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Informa
Annual Report
and Accounts
2023
Scale
Specialisation
&
Inside this report
Read about the growth and
performance of our businesses
Find out about our
investment case
Discover life at
Informa in 2023
Hear from the Board
on its 2023 activities
Read the Group
CEO’s Review
This Annual Report and Accounts is at the centre of our
reporting to shareholders and other stakeholders.
We also make supplementary information available for
anyonewho would like to explore further. Head to our
dedicated Review of 2023 hub for extra detail by following the
links and QR codes in this report. The Informa website is also
home to other reports in our wider suite, including the 2023
Sustainability Report and Climate Impacts Report.
Business Review
page 40
Group Chief Executive’s Review
page 12
The Board’s year
page 96
Why invest
page 6
People and partnerships
page 32
informa.com
Stay up to date with
more information at
Annual Report and Accounts 2023
Strategic Report
About Informa
Informa at a glance 2
Business model 4
Why invest 6
Review of 2023
2023 highlights 8
Chair’s Introduction 10
Group Chief Executive’s Review 12
Position and opportunities
Market trends 18
Group strategy 20
FasterForward 22
People and partnerships
Introduction 28
Stakeholder snapshot 30
People and partnerships 32
Business Review
Business snapshot 40
Business Review 42
Key performance indicators 54
Risk management
Introduction and overview 56
Principal risks and uncertainties 60
Viability Statement 67
Financial Review
Introduction 70
Financial review 73
Task Force on Climate-related
Financial Disclosures report 84
Non-financial and sustainability
information statement 88
Governance Report
Informa’s Board
Board of Directors 91
Board review and activity
Chair’s introduction to governance 94
The Board’s year 96
Section 172 Statement 102
Compliance with the UK Corporate
Governance Code 103
Committee Reports
Nomination Committee 106
Audit Commit tee 111
Director’s Remuneration
Committee 121
Other governance information
Directors’ Report 140
Statement of Directors’
responsibilities 141
Company Information
Shareholder information 240
Advisers 242
Financial Statements
Independent Auditor’s report 144
Consolidated Financial Statements
Consolidated Income Statement 152
Consolidated Statement
of Comprehensive Income 153
Consolidated Statement
of Changes in Equity 154
Consolidated Balance Sheet 155
Consolidated Cash Flow
Statement 156
Notes to the Consolidated
Financial Statements 157
Parent Company
Financial Statements
Parent Company Balance Sheet 228
Parent Company Statement
of Changes in Equity 229
Notes to the Parent Company
Financial Statements 230
Other financial information
Audit exemption 235
Glossary of terms: Alternative
performance measures 237
Five-year summary 239
We include International Financial
Reporting Standards (IFRS) and
alternative performance
measures in this report.
Alternative performance
measures are defined in the
glossary onpages 237 and 238
and marked with an asterisk
thefirst time they are used.
All financial data is presented
onacontinuing basis unless
otherwise stated.
This Strategic Report was
approved by the Board on
7 March 2024.
John Rishton
Chair, on behalf of the Board
Strategic Report Gov Fin
Inf
1
Informa at a glance
Our purpose
We champion the specialist ,
connecting people with
knowledge to help them learn
more, know more and do more.
Where we are
We have over 12,000 colleagues working in around 30 countries
and serving customers in 150 countries
UK
Canada
Netherlands
China
Brazil
New Zealand
Mexico
Japan
Australia
Thailand
Singapore
Malaysia
US
South Korea
Indonesia
UAE
Türkiye
Egypt
India
Saudi Arabia
Annual Report and Accounts 2023
2
Academic
Markets
The markets we work in
We work in two large international markets through four divisions and a portfolio
ofinvestments in aligned businesses
Business-to-Business
(B2B) Markets
Specialist
markets
and subject
categories
Products
and
services
Informa
Markets
Transaction-led
live and on-
demand events
Taylor
& Francis
Academic research,
advanced learning
and open research
Informa
Connect
Content-led
live and on-
demand events
Informa
Tech
B2B digital
services
Informa
Investments
Portfolio of retained
and aligned
investments
Business Review
page 50
Business Review
page 42
Business Review
page 44
Business Review
page 48
Business snapshot
page 40
We serve customers in dozens
of specialist marketsand
subject categories
Including Biotech & Pharma, Health
& Nutrition, Artificial Intelligence,
Medicine& Healthcare, Finance,
Foodservice, Education, Professional
Beauty, Labels & Packaging, Psychology
We deliver products and
servicesbasedonknowledge,
ideasandconnections
Including transaction-led and
content‑led live andon‑demand events,
specialistresearch, advanced learning,
open research, specialist media,
digitalleadgeneration services
Strategic Report Gov Fin
Inf
3
Business model
What we do
We work in the
knowledge and
information economy
Professionals
Professionals want to get smarter about
their subject matter and stay informed,
connected and relevant to their market
Businesses
Businesses need to discover and engage
with customers, suppliers and partners,
continuously and often internationally
Researchers
Researchers want their work to reach
others, be applied to real-world
problemsand lead to progress and
newdiscoveries
Market trends
page 18
• Transaction-led live and
on-demand events
• Content-led live and
on-demand events
• Expert research delivered
through journals, articles,
ebooks and open
researchplatforms
• Specialist media and
researchbrands
• Accredited training
• Partnering and
matchmaking-focused
events and digital products
• Digital demand generation
andengagement services
• Buyer intent platforms
• Audience development
services
We connect people
Connecting the right businesses and
professionals at the right time in
powerful and effectiveways
We enable discovery
Helping businesses discover and target
active buyers, find relevant products and
suppliers, and identify the right investors
and distributors, in person and digitally
We deliver
specialist
knowledge
andunique,
trusted content
Delivering expert, verified
research and trusted,
specialist insight that can be
readily usedand applied
Our guiding
principlesare
Think big, act small
We love ambitious thinking. Success
also comes from rolling up our sleeves
and taking personal ownership
Trust must be earned
We build trust and confidence by getting
close to customers and partnersand
offering support every step of the way
Success is a partnership
We get to better answers by combining
skills and talent, joining forces and
embracing ideas wherever they come from
More freedom, fewer barriers
We like to do things swiftly, flexibly
andwith as few obstacles as possible
People and
partnerships
page 28
Through
Annual Report and Accounts 2023
4
• We own and operate unique brands
and imprints, continuously investing
to ensure they stay relevant to the
market they serve
• We stay close to customers and
develop products collaboratively
to keep meeting their needs
• We form deep relationships with the
key partners who help deliver our
products, based on shared goals
and standards
• We focus on attracting and retaining
great talent, and fostering an
engaging culture that helps
colleagues work and deliver to
theirbest
• We continuously invest in
technology to improve our products
and customer experience and drive
greater efficiency
• We generate and capture first-party
customer data to enhance our
products and marketing and create
new data-driven digital services
• We embed sustainability
throughoutthe business to add
value to our brands, create a
positive wider impact and manage
our waste and carbon footprint
• We are efficient and disciplined in
how we use capital
• We manage risk in a dynamic
way,empowering teams to act on
market changes and opportunities
in real time
• Annual and multi-
year subscriptions
tojournals
• Purchases of
specialist books
andebooks
• Access to specialist
databases
• Access to archive
content
• Research article
reprints and other
content services
• Licensing and
data access
• Article processing
charges on open
research
• Open book
publishing services
• Research editing
services
• Sponsorship and
promotion on
research hubs
For
shareholders
Long-term
capitaland
incomegrowth
45.3p
Adjusted diluted
earnings per share
For
customers
Knowledge and
connections that
help customers
succeed
30,000
One-on-one
investment
meetingsheld at
BIO-Europe 2023
For
colleagues
Financial benefits,
and professional
development
andsatisfaction
80
Colleague
engagement
index score
For
partners
Relationships
that support
commercial
success
36,000
Suppliers partnered
with in 2023
For
communities
Contributing
tosocial
andeconomic
development
£510m
2023 global tax
contribution
People and partnerships
page 28
• Exhibition stand space at
live events
• Paid attendance at live
and on-demand events
• Sponsorship of live and
on-demand events
• Brand promotion on
event apps, in pre-event
marketing and onsite
• Content-focused brand
awareness campaigns,
including sponsored
webinars and distributed
thought leadership
• Product listing and
promotion on digital
marketplaces and directories
• Lead generation platforms
and lead capture dashboards
• Individual and corporate
training courses
• Annual and multi-year
subscription to specialist
research
• Consultancy services
• Purchases of individual
research and reports
Academic Markets
B2B Markets
We create benefits and value
We generate revenues from
How we add value
Strategic Report Gov Fin
Inf
5
Why invest
Strong financial
characteristics
Our businesses have strong
andconsistent growth
characteristics. Our capital
requirements are low, delivering
attractive operating margins
andhigh levels of cash conversion
and cash generation.
This gives us significant flexibility
fororganic and inorganic
investment to drive future growth,
as well as the ability to provide
attractive returnsto shareholders.
Financial Review
page 70
Leading specialist
brands and businesses
Our specialist brands have strong
recognition and reputations within
the markets they serve.
We provide specialist platforms and
products including live and on-
demand events, accredited training,
specialist content, digital demand
generation, buyer intent, specialist
B2B research, academic research
andreference publishing.
Our scale and depth across
specialist subject categories and
markets gives us a leading position
in both Academic Markets and
B2B Markets.
Business Snapshot
page 40
Serving growing
markets
As the business world becomes
more and more digital, high-quality
live, in-person interactions with
customers, suppliers and colleagues
are becoming more scarce and
more valuable.
Similarly, as the volume of
information available expands
exponentially, the value of trusted
and verified sources of data and
research increases.
