Financial review

Income Statement

The financial results for the six months to 30 June 2025 ("H1 2025") reflect a strong trading performance across the Group's Live B2B Events businesses (Informa Markets, Informa Connect, Informa Festivals) and in Academic Markets (Taylor & Francis), whilst Informa TechTarget launched its combination programme against the backdrop of what continued to be a subdued market in H1 2025. Reported revenues and adjusted operating profits were significantly higher than the prior year, driven by strong underlying revenue growth and the benefit of portfolio expansion.

 

	Adjusted results H1 2025	Adjusting items  H1 2025	Statutory results H1 2025	Adjusted results H1 2024	Adjusting items  H1 2024	Statutory results H1 2024
	£m	£m	£m	£m	£m	£m
Revenue	2,035.9	-	2,035.9	1,695.3	-	1,695.3
Operating profit/(loss)	578.9	(715.9)	(137.0)	466.9	(204.0)	262.9
Fair value (loss)/gain on investments	-	(51.9)	(51.9)	-	4.3	4.3
Profit/(loss) on disposal of subsidiaries and operations	-	0.3	0.3	-	(4.1)	(4.1)
Net finance costs	(63.0)	(2.6)	(65.6)	(25.7)	-	(25.7)
Profit/(loss) before tax	515.9	(770.1)	(254.2)	441.2	(203.8)	237.4
Tax (charge)/credit	(105.8)	88.6	(17.2)	(90.5)	27.7	(62.8)
Profit/(loss) for the period	410.1	(681.5)	(271.4)	350.7	(176.1)	174.6
Adjusted operating margin	28.4%			27.5%
Adjusted and statutory diluted earnings/(loss) per share (p)	29.8		(5.9)	23.8		10.8

 

Financial Results

Informa delivered a 20.1% increase in revenue in the first half to £2,035.9m, reflecting a 7.8% increase on an underlying basis.

Adjusted operating profit was £578.9m, which was 24.0% higher year-on-year and 9.2% higher on an underlying basis, reflecting strong underlying revenue growth and increased adjusted operating margins.

The Group reported a statutory operating loss of £137.0m, compared with a statutory operating profit of £262.9m for the six months to 30 June 2024, with the decrease primarily driven by a non-cash impairment of goodwill in Informa TechTarget.

Statutory net finance costs were £65.6m for H1 2025 (H1 2024: £25.7m), and adjusted net finance costs were £63.0m (H1 2024: £25.7m). The increase was driven by higher interest costs arising from the issuance of €2.45bn of Euro Medium Term Notes, €1.75bn of which were issued in October 2024 and €700.0m of which were issued in June 2025.

The Group reported a statutory loss before tax of £254.2m, compared with a statutory profit before tax of £237.4m in the six months ended 30 June 2024, reflecting the factors outlined above. The loss in the period led to a statutory tax charge of £17.2m in H1 2025 compared with a tax charge of £62.8m in the six months ended 30 June 2024.

Adjusted diluted earnings per share (EPS) increased by 25.2% to 29.8p from 23.8p in the six months to 30 June 2024.

On a statutory basis, the Group reported a diluted loss per share of 5.9p, compared with statutory diluted EPS of 10.8p for the six months ended 30 June 2024.

 

Measurement and Adjustments

In addition to statutory results, adjusted results are prepared for the Income Statement. These include adjusted operating profit, adjusted diluted EPS and other underlying measures. A full definition of these metrics can be found in the Glossary of terms on page 59. The divisional table on page 8 provides a reconciliation between statutory operating profit and adjusted operating profit by division.

Revenue and adjusted operating profit growth on an underlying basis are reconciled to statutory growth in the table below:

	Underlying growth	Phasing	Acquisitions and disposals	Currency change and other	Reported growth
H1 2025
Revenue	7.8%	0.5%	14.6%	(2.8)%	20.1%
Adjusted operating profit	9.2%	1.5%	14.6%	(1.3)%	24.0%

 

Adjusting Items

The items below have been excluded from adjusted results. The total adjusting items included in the statutory operating (loss)/profit in the period were £715.9m (H1 2024: £204.0m).

 

		H1 2025		H1 2024		FY 2024
		£m		£m		£m
Intangible asset amortisation1		173.9		155.9		309.6
Impairment - goodwill		484.2		-		-
Impairment - acquisition-related and other intangible assets		8.5		-		28.5
Impairment - right-of-use assets		5.2		3.9		5.0
Acquisition costs		3.3		23.7		66.0
Integration costs		33.7		11.5		42.2
Restructuring and reorganisation costs		9.0		4.9		14.1
Exceptional foreign exchange gain	(4.8)		-		-
Fair value gain on contingent consideration	(1.4)		(15.4)		(29.5)
Fair value loss on contingent consideration	4.3		19.5		16.3
Adjusting items in operating (loss)/profit2		715.9		204.0		452.2
Fair value loss/(gain) on investments		51.9		(4.3)		9.2
(Profit)/loss on disposal of subsidiaries and equity interests	(0.3)		4.1		24.1
Finance costs		2.6		-		22.6
Adjusting items in (loss)/profit before tax		770.1		203.8		508.1
Tax related to adjusting items		(88.6)		(27.7)		(137.3)
Adjusting items in (loss)/profit for the period		681.5		176.1		370.8

1. Intangible asset amortisation is in respect of acquired intangibles and excludes amortisation of software and non-acquired product development of £19.0m (H1 2024: £22.8m; FY 2024: £46.1m)

2. Includes £nil (H1 2024: £1.5m; FY 2024: £1.5m) relating to joint ventures and associates

Intangible asset amortisation of £173.9m (H1 2024: £155.9m) is the amortisation charged in respect of intangible assets, including product development, acquired through business combinations or the acquisition of trade and assets. The charge is not considered to be related to the underlying performance of the Group and it can fluctuate materially period-on-period as and when new businesses are acquired or divested. Revenue and results from the related business combinations have been included within the adjusted results. By contrast, intangible asset amortisation arising from software assets and product development is treated as an ordinary cost in the calculation of operating profit, so is not treated as an adjusting item.

