge funds)

27.7

6.9

112.0

–

2.0

148.6

31 December 2022

35. Other reserves
This note provides further explanation for the ‘Other reserves’ listed in the Consolidated Statement of Changes in Equity.

Reserves forshares to be
Issued£m

Mergerreserve£m

Otherreserve£m

Employee
Share TrustandShareMatchshares
£m

24.8
17.5
(3.3)
(11.1)

4,125.4–––(2,157.6)–––(20.9)
–
–
–

55.9
–
–
–

0.4
–
–
–

2,028.0
17.5(3.3)(11.1)

–
–
27.9
19.6
(4.8)
(11.1)––
4,125.4––––(74.9)(2,232.5)
–
–
–

–
–
(20.9)–––(29.8)
–
26.1
–
–
–

1.8
–
2.2
–
–
–

(28.0)(74.9)
1,928.2
19.6(4.8)(11.1)

–
–
–
–
31.6

–
173.7
–
–
4,299.1––
1.5(15.8)(2,246.8)––––(20.9)

6.0
–
–
–
32.1

(6.7)
–
–
–
(4.5)

(0.7)
173.7
1.5
(15.8)
2,090.6

34. Share capital and share premium

At 1 January 2022
Share award expense (equity-settled)
Shares for Trust purchaseTransfer of vested LTIPs
Fair value movements on derivatives in
hedging relationships
Share buyback (Note 30)
At 31 December 2022
Share award expense (equity-settled)
Shares for Trust purchaseTransfer of vested LTIPs
Fair value movements on derivatives in
hedging relationships
Issue of share capital
Remeasurement of put call options
Share buyback (Note 30)1
At 31 December 2023

Share capital

1

Share capital as at 31 December 2023 amounted to £1.4m (2022: £1.4m). For details of options issued over the Company’s
shares see Note 9.

Reserve for shares to be issued

Annuity contracts

–

–

4.3

12.6

–

16.9

Cash

13.0

2.5

1.9

1.4

0.3

19.1

Total

88.8

21.2

407.2

14.0

26.7

557.9

All the assets listed above have a quoted market price in an active market, with the exception of illiquid credit funds, annuities,
property and cash. The Group Schemes’ assets do not include any of the Group’s own financial instruments, nor any property
occupied by, or other assets used by, the Group.

2023
£m

2022
£m

1.4

1.4

2023
Number ofshares2022
Number ofsharesIssued, authorised and fully paid
1,368,029,699 (2022: 1,418,525,746) ordinary shares of 0.1p each

1,418,525,746 1,503,112,804

At 1 January–

Issue of new shares to Employee Share Trust

5,000,000

Issue of shares

26,492,800–

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

1,368,029,699 1,418,525,746

At 31 December

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 17).
On 1 September 2023, the Company issued 535,137 ordinary shares at the nominal value of 0.1p to Canalys Pte Limited inrelation to the acquisition of Canalys (see Note 17).

214

Cash flow
hedging
reserve£m

Cost ofhedging
reserve
£m

Total
£m

The total increase in the share buyback liability of £15.9m is represented within other reserves (£15.8m) and share capital (£0.1m)

This reserve relates to LTIP and Curinos share awards granted to colleagues and reduced by the transferred and vested awards.
Further information is set out in Note 9.

Merger reserve
In 2004 the merger of Informa PLC and Taylor & Francis Group plc resulted in a merger reserve amount of £496.4m 		being recorded.
On 2 November 2016, the Group acquired Penton Information Services and the £82.2m share premium on the shares issued to
the vendors was recorded as an increase in the merger reserve in accordance with the merger relief rules of the Companies
Act 2006.
There were 427,536,794 shares issued on 18 June 2018 in connection with the acquisition of UBM plc, which at theacquisition‑date closing share price of 829p resulted in an increase in the merger reserve of £3,544.6m. From 19 July 2018 to
13 December 2018 there were 256,689 shares issued in connection with the satisfaction of Save As You Earn (SAYE) awards in
the UBM business which resulted in an increase in the merger reserve of £2.2m.
On 17 April 2023, the Group issued 25,957,663 shares in relation to the acquisition of Tarsus, resulting in an increase in themerger reserve of £169.8m. Refer to Note 17 for further details.
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, resulting in an increase to the merger reserve of £3.9m. Refer to Note 17 for further details.

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Notes to the Consolidated Financial Statements
for the year ended 31 December 2023 continued
35. Other reserves continued
Other reserve
The other reserve includes the inversion accounting reserve of £2,189.9m which was created from an issue of shares undera Scheme of Arrangement in May 2014.

Employee Share Trust and ShareMatch shares
As at 31 December 2023, the Informa Employee Share Trust held 804,045 (2022: 2,661,689) ordinary shares in the Company at amarket value of £6.3m (2022: £16.5m). As at 31 December 2023, the ShareMatch scheme held 1,889,766 (2022: 1,354,338)
matching ordinary shares in the Company at a market value of £14.8m (2022: £8.4m). At 31 December 2023, the Group held
0.2% (2022: 0.3%) of its own called-up share capital.

None of the non-controlling interests are considered individually material to the Group. During the year there were noncontrolling interest additions of £92.3m relating to the acquisition of Tarsus, the incorporations of Informa Baiwen Exhibitions(Hangzhou) Co., Ltd, Informa Tech (Shanghai) Co., Ltd and SCBE Exhibitions (Shenzhen) Co., Ltd., and the sale of a 49% stake in
Tahaluf Events Limited (formerly Informa Saudi Arabia Limited) (2022: £25.9m).

37. Leases(a) Leases where the Group is a lessee
The Group’s right-of-use assets and lease liabilities at 31 December are as follows:

Right-of-use assets

Cost of hedging reserves
The cash flow hedging reserves and cost of hedging reserve arise from the Group’s hedging arrangements, as described in Note 31.

36. Non-controlling interests
The Group has subsidiary undertakings where there are non-controlling interests. At 31 December 2023, these non-controllinginterests were composed entirely of equity interests and represented the following holding of minority shares by
non‑controlling interests:

1 January 2022
Depreciation
Additions
Impairment reversal (Note 7)
Disposals
Foreign exchange movement
1 January 2023
Depreciation
Additions
Impairment reversal (Note 7)
Disposals
Foreign exchange movement
At 31 December 2023

Property
leases£m

Otherleases1
£m

Total
£m

83.4
(20.4)
17.0
0.6
(2.8)
4.8
82.6
(21.9)
46.8
0.6
(6.9)
(4.6)
96.6

115.9
(4.4)
–
–
–
13.9
125.4
(4.4)
–
–
–
(6.5)
114.5

199.3
(24.8)
17.0
0.6
(2.8)
18.7
208.0
(26.3)
46.8
0.6
(6.9)
(11.1)
211.1

Property
leases£m

Otherleases1
£m

Total
£m

(143.6)37.3(5.9)(17.0)
3.3(8.1)(134.0)39.3(6.1)(46.8)
3.8
8.5(135.3)(122.3)
5.8
(5.1)
–
–
(14.8)(136.4)
5.7
(5.1)
–
–
7.3
(128.5)(265.9)43.1(11.0)(17.0)
3.3(22.9)(270.4)45.0(11.2)(46.8)
3.8
15.8(263.8)• APLF Ltd (40%, 2022: 40%)

• ITF2 Limited (45%, 2022: 45%)

• China International Exhibitions Co., Ltd (30%, 2022: 30%)

• Monaco Yacht Show SAM (10%, 2022: 10%)

• Connect Biz Canada Limited¹ (10%, 2022: n/a)

• PEP Tarsus Corporation (49%, 2022: n/a)

• Connect Biz, LLC¹ (10%, 2022: n/a)

• Piattaforma LLC (40%, 2022: 40%)

• Cosmoprof Asia Limited (50%, 2022: 50%)

• PT Tarsus Indonesia SEA (33%, 2022: n/a)

• Curinos Australia Pty Limited (43.76%, 2022: 43.76%)• PT UBM Pameran Niaga Indonesia (33%, 2022: 33%)

• Curinos Inc. (Canada) (43.76%, 2022: 43.76%)• Sada Uzmanlik Fuarlari A.S (40%, 2022: n/a)

• Curinos, Inc. (USA) (43.76%, 2022: 43.76%)• SCBE Exhibitions (Shenzhen) Co., Ltd. (42.2%, 2022: n/a)

• Curinos International Limited (43.76%, 2022: 43.76%)• Sea Asia Singapore Pte Limited (10%, 2022: 10%)

• Curinos Limited (43.76%, 2022: 43.76%)• Shanghai Baiwen Exhibitions Co., Ltd (15%, 2022: 15%)

• Curinos LLC (43.76%, 2022: 43.76%)• Shanghai IMsinoexpo Digital Services Co., Ltd. (30%, 2022: 30%)

• Evolve OP, LLC (15%, 2022: n/a)
• FBX Novantas Holdings Inc. (43.76%, 2022: 43.76%)• Shanghai Informa Markets ShowStar Exhibition Co., Limited(30%, 2022: 30%)

• Fort Lauderdale Convention Services, Inc. (10%, 2022: 10%)• Shanghai Meisheng Culture Broadcasting Co., Ltd (15%, 2022: 15%)

• Foshan Huaxia Home Textile Development Co., Ltd.
(35%, 2022: n/a)

• Shanghai Sinoexpo Informa Markets International Exhibitions Co., Ltd(30%, 2022: 30%)

• Foundermade LLC (35%, 2022: n/a)

• Shanghai Yingye Exhibitions Co., Ltd (40%, 2022: 40%)

• GKT Events LLC (25%, 2022: n/a)

• Shenzhen Bo Ao Exhibition Co., Ltd (35%, 2022: n/a)

• Guangzhou CitiExpo Jianke Exhibition Co., Ltd. (40%, 2022: 40%)

• Shenzhen HKPCA Show Company Limited (49%, 2022: n/a)

• Guangzhou Sinobake International Exhibition Co., Ltd(65%, 2022: 65%)

• Shenzhen Informa Markets Creativity Exhibition Co., Limited(35%, 2022: 35%)

• Health Connect Partners Inc. (40%, 2022: n/a)

• Shenzhen Shengshi Jiuzhou Exhibition Co., Ltd (25%, 2022: n/a)

• Hong Kong Sinoexpo Informa Markets Limited (30%, 2022: 30%)

• Shenzhen UBM Herong Exhibition Co., Ltd. (30%, 2022: 30%)

• Ibis JV, LP (43.76%, 2022: 43.76%)• Shenzhen Zhongxincai Exhibition Company Limited (30%, 2022: n/a)

• Informa and Tharawat Limited (51%, 2022: 51%)

• Southern Convention Services, Inc. (10%, 2022: 10%)

• Informa Baiwen Exhibitions (Hangzhou) Co., Ltd (40.5%, 2022: n/a)

• Tahaluf Events Limited (49%, 2022: 0%)• Informa Ibis Holdings Inc. (43.76%, 2022: 43.76%)• Tarsus Bodysite LLC (40%, 2022: n/a)2023

• Informa Ibis Inc. (43.76%, 2022: 43.76%)• Tarsus Map LLC (30%, 2022: n/a)

Current lease liabilities(27.5)(0.9)(28.4)• Informa Marine Holdings, Inc. (10%, 2022: 10%)

• Times Aerospace Publishing Holdings Limited (49%, 2022: n/a)

Non-current lease liabilities(107.8)(127.6)(235.4)• Informa Markets Art, LLC (10%, 2022: 10%)

• Times Aerospace Publishing Limited (49%, 2022: n/a)

At 31 December 2023

(135.3)(128.5)(263.8)• Informa Markets BN Co Ltd (40%, 2022: 40%)

• UBM Asia (Thailand) Co., Ltd (51%, 2022: 51%)

2022

• Informa Tech (Shanghai) Co., Ltd. (49%, 2022: n/a)

• USA Beauty LLC (55%, 2022: 55%)

Current lease liabilities(29.5)(0.7)(30.2)• Informa Tech Founders Limited (45%, 2022: n/a)

• Yachting Promotions, Inc. (10%, 2022: 10%)Non-current lease liabilities(104.5)(135.7)(240.2)• Informa Tianyi Exhibitions (Chengdu) Co., Ltd (40%, 2022: 40%)

• Zhongshan Guzhen Lighting Expo Co., Ltd (64.3%, 2022: 64.3%)

At 31 December 2022

(134.0)(136.4)(270.4)• Informa Wiener Exhibitions (Chengdu) Co., Ltd (40%, 2022: 40%)

1

Lease liabilities

1 January 2022
Repayment of lease liabilities
Interest on lease liabilities
Additions
Disposals
Foreign exchange movement
1 January 2023
Repayment of lease liabilities
Interest on lease liabilities
Additions
Disposals
Foreign exchange movement
At 31 December 2023

1

• International Electronics Circuit Exhibition (Shenzhen) Company
Limited (49%, 2022: n/a)

Other leases relate to event venue-related leases

Other leases relate to event venue-related leases

1	The Group acquired the remaining 10% stake in Connect Biz, LLC on 3 January 2024. This also increases the Group’s stake in its wholly owned
subsidiary Connect Biz Canada Limited to 100%

216

217

Annual Report and Accounts 2023

Str

Gov

Financial Statements

Inf

Notes to the Consolidated Financial Statements
for the year ended 31 December 2023 continued
37. Leases continued

39. Subsidiaries(b) Leases where the Group is a lessor

The listing below shows the subsidiary undertakings as at 31 December 2023:

The Group is a lessor in relation to property leases which are sub-let. These sub-lease arrangements are classified as financeleases. The Group’s finance lease receivable at 31 December 2023 is £10.5m (2022: £6.7m).

