According to Informa's statement, the key highlights were:
Financial
• Adjusted operating profit growth of 1.2% despite revenue decline of 4.4%
• Increase in adjusted operating margin to 25.3% (2008: 23.9%)
• Organic revenue decline of 14%; organic adjusted operating profit decline of 12%
• Statutory profit before tax of £96.5m (2008: £109.0m)
• Adjusted diluted earnings per share up to 34.3p (2008: 33.9p restated)
• Statutory diluted earnings per share up to 18.8p (2008: 16.8p restated)
• Free cash flow of £223.8m up 6.6% - adjusted cash conversion of 105%
• Second interim dividend of 7.85p, total 2009 dividend of 11.45p (2008: 8.41p)
• Net debt/EBITDA ratio of 2.7 times
Operational
• Publishing performed exceptionally well – now 72% of Group adjusted operating profits
• 72% of publishing revenues delivered in digital format and 64% from subscriptions
• Top 200 events, generating around 55% of events and training profits, displayed greater resilience in unprecedented times
• Annualised cost savings of £40m, with a restructuring cost of £27.7m
Outlook
• Booked and deferred income represents approximately 32% of full year revenues (2008: 29%)
• The majority of subscriptions are renewing in line with previous high rates
• Forward bookings for exhibitions and large scale events slightly ahead of 2009
• Cost base reduced – well placed for recovery