 

Impairment of goodwill of £484.2m reflects a non-cash impairment charge in relation to Informa TechTarget, which has arisen as a result of the Group's review of the carrying value of goodwill on the Group's balance sheet. The impairment review is performed at least annually or more frequently where an indicator exists. An impairment indicator was identified due to the market capitalisation of Informa TechTarget falling below its net assets and a 4.3% decline in underlying revenues being reported for H1 2025. This performance reflects a subdued market backdrop, with enterprise technology customers continuing to prioritise AI-related research and development over investment in product marketing and sales support.

 

Divisional Performance

The tables below show the H1 2025 results by Division following the reorganisation of the Group as described in Note 3 of the Condensed Consolidated Financial Statements, highlighting the Group's continued strong growth:

 

	Informa Markets	Informa Connect	Informa Festivals	Live B2B Events	Taylor & Francis	Informa TechTarget	Total
	£m	£m	£m	£m	£m	£m	£m
Revenue	952.2	372.9	210.5	1,535.6	328.7	171.6	2,035.9
Underlying revenue growth/(decline)	10.0%	6.4%	5.7%	8.5%	11.9%	(4.3)%	7.8%

 

	Live B2B Events	Taylor & Francis	Informa TechTarget	Total
	£m	£m	£m	£m
Statutory operating profit/(loss)	303.6	94.8	(535.4)	(137.0)
Add back:
Intangible asset amortisation1	133.8	10.3	29.8	173.9
Impairment - goodwill	-	-	484.2	484.2
Impairment - acquisition-related and other intangibles	8.5	-	-	8.5
Impairment - right-of-use assets	1.3	0.1	3.8	5.2
Acquisition costs	1.2	-	2.1	3.3
Integration costs	16.6	0.5	16.6	33.7
Restructuring and reorganisation costs/(credits)	4.0	5.5	(0.5)	9.0
Exceptional foreign exchange gain	(3.6)	(0.8)	(0.4)	(4.8)
Fair value gain on contingent consideration	(1.4)	-	-	(1.4)
Fair value loss on contingent consideration	4.3	-	-	4.3
Adjusted operating profit	468.3	110.4	0.2	578.9
Underlying adjusted operating profit growth/(decline)	8.1%	17.8%	(69.6)%	9.2%

1.          Intangible asset amortisation is in respect of acquired intangibles and excludes amortisation of software and non-acquired product development

 

Adjusted Net Finance Costs

Adjusted net finance costs for the period, which consist of interest costs on our corporate bond borrowings and loans, partially offset by interest income on bank deposits, were £63.0m compared to net finance costs of £25.7m in H1 2024. Statutory net finance costs were £65.6m compared to net finance costs of £25.7m in H1 2024. This increase is due to the issuance of €2.45bn of Euro Medium Term Notes, comprised of €1.75bn issued in the second half of FY24 to fund acquisition activity, and an additional €700.0m issued in H1 2025, adding to the Group's interest costs.

 

A reconciliation of statutory finance costs and finance income to the adjusted net finance costs is set out below:

        

	H1 2025	H1 2024	FY 2024
	£m	£m	£m
Finance income	(7.5)	(6.6)	(12.9)
Finance costs	73.1	32.3	115.1
Statutory net finance costs	65.6	25.7	102.2
Add back: adjusting items relating to finance costs1	(2.6)	-	(22.6)
Adjusted net finance costs	63.0	25.7	79.6

1.       The adjusting items relating to finance costs for the six months ended 30 June 2025 relate to a fair value adjustment arising on convertible loan notes acquired as part of the TechTarget acquisition in December 2024. The convertible loan notes were repaid in January 2025. The adjusting items for finance costs in 2024 relate to fair value losses on derivative contracts executed in expectation of the October 2024 EMTN issuance and fees on the Ascential acquisition bridge facility

 

Taxation

The Group continues to recognise that taxes paid are part of the economic benefit created for the societies in which we operate, and that a fair and effective tax system is in the interests of taxpayers and society at large. We aim to comply with tax laws and regulations everywhere the Group does business, and Informa has open and constructive working relationships with tax authorities worldwide. Our approach balances the interests of stakeholders including shareholders, governments, colleagues and the communities in which we operate.

The Group's adjusted effective tax rate (as defined in the Glossary of terms) reflects the blend of tax rates and profits in the jurisdictions in which we operate. In H1 2025, the adjusted effective tax rate was 20.5% (H1 2024: 20.5%).

 

Earnings Per Share

Adjusted diluted EPS was 25.2% higher at 29.8p (H1 2024: 23.8p), largely reflecting higher adjusted earnings of £394.7m (H1 2024: £323.1m) together with a 2.7% decrease in the weighted average number of shares, following the continuation of the Group's Share Buyback Programme.