Company nameCountry

Ownership

RegisteredofficeCentre for Asia PacificAviation Pty. Limited

Australia

100.00%Centre for Aviation
Pty Limited

Australia

Informa Holdings(Australia) Pty Limited

Company nameCountry

Ownership

RegisteredofficeAU1

Informa Markets China(Guangzhou) Co., Ltd.

China

100.00%CH14

100.00%AU1

Informa Markets China(Hangzhou) Co., Ltd.

China

100.00%CH15

Australia

100.00%AU1

Informa Markets China(Shanghai) Co., Ltd.

China

100.00%

CH16

Datamonitor Pty Limited Australia

100.00%AU2

100.00%CH17

Australia

100.00%AU2

Informa Markets China(Shenzhen) Co., Ltd.

China

Informa Australia
Pty Limtied

CH18

Australia

100.00%AU2

Informa Tech (Shanghai) China
Co., Ltd.

51.00%

Ovum Pty Limited
Curinos Australia
Pty Limited

Australia

56.24%

AU3

China

60.00%

CH19

Arabian Exhibition
Management W.L.L.

Bahrain

100.00%BA1Informa Tianyi
Exhibitions (Chengdu)
Co., Ltd.

60.00%

CH20

38. Related party transactions

Bermuda100.00%

BM1

Informa Weiner
Exhibitions (Chengdu)
Co., Ltd.

China

Informa Middle
East Limited

All transactions with related parties are conducted on an arm’s-length basis and in accordance with normal business terms.
Transactions between related parties that are Group subsidiaries are eliminated on consolidation. The related parties,
identified by the Directors, include joint ventures, associates and key management personnel.

Informa Markets Ltda

Brazil100.00%

BR1

China

57.80%CH21

AMB Tarsus Exhibitions(Cambodia) Pte. Ltd.

Cambodia

100.00%CB1SCBE Exhibitions(Shenzhen) Co., Ltd.

China

85.00%

CH22

iNet Interactive
Canada Inc.

Canada100.00%

CA1

Shanghai Baiwen
Exhibitions Co., Ltd.

China

70.00%

CH23

Informa Canada Inc.

Canada100.00%

CA2

Shanghai IMsinoexpo
Digital Services Co., Ltd.

Informa Tech Canada Inc. Canada

100.00%

CA2

Shanghai Informa
Markets ShowStar
Exhibition Co., Ltd.

China

70.00%

CH24

Shanghai Meisheng
Culture BroadcastingCo., Ltd.

China

85.00%

CH25

China
Shanghai SinoExpo
Informa Markets
International Exhibitions
Co., Ltd.

70.00%

CH26

Shanghai Yingye
Exhibitions Co., Ltd.

China

60.00%

CH27

Shenzhen Bo Ao
Exhibition Co., Ltd.

China

65.00%

CH28

Shenzhen HKPCA Show
Co., Ltd.

China

51.00%

CH29

Shenzhen Informa
Markets Creativity
Exhibition Co., Ltd.

China

65.00%

CH30

Shenzhen Shengshi
Jiuzhou Exhibition
Co., Ltd.

China

75.00%

CH31

Shenzhen UBM Herong
Exhibition Co., Ltd.

China

70.00%

CH32

Shenzhen Zhongxincai
Exhibition Co., Ltd.

China

70.00%

CH33

Tarsus Exhibition(Shanghai) Co., Ltd.

China

100.00%CH34(c) Low value and short-term lease expense for the year ended 31 December
Total
£m

2022
Low value lease expense
Short-term lease expense1–(85.4)

2023–

Low value lease expense(152.9)

Short-term lease expense1
1

Includes event venue-related leases

Transactions with joint ventures and associates
All transactions with joint ventures and associates are in the normal course of business. Transactions between the Group andits joint ventures and associates are disclosed below:
Year ended
31 December
2023£mYear ended
31 December
2022£m

Sales to joint ventures

(0.1)

(0.8)

Sales to associates

(1.7)

–

Purchases from associates

2.2

2.4

Trade receivables owed by joint ventures

0.1–

Trade receivables owed by associates

0.5–

Trade payables owed to joint ventures–

0.2

Trade payables owed to joint ventures are settled net of trade receivables due from joint ventures 60 days after the delivery of
goods or services. There are no loans to or from joint ventures.

Transactions with key management personnel
There were no material transactions with Directors of the Company during the period, except for those relating toremuneration and shareholdings. Refer to the Directors’ Remuneration Report on page 121 for disclosure on remuneration.
For the purposes of IAS 24 Related Party Disclosures, Executives below the level of the Company’s Board are not regarded 		as related parties.

Other related party disclosures
At 31 December 2023, Informa Group companies have guaranteed the UK pension scheme liabilities of the Taylor & Francis
Group Pension and Life Assurance Scheme, the Informa Final Salary Scheme and the UBM Pension Scheme.

218

Curinos Inc.

Canada56.24%

CA3

Connect Biz Canada
Limited¹

Canada90.00%

CA4

Afterhurst (Beijing)
Information Consulting
Co., Ltd.

China

100.00%CH1

Canalys Economic
Information Consulting(Shanghai) Co., Ltd.

China

100.00%CH2China International
Exhibitions Co., Ltd.

China

70.00%

CH3

Foshan Huaxia
Home Textile
Development Co., Ltd.

China

65.00%

CH4

Guangzhou CitiExpo
China
Jianke Exhibition Co., Ltd.

60.00%

CH5

Guangzhou Sinobake
International Exhibition
Co., Ltd.³

China

35.00%CH6

IBC Conferencesand Event Management
Services (Shanghai)Co., Ltd.

China

100.00%CH7

Informa Baiwen
Exhibitions (Hangzhou)Co., Ltd.

China

59.50%

CH8

Informa Data Service(Shanghai) Co., Ltd.

China

100.00%CH9

Tarsus Exhibition(Shenzhen) Co., Ltd.

China

100.00%

CH35

China
Informa EnterpriseManagement (Shanghai)Co., Ltd.

100.00%

CH10

Tarsus Hope Exhibition
Co., Ltd.

China

100.00%CH36

Informa Exhibitions(Beijing) Co., Ltd.

China

100.00%CH11

Zhengzhou Tarsus Hope China
Exhibition Co., Ltd.

100.00%CH37

Informa Information
Technology (Shanghai)Co., Ltd.

China

100.00%

CH12

Zhongshan Guzhen
Lighting Expo Co., Ltd¹

China

35.70%

CH38

Stormcliff Limited

Cyprus100.00%CY1

Informa Markets China(Chengdu) Co., Ltd.

China

Informa Egypt LLC

Egypt

100.00%EG1

100.00%CH13

Euromedicom SAS

France100.00%

FR1

Eurovir SAS

France100.00%FR1219

Annual Report and Accounts 2023

Str

Gov

Financial Statements

Inf

Notes to the Consolidated Financial Statements
for the year ended 31 December 2023 continued
39. Subsidiaries continued
Company nameCountry

Ownership

RegisteredofficeNew AG International
S.à.r.l.

France100.00%EBD Group GmbHGermany

Informa Holding
Germany GmbHGermany

Informa Tech
Germany GmbHGermany

Company nameCountry

Ownership

RegisteredofficeCompany nameCountry

Ownership

RegisteredofficeAMB Tarsus Exhibitions(Myanmar) Pte. Ltd.

Myanmar100.00%

MY2

Tarsus Turkey Fuarcılık
Anonim Şirketi

Turkey100.00%TU3

IIR South Africa B.V.

Netherlands

Informa Europe B.V.

Netherlands

100.00%NL1

100.00%UK1

NL1

ABI Building Data
LimitedUK

100.00%Afterhurst Limited

UK

100.00%UK1

Blessmyth Limited

UK

100.00%

UK1

Canrak Books Limited

UK

100.00%UK1Company nameCountry

Ownership

RegisteredofficeFR1

Maypond Holdings
LimitedIreland100.00%IR1

100.00%

DE1

Maypond Limited

Ireland100.00%IR1Informa Finance B.V.

Netherlands

100.00%NL1

100.00%DE1

Tanahol Unlimited
Company

Ireland100.00%IR1Informa Markets B.V.

Netherlands

100.00%NL1

UBM Asia B.V.

Netherlands

100.00%

NL2

DE1

Colwiz Limited

Ireland100.00%IR2

100.00%NZ1

100.00%UK1

DE1Isle of Man

100.00%IM1

CapRegen BioSciences
LimitedUK

UNM International
Holdings Limited

Dove Medical Press (NZ) New Zealand
LimitedInforma Healthcare A.S.

Norway100.00%NO1

CapRegen Limited

UK

100.00%UK1

UK

100.00%UK1

100.00%UBM Canon Deutschland GermanyGmbH

100.00%Taylor & Francis
Verlag GmbHGermany

100.00%DE2

UNM Overseas Holdings Isle of Man
Limited

100.00%

IM1

Colwiz Pakistan
Private Limited

Pakistan

99.98%

PK1

CapRegen Magnum
Limited

HK1

100.00%JP1

UBM Exhibitions
Philippines Inc

Philippines

100.00%PH1

CapRegen Natural
BioSciences Limited

UK1

60.00%

Japan

100.00%Hong Kong

Informa Global Markets(Japan) Co., LtdUK

APLF Limited

Informa Intelligence
Godo KaishaJapan

100.00%JP1

AMB Tarsus Exhibitions Philippines(Philippines) Corporation

100.00%PH2

CapRegen Nutraceuticals UK
Limited

100.00%UK1

Informa Markets Japan
Co., LtdJapan

100.00%JP2

PEP Tarsus Corporation

Philippines

51.00%

PH3

Colonygrove Limited

UK

100.00%

UK1

QA1

100.00%UK1

JP349.00%

UK

Japan

Qatar

Colwiz UK Limited

Taylor & Francis
Japan Godo Kaisha

Informa and Tharawat
Limited¹

UK

100.00%UK1

Informa Markets BN
Co Ltd.

Republic of
Korea

60.00%

RK1

Crosswall Nominees
Limited56.24%

UK1

Republic of
Korea

100.00%

RK1

Curinos International
LimitedUK

Informa Markets Korea
Corporation

Curinos Limited

UK

56.24%

UK1

Informa Tech Korea
Co., Ltd.

Republic of
Korea

100.00%

RK2

Datamonitor Limited

UK

100.00%UK1

Tahaluf Events Limited

Saudi Arabia

51.00%

SU1

Design Junction Limited

UK

100.00%UK1

Informa Saudi Arabia
LLC²

Saudi Arabia

100.00%SU2

DIVX Express Limited

UK

100.00%UK1

UK

100.00%UK1

IBC Asia (S) Pte Ltd.

Singapore

100.00%

SG1

Dove Medical Press
Limited

Taylor & Francis (S)Pte Ltd

Singapore

100.00%

SG1

Expert Publishing
Medicine Ltd.

UK

100.00%UK1

Informa Global Markets(Singapore) Pte Limited

Singapore

100.00%

SG1

Expert Publishing
Science Ltd.

UK

100.00%UK1

Informa Exhibitions
Pte Limited

Singapore

100.00%SG2F1000 Research Limited

Sea Asia Singapore Pte
LimitedSingapore90.00%

SG2

Singapore Exhibition
Services (Pte) Limited

Singapore

100.00%

SG2

Tarsus (Singapore)
Pte Ltd

Singapore

100.00%Canalys Pte. Ltd.

