9 March 2023
Stephen A. Carter, Group Chief Executive, Informa, said: ”Informa is firmly back in growth. Growth in revenues, growth in profits, growth in cash flow and, importantly, growth in shareholder returns.”
Strong Operating Performance
2022 Full Year Results confirm strong growth and positive outlook for 2023
• Strong delivery in 2022: Revenue (£2,389.3m), Adjusted Operating Profit (£535.0m) and Free Cash Flow (£466.4m) from continuing and discontinued businesses all ahead of Company guidance;
• Accelerating Underlying Growth: Underlying revenue growth of 31.4% and underlying adjusted operating profit growth of 47.0% in 2022, reflecting improving growth in Academic Markets, strong growth in Live and On-Demand B2B Events and continued progress in B2B Digital Services;
• Increased Operating Margin: A 2% increase (210bpts) in adjusted operating margin in 2022 to 21.9%, driven by strong underlying revenue growth, operating leverage and four months contribution from Industry Dive; Further 2.5%+ (250bpts+) increase expected in 2023;
• Growing Earnings per Share: Adjusted diluted earnings per share +89% to 24.4p in 2022 (2021: 12.9p), reflecting strong growth in adjusted earnings and a reduced share count from share buybacks;
<snip> - read the full release here
Taylor & Francis is expanding its operating focus from traditional Pay-to-Read publishing into broader Pay-to-Publish services. This puts researchers (i.e. knowledge makers) at the heart of the business, extending addressable markets and creating further growth opportunities.
Underlying Revenue Growth increased from 2.4% in 2021 to 3.0% in 2022, and we expect further modest acceleration in 2023, moving towards our target for 4% growth as we exit the GAP 2 programme. The year has started strongly on subscription renewals and related cash collections, underlining the continuing demand for specialist, authenticated research. The US remains by far the largest market, and we are investing in further operating capacity to target further growth here.
In Advanced Learning, we are investing in our front list and in the quality of digital access, as digital discovery grows. Around half of annual sales in Advanced Learning and c.80% of total Taylor and Francis revenues are now delivered in a digital format.
In Open Research, we secured several new read and publish contracts, including with the Tokyo Institute of Technology and the Council of Australia University Libraries, with several more scheduled for completion in 2023. These contracts provide access to a combination of Pay-to-Read content and Open Research services.
We are also targeting researchers and research funds directly through our growing range of Open Research services, focusing on subject categories where we have a strong presence and where funding flows are increasing and research volumes growing.
<snip> - read the full release here