Business publisher Informa has reported an operating profit up 21 per cent to £77.7m in its half-year results.
The publisher of Lloyds List has 2,500 subscription-based products, 12,000 events and operates in 80 countries.
Revenue for the six months to June was up 18 per cent year on year to £627.6m.
Chairman Derek Mapp said: “Our results are underpinned by the high volume of subscription income and the resilient performance of our branded large scale exhibitions and conferences.
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“Having built a group that has delivered market leading growth in recent years, we are delighted by how the same assets are performing in tougher economic conditions.
“Our ability to convert profits into cash remains extremely strong and we are trading well within our banking covenants.”
The publishing businesses – which include academic books and specialist journals – accounted for 46 per cent of the group’s revenue and 57 per cent of operating profit.
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Chief executive Peter Rigby said: “We have market leading products in the healthcare, financial, maritime and professional areas and they have seen good growth over the past six months. Renewal rates remain high and journal sales remain strong.
“With only three per cent of our annual revenues derived from advertising, we have a resilient subscription based publishing business with a good balance of print and online offerings and an increasing strength from the provision of essential data to a wide range of customers.”
In July, a consortium of private equity groups – Provident Equity LLP, The Carlyle Group and Hellman and Friedman – approached Informa with a proposal to buy the company for 506p per share.
In today’s interims announcement, Informa said: “There can be no certainty as to the terms of any offer nor whether any offer will be made. Talks are continuing with the consortium and a further update will be made in due course.”
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