Business model
page 4
In the fast-growing knowledge and information economy,
weown trusted brands that help businesses and professionals
navigate the burgeoning volume of information and
data, connecting them with knowledge, ideas and people,
enablingthem to make better decisions, faster.
3.2.1.
Annual Report and Accounts 2023
6
Unique, dynamic
andagile culture
Ensuring our colleagues find life
atInforma engaging, productive,
rewarding and enjoyable means
they feel valued and supported.
Our culture encourages colleagues
to be agileand flexible in how
theyserve customers, helping
usstayresponsive to trends and
developments, and evolving
andenhancing what we do.
Our colleagues are specialists
intheir markets. Their expert
knowledge and insight help
usbetter understand our
customers’ needs so we can
servethem better.
People and partnerships
page 28
Underpinned
bysustainability
Our sustainability programme,
FasterForward, is embedded across
everything we do. It defines our
priorities to 2030 and includes interim
goals for 2025.
This includes becominga zero waste
andnet zero carbon business by 2030,
and embedding sustainability content
across ourproducts to help the
specialist markets we serve accelerate
their sustainable solutions.
Our consistent commitment
andprogress on sustainability
arerecognised by a number of
independent indices and awards,
including an AAA MSCI rating
andinclusion in the Dow Jones
Sustainability Index (DJSI) World
Indexfor the last six years.
FasterForward
page 22
Opportunities in digital
and dataservices
We are a digitally enabled business
and use technology to enhance
products, create more value for
customers, improve productivity
and drive greater efficiency.
We are increasingly using
technology to capture, collate and
enrich first-party data from our
products and services, providing
insights that help better market our
products according to customer
trends and needs, while opening
new, adjacent markets withnew
budgets and revenue opportunities.
Live and on-demand events, powered
by AI, page 46
$14bn
Size of US technology
B2Bdata and market
accessmarket
$33bn
Forecast size of the global
exhibition industry in 2025
$73bn
Addressable market
for knowledge services
6.5.4.
Strategic Report Gov Fin
Inf
7
2023 highlights
In 2023, we went
deeper into
  specialistmarkets  ,
built further
scale and created
strong growth
Strong 
financial 
performance 
Increasing 
shareholder 
returns
Portfolio 
growth and 
expansion
Audience 
growth and 
expansion
Growing 
research 
content 
Delivering 
for colleagues 
Strong 
sustainability 
performance 
Annual Report and Accounts 2023
8
Free
cash flow
£632m
2022: £418m
Adjusted* | Statutory
operating profit
£854m | £508m
2022: £496m | £184m
Adjusted* I Statutory
diluted earnings
pershare
45.3p | 29.9p
2022: 24.4p | 9.4p
Cumulative
totalshare
buyback
£1,060m
2022: £513m
Underlying* |
Reported revenue
growth
30.4% | 41.0%
2022: 31.4% | 42.9%
Dividend
per
share
18.0p
2022: 9.8p
Group
revenue
£3,190m
2022: £2,262m
Permissioned
B2B audience
20m
2022: 15m
Audience interactions
with our brands
597m
2022: 377m
Articles on Taylor
& Francis Online
4.6m
2022: 4.5m
Colleague
engagement score
80
2022: 79
Percentile in
Dow Jones
Sustainability Index
100th
2022: 100th
MSCI
ESG
rating
AAA
2022: AA
Participation in
ShareMatch
30%
2022: 29%
Voluntary
leavers
10%
2022: 15%
New reference
titles published
8,100
2022: 8,100
Strategic Report Gov Fin
Inf
9
Chair’s Introduction
The last year has been 
anexciting time to be 
partofInforma.
Informa entered 2023 well placed,
thanks to the decisions and actions
taken in previous years, and the
progressive reopening of the world
after the pandemic.
Notably, the Board and leadership team had taken
the decision to fully focus the business on Academic
Markets and B2B Markets, divesting Informa’s
Intelligence portfolio to enable the return of capital
to shareholders and reinvest in growth initiatives
for the benefit of all of Informa’s stakeholders.
As a focused business with a clear growth
strategyand strong balance sheet, facing into
more normalised customer markets, Informa
really fired on all cylinders during 2023; fantastic
to see after the challenges the company had to
manage in prior years.
Specialisation and scale
The underlying business performed strongly and
consistently in all areas in 2023. We expanded
further in geographic growth markets, with a
particular highlight being our Tahaluf partnership
business in Saudi Arabia. This is going from
strength to strength as the Kingdom diversifies its
industries and invests in bringing new jobs and
international connections to the region: all goals
that B2B events support well.
As many readers will know, adding complementary
businesses that operate in attractive specialist
markets is an established part of Informa’s
approach to growth and building scale, and this
wasa particular feature of 2023.
Thanks to our strong financial position and the
proceeds of 2022’s divestments, we took the
opportunity to add scale in several specialist
markets, welcoming excellent brands and talent in
Aviation and Packaging from Tarsus, in Foodservice
from Winsight, in Tech Research from Canalys, in
Healthcare Tech from HIMSS, in Life Sciences from
LSX and in Scientific and Medical Research from
Future Science Group over the course of 2023.
Growth
Opportunity 
&
John Rishton presents to shareholders at the 2023 Informa
AnnualGeneral Meeting, with Group CEO Stephen A. Carter and
Senior Independent Director Mary McDowell alongside him
Annual Report and Accounts 2023
10
For several years, Informa has been building its
position and capabilities in digital services that
serve B2B customers. This accelerated during the
pandemic, and when much business activity moved
online, the company took the decision to invest
inits first-party data platform IIRIS and in the
specialist businesses NetLine and Industry Dive.
2024 began with an announcement that signifies
the next step in Informa’s progress in B2B Digital
Services: a proposed combination of the digital
businesses in Informa Tech with US-listed
TechTarget. This is subject to satisfying customary
approvals and conditions, but is an exciting
development that demonstrates Informa’s
ambition and capacity forfurther scale and
growth in the years to come.
Investment and returns
For a business like Informa, ongoing investment in
brands, products and platforms is key to delivering
agreat experience and value for customers.
This has been a focus under the 2021-2024 Growth
Acceleration Plan – known as GAP 2 – which is the
structured, six-part programme through which we
are delivering our growth strategy. It will continue
to be a focus in 2024 and beyond, including the
further deployment of new technology and
generative AI-based tools where they can improve
customer experience or help the business and
ourexperts be more efficient.
We have also invested in accelerating shareholder
returns to match the business’s accelerated
performance and share a good balance of the
benefits of growth with investors.
Having restarted ordinary dividends in the middle
of2022, we have confirmed a dividend of 18p for
2023, a year-on-year increase of over 80%.
The sharebuyback programme initiated in early
2022 was further extended in 2023, based on
positive feedback from investors on this approach.
Change and resilience
When I look at the broader world, the landscape
that businesses like Informa are operating in is
varied and changeable. Sadly, there is conflict
insome areas of individual countries, although
thankfully this is not directly impacting Informa’s
offices or operations. In some markets, inflation
and cost of living pressures remain high, but in
other markets, we are seeing good levels of
growth, investment and innovation.
This makes it as important as ever to stay close
towhat is happening in our markets and with
customers, take an agile approach and keep
focusing on the areas of greatest opportunity,
allof which I know Informa colleagues do well.
The company is well diversified by geography,
customer market and product, and has a built-in
level of resilience that comes from delivering on
itspurpose: providing must-have knowledge and
connections that help specialist markets, and the
customers operating in them, succeed.
As an international company, we are also mindful
ofthe different circumstances colleagues may face.
Over the years Informa has invested in a strong
range of support services available to anyone
personally affected by developments in the wider
world or closer to home. We continued to take
aflexible approach to pay reviews during 2023,
introducing more frequent reviews for colleagues
based in higher-inflation countries to provide
confidence and ensure fair financial support.
Opportunity and thanks
Informa is a very enjoyable company to be a part
of and contribute to, and this is one of the most
exciting periods in its development.
The business is not only in a strong position today,
consistently delivering on its commitments to
shareholders, customers, partners and colleagues;
it is also moving forward with pace, ambition
and confidence.
Thank you to the shareholders I have met over the
last year at Informa’s AGM, the Chair’s annual
roadshow or in other forums for the open exchange
and the engaged and constructive support shown
to the company and its leadership team.
And thank you to all of the colleagues at Informa,
whose enthusiasm, professionalism, talent and
skill make it all possible.
John Rishton
Chair
7 March 2024
Long-term success and Section 172
Informa’s Board is committed to performing
all the duties set out in section 172 of
theCompanies Act 2006. These include
promoting Informa’s success for the benefit
of its members as a whole by considering
thelong-term consequences of decisions,
theinterests of colleagues, customers and
partners and the impact of our operations
onthe community and environment.
Full information on how we performed these
duties can be found in the Board’s year (pages
96 to 101) and in our Section 172 Statement
on page 102.
Strategic Report Gov Fin
Inf
11
Group Chief Executive’s Review
2023 was a standout year for Informa
by any measure. Our financial
performance was strong; we invested
in improving our products and serving
customers in new ways; we added
high-quality brands and businesses
that have expanded our positions in
the specialist markets we focus on; and
our performance on sustainability and
environmental, social and governance
measures was again well recognised.
As a point-in-time snapshot, it is positive and
encouraging. For everything that went into
creating such a strong and successful year,
mydeep thanks go to all Informa colleagues.
But just as importantly, our 2023 performance
reflects the outcomes of decisions and actions
taken over the course of the last decade.
Informa has progressively become a higher-quality
and a higher-growth business, and we are
confident that there are further opportunities
ahead and more to come for our customers,
partners, colleagues and shareholders.
We have a clear strategy. Informa is a growth
business, and creating accelerated growth through
building scale in our chosen specialist markets
haslong been our focus.