SingaporeMarketworks
Datamonitor (Pty) Ltd

South Africa

Cosmoprof Asia Limited¹ Hong Kong

50.00%

HK1

Great Tactic Limited

Hong Kong

100.00%HK1Hong Kong Sinoexpo
Hong Kong
Informa Markets Limited

70.00%

HK1

Informa Global Markets(Hong Kong) Limited

100.00%Hong Kong

HK1

Informa Limited

Hong Kong

100.00%HK1Informa Markets Asia
Group Limited

Hong Kong

100.00%HK1Informa Markets Asia
Holdings (HK) Limited

Hong Kong

100.00%HK1Informa Markets
Asia Limited

Hong Kong

Informa Markets Asia
PartnershipHong Kong

100.00%Informa Markets South
China Limited

Hong Kong

MAI Brokers(Asia & Pacific) Limited

100.00%Informa Jersey Limited

Jersey100.00%

JE1

Tarsus Group Limited

Jersey100.00%

JE2

UBM (Jersey) Limited

Jersey100.00%

JE2

UBM Limited

Jersey100.00%

JE2

CMP Holdings S.à.r.l.

Luxembourg

100.00%

LX1

Luxembourg

100.00%

LX1

HK1

CMP Intermediate
Holdings S.à.r.l.
UBM Finance S.à r.l.

Luxembourg

100.00%

LX1

100.00%HK1

UBM IP Luxembourg
S.à.r.l.

Luxembourg

100.00%

LX1Hong Kong

100.00%HK1United Brazil Holdings
S.à.r.l.

Luxembourg

100.00%

LX1

Mills & Allen Holdings(Far East) Limited

Hong Kong

100.00%HK1United Commonwealth
Holdings S.à.r.l.

Luxembourg

100.00%

LX1

Penton Media
Asia Limited

Hong Kong

100.00%HK1United CP Holdings
S.à.r.l.

Luxembourg

100.00%

LX1

HK2

United News Distribution Luxembourg
S.à.r.l.

100.00%

LX1

United Professional
Media S.à.r.l.

100.00%

LX1

100.00%HK1International Electronics Hong Kong
Circuit Exhibition(Shenzhen) Company
Limited51.00%

Informa Markets India
Private Limited

India

100.00%IN1

UBM Exhibitions India
LLP

India

100.00%IN1Taylor & Francis Books
India Private Limited

India

100.00%IN2Taylor & Francis
India
Technology Services LLP

100.00%IN3Canalys Solutions
and Experiences
Private Limited

India

100.00%IN4

Tarsus Exhibitions India
Private Limited

India

PT Pamerindo Indonesia Indonesia

99.99%

IN5

100.00%ID1

PT Tarsus Indonesia SEA Indonesia

67.00%ID3

PT UBM Pameran
Niaga Indonesia

Indonesia

67.00%

ID2

Donytel Unlimited
Uncompany

Ireland100.00%IR1F1000 Open Science
Platforms Limited

Ireland100.00%IR1

Luxembourg

UNM Holdings S.à.r.l.

Luxembourg

100.00%

LX1

Vavasseur International
Holdings S.à.r.l.

Luxembourg

100.00%

LX1

Informa Markets
Malaysia Sdn Bhd

Malaysia

100.00%

MA1

Malaysian Exhibition
Services Sdn Bhd

Malaysia

100.00%MA1

UBM Tech Research
Malaysia Sdn Bhd

Malaysia

100.00%MA1UBMMG Holdings
Sdn Bhd

Malaysia

100.00%

AMB Tarsus Exhibitions
Sdn Bhd

Malaysia

100.00%UBM Mexico
Exposiciones, S.A.P.I.

Mexico100.00%Tarsus Services,S. de R.L. de C.V.

MexicoInforma Monaco SAM

UK1

Fairs And Exhibitions
LimitedUK

100.00%UK1

Futurum Media Limited

100.00%UK1

SG3

100.00%UK1

100.00%SG4

100.00%UK1

100.00%

SA1

Green Thinking (Services) UK
LimitedHirecorp Limited

UK

100.00%UK1

IBC (Ten) Limited

UK

100.00%UK1

IBC (Twelve) Limited

UK

100.00%UK1

IIR (UK Holdings)
LimitedUK

100.00%UK1

IIR Management Limited UK

100.00%UK1

Industry Dive, Ltd.

UK

100.00%UK1

Informa Connect
LimitedUK

100.00%UK1

Informa Cosec Limited

UK

100.00%UK1

UK

100.00%UK1

Co-Action Publishing AB

Sweden100.00%Taylor & Francis AB

Sweden100.00%SE1Informa IP GmbH

Switzerland

100.00%SW1

MA1Informa Tech Taiwan
LimitedTaiwan100.00%TA1

MA2Bangkok Exhibition
Services Ltd.

Thailand

100.00%TH1ME1

UBM Asia (Thailand)
Co. Ltd³

Thailand

100.00%ME2

Monaco100.00%MC1

Monaco Yacht Show SAM Monaco

90.00%

MC1

100.00%

MY1

220

UK1

100.00%UK

100.00%

Myanmar100.00%GNC Media Investments UK
LimitedInstitute for International Spain
Research Espana S.L.

Myanmar Trade Fair
Management
Company Limited

UK

Fairs & Exhibitions (1992) UK
LimitedSP1
SE1

49.00%

TH1

Informa Exhibitions
LimitedUBM Istanbul Fuarcılık
Turkeyve Gösteri Hizmetleri A.Ş.

100.00%

TU1

100.00%

UK1

Sada Uzmanlik
Fuarlari A.S

60.00%TU2

UK
Informa Final SalaryPension Trustee Company
LimitedInforma Finance Australia UK
Limited

100.00%UK1

Turkey221

Annual Report and Accounts 2023

Str

Gov

Financial Statements

Inf

Notes to the Consolidated Financial Statements
for the year ended 31 December 2023 continued
39. Subsidiaries continued
Ownership

RegisteredofficeUK

100.00%UK1

Informa Finance Egypt
LimitedUK

100.00%UK1

Informa Finance Mexico
LimitedUK

100.00%UK1

Informa Finance USA
LimitedUK

100.00%UK1

Informa Global Markets(Europe) Limited

UK

100.00%UK1Company nameCountry

Informa Finance Brazil
LimitedInforma Group Holdings UK
Limited

100.00%UK1

Informa Group Limited

UK

100.00%UK1

Informa Holdings
LimitedUK

100.00%UK1

Informa Investment Plan UK
Trustees Limited

100.00%UK1

Informa Investments
LimitedUK

100.00%UK1

Informa Manufacturing
Europe Holdings
LimitedUK

100.00%UK1

Informa Manufacturing
Europe Limited

UK

Informa Markets(Europe) Limited

UK

100.00%UK1

Informa Markets(Maritime) Limited

UK

100.00%UK1

Informa Markets (UK)
LimitedUK

100.00%Informa Markets
LimitedUK

Informa Overseas
Investments Limited

UK

Informa Property(Colchester) Limited

UK

Informa Six Limited

UK

100.00%UK1

Informa Tech Founders
LimitedUK

55.00%

Informa Tech Research
LimitedUK

Informa Telecoms &Media Limited

UK

100.00%UK1

Informa Three Limited

UK

100.00%UK1

Informa UK Limited

UK

100.00%UK1

Informa United Finance
LimitedUK

100.00%Informa US Holdings
LimitedUK

100.00%

ITF2 Limited

UK

Ownership

RegisteredofficeMRO Exhibitions Limited UK

100.00%UK1

MRO Publications
LimitedUK

100.00%UK1

Newlands Press Limited

UK

100.00%UK1

Oes Exhibitions Limited

UK

100.00%UK1

OTC Publications Limited UK

100.00%

UK1

Penton Communications UK
Europe Limited

100.00%UK1

PNO Exhibition
Investment (Dubai)
LimitedUK

100.00%

UK1

Roamingtarget Limited

UK

100.00%UK1

Routledge Books Limited UK

100.00%UK1

Tarsus AM Shows Ltd

UK

100.00%UK1

Tarsus America Limited

UK

100.00%UK1

Tarsus Atlantic Limited

UK

100.00%UK1

Tarsus Cedar Limited

UK

100.00%UK1

Tarsus China Limited

UK

100.00%UK1

Tarsus Exhibitions &Publishing Limited

UK

100.00%Tarsus Group Limited

UK

Tarsus Holdings Limited

Company nameCountry

Ownership

RegisteredofficeOwnership

RegisteredofficeUK

100.00%USA

100.00%US1

TU-Automotive
Holdings Limited

UK

Informa Global Sales,
Inc.

USA

100.00%US1

TU-Automotive Limited
Turtle Diary Limited

Informa Global Shared
Services LLC

USA

100.00%US1

UBM (GP) No1 Limited

Informa Ibis GP, LLC

USA

100.00%

US1

UK1

Informa Ibis Holdings
Inc.

USA

56.24%

US1

100.00%UK1

Informa Ibis Inc.

USA

56.24%

US1

USA

100.00%

US1

UK

100.00%UK1

Informa Intrepid
Holdings Inc.

100.00%

US1

UK

100.00%UK1

Informa Life Sciences
Exhibitions, Inc.

USAUBM Shared Services
LimitedUS1

UK

100.00%UK1

Informa Markets Fashion USA(East) LLC

100.00%UBM Trustees Limited
UBMG Holdings

UK

100.00%

UK1

USA

100.00%US1UBMG Services Limited

Informa Markets
France, Inc.

Company nameCountry

Company nameCountry

Tiger Acquisitions UK
Limited

UK1

Informa Exhibitions,
LLC

100.00%UK1

UK

100.00%UK1

UK

100.00%UK1

UK

100.00%UK1

UBM Aviation Worldwide UK
Limited

100.00%UBM International
Holdings UK Societas

UK

UBM Property Services
LimitedUK

100.00%

UK1

United Consumer Media UK
UK Societas

100.00%UK1

Informa Markets
Holdings, Inc.

USA

100.00%US1

United Executive
Trustees Limited

UK

100.00%UK1

Informa Markets
Investments, IncUSA

100.00%

US1

UK1

UK

100.00%UK1

Informa Markets
Manufacturing LLC

100.00%

US1

UK1

United Newspapers
Publications Limited

USA

100.00%UK

100.00%

UK1

United Trustees Limited

UK

100.00%UK1

Informa Media, Inc.

USA

100.00%

US1

Tarsus Investments
LimitedUK

100.00%UK1

UNM Investments
LimitedUK

100.00%UK1

Informa Operating
Holdings, Inc.

USA

100.00%

US1

Tarsus Leeward Limited

UK

100.00%UK1

UK

100.00%UK1

100.00%

US1

UK

100.00%UK1

Informa Tech Holdings
LLC

USA

Tarsus Luzhniki Limited

Vavasseur Overseas
Holdings Limited

UK

100.00%UK1

Canalys.com Ltd.

UK

100.00%UK2

100.00%

US1

Tarsus Medical Limited

UK

100.00%UK1

UK

100.00%UK3

Informa Tech LLC

USA

100.00%US1

100.00%UK1

Tarsus New Media
LimitedUK

100.00%UK1

Smarter Shows (Tarsus)
LimitedInforma Markets
Medica LLC

USA

UK1

Tarsus Martex

UK

100.00%

UK3

USA

100.00%US1

100.00%UK1

Tarsus Organex Limited

Smarter Shows (No 2)
LimitedInforma US Beauty
Holdings LLC

Times Aerospace
Publishing Limited

UK

51.00%

UK4

Internet World Media,
Inc.

USA

100.00%

US1

UK

51.00%UK4

LOE Holdings, LLC

USA

100.00%US1Ludgate USA LLC

USA

100.00%

US1

Piattaforma LLC

USA

60.00%

US1

Roast LLC

USA

100.00%US1

Spectrum ABM Corp.

USA

100.00%US1

UBM Delaware LLC

USA

100.00%US1UBM Finance, Inc.

USA

100.00%US1

UBM UK LLC

USA

100.00%US1

USA Beauty LLC¹

USA

45.00%

US1

Winsight, LLC

USA

100.00%US1Taylor & Francis
Group, LLC

USA

100.00%

US1

Technomic, Inc.

USA

100.00%US1

Brainweek, LLC

USA

100.00%

US2

USA

100.00%US2

100.00%UK1

UK

100.00%UK1

Tarsus Overseas Limited UK

100.00%UK1

Tarsus Publishing
LimitedUK

100.00%

UK1

UK1

Tarsus Touchstone
LimitedUK

100.00%UK1

Times Aerospace
Publishing Holdings
LimitedUK

UK1

United ArabEmirates

100.00%UK1

Tarsus UK Holdings
LimitedInforma Middle EastMedia FZ LLC

Tarsus US Limited

UK

100.00%UK1

F&E LLC FZEUnited ArabEmirates

100.00%Tarsus Windward
LimitedUK

100.00%UK1

Curinos LLC

USA

56.24%

US1

Taylor & Francis Books
LimitedUK

100.00%UK1

FBX Novantas
Holdings Inc.