An analysis of adjusted diluted EPS and statutory diluted EPS is set out below:

 

	H1 2025	H1 2024	FY 2024
	£m	£m	£m
Statutory (loss)/earnings	(77.4)	147.3	297.7
Add back: Adjusting items in profit/(loss) for the period	681.5	176.1	370.8
Adjusted profit for the period	604.1	323.4	668.5
Non-controlling interests relating to adjusting items	(209.4)	(0.3)	4.8
Adjusted earnings	394.7	323.1	673.3
Weighted average number of shares used in adjusted diluted EPS (m)	1,322.5	1,359.0	1,344.0
Adjusted diluted EPS (p)	29.8	23.8	50.1

 

	H1 2025	H1 2024	FY 2024
	£m	£m	£m
Statutory (loss)/profit for the period	(271.4)	174.6	366.4
Non-controlling interests	194.0	(27.3)	(68.7)
Statutory (loss)/earnings	(77.4)	147.3	297.7
Weighted average number of shares used in diluted EPS (m) 1	1,313.3	1,359.0	1,344.0
Statutory diluted EPS (p)	(5.9)	10.8	22.2

1.          For 30 June 2025, dilutive potential ordinary shares have no effect on the calculation of diluted statutory EPS as their conversion into ordinary shares cannot increase the loss per share

 

Dividends

The Group has a progressive dividend policy, with a view to growing dividends steadily and consistently, striking a balance between rewarding shareholders and retaining the financial strength and flexibility to reinvest in the business and pursue attractive growth opportunities.

For H1 2025, the Board has declared an interim dividend of 7.0p per share (H1 2024: 6.4p per share). The interim dividend will be paid on 19 September 2025 to ordinary shareholders registered as at the close of business on 8 August 2025. The Dividend Reinvestment Plan (DRIP) will be available for the interim dividend and the last date for receipt of elections for the DRIP will be 29 August 2025.

Currency Movements

One of the Group's strengths is its international reach and balance, with colleagues and businesses located in most major economies of the world. The Group therefore generates revenues and expenses in a mixture of currencies, with particular exposure to the US dollar, as well as some exposure to the Euro and the Chinese renminbi.

In H1 2025, approximately 62% (H1 2024: 64%) of Group revenue was received in USD or currencies pegged to USD, with 13% (H1 2024: 8%) received in Euro and 7% (H1 2024: 8%) in Chinese renminbi.

Similarly, in H1 2025 we incurred approximately 54% (H1 2024: 54%) of our costs in USD or currencies pegged to USD, with 8% (H1 2024: 3%) in Euro and 6% (H1 2024: 7%) in Chinese renminbi.

In H1 2025 each one cent ($0.01) movement in the USD to GBP exchange rate had a circa £18m (H1 2024: circa £18m) impact on annual revenue, and a circa £7m (H1 2024: circa £7m) impact on annual adjusted operating profit.

The following rates versus GBP were applied during the period:

 

	H1 2025			H1 2024		FY 2024
	Closing rate	Average rate	Closing rate		Average rate	Closing rate	Average rate
US dollar	1.37	1.30	1.26		1.27	1.26	1.28
Chinese renminbi	9.81	9.42	9.19		9.12	9.17	9.20
Euro	1.17	1.19	1.18		1.17	1.21	1.18

 

Free Cash Flow

Cash generation and cash management remain a key priority and focus for the Group, providing the funds and flexibility for paying down debt, future organic and inorganic investment and consistent shareholder returns. Our businesses typically convert adjusted operating profit into cash at a strong rate, reflecting the relatively low capital intensity of the Group. In 2025, despite higher net interest payments, absolute levels of free cash flow continued to grow year-on-year, reflecting further strong growth in profits and efficient cash management.

The following table reconciles the statutory operating profit to operating cash flow and free cash flow, both of which are defined in the Glossary of terms.

	H1 2025	H1 2024	FY 2024
	£m	£m	£m
Statutory operating (loss)/profit	(137.0)	262.9	542.8
Add back: Adjusting items	715.9	204.0	452.2
Adjusted operating profit	578.9	466.9	995.0
Software and product development amortisation	19.0	22.8	46.1
Depreciation of property and equipment	9.9	7.9	17.5
Depreciation of right-of-use assets	21.0	13.6	27.1
Share-based payments	20.2	9.0	22.2
Loss on disposal of other assets	0.1	0.1	0.1
Adjusted share of joint venture and associate results	(1.8)	(1.3)	(2.8)
Net exchange differences	-	-	0.9
Adjusted EBITDA1	647.3	519.0	1,106.1
Capital expenditure	(44.1)	(43.5)	(100.0)
Working capital movement2	(123.2)	(104.7)	34.2
Pension deficit contributions	(0.1)	(0.6)	(1.1)
Operating Cash Flow	479.9	370.2	1,039.2
Restructuring and reorganisation	(13.8)	(12.6)	(30.6)
Net interest payments	(51.1)	(18.0)	(74.2)
Taxation	(58.1)	(54.1)	(122.3)
Free Cash Flow	356.9	285.5	812.1

1. Adjusted EBITDA represents adjusted operating profit before interest, tax, and non-cash items including depreciation and amortisation

2. Working capital movement excludes movements on restructuring, reorganisation and acquisition and integration accruals or provisions as the cash flow relating to these amounts is included in other lines in the Free Cash Flow and reconciliation from Free Cash Flow to net funds flow. The variance between the working capital in the Free Cash Flow and the Consolidated Cash Flow Statement is driven by the non-cash movement on these items

 

Free cash flow was £71.4m higher than H1 2024 principally due to the £112.0m higher adjusted operating profit. These movements have been partially offset by increases of £33.1m in net interest payments, £18.5m in working capital outflows and £4.0m in taxation paid.

