Informa Posts HY Loss; Cuts FY Revenue Outlook

Informa Plc. (INF.L), an Exhibitions, Events, Business Intelligence and Academic Publishing company, reported that its loss attributable to equity holders of the parent for the six-months ended 30 June 2020 was 761.4 million pounds or 56.9 pence per share, compared to net income of 182.4 million pounds or 14.4 pence per share in the prior year, primarily reflecting the impact of COVID-19 on trading and the impairment, partially offset by the favourable tax charge for the period.

Informa now expects group revenue for 2020 to be about 1.70 billion pounds. The company said in June that it expected group revenue was likely to be 2 billion pounds.

The company said Monday that it is extending its event-postponement program to mid/late Spring 2021, with the majority of its physical events scheduled for the beginning of 2021 being moved to a later date.

The company said it is moving to the next stage of its cost management Program, with a target to deliver 600 million pounds plus savings to adjusted operating profit by year-end.

Informa announced current liquidity of 2.8 billion pounds, with intention to renegotiate or repay US private placement notes, combined with planned issue of around 500 million pounds equivalent Euro Bonds, extending drawn debt maturity through to 2023.

Informa reported that its loss before tax for the six-months ended 30 June 2020 was 801.2 million pounds, compared to a profit before tax of 232.8 million pounds in the prior year.

Adjusted earnings per share decreased 78.4% to 5.0 pence from 23.1 pence in the previous year.

The Group reported a statutory operating loss of 739.9 million pounds compared to an operating profit of 248.3 million pounds for the six months to 30 June 2019. It reflected the reduction in revenue as well as a number of adjusting items, including a non-cash impairment of 592.9 million pounds relating to goodwill.

Group revenue for the period declined to 814.4 million pounds from 1.41 billion pounds in the previous year.

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