USA

56.24%US1

UK1

Taylor & Francis Group
LimitedUK

100.00%UK1

Curinos, Inc.

USA

56.24%

US1

Farm Progress Limited

USA

100.00%US1UK1Taylor & Francis Limited

UK

100.00%UK1

Ibis JV, LP

USA

56.24%

US1

100.00%UK1

100.00%

US1

UK1

UK

USA

55.00%

Light Reading UK Limited UK

100.00%UK1

Taylor & Francis
Publishing Services
LimitedInforma BusinessMedia Holdings, Inc.

USA

100.00%

US1

London On-Water Ltd

UK

100.00%

UK1

UK

Caroo Development Inc. USA

100.00%US2

LSX Limited

UK

100.00%UK1

The W.R. Kern
Organisation Limited

Informa BusinessMedia, Inc.

Canalys.com, Inc.

USA

100.00%

US1

Caroo USA Inc.

USA

100.00%US2

MAI Luxembourg UK
Societas

UK

100.00%

UK1

Tiger Acquisitions
Holding Limited

UK

100.00%UK1

Informa Data
Sources, Inc.

Connect Biz, LLC³

USA

90.00%

US2

USA

Connect Travel, LLC

USA

100.00%US2

Miller Freeman
Worldwide Limited

UK

Tiger Acquisitions
Intermediate Holding
LimitedUK

100.00%UK1

Informa Exhibitions
Holding Corp.

Foundermade LLC

USA

65.00%

US2

Montana Street
Consultants, Inc.

USA

100.00%US2Natural Biosciences Inc.

USA

100.00%US2

100.00%100.00%100.00%

UK1

UK1

222

100.00%100.00%

UK1

USA
Informa Exhibitions
U.S. Construction & Real
Estate, Inc.

100.00%100.00%

UAE1
UAE2

US1
US1

223

Annual Report and Accounts 2023

Str

Gov

Financial Statements

Inf

Notes to the Consolidated Financial Statements
for the year ended 31 December 2023 continued
39. Subsidiaries continued

Company registered office addresses
Ownership

RegisteredofficeUSA

100.00%

US2

Scuba Holdings, Inc.

USA

100.00%

US2

Tarsus Atlantic
Holdings LLC

USA

100.00%

US2

Industry Dive, Inc.

USA

100.00%

US2

Tarsus Bodysite LLC

USA

60.00%US2MCI OPCO, LLC

USA

100.00%

US2

Tarsus Events, LLC

USA

100.00%

US2

Tarsus Exhibitions, LLC

USA

100.00%

US2

Tarsus Mexico Events,
LLC

USA

100.00%

US2

Tarsus GEP, Inc.

USA

100.00%

US2

Tarsus Map LLC

USA

70.00%

US2

Tarsus US Holdings
Incorporated

USA

100.00%US2

Trade Show News
Network, Inc.

USAUBM Community
Connection Foundation

USA

Netline Corporation

USA

100.00%US5Duke Investments, Inc.

USA

100.00%US6

Informa Markets Art,
LLC

USA

90.00%

US7

Informa Support
Services, Inc.

USA

100.00%US7

Informa Marine
Holdings, Inc.

USA

90.00%

US7

Tarsus Publishing, Inc.

USA

100.00%US17

Fort Lauderdale
USA
Convention Services, Inc.

90.00%

US7

Tarsus Connect, LLC

USA

100.00%

US18

Yachting Promotions,
Inc.

USA

90.00%

US7

Health Connect
Partners Inc.

USA

60.00%

US19

Southern Convention
Services. Inc.

USA

90.00%US7

SES Vietnam Exhibition
Services Company
LimitedVietnam

100.00%

VE1

Company nameCountry

Tarsus Partners, L.P.

100.00%100.00%US3
US4

Ownership

RegisteredofficeUSA

100.00%US8

AU1c/o LBW & Partners, Level 3, 845 Pacific Highway,
Chatswood, NSW 2067, Australia

CH19

No 502, 5th Floor, Building 4, 99 Guangfu Road, Wuhou
District, Chengdu, China

Informa Princeton LLC

USA

100.00%

US8

AU2Level 4, 24 York Street, Sydney, NSW 2000, Australia

CH20

CMP Child Care
Center, IncUSA

100.00%US8AU3c/o Kelly Partners (Northern Beaches) Pty Ltd, Unit 15,
117 Old Pittwater Road, Brookvale NSW 2100, Australia

Room 1009, Western Tower No. 19, Way 4, South People
Road, Chengdu City, China

CH21

Knect365 US, Inc.

USA

100.00%US8

BA1Informa BusinessIntelligence, Inc.

USA

100.00%

US9

Building 1, Road 22, Block 414, Al-Daih, PO Box 20200,
Jidhafs, Bahrain

8C-28E, Xinlikang Building, 3044 Xinghai Avenue, Nanshan
Street, Qianhai Shenzhen-Hong Kong Cooperation Zone,
Shenzhen 518966, China

BM1

CH22

Informa USA, Inc.

USA

100.00%US9Victoria Place, 5th Floor, 31 Victoria Street, Hamilton,
HM10, Bermuda

Room 1010, 10F, No. 993 West Nanjing Road, Jingan
District, Shanghai, China

Ovum, Inc.4

USA

100.00%

US9

BR1

CH23

8/F UDIT, 355 Hong Qiao Road, Shanghai 200030, China

Metabolic Medical
Institute, Inc.

USA

100.00%

US10

Avenida Doutora Ruth Cardoso, 7221, 22/C2301/B.A,
Pinheiros, São Paulo – SP, CEP 05425-902, Brazil

CH24

CA1

Unit 2901, K11 Atelier, 300 Huai Hai Road Central,
Huangpu District, Shanghai 200021, China

Tarsus Advon
Holdings, Inc.

USA

100.00%US10

c/o McMillan LLP, 1500 Royal Centre, 1055 W. Georgia
Street, Vancouver, BC V6E 4N7, Canada

CH25

CA2

Room 101-75, No.15 Jia, No. 152 Alley, Yanchang Road,
Jing'an District, Shanghai, China

Tarsus Cardio, Inc.

USA

100.00%

US10

12th Floor, 20 Eglinton Avenue West, Yonge Eglinton
Centre, Toronto, ON M4R 1K8, Canada

CH26

Tarsus Medical
Education LLC

USA

100.00%

US10

CA3

181 University Avenue, Suite 1100, Toronto, ON M5H 3M7,
CanadaRoom 608, Block A, No. 1 Building, No. 3000 Longdong
Avenue, Pilot Free Trade Zone, Shanghai, China

CH27

CA4

PO Box 49130, 2900-595 Burrard Street, Vancouver BC BC
V7X 1J5, Canada

Room 234, 2nd Floor, M-Zone, 1st Building, No 3398 Hu
Qing Ping Road, Zhao Xiang Town, Qing Pu District,
Shanghai, China

CB1

Building #128, Office No. 103, 1st Floor, Russian Federation
Bvld (110), Sangkat Toek Laak 1, Khan Tuol Kork, Phnom
Penh, Cambodia

CH28

Room 1405S, 14th Floor, Times Financial Center, No. 4001
Shennan Avenue, Fu'an Community, Futian Street, FutianDistrict, Shenzhen, China

CH29

Unit 2607B, 26/F, Huarong Building, 178 Mintian Road,
Futian District, Shenzhen, China

CH30

L28-02, Building No. 3, Zuoyue Financial Centre, No. 5033
of Menghai Avenue, Shenzhen, China

CH31

Room 1703, Block C, Tairan Building, Futian District,
Shenzhen, China

CH32

Room 607, East Block, Coastal Building, Haide 3rd Road,
Nanshan District, Shenzhen, Guangdong 518054, China

CH33

Room 1303, Building 3, Zhongkang Road 128, MeilinCommunity, Meilin Street, Futian District, Shenzhen, China

Company nameCountry

AdvanstarCommunications, Inc.

Tarsus Direct LLC

USA

100.00%

US10

Medical Conferences
International, Inc.

USA

100.00%US11Registered office address

DMS Group, LLC

USA

100.00%

US12

USA

100.00%US13

CH1

Unit 101, 1st Floor, Building 8, Yard 1, Gaolizhang Road,
Haidian District, Beijing, China

CH2

Room 310, Building 2, No. 98 Yan Ping Road, Jing An
District, Shanghai, China

CH3

Floor 7/8, Urban Development International Tower,
No. 355 Hong Qiao Road, Xu Hui District,
Shanghai, 200030, China

CH4

Room 2602, Building 1, South China International
Financial Centre, 28 Haiwu Road, Guicheng Street, Nanhai
District, Foshan, China

CH5

Room 902, No. 996 East Xingang Road, Haizhu District,
Guangzhou, China

CH34

Room V1134, 11F, No. 158 Shuanglian Road Qingpu
District, Shanghai, China

CH6

Room 2807, No. 1022 East Xingang Road, Haizhu District,
Guangzhou, China

CH35

44AC-1229, Block A, NEO Lvjing Era Building, 6011
Shennan Avenue, Futian District, Shenzhen, China

CH7

Room 2072, 2nd Floor, 124 Building, No. 960 Zhong Xing
Road, Jing'an District, Shanghai, China

CH36

CH8

Room 537, No.857 of North Shixin Road, Xiaoshan District,Hangzhou, China

Rm D326, No. 1 – 9 Clapping Hands Incubator, Tower A, Asia
Trade Plaza, No. 628 Wuluo Road, Zhongnan Road Street,
Wuchang District, Wuhan City, Hubei Province, China

CH37

CH9

Room 6396 No. 650 Dingxi Road, Changning District,
Shanghai, China

Rm. 2106, No.60, Zi Jinshan Road, Cheng District,
Zhengzhou, China

CH38

CH10

Room 2201 Hong Kong New Tower, No. 300 Huai Hai
Middle Road, Huang Pu District, Shanghai, China

2F, Guzhen Convention & Exhibition Center,
Zhongshan, Guangdong, China

CY1

CH11

Unit 802 Comfort Plaza, No. 4 of Worker's Stadium North
Road, Chaoyang District, Beijing 100027, China

2nd Floor, Sotiri Tofini 4, Agios Athanasios,
Limassol, 4102, Cyprus

DE1

Kaufingerstraße 24, 80331 Munich, Germany

CH12West-South Area Fl. 3, No. 2123 Pudong Avenue,
Free Trade Zone, Shanghai, China

DE2

Knesebeckstraße 62/63, 10719 Berlin, Germany

China (Sichuan) Pilot Free Trade Zone, East Section of
Ningbo Road, Zhengxing Street, Tianfu New District,Chengdu, China

EG1

7H Building, Street 263, New Maadj, Cairo, Egypt

FR1

37 avenue de Friedland, 75008, Paris, France

HK1

Room 812, Silvercord, Tower 1, 30 Canton Road,
Tsimshatsui, Kowloon, Hong Kong

Evolve OP, LLC

USA

85.00%US14

GKT Events LLC

USA

75.00%

US15

Tarsus Expositions, Inc.