The calculation of operating cash flow conversion and free cash flow conversion is as follows:

	H1 2025	H1 2024	FY 2024
	£m	£m	£m
Operating Cash Flow	479.9	370.2	1,039.2
Adjusted operating profit	578.9	466.9	995.0
Operating Cash Flow conversion	82.9%	79.3%	104.4%
	H1 2025	H1 2024	FY 2024
	£m	£m	£m
Free Cash Flow	356.9	285.5	812.1
Adjusted operating profit	578.9	466.9	995.0
Free Cash Flow conversion	61.7%	61.1%	81.6%

 

Net capital expenditure remained relatively flat when compared to H1 2025 at £44.1m (H1 2024: £43.5m). This investment was equivalent to 2.2% of revenue (H1 2024: 2.6%).

 

Net cash interest payments of £51.1m were £33.1m higher than the prior year, principally driven by the Euro Medium Term Notes issued in October 2024.

The following table reconciles net cash inflow from operating activities, as shown in the Condensed Consolidated Cash Flow Statement, to Free Cash Flow:

 

	H1 2025	H1 2024	FY 2024
	£m	£m	£m
Net cash inflow from operating activities per statutory cash flow	327.8	285.4	801.6
Interest received	7.0	7.2	13.3
Purchase of property and equipment	(10.9)	(8.2)	(30.6)
Purchase of intangible software assets	(27.6)	(28.8)	(51.2)
Product development costs	(5.6)	(6.5)	(18.2)
Add back: Acquisition and integration costs paid	66.2	36.4	97.2
Free Cash Flow	356.9	285.5	812.1

Net cash from operating activities increased by £42.4m compared to H1 2024 to record an inflow of £327.8m, principally driven by the increased adjusted profit.

The following table reconciles cash generated by operations, as shown in the Condensed Consolidated Cash Flow Statement to operating cash flow shown in the Free Cash Flow table above:

 

	H1 2025	H1 2024	FY 2024
	£m	£m	£m
Cash generated by operations per statutory cash flow	444.0	364.7	1,011.4
Capital expenditure paid	(44.1)	(43.5)	(100.0)
Add back: Acquisition and integration costs paid	66.2	36.4	97.2
Add back: Restructuring and reorganisation costs paid	13.8	12.6	30.6
Operating Cash Flow	479.9	370.2	1,039.2

 

The following table reconciles Free Cash Flow to net funds flow and net debt:

 

	H1 2025	H1 2024	FY 2024
	£m	£m	£m
Free Cash Flow	356.9	285.5	812.1
Acquisitions	(129.9)	(140.1)	(1,577.2)
Disposals	(27.2)	1.0	199.2
Dividends paid to shareholders	-	-	(248.2)
Dividends paid to non-controlling interests	(13.9)	(11.6)	(31.0)
Dividends received from investments	-	-	1.4
Purchase of own shares through share buyback	(174.3)	(332.8)	(428.2)
Proceeds from sale of investments	62.2	-	-
Purchase of shares for Employee Share Trust	(4.2)	(3.4)	(5.4)
Net funds flow	69.6	(201.4)	(1,277.3)
Non-cash movements, excluding net lease additions and acquired debt	323.8	(32.9)	(99.6)
Foreign exchange	(91.3)	16.9	50.4
Net lease additions in the period	(69.1)	(38.8)	(34.0)
Net debt as at 1 January	(3,201.8)	(1,456.4)	(1,456.4)
Acquired debt	-	-	(384.9)
Net debt	(2,968.8)	(1,712.6)	(3,201.8)

 

Financing and Leverage

Net debt decreased by £233.0m in the period to £2,968.8m at 30 June 2025 (30 June 2024: £1,712.6m; 31 December 2024: £3,201.8m). This reduction in net debt was driven by free cash flow generation, non-cash movements related to derivatives and receipt of proceeds from sale of investments, which more than offset the Group's spend on M&A activity and cash outflows related to purchase of own shares (£174.3m) in the period.

The Group retains significant available liquidity, with unutilised committed financing facilities available to the Group of £1,145.5m (30 June 2024: £892.9m; 31 December 2024: £1,050.0m). Combined with £764.9m of cash (30 June 2024: £342.0m; 31 December 2024: £484.3m), this resulted in available Group-level liquidity at 30 June 2025 of £1,910.4m (30 June 2024: £1,234.9m; 31 December 2024: £1,534.3m).

The average debt maturity on the Group's drawn borrowings is 3.8 years at 30 June 2025 (30 June 2024: 2.2 years; 31 December 2024: 3.4 years). The next debt maturity is for €700.0m in October 2025.