The pandemic interrupted and tested the Group,
bringing significant disruption to some areas
ofour business for a prolonged time, as well
aschallenges to many of our personal and
professional lives. But that period also enabled
usto look again at the value of our first-party data,
expand and invest in our digital services, be
creative and flexible in how we serve customers,
reassess the markets we were in and double down
on the markets where we see the best long-term
potential for growth and leadership.
Specialisation
Scale
&
30%
Group
underlying
revenue growth
in 2023
One of the exhibition halls at LEAP 2023, a global tech event held in
Riyadh that brought together over 150,000 local and international
tech professionals, start-ups, investors and innovators
We are more confident 
than ever in our brands, 
businesses andthe markets 
we have chosen to be in.
Annual Report and Accounts 2023
12
Informa also has a clear focus and operating
model. After successfully divesting our Intelligence
portfolio in 2022, we entered 2023 focused on
Academic Markets, where we deliver specialist
academic research, advanced learning and open
research through Taylor & Francis, and B2B
Markets, where we deliver live and on-demand
events and digital services through Informa
Markets, Informa Connect and Informa Tech.
We are a leader in both areas, with the
opportunity and the ambition to do more.
Early in2024, we have illustrated this ambition
through our agreement to combine the digital
businesses of Informa Tech with US-listed
TechTarget, to build a leading platform in B2B
Digital Services. The proposed combination will
create a newTechTarget, listed on Nasdaq, in
which Informa will have a 57% ownership position.
This isof course subject to customary conditions
and approvals, but it represents one of the further
growth opportunities we see ahead and reflects
the confidence and ambition with which we are
entering 2024.
Strong and performing businesses
Each of our four divisions performed well in 2023
and has clear further growth opportunities ahead.
In Academic Markets, Taylor & Francis delivered
another year of consistent growth, with total
revenues of £619m and underlying revenue
growth of 3.0% (2022: 3.0%).
Taylor & Francis has transformed since our first
Growth Acceleration Plan (GAP 1) in 2014 and is
ahigher-quality business, a more digital business
and, increasingly, a more customer-focused
business, centred around researchers and
knowledge makers.
Over that time, we have consistently invested in
platforms and technology that make research
more discoverable and easier to apply, maximising
its impact and value. We have progressively
established a strong position in the growing area
of open research too, adding businesses and
expanding our capabilities. And in common with
all parts of the Group, we have deliberately
focused on specialist subject categories where
output and demand for expert research are
growing, such as in medicine and education.
In 2023, pay-to-read subscriptions to research
remained resilient, the volume of open research
published continued to grow and our advanced
learning business performed consistently, with
ongoing investment into our digital books
platform supporting customers’ continuing shift
towards ebooks and other digital formats.
We are well placed to step up further in 2024.
Taylor & Francis has a clear focus on growth
subject categories and offers a choice of
publishing models to academic and research
institutions, providing a flexible approach that
canalign to evolving views on funding and
research access. These value-added features,
combined with the underlying structural growth
inhigher education and research, mean we are
targeting higher underlying revenue growth in
2024 of around 4%.
Across our B2B Markets businesses, we delivered
an aggregate underlying revenue growth of nearly
40% in 2023. This significant rate of growth
reflects strong demand for our major brands as
markets progressively reopened after the
pandemic, coupled with the long-term decisions
we have taken to operate in specialist markets
thathave good growth characteristics.
At the start of the year, it was not clear when,
orhow quickly, Mainland China and Hong Kong
would reopen for travel and live B2B events.
That process began in around April and was felt
most keenly in Informa Markets, as one of the
largest operators of exhibitions in China. The pace
at which live events restarted, and the strength of
demand from businesses to get back to exhibiting
and trading in person, underlines the unique value
of what we offer, particularly in a world that is
increasingly communicating and interacting
online. Our performance prompted us to raise
ourrevenue expectations and market guidance
three times during 2023.
Elsewhere in Informa Markets and in Informa
Connect – our content-led live and on-demand
B2B events business – part of our ongoing growth
comes from our investment in improving the
customer experience and expanding our range
ofservices. This is helping to maintain and
increase the benefits and value we deliver
tocustomers, as we will come on to.
Stephen A. Carter
presenting a winner’s
trophy on stage at
the2023 colleague
Informa Awards
Strategic Report Gov Fin
Inf
13
Group Chief Executive’s Review
continued
As many shareholders will know, in late 2021,
wetook the decision to divest our Intelligence
portfolio, and this too is a significant factor in
theopportunities and choices we have today.
We invested in our Intelligence businesses
significantly during GAP 1, improving products
andplatforms, refocusing on customer benefits
and service and successfully turning around
performance from sharp decline to consistent
growth. This created a high-performing, high-
quality portfolio of businesses, but in 2021, we
reached the conclusion that there were limited
opportunities here to further scale our positions
compared with Academic and B2B Markets.
We completed the divestment of our Intelligence
businesses during 2022, realising a gross value of
almost £2.5bn, and have invested the proceeds in
a range of ways that strengthen and expand our
business and set us up for future growth.
Growth through product
andcustomer investment
In the markets in which Informa operates, to
standstill is to move backwards. Investing in
ourbrands, products and platforms has been a
consistent feature of the company over the last
decade, tokeep pace with market and technology
developments and continue delivering
benefitsandvalue to our customers.
These investments are also part of driving future
growth. In Academic Markets, one of the areas
wehave focused on is making our production
processes more efficient and effective through
technology, particularly for open research.
This helps us to better serve researchers by
getting their work published more quickly
and means we can accept higher volumes
of submissions, expanding our specialist
content and titles.
As recent examples, in 2023 Taylor & Francis
piloted technology that screens and identifies
duplicate submissions more efficiently and
accurately, helping maintain the integrity of
thepublishing process as we expand. We also
introduced an article transfer service across a
network of over 50 journals, helping researchers
find the right journal for their work and
maximising the original, peer-reviewed content
wepublish.
In B2B Markets and since the return of live
eventsafter the pandemic, we have prioritised
investments that enhance customers’ experience
and maximise their return on investment.
Technology, including existing and newer forms
ofAI, is creating new ways to extend the value
customers get from the connections they make and
knowledge they gain at and around live events.
In Informa Tech too, we saw strong growth fromour
portfolio of technology-focused live andon-demand
events and a good performance from our specialist
research brand Omdia. The broader tech market
was somewhat volatile in2023. While we
experienced some knock-on effects to budgets for
the specialist B2B digital services Informa Tech
delivers, we see significant long-term growth
potential for data-driven products that enable tech
vendors to identify andaccess active buyers.
Our confidence, combined with supportive market
conditions, opened up the opportunity to expand
by joining forces with a US leader, TechTarget,
which we look forward to progressing over the
course of 2024. In this market and through this
proposed combination, our goal is to serve
B2Bcustomers at scale digitally, as we already
doin live and on-demand events. Read more in
the conversation opposite.
Across our B2B Markets businesses, we are also
seeing – and starting to capture – additional
growth opportunities through geographic
expansion. Scale B2B live events can create
considerable value for the countries and
communities they are held in, by bringing business
and trade to the area and supporting employment
and economic activity in and around the event.
We have a diversified international portfolio and
see the potential to expand further in markets
such as India, Thailand and the Middle East.
Our Tahaluf partnership in Saudi Arabia is one
such example. From a near standing start, Tahaluf
now operates some of the region’s, and the
world’s, largest events, including tech event LEAP,
and we will be launching a number of other
Informa brands in the Kingdom in 2024.
Growth through business strength
and performance
In our B2B Markets businesses, we see a path to
high-single-digit underlying revenue growth in
2024, outside of any effects from the proposed
combination with TechTarget.
This is real growth, and the strength and
momentum of our underlying business put us in
agreat place for 2024, giving us both confidence
and an increased ability to invest for further
growth and opportunity.
This is supported by a strong balance sheet,
whichis the result of consistent discipline in
allocating capital and relentlessly prioritising cash
conversion and cash generation. The dynamics
ofour business model – and, in particular, the
forward commitments that companies make to
exhibit at live events and pay for annual and
multi-year research subscriptions – give us good
visibility on revenue streams, which in turn helps
us plan ahead and invest with confidence.
57%
Shareholding in
new TechTarget,
subject to
completion
in2024
AAA
Informa’s ESG
rating from MSCI
Annual Report and Accounts 2023
14
Omdia’s VP of Sales
Rikki Schmidle and
Media & Entertainment
Practice Lead Rob
Gallagher sat down with
Stephen A. Carter to
talk about theproposed
combination of Informa
Tech’s digital businesses
withTechTarget.
Q. Stephen, what wasthe
journey to thisproposed
combination?
So why did we create Informa Tech in
the first place? We did it because we
believed there was a market, which
today we’re calling the Digital
Services market, providing a range
of services to enterprise technology
customers that you both know well:
thought pieces, research, analytics,
audience discovery, lead generation,
buyer intent...
Now back in the day, really, we were
way bigger in the B2B events market
than we were in anything else. But a
few years on, we’ve added some other
services, some other businesses,
some other capabilities. And today,
wecombine those with TechTarget
with an intention of creating a
market-leading platform inthat B2B
Digital Services market.
It’s taken us five or six years to get
to this point, and it will create a
leading business with a full suite of
capabilities and a real potential to
bethe leadingplayer.
Q. You’ve mentioned our
businesses have many
complementary features.
Can you say more
about that?
If you take the end-to-end process…
you want to scope the market, we can
do that. You want toresearch the
market, youcan do that. You’ve
identified your product andyou want
to bring thatproduct to life either
through an analytical thought piece
or a piece of custom content.
This new company can do that.
You want to reach your customers
through direct marketing either
webinars or video material. We can
do that. They own BrightTALK.