USA

100.00%

US16

Informa Saudi Arabia LLC was dissolved on 4 February 20243	This entity is included here as a subsidiary and in the Consolidated Financial Statements due to the circumstances of its ownership andmanagement, in line with the requirements of IFRS 10
4

RegisteredofficeRegistered office address

Off-Price Specialists
Center1	The Group acquired the remaining 10% stake in Connect Biz, LLC on 3 January 2024. This also increases the Group’s stake in its wholly owned
subsidiary Connect Biz Canada Limited to 100%
2

RegisteredofficeOvum, Inc. was dissolved on 29 February 2024

CH13

224

CH14

Room 1159-1164, China Hotel Office Tower, Liu Hua Road,
Guangzhou, China

HK2

CH15

Room 123, Floor 1, Building 1, No.108 Kangqiao Road,
Gongshu District, Hangzhou, China

Unit 1508, 15/F., Greenfield Tower, No. 1 Science
Museum Road, Tsimshatsui, Hong Kong

ID1

CH16

Room 207, No. 453 Fahuazhen Road, Shanghai, China

Menara Jamsostek Utara, Lanatai 12 Unit 12-04, Jalan
Jendral Gatot Subroto No. 38, Jakarta 12710, Indonesia

CH17

V3 East, Level 17 Daqing Building, Tian'an Shatou Street,
Futian District, Shenzhen, China

ID2

Intiland Tower, 19th Floor, Jalan Jendral Sudirman No.32,
Jakarta Pusat, 10220, Indonesia

CH18

Room 501-7, 1566 West Yan’an Road, Changning District,
Shanghai, China

IM1First Names House, Victoria Road, Douglas, Isle of Man,
IM2 4DF, Isle of Man

225

Annual Report and Accounts 2023

Str

Gov

Financial Statements

Inf

Notes to the Consolidated Financial Statements
for the year ended 31 December 2023 continued
39. Subsidiaries continued
RegisteredofficeRegistered office address

RegisteredofficeRegisteredofficeRegistered office address

Registered office address

RegisteredofficeRegistered office address

US11

c/o CT Corporation System, 208 S. Lasalle Street, Suite 814,
Chicago, IL 60604, USA

US16

c/o CT Corporation System, 4400 Easton Commons Way,
Suite 125, Columbus, OH 43219

US12

c/o CT Corporation System, 6300 N. River Road, Suite 300,
Rosemont, IL 60018, USA

US17

c/o CT Corporation System, 2 Office Park Court, Suite 103,
Columbia, SC 29233, USA

US13

c/o CT Corporation System, 701 S. Carson Street, Suite 200,
Carson City, NV 89701, USA

US18

c/o Northwest Agent Registered Services Inc., 300 Colonial
Center Parkway, Suite 100N, Roswell, GA 30076, USA

US14

c/o CT Corporation System, 301 S. Bedford Street, Suite 1,
Madison, WI 53703, USA

US19

65 Business Park Drive, Lebanon, TN 37090, USA

VE1

10th Floor., Ha Phan Building, 17-17A-19, Ton That Tung
Street, District 1, HCMC, Vietnam

IN1

Solitaire-XIV Building, B-Wing, 1st Floor, Unit No. 3 & 4,
Guru Hargovindji Marg, Chakala, Andheri (East),
Mumbai 400093, India

SA1

Broadacres Business Centre, Corner Cedar, 3rd Avenue
Broadacres, Sandton Gauteng, Johannesburg, 2021,
South Africa

IN2

2nd & 3rd floor, The National Council of YMCAs of India, 1,
Jai Singh Road, New Delhi, 110001, India

SE1

Box 3255, 103 65, Stockholm, Sweden

IN3

No. 143, 144 Hosur Main Road, Industrial Layout,
Koramangala, Bangalore 560 095, Karnataka, India

SG1

230 Victoria Street, #04-06/07/08, Bugis Junction Towers,
Singapore 188024

SG2

63 Robinson Road, #06-02, Afro-Asia, Singapore 068894

SG3

9 Raffles Place, #26-01, Republic Plaza, Singapore 048619

SG4

133 Cecil Street, #13-02, Keck Seng Tower,
Singapore 069535

40. Contingent liabilities and assets

SP1

Calle Azcona, 36, Bajo de Madrid, Madrid 28028, Spain

SU1

Office 109, 1st Floor, Aban Center, King Abdulaziz Road,AlGhadir District, Riyadh, 13311, Saudi Arabia

At 31 December 2023 there were no contingent liabilities or contingent assets (2022: nil).

SU2

Marei bin Mahfouz Group Regional Office Building,Al aziziya intersection of Tahlia & Siteen Str nearby Ikea,
PO Box 4100, Jeddah 21491, Saudi Arabia

IN4

58 Bowring Hospital Road, Shivaji Nagar Bangalore,
Bangalore, Karnataka, 560051, India

IN5

9 Mathura Road, Jangpura-B, New Delhi, 110014, India

IR1

68 Merrion Square, Dublin 2, D02 W983, Ireland

IR2

70 Sir John Rogerson's Quay, Dublin 2, Ireland

JE1

22 Grenville Street, St Helier JE4 8PX, Jersey

JE2

44 The Esplanade, St Helier, JE4 9WG, Jersey

JP1

21F, Otemachi Financial City North Tower, 1-9-5 Otemachi,
Chiyoda-ku, Tokyo, 100-0004, Japan

JP2

Kanda 91 Building, 1-8-3 Kajicho, Chiyoda-ku, Tokyo,
101-0044, Japan

JP3

9th Floor, JHV Building 1-54-4, Kanda Jimbocho, Chiyodaku, Tokyo, 101-0051, Japan

LX1

21 – 25 Allee Scheffer, L-2520, Luxembourg

MA1

Unit 30-01, Level 30, Tower A, Vertical Business Suite,
Avenue 3, Bangsar South, No. 8, Jalan Kerinchi, 59200
Kuala Lumpur, Malaysia

MA2

41B Damai Complex, Jalan Datuk Haji Eusoff, Kuala
Lumpur, Wilayah Persekutuan, Malaysia

MC1

Le Suffren, 7 rue Suffren-Reymond, Monaco, 98000,
MonacoME1Lago Alberto 319, 901-A, Colonia Granada, Delegación
Miguel Hidalgo, Mexico City 11520, Mexico

ME2

Insurgentes Sur 664 piso 4, Col. Del Valle, C.P. 03100,
Mexico City, Mexico

MY1

No. 3/A, # 14-00 Junction City Tower, Bogyoke Aung San
Road, Pabedan Township, Yangon Region, Myanmar

MY2

SW1

Suurstoffi 37, 6343 Rotkreuz, Switzerland

TA1

Floor 10, No. 66, Second 1, Neihu Rd, Neiting District,Taipei, Taiwan

TH1

428 Ari Hills Building, 18th Floor, Phahonyothin Road,
Samsen Nai, Phaya Thai, Bangkok 10400, Thailand

TU1

Rüzgarlıbaçe Mah. Kavak Sok, Smart Plaza B Blok,
No: 31/1 Kat: 8, 34805 Kavacik-Beykoz, Istanbul, Turkey

TU2

Mustafa Kemal Mah 2143 Sok, Gokceoglu, Plaza No 7/4
Cankaya, Ankara, Turkey

TU3

Esentepe Mah, Buyukdere Cad. No:124, Ozsezen Is
Merkezi B Blok Kat:6 Sisli, Istanbul, Turkey

UAE1

17th & 18th Floor, Creative Tower, PO Box 422, Fujairah,
United Arab Emirates

UAE2

Dubai Airport Free Zone, PO Box 371391, Building 7W,
Suite 3103, Dubai, United Arab Emirates

UK1

5 Howick Place, London, SW1P 1WG, United Kingdom

UK2

Cumberland Court, 80 Mount Street, Nottingham NG1
6HH, United Kingdom

No. 25 Pan Hlaing Housing, Pan Hliang Street (Hone
Street), San Chaung Township, Yangon, Myanmar

UK3

2nd Floor, 79-83, North Street, Brighton, BN1 1ZA,
United Kingdom

NL1

WTC, Tower Ten, 7th Floor, Strawinskylaan 763,
Amsterdam 1077 XX, Netherlands

UK4

3-4 Rumsey House, Locks Hill, Rochford, Essex, SS4 1BB,
United Kingdom

NL2

Coengebouw, Suite 8.04, Kabelweg 37, 1014 BA
Amsterdam, Netherlands

US1

c/o Corporation Service Company, 251 Little Falls Drive,
Wilmington, DE 19808, USA

NO1

c/o Advokat Merete Bardsen, Wahl-Larson Advokatfirma
AS, Fridtjof Nansens plass 5, Oslo, 0160, Norway

US2

c/o The Corporation Trust Company, Corporation TrustCenter, 1209 Orange Street, Wilmington DE 19801, USA

NZ1

HPCA Limited, 1 ihumata Road, Milford, Auckland, 0620,
New Zealand

US3

c/o United Corporate Services, Inc., 800 North State Street,
Suite 304, Dover, DE 19901, USA

PH1

Unit I-121, Ground Floor, One E-com Center Ocean Drive,
Mall of Asia Complex, Pasay City, Philippines

US4

c/o The Prentice-Hall Corporation System Inc, 251 Little
Falls Drive, Wilmington, DE 19808, USA

PH2

12F Times Plaza Bldg., United Nations Ave, Cor. Taft
Avenue, Ermita, Manila 100, Philippines

US5

c/o Corporation Service Company, 2710 Gateway Oaks
Drive, Suite 150N, Sacramento, CA 95833, USA

PH3

72-C Esteban Abada Loyola Heights, Quezon City,
Metro Manila, Philippines

US6

c/o Corporation Service Company, 1900 W. Littleton
Boulevart, Littleton, CO 80120, USA

PK1

6th Floor, Citi View, Block 3, Bahadur Yar Jung Cooperative
Housing Society, Shaheed-e-Millat Road, Karachi Sindh,PakistanUS7

c/o Corporation Service Company, 1201 Hays Street,
Tallahassee, FL 32301, USA

QA1

P.O. Box 545, Doha, Qatar

US8

c/o Corporation Service Company, 80 State Street, Albany,
NY 12207-2543, USA

RK1

8F, Woodo Building, 214 Mangu-ro, Jungnang-gu, Seoul,02121, Republic of Korea

US9

c/o Corporation Service Company, 84 State Street, Boston,
MA 02109, USA

RK2

S11002, 431 Teheran-ro, Gangnam-gu, Seoul, Republicof Korea

US10

c/o Mary T Lund, 1200 Mayfair Road, Suite 430, Milwaukee,
WI 53226

226

US15

c/o Denasha A. Scott, 1200 N. Mayfair Road, Suite 430,
Milwaukee, WI 53226, USA

41. 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 and circa $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.

227

Annual Report and Accounts 2023

Str

Parent Company Balance Sheet as at 31 December 2023

Notes

2023
£m

2022
£m

3

8,166.6

7,897.0

8,166.6

7,897.0

Current assets

Share capital£m

Reserve forshares to
be issued£mAt 1 January 2022

1.5

1,878.6

22.2

4,501.9(17.4)––

4,884.9

11,271.7

Profit for the year

–

–

–

–

–

–

–

317.7

317.7

Debtors falling due within one year53,843.0

3,014.2

Debtors falling due after one year4

1,387.7

2,142.1

Share buyback

Cash and cash equivalents
6

Total assets less current liabilities
Creditors: amounts falling due after more than one year7

Net assets

CapitalMerger redemption
reserve
reserve
£m
£m

Total
£m

–

–

–

–

–

–

–

317.7

317.7

(0.1)

–

–

–

0.1

(74.9)–(517.0)(591.9)1,136.6

Share award expense

–

–

12.9

–

–

–

–

–

12.9

6,292.9

Equity dividends

–

–

–

–

–

–

–

(43.3)(43.3)(280.7)(1,246.8)

Transfer of vested LTIPs––(11.1)

–

–

–

–

11.1

–

5,039.6

5,046.1

At 31 December 2022

1.4

1,878.6

24.0

4,501.9(17.3)(74.9)–

4,653.4

10,967.1

–

–

–

–

–

–

–

589.9

589.9
589.9

(2,202.9)(1,976.0)

Profit for the year

11,003.3

10,967.1

Total comprehensive
income for the year

–

–

–

–

–

–

–

589.9

Issue of shares

0.1

–

–

173.7

–

–

–

–

173.8

Share buyback

(0.1)

–

–

–

–

(15.8)–(548.3)(564.2)

Share award expense

–

–

14.6

–

–

–

–

–

14.6

Equity dividends

–

–

–

–

–

–

–

(176.6)(176.6)––(11.1)

–

–

–

–

11.1

–

8

1.4

1.4

Share premium

9

1,878.6

1,878.6

Reserve for shares to be issued

9

27.5

24.0

Merger reserve

94,675.6

4,501.9

Transfer of vested LTIPs

Capital redemption reserve9(17.3)(17.3)

Other reserves

9(90.7)(74.9)

Reclassification of hedging
reserves to profit or loss

Hedging reserve

9

(1.3)

–

Profit and loss account4,529.5

4,653.4

Total shareholders’ funds

11,003.3

10,967.1

589.9

317.7

At 31 December 2023

–

–

–

–

–

–

(1.3)

–

(1.3)

1.4

1,878.6

27.5

4,675.6(17.3)(90.7)(1.3)

4,529.5

11,003.3

The financial statements on pages 228 to 234 of this Company, registration number 08860726, were approved by the Boardof Directors and authorised for issue on 7 March 2024 and were signed on its behalf by

Gareth WrightGroup Finance Director

228

Hedging
Profit andreserve loss account
£m
£m

89.6

Called-up share capital

Stephen A. Carter			
Group Chief Executive
		

Other
reserves£m5,320.3

Capital and reserves

Profit for the year ended 31 December

Inf

Share
premium
account£m

Total comprehensive
income for the year

Creditors: amounts falling due within one year

Financial Statements

Parent Company Statement of Changes in Equity for the year ended
31 December 2023

Fixed assets
Investments in subsidiary undertakings

Gov

229

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Str

Gov

Financial Statements

Inf

2023
£m

2022
£m

Notes to the Parent Company Financial Statements
for the year ended 31 December 2023
1. Corporate information

3. Investments in subsidiary undertakings

Informa PLC (the Company) is a company incorporated and domiciled in the United Kingdom under the Companies Act 2006
and is listed on the London Stock Exchange. The Company is a public company limited by shares and is registered in Englandand Wales with registration number 08860726. The address of the registered office is 5 Howick Place, London SW1P 1WG.