 

	30 June 2025	30 June 2024	31 December 2024
Net debt and committed facilities	£m	£m	£m
Cash and cash equivalents	(764.9)	(342.0)	(484.3)
Derivative assets associated with borrowings	(127.8)	-	-
Bond borrowings	3,574.6	1,465.9	2,898.3
Bond borrowing fees	(19.8)	(5.2)	(16.4)
Bank borrowings	-	195.4	-
Bank borrowing fees	(3.4)	(1.8)	(3.8)
Derivative liabilities associated with borrowings	2.3	109.3	204.2
Acquired debt	-	-	329.5
Loans received from other parties	7.9	7.9	7.9
Net debt before leases	2,668.9	1,429.5	2,935.4
Lease liabilities	310.8	292.4	278.1
Finance lease receivables	(10.9)	(9.3)	(11.7)
Net debt	2,968.8	1,712.6	3,201.8
Borrowings (excluding derivatives, leases, fees & overdrafts)	3,574.6	1,661.3	3,227.8
Unutilised committed facilities (undrawn RCF)	1,145.5	885.0	1,050.0
Unutilised committed facilities (undrawn Curinos facilities)	-	7.9	-
Total committed facilities	4,720.1	2,554.2	4,277.8

 

The Informa leverage ratio at 30 June 2025 is 2.5 times (30 June 2024: 1.6 times; 31 December 2024: 2.6 times), and the Informa interest cover ratio is 9.7 times (30 June 2024: 18.5 times; 31 December 2024: 12.7 times). Both are calculated consistently with our historical basis of reporting of financial covenants, which have not applied to the Group since 2019. See the Glossary of terms for the definition of Informa leverage ratio and Informa interest cover.

The calculation of the Informa leverage ratio is as follows:

	30 June 2025	30 June 2024	31 December 2024
	£m	£m	£m
Net debt	2,968.8	1,712.6	3,201.8
Adjusted EBITDA (12 months)	1,233.5	1,009.5	1,106.1
Adjusted leverage	2.4x	1.7x	2.9x
Adjustment to EBITDA1	0.2x	0.2x	0.1x
Adjustment to net debt1	(0.1)x	(0.3)x	(0.4)x
Informa leverage ratio	2.5x	1.6x	2.6x

1. Refer to Glossary of terms for details of the adjustments to EBITDA and Net Debt for Informa leverage ratio

The calculation of Informa interest cover is as follows:

	30 June 2025	30 June 2024	31 December 2024
	£m	£m	£m
Adjusted EBITDA (12 months)	1,233.5	1,009.5	1,106.1
Adjusted net finance costs (12 months)	117.0	46.8	79.6
Adjusted interest cover	10.5x	21.6x	13.9x
Adjustment to EBITDA1	(0.8)x	(3.1)x	(1.2)x
Informa interest cover	9.7x	18.5x	12.7x

1. Refer to Glossary of terms for details of the adjustments to EBITDA for Informa interest cover

There are no financial covenants on any of the Group's borrowings (30 June 2024: £30.4m relating to Curinos; 31 December 2024: £nil).

Corporate Development

Informa has a proven track record in creating value through pro-active management of its portfolio, including identifying, executing and integrating complementary businesses effectively into the Group and/or divesting of businesses, where appropriate. In H1 2025, cash invested in acquisitions was £129.9m (H1 2024: £140.1m); with £58.6m (H1 2024: £83.6m) relating to acquisitions net of cash acquired, £1.8m (H1 2024: £5.5m) relating to cash paid for business assets, £66.2m (H1 2024: £36.4m) relating to acquisition and integration spend and £3.3m (H1 2024: £14.6m) relating to the acquisition of non-controlling interests.

Net proceeds from disposals amounted to a £27.2m cash outflow (H1 2024: £1.0m cash inflow), which primarily related to tax payments made on the gain on the disposal of the Curinos business, which completed at the end of FY24.

Share Buyback

As part of Informa's Capital Allocation programme, the Group has a commitment to delivering consistent shareholder returns, including through share buybacks. As part of this, the Company had previously committed a minimum of £200m to its share buyback programme in 2025 and has now extended this with an additional £150m committed in H2, taking the total commitment to £350m in 2025.

During the six months to 30 June 2025, the Group bought back 23.5m ordinary shares for total consideration of £176.7m of which £2.4m, 292k ordinary shares, were settled and cancelled subsequent to 30 June 2025. Cumulatively by 30 June 2025, £1,666.2m of shares had been repurchased, with 240.8m shares cancelled. The shares acquired during the six months to 30 June 2025 were at an average price of 753.0p per share, with prices ranging from 643.0p to 811.1p.

Pensions

The Group continues to meet all commitments to its pension schemes, which include five (30 June 2024: five; 31 December 2024: five) defined benefit schemes, all of which are closed to future accruals.

At 30 June 2025, the Group had a net pension surplus of £49.3m (30 June 2024: £51.6m; 31 December 2024: £42.7m), comprising a pension surplus of £55.0m (30 June 2024: £57.0m; 31 December 2024: £48.5m) and pension deficits of £5.7m (30 June 2024: £5.4m; 31 December 2024: £5.8m). Gross liabilities were £419.8m at 30 June 2025 (30 June 2024: £453.9m; 31 December 2024: £439.9m).

 

Principal Risks and Uncertainties

Good risk management, championed by senior leadership and embedded at every level of the business, is central to our ability to assess opportunities and deliver Informa's strategy. The 2024 Informa Annual Report describes our enterprise risk management framework and the four-step process we follow to oversee our principal risks and sub risks.

We performed a robust assessment of Informa's principal and emerging risks for the 2024 Annual Report, as we do every year. From our ongoing monitoring and analysis, we have updated this assessment for the Half Year to reflect the evolving external environment, developments within our business including the One Informa programme, and ongoing improvements to how we oversee and manage risk.

