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Steady Results for Informa and Datamonitor
Events and publishing group Informa, the parent of Datamonitor, has released results for the first half of 2010, including pre-tax profit more than doubled despite a slight drop in revenue. In the PCI division, which includes Datamonitor, revenues fell 3.8% to £178.5m but margins held up.
For the group, pretax profit was £66.4m, up from £32.1m, while revenue fell 2% to £624m.
A year ago, Informa was enduring a rough ride with its events and training unit (49% of the business by revenue) 'experiencing the most severe downturn ever in this area'. However, it said Datamonitor had 'delivered another six months of top line growth'.
Twelve months on while the group as a whole is recovering, the PCI division (Professional and Commercial Information), which includes Datamonitor, Informa Business Information and Informa Financial Information and accounts for 28.6% of the Group's revenue, is no longer standing out but performed 'in line with expectations' according to this week's report. The revenue fall reflected deliberate shedding of 'marginal product' according to the firm. Adjusted operating profits fell only 4% to £51.6m as a result of increased digitisation and strong cost control, and adjusted operating profit margins were virtually unchanged at 28.9%.
Informa says renewal rates are high and 'overall the business remains resilient'. Datamonitor has had a 'steady first half' with telecoms and healthcare verticals strong and technology less so, as is the US market in general.
The group says it anticipates growth in the second half of 2010 driven by continued improvement in the events and training division and stabilization of subscription revenue in publishing. Informa will pay an interim dividend of 4.5 pence, up from 3.6 pence the previous year.
Web site: www.informa.com .
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