Principal activity and business review
Informa PLC is the Parent Company of the Informa Group (the Group) and its principal activity is to act as the ultimate holding
company of the Group.

2. Accounting policies

Cost

7,897.0

7,886.7

Additions – other1

11.9

10.3

Additions2

449.0

–

Disposals3(191.3)–

At 31 December

8,166.6

7,897.0

At 1 January1	Additions – other includes £11.9m (2022: £10.3m) related to the fair value of share incentives issued to employees of subsidiary undertakings
during the year

Basis of accounting
The Company meets the definition of a qualifying entity under Financial Reporting Standard FRS 102 issued by the Financial
Reporting Council. The financial statements have therefore been prepared in accordance with FRS 102 The Financial ReportingStandard applicable in the UK and Republic of Ireland as issued by the Financial Reporting Council, and the Companies Act 2006.
As permitted by FRS 102, the Company has taken advantage of the disclosure exemptions available under that standard in
relation to share-based payments, financial instruments, presentation of a cash flow statement, standards not yet effective
and related party transactions. The Directors’ Report, Corporate Governance Statement and Directors’ Remuneration Reportdisclosures are on pages 140 to 142, 94 to 105 and 121 to 139 of this report, respectively. The financial statements have been
prepared on the historical cost basis except for the remeasurement of certain financial instruments which are measured at fairvalue at the end of each reporting period. Having assessed the principal risks and the other matters discussed in connection
with the Group viability statement, the Directors have considered it appropriate to adopt the going concern basis of accounting
in preparing the financial statements.
The principal accounting policies adopted are the same as those set out in Note 2 to the Consolidated Financial Statements andhave been applied consistently, with the exception of the merger reserve accounting treatment arising from the Scheme of
Arrangement in 2014 and the key source of estimation uncertainty (see Note 3). There are deemed to be no critical accounting
judgements and estimates. The Company’s financial statements are presented in pounds sterling, being the Company’sfunctional currency.

2	During the year, the Company acquired the ordinary share capital of Tiger Acquisitions (Jersey) Limited at a value of £191.3m, The W.R.
Kern Organisation Limited at a value of £126.1m, and Canalys Pte Ltd at a value of £48.6m. The Company also increased its shareholding 		
in Informa Jersey Limited by £83.0m
3During the year, the Company transferred its investment in Tiger Acquisitions (Jersey) Limited within the Group at a value of £191.3m

Consideration was given to the market capitalisation of the Group, the results of the annual Group impairment assessment andother facts and circumstances and no impairment indicators were identified in relation to the carrying value of investments in
subsidiary undertakings as at 31 December 2023.
The listing below shows the direct subsidiary undertakings as at 31 December 2023 which affected the profit or net assets of
the Company:
CompanyCountry of registration

Principal activity

Ordinaryshares held

Informa Jersey Limited

JerseyHolding company

100%

Informa Global Sales, Inc.

USA

Domestic international sales corporation

100%

UBM Limited

JerseyHolding company

100%

Canalys Pte Ltd

Singapore

Holding company

100%

The W.R. Kern Organisation Limited

UK

Holding company

100%

Profit and loss account

Details of subsidiaries controlled by the Company are disclosed in the Consolidated Financial Statements (see Note 39).

As permitted by section 408 of the Companies Act 2006 the Company has elected not to present its own profit and loss accountor Statement of Comprehensive Income for the year. The Company’s revenue for the year is £nil (2022: £nil), and profit after tax
for the year is £589.9m (2022: £317.7m).

4. Debtors falling due after one year

Share-based payment amounts that relate to employees of subsidiary Group companies are recorded as capital contributions
to the relevant Group company.

Investments in subsidiaries and impairment reviews
Investments in subsidiaries are stated at cost less provision for any impairment in value. At each reporting period, theCompany assesses the carrying amounts of its investments to determine whether there is any indication of impairment.
Where such an indication exists, the Company makes an estimate of the recoverable amount. If the recoverable amount of theinvestment is less than its carrying amount, the investment is written down to its recoverable amount. Any impairment loss isimmediately recognised in the income statement.

Amounts owed from Group undertakings

2022
£m

1,387.7

2,142.1

Amounts due from Group undertakings falling due after one year are unsecured, non-interest bearing and repayable on
demand. The amounts owed by Group undertakings have been assessed for 12 month expected credit losses. Due to the
low credit risk, the expected credit loss is considered immaterial.

5. Debtors falling due within one year

Taxation
On 11 July 2023, the UK Government enacted the Pillar Two 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 Two effective tax rate of less than 15%.

2023
£m

Amounts owed from Group undertakings
Other debtors

2023
£m

2022
£m

3,842.6

3,010.7

0.4

3.5

3,843.0

3,014.2

The Company has performed an assessment of the potential exposure to Pillar Two income taxes. The assessment is based on
the most recent tax filings, country-by-country reporting, and financial statements for the constituent entities in the Groupalthough it is not based on a full Global Anti-Base Erosion calculation. Based on this assessment, the majority of entities fallwithin the transitional safe harbours or have a simplified effective tax rate of more than 15%. However, there are a limited
number of jurisdictions where the transitional safe harbour relief may not apply and the Pillar Two effective tax rate is below
15%. The legislation is not expected to have a material impact on the Company.

Amounts owed from Group undertakings falling due within one year are unsecured, non-interest bearing and repayable on
demand. The amounts owed by Group undertakings have been assessed for 12 month expected credit losses. Due to the low
credit risk, the expected credit loss is considered immaterial.

230

231

Annual Report and Accounts 2023

Str

Gov

Financial Statements

Inf

2023
£m

2022
£m

1.4

1.4

2023
Number ofshares2022
Number ofshares

Notes to the Parent Company Financial Statements
for the year ended 31 December 2023 continued
6. Creditors: Amounts falling due within one year

Amounts owed to Group undertakings

8. Called-up share capital
2023
£m

2022
£m

154.0

736.8

Issued, authorised and fully paid

–

398.1

1,368,029,699 (2022: 1,418,525,746) ordinary shares of 0.1p each

122.8

111.9

Euro Medium Term Notes1
Other payables2
Contingent consideration3

3.9

–

280.7

1,246.8

1	Stated net of arrangement fees of £nil (2022: £0.3m)

At 1 January2	Other payables includes a share buyback liability of £90.9m which reflects the remaining liability for the purchase of the Company’s own sharesthrough to the conclusion of the Group’s share buyback programme in 2024. A share buyback liability of £75.0m in 2022 reflected the maximum
liability for the purchase of the Company’s own shares through to the conclusion of the Group’s closed period on 8 March 2023, following an
irrevocable instruction to the Group’s broker in connection with the share buyback programme

Issue of new shares to Employee Share Trust–

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

1,368,029,699 1,418,525,746

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.

7. Creditors: Amounts falling due after one year
2023
£m

2022
£m

(1.7)

(1.3)

Euro Medium Term Notes (EMTN)

1,486.4

1,503.5

Derivative financial instruments

77.9

168.1

Amounts owed to Group undertakings

614.3

305.7

Contingent consideration2

26.0

–

2,202.9

1,976.0

On 1 September 2023, the Company issued 535,137 ordinary shares at the nominal value of 0.1p to Canalys Pte Limited inrelation to the acquisition of Canalys.
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 these shares. 512,181 shares(2022: 599,861 shares) for consideration of £4.0m (2022: £3.7m) were settled and cancelled subsequent to year end.

9. Capital and reserves
Share premium1	Stated net of arrangement fees of £6.2m (2022: £8.8m)

There have been no changes to share premium during the year (2022: no change).

2	Contingent consideration of £26.0m relates to deferred equity consideration on the acquisition of Tarsus on 17 April 2023. Refer to Note 17 to theConsolidated Financial Statements for further details

Reserves for shares to be issued

Amounts owed to Group undertakings falling due after one year are unsecured, non-interest bearing and repayable
on demand.
The RCF was not drawn at 31 December 2023 and had a balance of £nil (2022: £nil) and is stated net of £1.7m (2022: £1.3m)
arrangement fees. Interest is payable at the rate of SONIA or SOFR plus a margin.
There are cross currency swaps over the EMTN borrowings where the Company receives the following:• A fixed rate of interest for £450.0m of EMTN borrowings with a maturity of July 2026 and pays a fixed rate of interest
for $588.9m• A fixed rate of interest on €500.0m of EMTN borrowings with a maturity of April 2028 and pays a fixed rate of interest
for $551.6m• A fixed rate of interest on €700.0m of EMTN borrowings with a maturity of October 2025 and pays a fixed rate of interest
for $821.6m
At 31 December 2023, the fair value of these swaps was a net financial liability of £77.9m (2022: liability £165.9m).

5,000,000

26,492,800

Share capital

Amounts owed to Group undertakings falling due within one year are unsecured, non-interest bearing and repayable
on demand.

1–

Issue of shares
At 31 December

3	Contingent consideration of £3.9m relates to the acquisition of Canalys on 1 September 2023. Refer to Note 17 to the Consolidated Financial
Statements for further details

Arrangement fees in respect of revolving credit facility (RCF)

1,418,525,746 1,503,112,804

This reserve relates to LTIP share awards granted to colleagues and reduced by the transferred and vested awards.

Merger reserve
On 30 May 2014, under a Scheme of Arrangement, the Company subscribed to shares in Informa Switzerland Limited, formerly
Old Informa, a subsidiary undertaking, which were valued at £3,500.0m. This resulted in new share capital of £2,627.1m fromthe issue of 603,941,249 shares at a nominal value of 435p and the creation of a merger reserve of £872.9m.
On 2 November 2016, the Company acquired Penton Information Services and the Group issued 12,829,146 ordinary shares tothe vendors, with the £82.2m share premium on the shares issued recorded against the merger reserve in accordance with themerger relief rules of the Companies Act 2006.
The Company acquired UBM plc on 15 June 2018 and issued 427,536,794 shares resulting in an increase in the merger reserveof £3,544.6m. The Company also issued 256,689 shares in 2018 to satisfy UBM SAYE scheme awards maturing in the postacquisition period and there was an increase in the merger reserve of £2.2m in relation to the issue of these shares.
The Company acquired Tiger Acquisitions (Jersey) Limited, the parent company of Tarsus Group Limited, on 17 April 2023 andissued 25,957,663 shares, resulting in an increase in the merger reserve of £169.8m.
The Company acquired Canalys Pte Ltd on 1 September 2023 and issued 535,137 shares, resulting in an increase in the merger
reserve of £3.9m.

Capital redemption reserve
The capital redemption reserve relates to the purchase of shares by the Employee Stock Ownership Plan (ESOP) in 2019(£15.0m) and 2018 (£2.3m).

Other reserves
Other reserves reflect a share buyback liability for the remaining liability for the purchase of the Company’s own sharesthrough to the conclusion of the Group’s share buyback programme in 2024, following an extension to the Group’s sharebuyback programme to £1.15bn.

232

233

Annual Report and Accounts 2023

Str

Gov

Financial Statements

Inf

Notes to the Parent Company Financial Statements
for the year ended 31 December 2023 continued

Audit exemption

10. Share-based payments

The following UK subsidiaries will take advantage of the audit exemption set out within section 479A of the Companies Act 2006
for the year ended 31 December 2023:

Details of the share-based payments are disclosed in the Consolidated Financial Statements (see Note 9).

Audit exempt company

Registration
number

ABI Building Data Limited

02385277

Informa Property (Colchester) Limited

03610056

Afterhurst Limited

01609566

Informa Six Limited

04606229

Blessmyth Limited

03805559

Informa Tech Founders Limited

12302369

Canalys.com Ltd

03631553

Informa Tech Research Limited

11971005

12. Related party transactions

Canrak Books Limited

03194381

Informa Telecoms & Media Limited

00991704

CapRegen BioSciences Limited

06695188

Informa Three Limited

04595951

The Directors of Informa PLC had no material transactions with the Company or its subsidiaries during the year other thanservice contracts and Directors’ liability insurance. Details of Directors’ remuneration are disclosed in the Remuneration
Report. The Company has taken advantage of the exemption that transactions with wholly owned subsidiaries do not need tobe disclosed.