You need a digital media real estate
which is focused on your end
audience. This company will have
probably a unique set of digital media
real estate. You want to identify your
buyers, you want to determine what
the buyer intent is, how close they
are to the decision making.
From the beginning of thediscovery
point to the pointof buyer contact,
newTechTarget will have afull suite
of products andservices.
Q. Can you say moreabout
how we’llbe organised?
We’re going to take the world-class
enterprise technology event
franchises back and stand them up
alongside our other world-class
content-led event franchises in
Informa Connect. Everything else
willbe combined with the existing
TechTarget business to create
newTechTarget.
I think for Omdia it will possibly be the
biggest change, and I think the best
change, because rather than being
organised in a distributed way around
end markets with multi functions,
Omdia will be stood up as a
standalone business.
This conversation
hasbeen lightly
condensed; watch it
infull on our website.
In   conversation  
with  Omdia  
Strategic Report Gov Fin
Inf
15
Group Chief Executive’s Review
continued
Growth through business addition
and combination
Over the last decade, through business growth and
addition, Informa has progressively built leadership
positions in Academic Markets and B2B Markets,
inlive and on-demand B2B events, research
publishing and specialist research. But these
remain relatively fragmented markets, and so we
continue to see opportunities to grow and make
the most of our scale platforms by adding
businesses, brands and portfolios to the Group.
In 2023, the capital available from the proceeds of
divesting our Intelligence business, growth from
the underlying business and our strong financial
position allowed us to further invest in expanding
our positions in specialist markets and categories.
In Academic Markets, this included expanding in
scientific and medical research by bringing Future
Science Group into Taylor & Francis. In B2B
Markets, we added Tarsus to the Group in the
second quarter: a very complementary portfolio
of event brands that has added to our positions in
Aviation and Anti-Ageing and brought new
positions in markets like Packaging.
We are both embedding digital features into live
events to drive greater customer value, as shown
on pages 46 and 47, and launching new digitally
enabled products that support event brands.
Recent examples funded by our GAP 2 investment
programme include Beacon Discovery, a platform
that helps distributors and buyers discover and
engage with new suppliers and products in the
specialist Natural Products market. Similarly,
Informa Connect is expanding its leading
partneringONE platform, which enables biotech
companies to find investors and schedule in-
person meetings at our events, into a year-round
matchmaking and investment partnering service.
At the heart of what we are doing in B2B Markets,
and fundamental to our future growth
opportunities, is data. We took the decision in
2021 to invest in IIRIS, our first-party B2B
customer data platform, because we could see a
considerable opportunity from better capturing,
enriching, analysing and using the data generated
when customers interact with our brands in live
settings, at on-demand events, when using our
specialist media and content sites or product
platforms, and so on.
This remains a focus and driver for Informa and we
look to roll out IIRIS to all the B2B brands that join
the company through addition and combination.
It allows us to market our products better, expand
our audience, improve customer experience, and
develop new digital services based on access to
permissioned first-party B2B data. One recent
example that has been well received by customers
is Lead Insights, described on page 36.
We have long used different forms
ofAI in our business: from machine
learning technology that cleanses and
de-duplicates customer data records,
to automated tools that conduct initial
screens of research submissions,
index and tag content with metadata
at speed and volume, convert video
and spoken word into written content
and analyse quantities of customer
survey feedback for trends.
The latest iteration of AI – generative
AI – is creating new opportunities
for our business, particularly in
improving customer experience and
value and working more effectively.
To understand and act on these
opportunities in a co-ordinated way,
we formed a central project team in
early 2023 that brought together
colleagues from technology, data
and analytics with colleagues from
product, customer and commercial
roles. They identified the most
relevant, valuable and scalable use
cases for generative AI – in content
production and personalisation, sales
enablement, the end-to-end event
experience and our day-to-day
operations – and trialled them in
a set of real-life use cases.
Some are already live in our business,
as can be seen on pages 46 and 47,
and 52 and 53, and other pilots have
been expanded to new areas so we
can keep learning and improving as
the technology itself advances.
From the project team’s work, we
areestablishing an AI centre of
excellence in 2024. This will act as
ahub for our expertise and guide
investment decisions and choices,
partnering with teams across the
business to deploy AI in a way that is
most relevant and impactful to their
products, customers and markets.
Making the   most  
of
AI
  opportunities  
Annual Report and Accounts 2023
16
Through Informa Connect, we have built a position
in the B2B Foodservice market and expanded this
in 2023 with the addition of Winsight, enabling us
to serve major food, restaurant and hospitality
groups more comprehensively through live events
and specialist media, research and data. And in
Informa Tech, we welcomed the Tech research
business Canalys later in the year. Canalys has
a particular strength in research on the
international Channels market, making it an
excellent complement to our Omdia business.
Over time, we have built considerable expertise
inidentifying high-quality, well-run businesses
and brands that take a similar approach to serving
customers and have a complementary culture
toours. We have also developed our capabilities
so that when we combine businesses, we do it in
away that brings value to those brands and to
Informa, and this will continue to be a feature of
our growth and development in the years ahead.
Growth through continued progress
on sustainability
At Informa, we approach sustainability in the
sameway we do any other part of our business.
We have progressively built, invested in and
improved our sustainability capabilities and
performance over the course of a decade, focusing
on the areas that matter most and deliver the
most benefits to customers, shareholders,
colleagues and the business.
There are many initiatives underway and
embedded in our business, and our long-term
targets are encapsulated in the FasterForward
programme: an established part of GAP 2.
There is no end point when it comes to sustainability,
and as both expectations and possibilities increase,
we are focused on continuous improvement and
progress. We expanded our Sustainable Event
Fundamentals programme in 2023 to cover more
brands and introduce even more ambitious
standards on environmental, social, community,
product and governance matters. Better Stands,
which targets waste and carbon at live events,
hasrolled out to all our geographic markets and
isnow being piloted by the wider events industry
too. Both programmes are described in more
detailin the FasterForward section.
Across our operations, products and community
activities, we are performing well and with
consistency. This continues to be recognised by
index providers and analysts. Informa ranked in
the DJSI World Index for the sixth consecutive year
in 2023 and received an AAA ESG rating from
MSCI, the highest possible level and an upgrade
on our previous AA rating.
Growth through talent and
culture investments
Behind all our sustainability activities, business
addition and combination programmes, product
creation and innovation, customer insight and
customer service lie over 12,000 colleagues.
Great talent, a distinctive culture, and the
commitment and contribution of colleagues
everywhere really make the difference to
everything we do as a company today and
want toachieve in the future.
As a colleague myself, I know that it comes down
to making Informa a great place to work and
keeping it so, by investing in the experience of life
at Informa; by listening to and acting on ideas and
feedback; by supporting and encouraging diversity
of perspectives and experiences; by creating
opportunities for personal and professional
success; and by sharing the benefits of company
growth with those who make it possible.
This is a shared responsibility that leaders at all
levels in the company have, and it is often one ofthe
real pleasures of life at Informa too. It was fantastic
to be named as a top 20 UK place to workin early
2024 in an independent survey of colleagues by
Glassdoor, and there is more insight in our key
investments and activities on pages 32 to 35.
Future growth and opportunity
We have entered 2024 confident of and committed to
further growth, and with that comes the opportunity
for further investment in shareholder returns too.
We are on course to complete the £1,150m share
buyback programme during the first quarter of
2024, which began in 2022 as a way to share a
portion of the value created by divesting our
Intelligence portfolio. The Board has approved
a year-on-year increase in the dividend of over
80%, and Iwould echo the Chair in thanking
shareholders for the ongoing support shown to
the company last year and in all recent years.
However, we are well aware that the future is just
as important, if not more important, to many
shareholders: the opportunities that this company
has to go further, and how we make the most of the
scale and leadership positions we have created so far.
That is our clear focus as a leadership team and
Board for 2024 and beyond, and I look forward to
sharing and reporting back on our progress.
Stephen A. Carter
Group Chief Executive
7 March 2024
Strategic Report Gov Fin
Inf
17
When businesses purchase products
and choose suppliers, more of their
research is now conducted online,
before they make direct contact with
acompany about a solution.
As a result, for vendors, online
presence and digital brand awareness
are critical, with more companies
focusing spend on branded content
services, thought leadership and
whitepaper distribution, digital event
participation and advertising on the
most relevant platforms and media.
When prospective buyers interact with
these platforms, it generates valuable
data which, when captured, enriched
and analysed, provides sales teams
with insight into who their customers
are, what they are interested in and
their intent to purchase, enabling them
to better target active buyers well
before they get in contact directly.
In 2021, we created IIRIS, our first-party
data engine, to capture, enrich and
analyse customer data and interactions
across our B2B brands and products.
IIRIS has since grown to hold over
20 million data records and we
haveused it to enhance our products
and marketing.
We subsequently built out our lead
generation and audience development
services, particularly within Informa
Tech and through acquiring NetLine
and Industry Dive. Our position in this
B2B Digital Services market will expand
in 2024 under the proposed transaction
with TechTarget.
B2B buying behaviour
has become more
complex and more digital
Four major growth trends in the knowledge
and information economy are informing our
strategy and capital allocation.
Market trends
$33bn
Forecast size
ofthe global
exhibition
industry in 2025
(Globex)
£2.0bn
Informa revenue
from live and
on-demand
events in 2023
More of our professional lives is now
spent online. Business and team
meetings, research and learning are
more likely to happen through digital
platforms and channels.
But as live experiences and
opportunities to connect in person have
become scarcer, they have also become
more valuable. Live events provide
opportunities to connect and build
relationships with suppliers, partners
and customers face to face and see
complex products first hand – things
that are now increasingly rare – and to
do that at scale in one place.
Live events must clearly add more
value than digital formats however,
andoffer a good return for the time
and money invested.
