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Informa PLC (INF)

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Thursday 18 December, 2008

Informa PLC

Pre-close Trading Statement

RNS Number : 3660K
Informa PLC
18 December 2008
 



Informa plc


Pre-close Trading Statement



We are pleased to report that since the Interim Management Statement on 23 October there has been no change in overall performance across the business and that full year results are anticipated to be in line with expectations


October and November are two of the larger results months for Informa and during that period the trading pattern that has prevailed through the year has been maintained. It is a particularly important period for our academic journals business as this is when 2009 orders are placed. We confirm that renewal rates remain above 95% in line with previous years.  In addition £90m cash relating to these renewals is expected to be received before January which reinforces our confidence in the performance of this part of our business in 2009. 


Informa has a balanced portfolio of high quality assets operating across a number of industry sectors and different geographies. Over 60% of our profits come from our largely subscription based publishing businesses. The visibility of future earnings from these subscriptions, as well as forward bookings from our large scale events, is demonstrated by a deferred income balance of £288m in the balance sheet at the end of November, ahead of the corresponding period last yearWith the majority of our profits generated overseas we also benefit from the recent weakening of sterling against a basket of foreign currencies. Over 50% of our expected revenues in 2009 will be dollar denominated and the dollar is currently around 20% stronger than the average for 2008 to date.  

 

We remain conscious of the tightening economic environment and throughout 2008 have planned accordingly with a clear understanding of the need to generate cash and to protect profitability. Costs have been reduced and will continue to be reduced as appropriate.  

 
The Board remains focused on the level of headroom against 
its bank covenants which, as previously discussed, tighten next year.  We remain comfortable with the current level of headroom but continue to monitor both this and trading carefully and have a number of options available should circumstances change.

 
Informa expects to announce its full year results for the year ending 31 December 2008 on 4 March 2009.   

 


Further enquiries:


Informa plc

Tel: 020 7017 5000

Adam Walker


Mark Kerswell




Maitland

Tel: 020 7379 5151

William Clutterbuck


Emma Burdett




Notes


This statement contains forward looking statements. These statements are subject to a number of risks and uncertainties and actual results and events could differ materially from those currently being anticipated as reflected in such forward looking statements. The terms 'expect', 'should be', 'will be' and similar expressions identify forward looking statements. Factors which may cause future outcomes to differ from those foreseen in forward looking statements include, but are not limited to: general economic conditions and business conditions in the Group's markets; exchange rate fluctuations; customers' acceptance of its products and services; the actions of competitors; legislative, taxation and regulatory developments; changes in law and legal interpretation affecting the Group's intellectual property rights and internet communications; and the impact of technological change. The Group undertakes no obligation to update publicly any forward-looking statement, whether as a result of new information, future events or otherwise.


Informa provides specialist, high value information to the global academic & scientific, professional, and commercial markets via Publishing, Events and Performance Improvement. At the heart of every Informa product and service is research-based, proprietary information for a targeted, expert audience. Informa publishes approximately 2,500 subscription based products and services delivered electronically and in hardcopy, and 45,000 books. Each year Informa produces over 12,000 events around the world, powered by a marketing database of over 20 million contacts. It has an unparalleled portfolio of brands including Lloyds List, Routledge, Taylor and Francis, IIR, Datamonitor, IBC, AchieveGlobal, ESI and Euroforum. Informa operates in 80 countries and employs approximately 10,000 people.




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