Informa reports continuing recovery

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Publisher and event organiser Informa reported continuing growth and recovery across all its main divisions in its interim management statement.The company reported continuing signs of recovery in its conference business, especially in Germany and Australia, which have seen improved economic conditions.In terms of exhibitions, Informa reported a 10 per cent increase in forward bookings year-on-year, although it added that the exhibition business is weighted towards the first half of the year.“Informa’s strong performance year to date leaves us well-placed to meet management expectations for the full year,” said Informa CEO Peter Rigby. “We expect to deliver organic revenue growth across our core divisions in 2010 and we believe that we have the appropriate balance of businesses to continue that growth into 2011, despite the uncertain global outlook.”The company also announced a US$729m private placement loan note issue, which will be used to partly repay existing bank debt facilities.“The significant investor interest reflects Informa’s strong credit metrics,” said Informa finance director Adam Walker, “including high levels of recurring revenues, robust cash flows and resilience through the economic cycle.” Earlier this year, financial analysts Morgan Stanley recommended investors buy shares in Informa in light of its fast growth rates.
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