Informa PLC, a leading events and business-intelligence company, has once again increased its revenue guidance for 2023 following a strong performance. The company achieved a remarkable underlying revenue growth of 30% and is now targeting high single-digit growth for the upcoming year.
According to the latest announcement, Informa expects to report revenue exceeding £3.165 billion ($4.03 billion) for the year, surpassing the previous guidance of at least £3.15 billion issued in November. Additionally, the company has set a target of £845 million for adjusted operating profit and £600 million for free cash flow in 2023. This is an increase from the previous adjusted operating profit target of £840 million.
Looking ahead to the next year, Informa envisions high single-digit underlying revenue growth, projecting reported revenue between £3.425 billion and £3.475 billion. The company also expects adjusted operating profit to range from £945 million to £965 million.
“Informa delivered an exceptional performance in 2023, and we remain committed to achieving strong growth in 2024,” stated Chief Executive Stephen Carter.
In an independent move, Informa has agreed to merge its tech digital businesses with TechTarget, a transaction that will establish a leading U.S.-listed platform specializing in B2B data and market access. As part of the agreement, Informa will contribute its tech digital businesses and $350 million in cash in exchange for a 57% stake in the newly formed entity called New TechTarget. This will be accomplished through the issuance of approximately 40 million new shares of common stock to a wholly owned subsidiary of Informa PLC.