We focus on specialist markets
wheresupply chains are complex
andfragmented, international
suppliers are critical for success and
new products benefit from being seen
or tried first hand. We invest in building
and maintaining leading scale events
that are the key annual convening place
for the specialist markets we serve.
We also continuously develop our
brands and products, including
embedding digital features and
technology that deliver additional
customer value and a better experience
before, during and after the event.
1. 2.
In a more digital world,
the value of live
is higher thanever
Annual Report and Accounts 2023
18
The knowledge
economy is in
structural growth
Funding models
forresearch
are evolving
21%
Growth in
output from
scientific
publications
between 2015
and 2019
(UNESCO)
14%
Global
researcher
community
growth between
2014 and 2018
(UNESCO)
Around the world, the thirst for
knowledge continues to grow as people
look to get smarter and better qualified.
More are entering higher education and
reaching graduate and postgraduate
levels, where conducting original
research and publishing peer-reviewed
findings are important for gaining
further qualifications and progressing
acareer in academic or commercial
research. Growth is particularly
apparent in emerging markets.
Countries such as India and China are
investing heavily in higher education
aspart of economic growth, and also
inresearch and development activity,
recognising the link between innovation
and GDP. This is leading to consistent
growth in original research, much of
which requires independent verification,
indexing and distribution.
Taylor & Francis serves researchers
around the world, supporting their
careers, managing their work from
submission through review and
production to publication,
dissemination and promotion, helping
their research makean impact.
To meet growing demand, we continue
toinvest in our operating capacity and
capabilities so we can effectively review,
accept, process, publish and optimise
higher volumes of research on both
traditional pay-to-read and newer pay-to-
publish open research platforms. We are
also strengthening our presence in key
growth markets, including India and
China, to partner more closely with their
expanding communities of researchers,
universities and research institutions.
The last decade has seen agradual
transition in the way academic
research is published and shared.
Traditionally, researchers and their
institutions and libraries have
supported peer-reviewed research
by paying for subscriptions to
read content.
Now, there is a mix ofmodels in
research publishing, with growing
volumes ofpay-to-publish research,
where publication is funded upfront
and research is made available to all
on anopen access basis, maximising
itsreach and impact.
Taylor & Francis has long taken
a flexible approach, supporting
customers to publish in a way that
works for their funding model
and community.
Alongside the ongoing expansion of
open research platforms and journals,
we provide additional options for
authors and institutions through
transformative agreements. These
are individually tailored to individual
institutional libraries or via consortia
to support astable and sustainable
transition from content funded
primarily by subscriptions, to a more
varied model that includes pay-to-
publish research and, if desired, to a
fully open access model in the future,
without impacting the quality or reach
of published research across subjects.
3.
4.
Strategic Report Gov Fin
Inf
19
Group strategy
Informa’s strategy is to
create accelerated growth
by building scale in
specialist markets and
increasingthe pace of
digitisation throughout
our business
Annual Report and Accounts 2023
2020
2023 achievements Future focus
Focus on Academic
Markets and B2B
Markets, where we
have leadership
positions and the
best opportunities
for future growth
After successfully divesting
Informa Intelligence in
2022, the full focus of our
strategy and investment
ison growth in Academic
and B2B Markets, which
included strong organic
growth and several
acquisitions in 2023
To continue to build scale
within the specialist
markets and subject
categories we are focused
on in our Academic and
B2B Markets businesses
Accelerate the
expansion of our
digital services,
supported by the
smarter use of data
We grew our consented B2B
first-party data records to
20 million and launched
a range of new digital
services, including buyer
intent platform Intentive
To further scale our IIRIS
first-party data platform
and to expand our position
in B2B Digital Services
through the proposed
creation of new TechTarget
Grow our talent
and further develop
our leaders and
colleagues, making
Informa a great place
to join and to stay
We further invested in life
at Informa, introducing new
benefits and expanding our
colleague onboarding
programme globally
We are implementing
anewinternal mobility
programme and launching
an initiative dedicated to
supporting women in
seniorleadership
Invest up to a further
£150m in projects
that accelerate
digitisation and
bring us closer
tocustomers
Several more digital and
data-driven products
funded by GAP 2 went live
in 2023 with positive
customer feedback,
including Beacon Discovery
and partneringONE plus
To keep focused on
delivering returns and
customer benefits from
investments to date, while
maintaining ongoing
investment in products
and platforms
Share the benefits of
accelerated growth
and value creation
with shareholders
Ordinary dividends
increased by over 80%
and our share buyback
programme was further
extended to £1,150m, with
£1,060m completed by the
end of 2023
To complete the current
share buyback programme
and continue to deliver
progressive dividends,
considering additional
returns should the Group
have excess capital
Accelerate our
sustainability
performance
through the
FasterForward
programme and
embed sustainable
practices into all
parts of ourbusiness
We achieved an AAA
MSCI ESG rating – the
highest possible – and
maintained our position
inthe DJSI World Index.
The Sustainable Event
Fundamentals expanded
to almost 380 events and
the events industry piloted
Better Stands
To further expand
Fundamentals participation
and accreditation and
maintain progress with all
elements of FasterForward,
integrating newly acquired
businesses into our
programmes
Portfolio focus
1
Digital
anddata
2
Leadership
andtalent
3
Investment
4
Accelerating
returns
5
Embedding
sustainability
6
Between 2021 and 2024 we are delivering this strategy
through the Growth Acceleration Plan 2, known as GAP 2.
Strategic Report Gov Fin
Inf
21
Our focus is two-fold. Firstly, we see
sustainability as an opportunity to
serve our customers and markets in
new ways, to add further value to our
products and to make a positive impact
on the communities we work in.
Sustainability is a fast-growing field
where relevant, specialist insight is vital
and where connections to experts that
lead to ideas, innovation and
investment are highly valuable:
bothofwhich our products and
services deliver.
Secondly, and in common with many
companies, we want to manage our
footprint responsibly – particularly
when it comes to waste and the use
ofcarbon – and manage any risks that
could arise in the future.
FasterForward is our company-wide
sustainability programme. Launched
in2020 to accelerate our progress and
performance, it defines our priorities
up to 2030 and includes interim goals
for 2025 that are designed to help us
reach our long-term targets.
Those areas are:
• Faster to zero which encompasses
actions that will help us become a
zerowaste and net zero
carbonbusiness by 2030
• Sustainability inside which focuses
on embedding sustainability into all
of ourproducts by2025
• Impact multiplier which addresses
several wayswe can expand the
positive impact we make on the
communities we workinandwith
Sustainability is embedded into
ourbusiness and existing processes,
aswebelieve it is most effectively
delivered by the teams closest to
theproduct, customer, market and
commercial activity.
We embed sustainability into
everything we do. Having invested in
our sustainability capabilities for nearly
a decade, we have well-established
programmes anda consistently
strongperformance.
Informa
Sustainability
Report
2023
Embedding
sustainability
inside our brands
– page 16
Multiplying our
positive impacts
– page 28
Moving
faster to
net zero
carbon and
waste
– page 06
Our
sustainable
events
– page 40
Our colleagues’
shared culture –
page 46
Championing
Sustainability
Read our Sustainability
Report for more examples
of how we are embedding
sustainability throughout
the business
FasterForward
Annual Report and Accounts 2023
22
Sustainability growth and progress
Upgraded Science Based Targets to a 1.5°C level
Achieved CarbonNeutral
®
publication certification
forallTaylor & Francis print products
Founding member of Net Zero Carbon Events initiative
GAP 1 investment in sustainability
functionandexpertise
DJSI named Informa an industry mover
Entered DJSI World Index
Piloted tool to measure economic impact ofevents
Set Science Based Targets to a below 2°C level
Established Sustainable Event Fundamentals programme
Reached 95% of office electricity from renewable sources
Launched Sustainable Development Goals Online library
Launched FasterForward programme
Certified a CarbonNeutral
®
company
Launched Better Stands programme
Offset 100% of colleague travel
Retained position in DJSI World Index
Expanded Sustainable Event Fundamentals programme
Achieved AAA MSCI rating
Established industry-wide Better Stands pilot
Published first Task Force on Climate-related Financial
Disclosures (TCFD) assessment
Ran first certified CarbonNeutral
®
events
Expanded sustainability talent and capabilities
Performing on sustainability
We have continued to invest in
sustainability under GAP 2.
Industry standards and stakeholder
expectations are increasing, but by
enhancing and improving what we
doeach year, we have kept pace
andmaintained a consistently
strongperformance in key
independentassessments.
MSCI gave Informa an AAA ESG rating
in 2023 – its highest level – based on
improvements in our governance
practices and colleague-focused
programmes, and a strong score
onenvironmental management.
We were named in the benchmark DJSI
World Index for the sixth year running
in 2023 and hold a B rating from CDP,
aleading carbon and climate change-
related assessment.
We track the performance of individual
FasterForward programmes and are
seeing good overall progress towards
our goals. We have also set Science
Based Targets for carbon reduction and
track our progress. These have been
verified by the Science Based Targets
initiative and match what is needed to
keep global temperature rises to a
maximum of 1.5ºC.
Changes in Informa’s portfolio
caninfluence annual data points.
For example, when we add businesses
to the company, we assess their
sustainability practices and
performance in the early stages
ofintegration. Where there are gaps
oropportunities, we work with those
teams to embed our programmes
andstandards over a period of time.
This means that while we focus on
aconsistent set of goals, we are
alsoflexible in howwe meet them,
adapting and refocusing programmes
as Informa grows and evolves as a
company. We expect to update our
Science Based Targets in 2024 to
reflect the effect of adding businesses
during 2023 on our baseline.