We have adapted the scope of the principal risk of Privacy Regulation Risk and subsequently redefined it as Failure to Use Data and AI Technologies Responsibly. This is to more fully reflect the range of ways we use data, evolving stakeholder expectations around the use of data and AI, and newly-emerging data-related regulatory obligations. The net risk rating is unchanged.

We have updated our assessment of the principal risk of Reliance on Key Partnerships to reflect a moderate increase in the likelihood of this risk emerging. We have a strong track record of building positive and mutually-beneficial relationships with business partners and significant suppliers. In some areas, our partnerships are expanding, such as with the establishment of Informa TechTarget and our proposed combination with DWTC. We are paying close ongoing attention to ensuring these and all of our partnerships are effective and successful.

We continue to closely monitor how AI technology, and its use, is developing. AI is a broad and general technology, and it has risks and opportunities that are relevant to several of our existing principal risks: specifically Market Risk, Technology Failure, Data Loss and Cyber Breach, Inability to Attract and Retain Key Talent and Failure to Use Data and AI Technologies Responsibly. We believe it is currently most effective to manage the risks and opportunities of AI by integrating it into these principal risks, which we continue to do.

During the first half of 2025, we have paid particular attention to monitoring Market and Economic Risk in what is an ever-evolving economic and geopolitical backdrop. We continue to be a well-diversified business, working in a range of specialist end markets and categories, with a strong balance sheet and a business model that provides a good level of visibility on revenues.

We have also closely monitored the principal risk of Ineffective Change Management. This follows the launch of our One Informa programme, which consists of change and transformation projects in a range of areas. We continue to believe that our controls, practices and response plans are robust and effective and the profile of this risk is unchanged.

Information security continues to be a focus area, both in response to the evolving and developing threats from cyber-attacks and recent information security incidents in other UK businesses. The Technology team attends all Audit Committees and regularly presents on topics related to information security and other technology developments. Colleagues are provided with regular annual information security training and quarterly phishing exercises, and our outsourced cybersecurity assurance provider conducts regular penetration real-world cyber attacks.

Our 12 principal risks fall into three categories - Growth and Strategy, People, and Culture and are listed below accordingly. They do not reflect any order of magnitude.

Growth and Strategy

·      Economic instability: General economic instability, changes in geopolitics or global trading patterns, or a downturn in a particular market or region could change customers' demand for products and services.

·      Market risk: We work in a range of specialist end markets, each of which could grow, decline or change for different reasons. This could support or disrupt the needs and preferences of our customers and change the competitive environment for our products and services.

·      Acquisition and integration risk: When we add businesses to the Group, their financial performance can exceed or fall short of expectations if market conditions change or if the integration process is more or less complex or effective than foreseen.

·      Ineffective change management: Change is part of and an outcome of our growth strategy. If change is not managed effectively however, it can create operational challenges.

·      Reliance on key partnerships: We work with a range of business partners. If a significant partnership or service provision were disrupted or failed, it could affect the delivery of certain products and services and normal business activity.

·      Technology failure: A prolonged loss of critical systems, networks or similar services could disrupt business operations and the delivery of our products and services, impacting revenues, customer experience and our reputation.

·      Data loss and cyber breach: Cyber threats are evolving, and cyber attacks are increasing. A cyber breach or loss of sensitive or valuable data, content or intellectual property could create losses for our stakeholders, affect our reputation and disrupt the business.

·      Failure to Use Data and AI Technologies Responsibly: We use data in many different ways, including to run our products and operations and provide a better and more relevant service to customers. Failing to meet stakeholder expectations, internal standards and legal and regulatory requirements in how we collect, use or share data, or in how we use AI technologies, could damage our reputation and lead to legal action and penalties. This could in turn affect our ability to gather and use data and deliver our strategy effectively.

People

·      Inability to attract and retain key talent: The loss of key talent in critical functions and inadequate succession planning for senior managers could affect our growth and business success.

·      Health and safety incidents: Incidents or mismanagement of this risk can injure our colleagues, customers or the general public, affect our reputation and lead to fines and claims for damages.

·      Inadequate response to major incidents: Major incidents - such as those caused by extreme weather, natural disasters, military action, terrorism, or major disease outbreaks such as pandemics - can affect our colleagues and customers, and disrupt our operations and events.

Culture 

·      Inadequate regulatory compliance: Colleagues and business partners who work with or on behalf of us are expected to comply with applicable laws and regulations. If we fail to comply, we could face fines or imprisonment, damage our reputation and be unable to trade in some countries.

Going Concern

 

Introduction

The Directors have completed a Going Concern assessment of whether the Group has adequate resources to continue in operation for at least 12 months from the signing date of these consolidated interim financial statements.

 

In adopting the Going Concern basis for preparing the financial statements, the Directors have considered the future trading prospects of the Group's businesses, the Group's cash generation in H1 2025, available liquidity, debt maturities and the Group's Principal Risks as set out on the previous two pages.

 

Liquidity and Financing

The Group has a strong liquidity position at 30 June 2025, including £764.9m of cash and undrawn committed credit facilities of £1,145.5m. The Group issued a new EMTN in June 2025 to refinance the €700m EMTN that matures in October 2025 and there are no further borrowing maturities until July 2026 (£450m EMTN borrowing) which the Group intends to refinance ahead of maturity. In both the base case and a severe but plausible downside scenario, the business has sufficient liquidity to repay this EMTN and does not rely on refinancing in order to remain a going concern.

