Informa momentum grows helped by Saudi and Gulf “growth engine”
Events and digital services giant Informa confirmed a substantial revenue jump in 2023 full-year results, released to the market this morning, with new geographies providing much of the firm’s positive momentum.
Revenues hit £3.2bn last year, up from £2.3bn the year before, with adjusted operating profit – the firm’s preferred measure – up to £853.8m from just shy of £500m.
The firm said its expansion of the brand into the United Arab Emirates, Saudi Arabia, Bahrain, Egypt and Turkey “is driving strong regional growth, where there is growing demand for B2B market access, live experiences and specialist knowledge.”
Informa upgraded revenue and profit guidance for next year, with adjusted profit expectations moving from £950m to £970m.
Stephen A. Carter, Group Chief Executive, Informa said: “Informa’s final results confirm further outperformance in 2023 and continuing momentum and growth in 2024.”
He added: “Strong growth in IMEA, (India, Middle East & Africa), which is emerging as a material geographic growth engine alongside the Americas, China, ASEAN, and Europe, leads to updated 2024 guidance.
“We are expanding our platform in B2B Digital Services through the proposed combination with TechTarget. And we are delivering further strong shareholder returns in 2024, including continuing dividend growth and a minimum of £340m of in-year share buybacks.”
The global events business has seen bounce-back demand after the pandemic, as annual conferences put on ice during Covid-19 have come back and other newer events have blended both physical and digital gatherings.