2016
2017
2018
2019
2020
2021
2022
2023
Strategic Report Gov Fin
Inf
23
FasterForward
continued
Embedding our sustainability
programmes within our newest
businesses will also improve this
datainthe coming years.
Carbon offsets are not a perfect
solution, but they play an important
role in our transition to net zero
– whencombined with reducing
absolute carbon emissions – and also
deliver wider benefits. We only buy
high-quality, third-party certified
offsets that absorb or avoid
greenhouse gases being emitted
andprovide social or environmental
benefits for local communities, such
ascreating local jobs or protecting
biodiverse habitats.
The carbon offsets we purchase
currently cover our offices, colleague
business travel, Taylor & Francis
publications and select events.
Our aimis to expand this over time
tocover more of our value chain
emissions as it becomes feasible.
See full data in Key performance
indicators, pages 54 and 55
Moving faster to net zero
Our approach to becoming a net zero
business is to reduce the emissions
associated with our operations, supply
chain and the use of our products by
customers as far as practical.
We then offset emissions that cannot
currently be avoided by purchasing
high-quality offsets that reduce or
remove carbon.
We follow the definitions used by the
Voluntary Carbon Markets Integrity
Initiative. Net zero definitions and
standards in this area are still evolving
however, and we are continuing to
monitor how they develop and assess
whether we will need to make any
adjustments as a result. To ensure we
remain on the right path, we are also
developing an enhanced net zero
transition plan in line with the
Transition Plan Taskforce.
We are making good progress in
reducing our carbon emissions,
particularly in the areas Informa has
direct control or strong influence over.
Renewable electricity accounted for
96% of the electricity consumed in
ouroffices in 2023 and 86% of the
electricity used by our live events,
weighted by attendee numbers.
Informa’s Scope 1 and 2 carbon
emissions have fallen by over 80%
between 2017 and 2023, when
excluding businesses acquired by
Informa during 2023.
Scope 1, 2 and 3 emissions within our
Science Based Targets boundaries have
also fallen by 14% between 2017 and
2023 on this basis, giving us confidence
we are on track to achieve our goals
once we have accounted for those
acquisitions in our baseline.
96%
Of the electricity consumed
in our offices is renewable
86%
Of the electricity used by
our live events is renewable
Less plastic, better paper
In Taylor & Francis, the vast majority of the research and
advanced learning we publish is available digitally. We continue
to offer customers a choice of format however, including
printed books and journals, while minimising the carbon
impact of these products.
After a successful trial in 2020, we are progressively removing plastic
polywrap covers from as many as possible of our printed journals that are
mailed out.
Taylor & Francis is a member of the Book Chain Project, which provides
publishers with in-depth information about the industry’s supply chain,
including on environmental matters. Through its database of paper mills
and stocks, we have identified paper brands that are less emissions-
intensive than what we currently use, and are assessing the suitability
ofthese alternatives as another way to improve our carbon footprint.
Annual Report and Accounts 2023
24
Reducing carbon
inourproducts
Informa has been a certified
CarbonNeutral
®
Company since 2020.
This assesses our business operations
and takes into account our energy
efficiency and use of carbon offsets.
We are also aiming to become carbon
neutral certified across our products by
2025. In research publishing, two major
trends are helping reduce the carbon
emissions associated with our products.
These are our shift towards print-on-
demand, where printing takes place
closer to the customer and is more
closely aligned to demand, reducing
waste and carbon emissions from
printing, storing and shipping, and
thebroader customer trend towards
purchasing digital content and ebooks
rather than print products.
All of Taylor & Francis’s physical books
and journals were recertified as
CarbonNeutral
®
publications in 2023.
This represents how we have
successfully reduced carbon emissions
and used offsets in areas where we
cannot yet reduce emissions further,
such as in logistics.
While digital products tend to make
less use of carbon, we are working
tomeasure their impact more
accurately and consistently so that we
can spot opportunities toreduce this
further. Our collaboration with
university researchers and media
companies on a shared measurement
tool called DIMPACT is improving data
accuracy. Based on this data, Taylor &
Francis is conducting further research
on the energy used by customer
devices and the data centres that
support our digital article and
ebookplatforms.
In the events industry, Informa is
afounder member of the Net Zero
Carbon Events initiative. Through it, we
are collaborating with peers, suppliers
and partners on shared standards and
actions to reduce the use of carbon in
all aspects of how an event is delivered,
from logistics to venue energy, travel
and accommodation.
Expanding Better Stands
Better Stands is an Informa programme that encourages
companies to choose modular and reusable stands,
insteadofsingle-use or disposable stands, when they exhibit
atevents. It is our key programme to reduce waste from
ourB2B business activities.
Exhibitors choose and commission their own stands, and so building
awareness and creating change among customers has been a priority.
Many exhibitors have supported Better Stands as a way of making their
owncommercial activities more sustainable and to save time and money
when designing and building stands.
Leah Riddell, our Better Stands Manager, shared: ‘In 2023, we conducted
over 30 internal group training sessions on Better Stands, reaching
approximately 600 colleagues, to help them talk about the programme
tocustomers and their appointed contractors.’
Better Stands has progressively expanded within Informa and is now in
place in all the countries in which we operate. We took a further step in 2023
by joining forces with a group of other international exhibitions organisers
to create an industry-wide pilot of Better Stands.
Sharing our learnings and knowledge, and working to make reusable and
recyclable stands common practice across all venues, suppliers and
exhibitors no matter what the event, will help accelerate the momentum
we have built and create a broader positive impact on the industry.
What Better Stands brings
tothe industry is safer
buildsfor customers and
contractors, often higher-
quality stands too that
increasereturn on investment,
and less waste overall.
Leah Riddell
Better Stands Manager
Strategic Report Gov Fin
Inf
25
FasterForward
continued
Our 2023 double materiality
assessment, described on page 29,
confirmed that this is one of the most
important impacts for our business
andstakeholders.
Our FasterForward goal is to embed
sustainability into 100% of our brands
by 2025. What this looks like can vary
by product type and market.
Examples from 2023 include the
launchof the Women in Private
Markets Forum, a sold-out one-day
programme that ran alongside the key
SuperReturn International event and
included knowledge sharing around
breaking barriers for underrepresented
talent to play a greater role in the
financial industry.
Event brand GDC ran a full-day
interactive workshop on how game
developers can incorporate relevant
climate change and resilience
scenariosand messaging in their craft.
Our B2B video platform Streamly
launched a sustainability content
stream in January 2023, which has
seenstrong engagement.
Informa also has a range of brands that
directly serve the growing sustainability
market, including the event brands
WasteExpo, Greenbuild and Green
Expo, media brand ESG Dive and the
research collection Sustainable
Development Goals Online.
Material matters
page 29
Embedding sustainability
inside our products
Sustainability is an area of growing
interest, opportunity and challenge
inmany markets, as well as an area
ofinnovation.
The greatest opportunity for Informa,
and the place we believe we can make
the most meaningful impact, is by
embedding relevant high-quality
sustainability knowledge, connections
and features inside our products.
This meets a customer need, supports
the sustainable development of the
businesses and markets we serve and
presents commercial opportunity too.
The Fundamentals of
sustainableevents
The Sustainable Event Fundamentals is our
framework for embedding sustainability into
every aspect of our live and on-demand events.
Under the Fundamentals, event teams are required to
accept, adopt and embed standards and activities that
directly improve the impact of each brand. The framework
emphasises practices that reduce carbon and waste,
embed sustainability content and enhance the economic
and social impact on host cities.
Events signed up to the Fundamentals are scored against
set criteria and given feedback and suggestions for
improvement from the Sustainability team. All teams
are encouraged to achieve a minimum threshold of
accreditation each year and improve their scores
year-on-year. Top scorers and best practice are regularly
promoted to recognise success and share learnings.
Having developed and embedded the programme with
key events in the early years of FasterForward, we are
now stepping up the pace of implementation. Just under
380 events adopted the Fundamentals in 2023, using
them as a lens to improve their sustainability and report
their progress.
We expanded its focus from 12 to16 measures, adding
more stretching criteria to drive continuous improvement
and innovation, and introduced a new reporting platform
to make submission, feedback and trend analysis easier.
c.380
Events
adoptedthe
Fundamentals
in 2023
Annual Report and Accounts 2023
26
Maximising our impact
Under FasterForward, we aim to
maximise the positive impact and
contribution we make to our local
communities as a business and employer,
and to our customer communities.
However, it can be difficult to measure
this consistently across the breadth of
countries, markets and communities
Informa works in. So, our recent focus
has been on gathering data that will help
us better track our progress and spot
new opportunities.
When customers gather in a city to
attend an Informa event for example,
the local community benefits from
themoney they spend with hotels,
transport, hospitality and food
providers. Local businesses are
sometimes used as suppliers too,
creating income and employment.
The value of local economic impacts
such as these was among the most
important matters identified in our
2023 materiality assessment.
Using insights from pilots undertaken
in previous years, we have created a
tool that each event team can use to
understand and measure the wider
economic impacts and benefits of their
events. This is allowing us to expand
our city-level economic impact
calculations, as we work towards
contributing $5bn per year in value
for our host cities by 2025.
When customers attend a major live
event, it can require travel. However, a
scale live event can also help customers
to consolidate their travel into one flight
instead of undertaking multiple trips to
different suppliers, customers or smaller
forums to achieve the same goals.
In this way, effective scale events can
save time, money and additional carbon
emissions and represent a strong return
on investment for customers. As part of
our FasterForward goal to save our
customers carbon, we are exploring
new ways to track this and improve the
value and level of travel consolidation
that our events provide.
Informa is collaborating with a group of
other leading event organisers, as part
of the Net Zero Carbon Events initiative,
on a pilot to better measure this value.
