Informa restructure brings 2015 cheer

Informa was celebrating its 2015 results on Thursday, revealing some good numbers as a result of the company's renewed focus and restructuring over the 12 months to 31 December.

The business intelligence, exhibitions, events and academic publishing group described the year as one delivering improved revenue, profits, earnings and free cash flow.

Revenue was up 6.6% to £1.21bn, with adjusted operating profit increasing by 9.5% to £365.6m. Informa's statutory profit before tax was £219.7m, up from the prior year's statutory loss of £31.2m.

Adjusted earnings per share were up 4.6% to 42.9p.

Informa's free cash flow was up 30% to £301.1m, and its balance sheet remained robust with a net debt to EBITDA gearing of 2.2x - the same as a year earlier.

Informa's board announced an increased dividend of 20.1p, up 4.1% on the previous 12 months.

"Informa made significant progress in 2015," said group chief executive Stephen Carter, referring to the numbers.

"Our results reflect the benefits of the Growth Acceleration Plan, our cost discipline and the effective integration and operation of recently acquired businesses," he added.

The Growth Acceleration Plan included improved portfolio management through selective disposals during the period, with the company's board highlighting the selling of its Russian conference business.

It also invested more than £25m in 20 organic initiatives, the margin impact of which was offset by Informa's trading momentum and strong acquisition returns.

Informa introduced a restructured operating model to its Business Intelligence and Knowledge & Networking divisions, and simplified the structure at its Academic Publishing arm.

Internationally, Informa expanded its US operations, with North America now accounting for 42% of group revenue.

"Our ambitions for 2016, year three of the Growth Acceleration Plan, are to remain highly disciplined in the continued delivery of that programme, while continuing to expand the scale and quality of our businesses in North America and in the wider exhibitions market," said Carter.

"We anticipate a further period of earnings and cash flow growth in 2016, including a full year of positive organic revenue growth in business intelligence," he added.

The company's board committed to minimum dividend growth of 4%, up from 2%, for 2016 and 2017, citing improved discipline in working capital and cash management.