 

The Group is a well-established borrower with an investment grade credit rating as assessed by three credit rating agencies (Fitch, Moody's and S&P) which provides the Directors with confidence that the Group could further increase liquidity by raising additional debt finance.

 

The Group has no financial covenants on any of its borrowings.

 

Financial modelling

For the Going Concern assessment, the Directors have modelled both a Base Case with Sensitivities and a Reverse Stress Test for the period to the end of 2026.

 

The following Sensitivities have been modelled individually and in combination to reflect a severe but plausible downside scenario for the Going Concern assessment and do not reflect Management expectations:

 

·      A pandemic risk, with no events trading from August to December 2025, and business returning to 75% of Base Case forecast revenues in H1 2026 and 90% in H2 2026.

·      A market / economic risk, where a recession reduces Live and On-demand Events revenue by 8% in H2 2025, and revenues grow only 4% in 2026 off the sensitised 2025 outturn.

·      In the combined risk scenario, the market / economic risk is modelled to impact after the pandemic risk has been modelled (August 2025 to June 2026).

·      A reduction of Live B2B Events and Informa TechTarget non-events revenues by 10% in H2 2025 versus forecast, with 2026 remaining flat on the sensitised 2025 outturn.

·      An assumption that Taylor & Francis Pay to Publish revenues in H2 2025 reduce by 10% versus the forecast, with 5% growth in 2026 off the sensitised 2025 outturn.

·      The cash impact of lower revenues on working capital and interest payable has been modelled, together with the cash benefit of lower tax payable.

 

In the Base Case including all the Sensitivities listed above, the Group maintains minimum liquidity headroom of more than £600m even under a scenario where the £450m EMTN borrowings maturing in July 2026 were repaid using cash reserves.

 

The Reverse Stress Test indicates that the Group can afford to lose 41% of its revenue from 1 August 2025 to the end of 2026 and still maintain positive liquidity headroom. This scenario assumes no action is taken to deliver indirect cost savings, that existing customer receipts are refunded for any cancelled or deferred events, and that no further receipts are collected in the period.

 

 

Going concern conclusion

Based on the scenarios modelled the Directors believe that the Group is well placed to manage its financing maturities and other business risks satisfactorily and have been able to form a reasonable expectation that the Group has adequate resources to continue in operation for at least twelve months from the signing date of these consolidated interim financial statements. The Directors therefore consider it appropriate to adopt the Going Concern basis of accounting in preparing the financial statements.

 

Cautionary Statements

This interim management report contains certain 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. The terms 'expect', 'should be', 'will be' and similar expressions (or their negative) 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 Informa's markets; exchange rate fluctuations, customers' acceptance of its products and services; the actions of competitors; legislative, fiscal and regulatory developments; changes in law and legal interpretation affecting Informa's intellectual property rights and internet communications; and the impact of technological change.

 

Past performance should not be taken as an indication or guarantee of future results, and no representation or warranty, express or implied, is made regarding future performance. These forward-looking statements speak only as of the date of this interim management report and are based on numerous assumptions regarding Informa's present and future business strategies and the environment in which Informa will operate in the future. Except as required by any applicable law or regulation, the Group expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements contained in this document to reflect any change in the Group's expectations or any change in events, conditions or circumstances on which any such statement is based after the date of this announcement or to update or keep current any other information contained in this interim management report.

 

Nothing in this interim management report should be construed as a profit forecast. All persons, wherever located, should consult any additional disclosures that Informa may make in any regulatory announcements or documents which it publishes. This announcement does not constitute an invitation to underwrite, subscribe for or otherwise acquire or dispose of any Informa PLC shares, in the UK, or in the US, or under the US Securities Act 1933 or in any other jurisdiction.

 

Board of Directors

The Directors of Informa PLC and their biographical details can be found on the Company's website: www.informa.com.

Responsibility Statement

We confirm that to the best of our knowledge:

 

·      the consolidated interim financial statements have been prepared in accordance with the United Kingdom adopted International Accounting Standard 34, "Interim Financial Reporting";

·      the consolidated interim financial statements, which have been prepared in accordance with the applicable set of accounting standards, give a true and fair view of the assets, liabilities, financial position and profit or loss of the issuer, or the undertakings included in the consolidation as a whole as required by DTR 4.2.4R;

·      the interim management report includes a fair review of the information required by DTR 4.2.7R, namely;

o  an indication of important events that have occurred during the first six months of the financial year and their impact on the consolidated interim financial statements; and

o  a description of the principal risks and uncertainties for the remaining six months of the financial year.

·      the interim management report includes, as required by DTR 4.2.8R, details of any material related party transactions that have taken place in the first six months of the financial year and any material changes to the related-party transactions described in the 2024 Annual Report.

 

Approved by the Board on 22 July 2025 and signed on its behalf by:

 

 

 

 

Stephen A. Carter 

Chief Executive

Independent review report to Informa PLC

Report on the condensed consolidated interim financial statements

 

Our conclusion

We have reviewed Informa PLC's condensed consolidated interim financial statements (the "interim financial statements") in the 2025 Half-Year Results of Informa PLC for the 6 month period ended 30 June 2025 (the "period").

 

Based on our review, nothing has come to our attention that causes us to believe that the interim financial statements are not prepared, in all material respects, in accordance with UK adopted International Accounting Standard 34, 'Interim Financial Reporting' and the Disclosure Guidance and Transparency Rules sourcebook of the United Kingdom's Financial Conduct Authority.