CapRegen Limited

06264929

Informa UK Limited

01072954

CapRegen Magnum Limited

06460511

Informa United Finance Limited

00948730

CapRegen Natural BioSciences Limited

06695529

Informa US Holdings Limited

09319013

CapRegen Nutraceuticals Limited

06695546

ITF2 Limited

12294578

Colonygrove Limited

04109768

Light Reading UK Limited

08823359

Colwiz UK Limited

08164609

London on-Water Limited

10621549

Crosswall Nominees Limited

00950209

LSX Limited

08982745

Curinos International Limited

04757016

MAI Luxembourg UK Societas

SE000010

Curinos Limited

04159695

Miller Freeman Worldwide Limited

01750865

Datamonitor Limited

02306113

MRO Exhibitions Limited

02737787

Design Junction Limited

07634779

MRO Publications Limited

02732007

DIVX Express Limited

03212879

Newlands Press Limited

04982360

Dove Medical Press Limited

04967656

OES Exhibitions Limited

09958003

Expert Publishing Medicine Ltd

04059017

OTC Publications Limited

02765878

Expert Publishing Science Ltd

10134073

Penton Communications Europe Limited

02805376

F1000 Research Limited

08322928

PNO Exhibition Investment (Dubai) Limited

09993836

Fairs & Exhibitions (1992) Limited

02696019

Roamingtarget Limited

05419444

Fairs and Exhibitions Limited

00635224

Routledge Books Limited

03177762

Futurum Media Limited

09813559

Smarter Shows (No 2) Limited

12338608

GNC Media Investments Limited

03085849

Smarter Shows (Tarsus) Limited

12338170

Green Thinking (Services) Limited

05803263

Tarsus AM Shows Ltd

07910136

Hirecorp Limited

04790559

Tarsus America Limited

03528599

IBC (Ten) Limited

01844717

Tarsus Atlantic Limited

06445661

IBC (Twelve) Limited

03007085

Tarsus Cedar Limited

07954429

IIR (U.K. Holdings) Limited

02748477

Tarsus China Limited

05949339

IIR Management Limited

02922734

Tarsus Exhibitions & Publishing Limited

01459268

Industry Dive, Limited

12786552

Tarsus Group Limited

02000544

Informa Connect Limited

01835199

Tarsus Holdings Limited

05246843

Informa Cosec Limited

03849195

Tarsus Investments Limited

03527715

Informa Exhibitions Limited

05202490

Tarsus Leeward Limited

06620137

Informa Final Salary Pension Trustee Company Limited

03267900

Tarsus Luzhniki Limited

06697908

Informa Finance Australia Limited

12008055

Tarsus Martex

03109690

Informa Finance Brazil Limited

12007958

Tarsus Medical Limited

06004318

Informa Finance Egypt Limited

12008044

Tarsus New Media Limited

01332457

Informa Finance Mexico Limited

12008165

Tarsus Organex Limited

03280222

Informa Finance USA Limited

08940353

Tarsus Overseas Limited

03671643

Informa Global Markets (Europe) Limited

03094797

Tarsus Publishing Limited

02438248

Informa Group Limited

03099067

Tarsus Touchstone Limited

03891757

Informa Holdings Limited

03849198

Tarsus UK Holdings Limited

06774643

Informa Investment Plan Trustees Limited

05557980

Tarsus US Limited

05253899

Informa Investments Limited

01693134

Tarsus Windward Limited

06620149

Informa Manufacturing Europe Holdings Limited

10025028

Taylor & Francis Books Limited

03215483

Informa Manufacturing Europe Limited

09893244

Taylor & Francis Group Limited

02280993

Informa Markets (Europe) Limited

08851438

Taylor & Francis Limited

00314578

Informa Markets (Maritime) Limited

00495334

Taylor & Francis Publishing Services Limited

03674840

Informa Markets (UK) Limited

00370721

Tiger Acquisitions Holding Limited

11987963

Informa Markets Limited

02972059

Tiger Acquisitions Intermediate Holding Limited

11996640

Informa Overseas Investments Limited

05845568

Tiger Acquisitions UK Limited

11988001

11. Dividends
During the year total dividends of £176.6m (2022: £43.3m) were recognised as a distribution by the Company. As at
31 December 2023, £0.3m (2022: £0.2m) of dividends were still to be paid relating to prior periods. Details of dividends
are disclosed in the Consolidated Financial Statements (see Note 13).

234

Audit exempt company

235

Registration
numberAnnual Report and Accounts 2023

Str

Audit exemption continued

Fin

Company Information

Glossary of terms: alternative performance measures
Registration
numberAudit exempt company

Registration
numberTimes Aerospace Publishing Holdings Limited

13644712

UBM Trustees Limited

02970035

Times Aerospace Publishing Limited

13645657

UBMG Holdings

00152298

TU-Automotive Holdings Limited

09823826

UBMG Services Limited

03666160

TU-Automotive Limited

09798474

United Consumer Media UK Societas

SE000008

Turtle Diary Limited

01816342

United Executive Trustees Limited

01693088

UBM (GP) No1 Limited

03259390

United Newspapers Publications Limited

00235544

UBM Aviation Worldwide Limited

04226716

United Trustees Limited

02113253UBM International Holdings UK Societas

SE000009

UNM Investments Limited

01219152

UBM Property Services Limited

03212363

Vavasseur Overseas Holdings Limited

00879102UBM Shared Services Limited

04957131

W.R. Kern Organisation Limited(The)00928594

Audit exempt company

Gov

The Group provides adjusted results and underlying measures in addition to statutory measures, in order to provide additional
useful information on business performance trends to shareholders. The Board considers these non-GAAP measures to be auseful and alternative way to measure the Group’s performance in a way that is comparable to the prior year.
The terms ‘adjusted’ and ‘underlying’ are not defined terms under IFRSs and may not therefore be comparable to similarly
titled measurements reported by other companies. These measures are not intended to be a substitute for, or superior to, IFRS
measurements. The Financial Review provides reconciliations of alternative performance measures (APMs) to statutory
measures and also provides the basis of calculation for certain APM metrics. These APMs are provided on a consistent basiswith the prior year.

Adjusted results and adjusting items
Adjusted results exclude items that are commonly excluded across the media sector: amortisation and impairment of goodwill
and intangible assets relating to businesses acquired and other intangible asset purchases of book lists, journal titles, acquired
databases and brands related to exhibitions and conferences, acquisition and integration costs, profit or loss on disposal of
businesses, restructuring costs and other items that in the opinion of the Directors would impact the comparability ofunderlying results. Adjusting items are detailed in Note 7 to the Consolidated Financial Statements.
Adjusted results are prepared for the following measures which are provided in the Consolidated Income Statement on page152: adjusted operating profit, adjusted net finance costs, adjusted profit before tax, adjusted tax charge, adjusted profit aftertax, 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 73, 76 and 79 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 is provided in the Financial Review• Covenant-adjusted EBITDA for Informa interest cover purposes under the Group’s previous financial covenants on debt
facilities is earnings before interest, tax, depreciation and amortisation 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 isearnings 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 on a 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 76 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 translatedusing average exchange rates for the 12-month period and is adjusted to include deferred consideration 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 by revenue.
The Financial Review on page 73 shows the calculation of the adjusted operating margin, which is provided as an additional
useful metric on underlying performance to readers.

Adjusted tax charge
The adjusted tax charge excludes the tax effects of adjusting items, deferred tax movements relating to tax losses in Luxembourg
as well as other significant one-off items. It includes the allowable tax benefit for goodwill amortisation in the US and elsewhere.

Dividend cover
Dividend cover is the ratio of adjusted diluted earnings per share to dividends per share for the year and is provided 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 bestated before adjusting items impacting earnings per share. The Financial Review on page 78 provides the calculation ofdividend cover.

236

237

Annual Report and Accounts 2023

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Glossary of terms: alternative performance measures continued

Fin

Company Information

Five-year summary

Dividend payout ratio
This 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 shownon page 78 of the Financial Review.

Gov

2023
£m

2022
£m

2021
£m

2020
£m

2019
£m

Results from continuing and discontinued operations
3,189.6

2,389.3

1,798.7

1,660.8

2,890.3

Adjusted operating profit

853.8

535.0

388.4

266.6

933.1

Free cash flow

Statutory operating profit/(loss)

507.8

221.9

93.8

(881.6)

538.1

Statutory profit/(loss) before tax

492.1

1,946.9

137.1(1,140.9)

318.7

Free cash flow is a key financial measure of cash generation and represents the cash flow generated by the business before
cash flows relating to acquisitions and disposals and their related costs, dividends, any new equity issuance or repurchases ofown shares and debt issues or repayments. Free cash flow is one of the Group’s key performance indicators, and is an indicatorof operational efficiency and financial discipline, illustrating the capacity to reinvest, fund future dividends and repay debt.
The Financial Review on page 80 provides a reconciliation of free cash flow to statutory measures.

Profit/(loss) attributable to equity holders of the parent

419.0

1,631.5

77.9(1,042.5)

225.5

Free cash flow

631.7

466.4

438.7

(153.9)722.1

Non-current assets

10,468.7

9,521.7

8,924.4

9,022.6

9,988.1

Current assets

1,055.5

2,624.0

1,273.2

695.2

721.9

Current liabilities(1,789.2)(2,008.8)(1,350.0)(1,200.6)(1,584.6)

Non-current liabilities(2,550.4)(2,670.6)(2,801.7)(2,889.2)(3,300.4)

Net assets

7,184.6

7,466.3

6,045.9

5,628.0

5,825.0

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 isprovided to enable the assessment of our debt position together with our compliance with these previous specific debt
covenants. The Financial Review on page 82 provides the basis of the calculation of Informa interest cover.

Informa leverage ratio
The Informa leverage ratio is calculated according to the Group’s previous financial covenants on debt facilities and is the ratioof net debt to covenant-adjusted EBITDA for Informa leverage information purposes, and is provided to enable the assessmentof our debt position together with compliance with these previous specific debt covenants. The Financial Review on page 82
provides the basis of the calculation of the Informa leverage ratio.

Revenue

Net assets

Key statistics (pence) continuing and discontinued operations
Earnings per share

30.1

112.0

5.2

(73.4)

17.9

Diluted earnings per share

29.9

111.4

5.2

(73.4)

17.8

Adjusted diluted earnings per share

45.3

26.4

16.7

9.8

51.0

Dividends per share

18.0

9.8

–

–

7.5

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 other loan receivables or loan
payables where these are interest bearing and do not relate to deferred consideration arrangements for acquisitions or disposals.

Operating cash flow and operating cash flow conversion
Operating cash flow is a financial measure used to determine the efficiency of cash flow generation in the business and ismeasured by and represents free cash flow before interest, tax, restructuring and reorganisation costs. The Financial Review
on page 81 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 apercentage by dividing operating cash flow by adjusted operating profit in the reporting period. The Financial Review
on page 81 provides the calculation of operating cash flow conversion.

Underlying revenue and underlying adjusted operating profit
Underlying revenue and underlying adjusted operating profit refer to results adjusted for acquisitions and disposals, thephasing of events, including biennials, the impact of changes from implementing new accounting standards and accounting
policy changes and the effects of changes in foreign currency 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 scheduling cycle ofevents 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 these in 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 from the 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 74 provides the reconciliation of underlying measures of growth to reported measures of growthin percentage terms.

238

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Annual Report and Accounts 2023

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Gov

Fin

Shareholder information
Registrars

Dividend and dividend reinvestment

ADR programme for US investors

All general enquiries about holdings of ordinary
shares in Informa PLC should be addressed to our
registrar, Computershare:

Shareholders can have dividends paid directly intoa bank or building society account. To do this,complete the dividend mandate instruction form
available at investorcentre.co.uk or contact
our registrar.

Since 2013 Informa has maintained a Level I
American Depositary Receipt (ADR) programmewith BNY Mellon. Each Informa ADR represents
two ordinary shares and they trade on theover-the-counter market in the US under
the symbol IFJPY, ISIN: US45672B2060.
Information on Informa’s ADRs can be foundat bnymellon.com/dr.

Computershare Investor Services PLC
The Pavilions
Bridgwater Road
Bristol BS99 6ZZ+44 (0)370 707 1679
investorcentre.co.uk
The helpline is available Monday and Friday,
8.30am to 5.30pm.
To access shareholding details online, please visit
Computershare’s website at investorcentre.co.uk.
To register to use the website, you will need yourshareholder reference number, shown on sharecertificates or dividend vouchers.
The website enables you to:• View and manage all your shareholdings• Register for electronic communications• Buy and sell shares online with the dealing
service• Deal with other matters such as a changeof address, transferring shares or replacing
a lost certificate

Electronic shareholder
communications
As part of Informa’s commitment to the
responsible use of natural resources and reducing
our environmental impact, we offer all
shareholders the opportunity to elect to registerfor electronic communications. To do so, please
visit investorcentre.co.uk.