In 2023, the group developed
standardised survey questions that will
be used in each organisation. We will be
embedding questions in post-event
surveys and sharing the data, to build
up a richer picture and continue to find
ways to make the most of our
customers’ time and travel.
Directly supporting
the UN’s Sustainable
Development
Goals(SDGs)
The nature of Informa’s
business meanswe contribute
most to the UN’s SDG 4 – to
ensure inclusive andequitable
quality education and promote
lifelong learning opportunities
for all – and SDG 17 – to
strengthen the means of
implementation and revitalise
the global partnership for
sustainabledevelopment.
The Sustainable Development
Goals Online collection from Taylor
& Francis also directly supports
thepromotion and achievement
ofall SDGs.
Launched in 2019, the collection
contains book chapters, articles,
essays, case studies, teaching
guides and lesson plans focused
on topics related to each SDG.
A proportion of the collection is
always free to access, widening the
reach and potential impact of the
research. SDG Online is a growing
resource, now holding over 20,000
chapters and 2,000 journal articles.
More broadly, we regularly
monitor the reach of our research
to understand and help us
maximise its impact. Over the past
five years, almost 8,000 SDG-
related policy documents issued
by parties such as the World
Health Organization and the Food
andAgriculture Organization
ofthe United Nations have cited
Taylor & Francis research.
Recognition and awards
Member of the
DJSI World Index
DISCLOSURE INSIGHT ACTION
Ranked B for
environmental impacts
onenvironmental
disclosures and
performance
Ranked in top
10% of media
industry
Rated AAA for
management
ofESGrisk
Member of the
FTSE4Good
IndexSeries
Score of 10.2,
indicating negligible
ESG risk
Strategic Report Gov Fin
Inf
27
Our key stakeholder groups are consistent from year to year.
Often, individual relationships are also enduring. From time
to time or on specific matters, we will also engage with
government bodies and regulators as well as specialist
groups such as pension fund trustees.
Some common aspects to how we work are as follows:
• Many of our relationships are long term, particularly with
businesses, institutions and professionals who have
subscribed to a product or exhibited at an event for many
years. This gives us a strong and deep understanding
oftheir interests, built up over the years.
• Our engagement is frequent and often continuous.
The combination of direct feedback, observation and data
gives us a rounded and regularly updated temperature
check on stakeholder views and priorities. This helps
ustostay informed and act on opportunities and
issuespromptly.
• Our guiding principles and culture encourage colleagues
tobe flexible, get close to customers and partners and
dowhat is best and most sustainable for us and them.
This tone from the top helps us stay adaptable to changes
in needs or market conditions.
• We are a distributed business. The teams that are closest
to the customer or partner are given the flexibility and
autonomy to make decisions within a consistent
framework. Many hundreds of colleagues therefore
engagedirectly with stakeholders and are responsible
formaintaining good relationships. This also includes
Board Directors – whose engagement isdescribed
intheGovernance section – and theleadership team.
People and partnerships
The way we build and
maintain relationships
with colleagues ,
customers , investors
and business partners
is an important source
of value and part of what
makes Informa distinct.
Annual Report and Accounts 2023
28
Impact materiality
Financial materiality
1
24
5
9 6
8
10
121314
11
7
3
The assessment was designed
to be focused and effective by
drawing on existing information
and supplementing it with
stakeholder interviews.
Our partner Carnstone interviewed
agroup of colleagues and investors
andreviewed our divisional risk
registers, colleague surveys, a sample
of requests for information from
customers and suppliers and reports
from indices that assess Informa’s
non-financial performance.
Carnstone also drew on previous
assessments and industry reports.
This review identified 14 areas as
important and mapped their relative
impact on Informa and broader
stakeholders and society. None were
new or previously unknown. We have
evaluated these areas against our
current programmes and are confident
we are addressing the most material
matters, giving them the right level of
focus, managing risk appropriately and
making the most of opportunities
where they exist.
We intend to repeat this assessment
ona larger scale over the next two
years to ensure this remains the case
and to inform the development of
future programmes.
Material matters
In 2023, we completed a double
materiality assessment. This formally
assessed what non-financial topics
aremost impactful and relevant to
Informa’s business, and what aspects
of our business are most impactful and
relevant to other stakeholders.
We did so to ensure we keep focusing
on the matters that are most important
and toprepare for future company
reporting requirements.
1
Talent attraction
andretention
Life at Informa p32
2
Promoting sustainability
inproducts and services
FasterForward p26
3
Data privacy and cyber
security
Risk management p64
4
GHG emissions from
products and services
FasterForward p25
5
Health and safety
Risk management p65
6
Waste and circularity
FasterForward p25
7
Diversity, equity
andinclusion
Life at Informa p33
8
Local economic impacts
FasterForward p27
9
Corporate governance
The Board’s Year p96
10
Community investment
FasterForward p27
11
GHG emissions from
our operations
FasterForward p24
12
Ethical behaviour
Non-Financial Information
Statement p89
13
Human rights and fair
working conditions
Non-Financial Information
statement p89
14
Biodiversity
see Sustainability Report
Material matters and current programmes and activities
Strategic Report Gov Fin
Inf
29
Stakeholder snapshot
We have over 12,000 colleagues working
in around 30 countries. Their specialist
knowledge and day-to-day contribution
drive our business, products and customer
service. Engaging colleagues and developing
and retaining talent are our priorities.
How we engage
We have an open culture where leaders are highly accessible:
interacting with colleagues every day, visiting offices
worldwide, hosting key groups such as new joiners and
actively inviting feedback and discussion.
Dedicated internal communications teams at a company
and divisional level deliver information and programmes
that connect, engage and bring enjoyment to colleagues.
We have well-established conversation and feedback
channels. These include an annual Inside Informa Pulse
company survey, regular team temperature checks and
asocial intranet. Key groups, including our colleague-run
networks and HR business partners, also provide insights
and feedback to leadership teams.
We maintain a Speak Up facility to enable colleagues to
raiseissues confidentially and regularly promote its use.
What matters
• Working for a business that is growing and investing
• Opportunities to develop as a professional
• Having a say in business developments
• Enjoying their work and the people they work with
• Being part of a supportive and inclusive community
• Receiving fair pay and good benefits
• An environment of respect and strong values
Response and actions
Acting on the results of our 2023 Pulse survey, we are making
internal mobility a priority, promoting roles more widely,
better supporting internal applicants and setting targets.
Based on ongoing engagement, we continued to provide
supplementary financial support in markets most affected
by cost of living increases, such as Türkiye and Egypt.
We continuously review our benefits. In 2023, we expanded
our share scheme to more colleagues than ever before
andintroduced private medical cover in the UK for 2024.
We updated the format of our company town halls to
provide greater insight across our business and create
amore engaging experience.
We have a large and diverse customer
base. What is common is that all our
customers work in a specialist market
and need relevant high-quality knowledge
and connections to help them do more
asprofessionals and businesses.
How we engage
A supportive tone is set from the top. Leaders regularly
communicate the importance of delivering for customers
and this is also enshrined in our purpose and guiding
principles, which are shared with new joiners and part
ofcompany training.
Often, engagement is handled by colleagues who are
specialist in the customer’s market, delivering a better,
more insightful connection and service.
Customer feedback is regular and continuous. We use direct
interactions, product surveys, satisfaction and net promoter
scores, product use data, renewal and retention rates and
forward bookings to understand and act on trends.
We also actively involve customers in product development
toensure it meets their needs.
What matters
• Access to high-quality products that are highly relevant
totheir market and role
• Ongoing product development, particularly
enhancements that make best use of technology
• Gaining business or professional benefit
• Value and return on investment
• Responsive and informed customer service
Response and actions
We made ongoing investment in our products a key part
ofGAP 2, with a particular focus on digital and technology
improvements. Upgrades in 2023 included improved media
and content platforms.
We continue to bring new products to market to respond to
customer feedback and need, including Beacon Discovery,
the digital product discovery platform, and Lead Insights.
We launched a programme across our B2B businesses to
create a consistent and ever higher quality of customer
experience at our live events.
We have continued to invest in services supporting researcher
success, including research promotion programmes.
Colleagues
Customers
Annual Report and Accounts 2023
30
Large institutions hold most of Informa’s
issued share capital through ordinary
shares and American Depository Receipts.
We also have debt investors through our
Euro Medium Term Note (EMTN) issuances.
How we engage
We are proactive and open. Our programme is led by a
dedicated Investor Relations team, with the CEO, Group
Finance Director, Chair and other Non-Executive Directors
closely involved.
Engagement is year round, with specific outreach
programmes around the reporting calendar and when
significant developments are announced.
We seek to increase understanding of the business and
stayup to date on shareholder perspectives and priorities
through dialogue, feeding insight into leadership and Board
discussion and decision making.
We provide opportunities to access and experience our
products first hand to deepen understanding of our model
and what we offer.
What matters
• Consistent delivery of strategy and financial performance
• Sustainable returns through share price growth
anddividends
• Open and regular dialogue with clear communications
and information
• Access to leadership and experts in the business
• Quality of operations, culture and responsible
businesspractices
Response and actions
We continued to expand our investor engagement
programme, reaching 11% more investors and 16% more
firms than in 2022, including through a dedicated private
client fund managers programme.
We hosted a group of investors at CPHI to provide a deep
dive into the event experience.
Our AGM returned to being an in-person event held at our
London office, offering institutional and retail investors
anopportunity to engage with the Board in person.
We take pride in maintaining close
relationships with key business
partners,such as joint venture
partners,major event contractors
andscale technology suppliers.
How we engage
For every key partner, a named colleague – often a
seniormanagement team member – is responsible for
therelationship. This ensures there is clear accountability
and that the partnership is managed for mutual benefit
andlong-term success.
We prioritise open and ongoing conversation and seek
toestablish shared goals from the start.