 

The interim financial statements comprise:

 

·        the Condensed Consolidated Balance Sheet as at 30 June 2025;

·       the Condensed Consolidated Income Statement and Condensed Consolidated Statement of Comprehensive Income for the period then ended;

·        the Condensed Consolidated Cash Flow Statement for the period then ended;

·        the Condensed Consolidated Statement of Changes of Equity for the period then ended; and

·        the explanatory notes to the interim financial statements.

 

The interim financial statements included in the 2025 Half-Year Results of Informa PLC have been prepared in accordance with UK adopted International Accounting Standard 34, 'Interim Financial Reporting' and the Disclosure Guidance and Transparency Rules sourcebook of the United Kingdom's Financial Conduct Authority.

 

Basis for conclusion

We conducted our review in accordance with International Standard on Review Engagements (UK) 2410, 'Review of Interim Financial Information Performed by the Independent Auditor of the Entity' issued by the Financial Reporting Council for use in the United Kingdom ("ISRE (UK) 2410"). A review of interim financial information consists of making enquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures.

 

A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing (UK) and, consequently, does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

 

We have read the other information contained in the 2025 Half-Year Results and considered whether it contains any apparent misstatements or material inconsistencies with the information in the interim financial statements.

 

Conclusions relating to going concern

Based on our review procedures, which are less extensive than those performed in an audit as described in the Basis for conclusion section of this report, nothing has come to our attention to suggest that the directors have inappropriately adopted the going concern basis of accounting or that the directors have identified material uncertainties relating to going concern that are not appropriately disclosed. This conclusion is based on the review procedures performed in accordance with ISRE (UK) 2410. However, future events or conditions may cause the group to cease to continue as a going concern.

 

 

Responsibilities for the interim financial statements and the review

 

Our responsibilities and those of the directors

The 2025 Half-Year Results, including the interim financial statements, is the responsibility of, and has been approved by the directors. The directors are responsible for preparing the 2025 Half-Year Results in accordance with the Disclosure Guidance and Transparency Rules sourcebook of the United Kingdom's Financial Conduct Authority. In preparing the 2025 Half-Year Results, including the interim financial statements, the directors are responsible for assessing the group's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or to cease operations, or have no realistic alternative but to do so.

 

Our responsibility is to express a conclusion on the interim financial statements in the 2025 Half-Year Results based on our review. Our conclusion, including our Conclusions relating to going concern, is based on procedures that are less extensive than audit procedures, as described in the Basis for conclusion paragraph of this report. This report, including the conclusion, has been prepared for and only for the company for the purpose of complying with the Disclosure Guidance and Transparency Rules sourcebook of the United Kingdom's Financial Conduct Authority and for no other purpose. We do not, in giving this conclusion, accept or assume responsibility for any other purpose or to any other person to whom this report is shown or into whose hands it may come save where expressly agreed by our prior consent in writing.

 

 

 

 

 

PricewaterhouseCoopers LLP

Chartered Accountants

London

22 July 2025

 

Condensed Consolidated Income Statement

 

	6 months ended 30 June (unaudited)
		Adjusted results	Adjusting items	Statutory results	Adjusted results	Adjusting items	Statutory results		Statutory results
		2025	2025	2025	2024	2024	2024		Year ended 31 Dec 2024 (audited)
	Notes	£m	£m	£m	£m	£m	£m		£m
Revenue	3	2,035.9	-	2,035.9	1,695.3	-	1,695.3		3,553.1
Net operating expenses		(1,458.8)	(237.9)	(1,696.7)	(1,229.7)	(217.9)	(1,447.6)		(3,041.1)
Other operating income	4	-	6.2	6.2	-	15.4	15.4		29.5
Impairment - goodwill	4,10	-	(484.2)	(484.2)	-	-	-		-
Operating profit/(loss) before joint ventures and associates		577.1	(715.9)	(138.8)	465.6	(202.5)	263.1		541.5
Share of results of joint ventures and associates		1.8	-	1.8	1.3	(1.5)	(0.2)		1.3
Operating profit/(loss)		578.9	(715.9)	(137.0)	466.9	(204.0)	262.9		542.8
Fair value (loss)/gain on investments	4	-	(51.9)	(51.9)	-	4.3	4.3		(9.2)
Profit/(loss) on disposal of subsidiaries and operations	4	-	0.3	0.3	-	(4.1)	(4.1)		(24.1)
Finance income	5	7.5	-	7.5	6.6	-	6.6		12.9
Finance costs	6	(70.5)	(2.6)	(73.1)	(32.3)	-	(32.3)		(115.1)
Profit/(loss) before tax		515.9	(770.1)	(254.2)	441.2	(203.8)	237.4		407.3
Tax (charge)/credit	7	(105.8)	88.6	(17.2)	(90.5)	27.7	(62.8)		(40.9)
Profit/(loss) for the period		410.1	(681.5)	(271.4)	350.7	(176.1)	174.6		366.4
Attributable to:
Equity holders of the Company		394.7	(472.1)	(77.4)	323.1	(175.8)	147.3		297.7
Non-controlling interests		15.4	(209.4)	(194.0)	27.6	(0.3)	27.3		68.7
Earnings per share
Basic (p)	9	30.1		(5.9)	23.9		10.9		22.3
Diluted (p)	9	29.8		(5.9)	23.8		10.8		22.2

 

The notes on pages 30 to 58 are an integral part of these Condensed Consolidated Financial Statements.