To receive dividends in a different currency, youwill need to register for the global payments
service provided by our registrar. Further
information is available at investorcentre.co.uk.
Informa offers a Dividend Reinvestment Plan, orDRIP, where cash dividends can be automatically
reinvested in further Informa shares.
Further details and full terms and conditions,
including eligibility for shareholders based outsideof the UK, are available at investorcentre.co.uk.

Share dealing
Shareholders can buy or sell Informa PLC sharesusing a share dealing facility operated by our
registrar. Dealing can be carried out online or bytelephone. Further information, including detailsof eligibility and costs, can be found on
investorcentre.co.uk or by calling 44 (0)370 703
0084 between 8.00am and 4.30pm Monday to
Friday. Have your shareholder reference number
to hand when logging on or calling.
UK regulations require the registrar to checkthat you have read and accepted the terms
and conditions before being able to trade,which could delay your first telephone trade.
You may therefore wish to first register online
at computershare.trade.

ShareGift
ShareGift (registered charity no. 1052686)
is an independent charity which takes unwanted
holdings of shares, aggregates those sharesand sells them for the benefit of thousandsof charities. If you have a small shareholdingin Informa and would like to support thisinitiative, see the ShareGift website at Sharegift.
org. You can also contact ShareGift via email
at help@sharegift.org or by telephone on+44 (0) 20 7930 3737.

240

Informa’s ordinary shares continue to trade on thepremium segment of the London Stock Exchange
under the symbol INF, ISIN: GB00BMJ6DW54.

Protecting your investment fromshare fraud
UK law means that companies are required tomake their shareholder registers public, and it
is not possible to control who inspects the registerand how that information is used.
There are reports that shareholders in othercompanies have received unsolicited phone
calls or correspondence about investment
matters, and shareholders are recommended
to be very wary of any approach that involve
unsolicited investment advice or offers to buy
or sell any shares.
If you receive any unsolicited phone calls or
correspondence:

If you think you may have been targeted, report
the matter to the FCA as soon as possible.
Further information can be found on the FCA’s
website or by calling its helpline on 0800 111 6768
(freephone) or 0300 500 8082 from UK or +44(0)20 7066 1000 from outside the UK. You should
also notify the registrar by calling 0370 707 1679.
Tips on protecting your shareholding:• Ensure all your certificates are kept in a safe
place or hold your shares electronically in CREST
via a nominee• Keep all documentation containing personal
share information in a safe place and destroy
any correspondence you do not wish to keep byshredding it• Know when the dividends are paid and consider
having your dividend paid directly into yourbank rather by cheque• If you change address or bank account,
inform the registrar immediately. If you
receive a letter from the registrar regarding
a change of address or bank details that you
did not instigate, contact them immediately
on +44 (0)370 707 1679
• If you are buying or selling shares, only deal withbrokers registered in the UK or in your countryof residence• Do not give out or confirm any personal
information• Make a note of the name of the person who
contacted you and their organisation• Do not hand over any money without checking
that the organisation is properly authorised andmaking your own enquiries. You can check
whether firms are authorised via the Financial
Conduct Authority (FCA) website at fca.org.uk

241

Company Information

Annual Report and Accounts 2023

Str

Gov

Fin

Company Information

Advisers
AuditorPrincipal Solicitors

Additional Information and Where to Find It

PwC
1 Embankment Place
London WC2N 6RH
UK

Clifford Chance LLP
10 Upper Bank Street
London E14 5JJ
UK

pwc.co.uk

cliffordchance.com

Joint Stockbroker

Strategic Financial Advisers

BAML
2 King Edward Street
London EC1A 1HQ
UK

Goldman Sachs International
Plumtree Court 25 Shoe Lane
London EC4A 4AU
UK

bofaml.com

goldmansachs.com

Joint Stockbroker

Communications Advisers

Morgan Stanley
25 Cabot Square
London E14 5AB
UK

Teneo
The Carter Building, 11 Pilgrim Street
London EC4V 6RN
UK

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 thatwill contain a proxy statement 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 fileother documents with the SEC regarding the proposed transaction. This communication is not a substitute for any proxystatement, registration statement or prospectus, or any other document that TechTarget or NewCo (as applicable) may filewith 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 THEIR ENTIRETY THE PROXYSTATEMENT/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
DOCUMENTS CONTAIN OR WILL CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED TRANSACTION AND RELATEDMATTERS. TechTarget investors and security holders will be able to obtain free copies of the Proxy Statement/Prospectus(when they become available), as well as other filings containing important information about TechTarget, NewCo, and otherparties to the proposed transaction (including Informa), without charge through the website maintained by the SEC at 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 TechTarget.com or by contacting TechTarget’s Investor Relations
Department at investor@TechTarget.com.

morganstanley.com

teneo.com

Depository Bank

Registrar

BNY Mellon Depositary Receipts
101 Barclay Street
New York NY 10286
US

Computershare Investor Services PLC
The Pavilions Bridgwater Road
Bristol BS99 6ZZ
UK

adrbnymellon.com

computershare.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 theproposed transaction. Information regarding the directors of Informa is contained in Informa’s annual reports and accounts
available on Informa’s website at informa.com/investors and in the National Storage Mechanism at data.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 of stockholders, filed with the SEC on April 19, 2023, and in otherdocuments subsequently filed with the SEC. Additional information regarding the participants in the proxy solicitations anda description of 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
Legal notices
Notice concerning forward-looking statements
This Annual Report contains forward-looking statements. Although the Group believes that the expectations reflected in suchforward-looking statements are reasonable, these statements are not guarantees of future performance and are subject toa number of risks and uncertainties and actual results and events could differ materially from those currently being anticipatedas reflected in such forward-looking statements. The terms ‘expect’, ‘estimate’, ‘forecast’, ‘target’, ‘believe’, ‘should be’, ‘will be’and similar expressions are intended to identify forward-looking statements. Factors which may cause future outcomes todiffer from those foreseen in forward-looking statements include, but are not limited to, those identified under ‘Principal Risks
and Uncertainties’ on pages 60 to 66 of this Annual Report. The forward-looking statements contained in this Annual Reportspeak only as of the date of publication of this Annual Report and the Group therefore cautions readers not to place undue
reliance on any forward-looking statements.
Except as required by any applicable law or regulation, the Group expressly disclaims any obligation or undertaking to releasepublicly any updates or revisions to any forward-looking statements contained in this document to reflect any change in theGroup’s expectations or any change in events, conditions or circumstances on which any such statement is based.

WebsiteInforma’s website informa.com gives additional information on the Group. Information made available on the website does notconstitute part of this Annual Report.

242

This communication is for informational purposes only and is not intended to and does not constitute an offer to sell or thesolicitation of an offer to buy any securities, or a solicitation of any vote or approval, nor shall there be any offer, solicitationor 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 ofa 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, otherthan historical facts, are forward-looking statements, including: statements regarding the expected timing and structureof the proposed transaction; the ability 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 and financial strength; the competitive
ability and position of NewCo following completion of the proposed transaction; legal, economic, and regulatory conditions;and any assumptions underlying any of the foregoing. Forward-looking statements concern future circumstances and results
and other statements that 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 other similar terms or expressions that concern
TechTarget’s or NewCo’s expectations, strategy, priorities, plans, or intentions. Forward-looking statements are based uponcurrent plans, estimates, and expectations that are subject to risks, uncertainties, and assumptions. Should one or more ofthese risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materiallyfrom those indicated or anticipated by such forward-looking statements. We can give no assurance 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.

Annual Report and Accounts 2023

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; therisk that the proposed transaction may not be completed in the time frame expected by Informa, TechTarget, or NewCo, orat 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
proposed transaction, including as a result of delay in completing the proposed transaction or integrating the relevant
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 totermination of the proposed transaction; potential litigation in connection with the proposed transaction or other settlements
or investigations that may affect the timing or occurrence of the proposed transaction or result in significant costs of defense,
indemnification, and liability; evolving legal, regulatory, and tax regimes; changes in economic, financial, political, andregulatory 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 fromlegislative, 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 andtax treatments of the proposed transaction; 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 and its
announcement could have an adverse effect on the ability of TechTarget to retain customers and retain and hire key personnel
and maintain relationships with customers, suppliers, employees, stockholders, strategic partners and other business
relationships and on its operating results and business generally; market acceptance of TechTarget’s and the relevant portionof the Informa Tech business’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 advertising and information technology industries;
data privacy and artificial intelligence laws, rules, and regulations; the impact of foreign currency exchange rates; certain
macroeconomic factors facing the global economy, including instability in the regional banking sector, disruptions in thecapital 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 other matters included in TechTarget’s
filings with the SEC, including in Item 1A of its Annual Report on Form 10-K for the year ended December 31, 2022 and its
Quarterly Report on Form 10-Q for the quarter ended September 30, 2023. These risks, as well as other risks associatedwith the proposed transaction, will be more fully discussed in the Proxy Statement/Prospectus that will be included in theregistration statement on Form S-4 that will be filed with the SEC in connection with the proposed transaction. While thelist 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 anduncertainties. Unlisted factors may present significant additional obstacles to the realization of forward-looking statements.
We caution you not to place undue reliance on any of these forward-looking statements as they are not guarantees of future
performance or outcomes and that actual performance and outcomes, including, without limitation, our actual results ofoperations, 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 forward-looking statements contained in this communication.

Str

Informa is grateful to all the colleagues, teams and partners
that have contributed their time and support in the
production of this Annual Report.
Consultancy, design, and production by Luminous:
luminous.co.uk
Cover and illustrations created by Bratislav Milenković.
bratislavmilenkovic.com
All Informa Board member photography on pages 91, 92, 93
and repeated on other pages by Chris Warren at CWA
Studios: cwa-studios.com
Photography on inside front cover and pages 10, 28, 35, 96,
97, 99 supplied by Pennie Withers at Pennie Withers
Photography: penniewithersphotography.co.uk
Photos on pages 38 and 50 from Alamy.
All other photography contributed by our colleagues
and teams across the company.
All information in this report is © Informa PLC 2024 and may
not be used in whole or part without prior permission.

Fin

Company Information

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This document was printed using its Pureprint®
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inks and a water based coating were used. 99% of the dry
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This document is printed on Revive 100 Uncoated, a fully
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The outer cover has not been laminated to make thedocument 100% recyclable.

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 communication in archive form on TechTarget’s website at TechTarget.com or Informa’s website at informa.
com/investors should be deemed to constitute an update or re-affirmation of these statements as of any future date.

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Where we work: Informa office hubs
EuropeLondon (Registered Office)5 Howick Place, SW1P 1WG+44 (0)20 8052 0400
info@informa.com
www.informa.com
London Blackfriars
240 Blackfriars
SE1 8BF
Colchester
The Octagon
Essex
CO1 1TG
Oxford
4 Milton Park Square
Milton Park
OX14 4RN
Amsterdam
WTC Tower Ten
Strawinskylaan 763
Monaco7 Rue Suffren Reymond
Le Suffren
MC 98000
Istanbul
Smart Plaza B Blok
Rüzgarlıbahçe Mahallesi
Kavak Sokak

Americas
New York
605 Third Avenue
NY 10158

Middle East/Australasia
RiyadhOud Square
13311

Washington DC
2121 K Street NW
DC 20037

ManamaThe United Tower
Road 4609

Philadelphia
530 Walnut Street
PA 19106

Dubai
Level 20
World Trade Centre Tower
PO Box 9292

Chicago300 Riverside PlazaIL 60606
Boca Raton
2385 NW Executive
Center Drive
FL 33431
Fort Lauderdale
1650 SE 17th Street
FL 33316
Kansas City
22701 West 68th Terrace
Shawnee KS 66226
Boulder
1710 29th Street
CO 80303

MumbaiSolitaire Corporate Park
167 Guru Hargovinadji Marg
Mumbai 40093
New Delhi
1 Jai Singh RoadNew Delhi 110001
BangkokAri Hills Building
428 Phahonyothin Road
Bangkok 10400
Kuala Lumpur
Sunway Visio Tower
Lingkaran SV, Sunway
Velocity 55100

Phoenix
2828 N. Central Ave
AZ 85004

Singapore
Bugis Junction Towers
230 Victoria Street
Singapore 188024

Irving222 West Las
Colinas Boulevard
TX 75039

Hong Kong
17/F China Resources Building
26 Harbour Road, WanchaiSanta Monica
2644 30th Street
CA 90405
Toronto20 Eglinton Avenue West
Mexico City
Lago Alberto 319
Colonia Granada
Delegacion Miguel Hidalgo
11520
São Paulo
Avenida Dra Ruth Cardoso
7221 Pinheiros

ShanghaiHong Kong New World Tower
No. 300 Huai Hai Middle Road
Shanghai 200021
Tokyo
Kanda 91 Building
Chiyoda-ku
Tokyo 101-0044
Sydney24 York Street
NSW 2000