With major suppliers such as technology providers, we
holdregular business reviews for both parties to discuss
highlights and learnings outside day-to-day service matters.
We have policies and frameworks that explain our expected
standards and we undertake extra due diligence according
to the results of risk assessments. Our Speak Up service
isavailable for third parties to raise issues confidentially.
What matters
• Maintaining a positive long-term relationship
• Open communication and engagement that is
collaborative and constructive
• Financial and business benefits and value
• Prompt payments and efficient processes
• Aligned goals
Response and actions
We have continued to work with major contractors to
enhance the safety and sustainability of our events, including
delivering knowledge sharing sessions on health and safety.
With the addition of new businesses to the company, we
have brought new partner relationships into our programme
and introduced our ways of working and policies.
We collaborated with a major technology partner, NTT, to
promote an upgrade programme it delivered for Informa
aspart of creating shared benefits for both parties.
Investors
Business partners
Strategic Report Gov Fin
Inf
31
People and partnerships
continued
Colleagues
and life at Informa
Creating professional
opportunity
A key finding from our 2023
Pulsesurvey, supported by
anecdotes from leaver interviews,
was that our colleagues do not
always knowhow to find new
careeropportunities outside
oftheir immediate team
andbusiness area.
‘The great thing about Informa is that
because the business is so broad, there
is lots of opportunity to grow by moving
roles in the company. But that can also
make it difficult to find new openings
and work out if they are right for you,
which is something we are taking more
action on,’ said Rachel Cole, Internal
Mobility Manager.
We have since established an internal
mobility programme to act on this
feedback, help colleagues grow as
Informa grows and make the most
ofthe talent we have.
We will be measuring progress,
including through consistently tracking
roles that are filled by internal
candidates, with a target to increase
this to over 30% in the coming years.
One aspect of the programme is
making job opportunities more visible.
We ran a dedicated company-wide
campaign to promote new roles and
secondments in our growing Saudi
Arabia business, which resulted in over
200 colleagues applying for 50 roles.
Our recruitment portal has also been
redeveloped to enable colleagues to
sign up for automated job alerts in
theirpreferred areas.
Another aspect is showing colleagues
and managers that professional growth
through moving roles internally is an
encouraged part of our culture. This is
being done through visible leadership
support, guides and policies, and the
work of our dedicated internal recruiter
to advise and guide colleagues.
Professional opportunity at Informa is
also about learning and developing
within current roles. We continue to
invest in and prioritise this, because
colleagues tell us it is important and
because great talent and up-to-date skills
are critical to the company’s success.
This takes many forms, including
supporting colleagues in finance to take
accredited training, organising talks
from in-house experts on topics such as
AI and providing on-demand access to
thousands of LinkedIn Learning courses.
Our colleagues also learn from others
and on the job. We have invested in a
mentor-matching platform that allows
colleagues to find or be a mentor to
others, with 900 colleagues currently
signed up. Another popular programme
in the US is Showmakers, where
colleagues apply for a work placement
at a live event to get a deeper insight
into our products and customers, meet
new colleagues and experience our
events first hand.
It has never felt boring. It has always
been really fast paced and exciting. I feel
like I’ve always been challenged and had
a lot of opportunity and progression.
Kirsten Dixon, Marketing Performance Director
Annual Report and Accounts 2023
32
A welcoming culture
We work hard to foster a culture
that is inclusive, rewarding and
enjoyable. It makes the business
a more satisfying place to work
and helps us make the most
ofour talent.
AllInforma, our diversity and inclusion
programme, isan important part of
making sure that everyone can
participate and contribute to their fullest.
One area we focus on is diversity and
inclusive behaviours in our leadership
teams. To support this, we run a reverse
mentoring scheme which is now in its
third cycle and has received strong
recommendation scores from
participants. This matches senior leaders
with colleagues from different
backgrounds who act asmentors, to
learn from each other’s experiences,
increase understanding and make
connections acrosscommunities.
In late 2023, we set a target to increase
the proportion of women in our senior
leadership group to 40% over the next
three years. This will see us introduce
new forms of mentoring, sponsorship
and training, review policies and develop
our approach to career progression
through the lens of achieving greater
gender balance.
On a broader basis, we now have six
colleague-run diversity and inclusion
networks that connect colleagues from
shared backgrounds and communities
and expand awareness of important
social and cultural matters. Our newest
network, AllInforma Serve, was created
in 2023. It supports current and former
service members and their allies and
launched with a series of blogs where
colleagues shared how their service
experiences have influenced their
approach to corporate life.
Our HR and AllInforma experts are
progressively expanding the company’s
suite of guidance to help make our
workplace ever more inclusive. In 2023,
this included guidance on our approach
to reasonable adjustments, for
colleagues who need additional
support to contribute to their fullest,
and guidance for colleagues who are
transitioning and the managers who
are supporting them.
Company-wide training on respect at
work and speaking up was delivered
during the year to ensure a broad
understanding of expected behaviours
and where to go for any issues.
Our annual awards and Walk the
World charity event areoften cited by
colleagues as highlights of the year and
part of what makes life at Informa
particularly enjoyable. In 2023, as well
as recognising colleague and team
excellence, our awards programme
featured 20 winners of a global guest
presenter competition who met
leadersand colleagues in London
andshowcased their skills on stage
tothe company.
Catch the spirit of
Walk the World in
our wrap up video
Gender balance as
attheend of 2023
Female Male
All
colleagues 6,930 (60%) 4,545 (40%)
Senior
management
and direct
reports 36 (36%) 64 (64%)
Directors 4 (36%) 7 (64%)
Data excludes colleagues from certain
2023 acquisitions
Strategic Report Gov Fin
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33
People and partnerships
continued
Stepping up our
investments in talent
Growing as a company allows us
to keep investing in colleagues,
as well as in developing products
and adding new businesses.
Thishelps us continue to attract
and retain great talent.
We expanded our main share scheme,
ShareMatch, to 12 new countries in
2023. This made it possible for 97%
ofcolleagues to become an Informa
shareholder and enjoy the extra
benefits of a company scheme, and
ShareMatch participation is currently
at30%. The investment in expanding
ShareMatch also helps us engage more
colleagues with the company’s progress
and more deeply aligns individual
contribution with business growth.
We seek to provide competitive
benefits and made several further
improvements during the year.
This included introducing private
medical insurance to allUK colleagues
and doubling parental leave for
colleagues in the US for 2024.
Across the business, we introduced
abenefit called Informa Anywhere
during theyear. Colleagues often
saythat they enjoy the trust and
flexibility they receive at Informa
togetwork done inan effective way.
Informa Anywhere extends this by
enabling colleagues to work from
nearly any location for up to four
weeksa year, giving everyone more
ways to work well and contribute.
Informa continues to be accredited as
aUK Living Wage Employer, although
our median salary is a good degree
higher than that level due to the
professional nature of most of our
roles. Throughout 2023 we closely
monitored inflation and cost of living
levels in the countries in which we
operate. After providing cost of living
supplements across half of our
population in 2022, colleagues in
higher-inflation locations received an
additional supplement as part of the
annual salary review process in 2023.
Ongoing monitoring and in-year pay
reviews are in place for particularly
high-inflation countries such as
Türkiyeand Egypt.
We also provide a colleague assistance
programme that offers expert advice
and support on personal, financial
andmental health matters, and
thisisregularly highlighted and
recommended by leaders.
Bringing Informa
tolife
The key ingredients of life at
Informa and what colleagues get
from working here – freedom,
impact, community and
opportunity – were the basis
fora new campaign in 2023
designed to help us attract
theright talent and articulate
whatmakes Informa distinct.
At the heart of the campaign is an
international video series, featuring
colleagues from three different countries
and continents sharing what they have
benefited from, personally and
professionally, and what they enjoy
about the business and community
theywork in.
The videos, along with updated
communications materials, are housed
on a newly developed engaging microsite
and promoted on social media. This has
not only supported the efforts of hiring
managers and our recruitment teams,
but also created pride among colleagues.
We also carry out individual social media
campaigns and partner with relevant
organisations to reach talent at particular
levels and from a diversity of
communities. This includes early career
talent such as apprentices, interns and
graduates. Informa is a community
member ofthe 10,000 Interns
Foundation and has welcomed two
cohorts from its Black Interns
programme in recent years, some of
whom have since joined the business
infull-time roles.
The inclusivity that
exists within the
company puts you
in a place where
you feel like you are
really supported.
Ayman Akaily,
Lead Content Manager
Hear colleagues
speak first
hand about life
at Informa on
our hub
Annual Report and Accounts 2023
34
Strategic Report Gov Fin
Inf
35
People and partnerships
continued
Championing
customers
Lead Insights:
collaborating
forsuccess
We continuously invest in our
products to enhance the value
they provide to customers. Under
GAP 2, tech-enabled products
that use data in smarter ways
have been a particular focus.
Lead Insights, a lead reporting and
insights platform thatfirst launched
inInforma Connect’s Global Finance
business in 2023, is an example of
howwe collaborate with customers
onproduct development. This ensures
ourproducts create benefits for them
– ultimately, helping customers to learn
more, know more and do more – and
that our investments deliver results.
From the inception of Lead Insights,
every decision wasbased on customer
feedback gathered through focus
groups and one-to-one interviews
atevents, post-event surveys and
separate deep-dive sessions with
largercustomers.
As Andy Burrows, Head of Commercial
Data Strategy atInforma Connect
explained: ‘Our customers are clear
that the quality of leads is far more
important than the quantity. They told
us they wanted better and faster
accessto information on new leads
sothey can act promptly on sales
opportunities, and smarter ways to
analyse and integrate lead data into
their own systems.’
We built Lead Insights to enable
customers to better andmore quickly
understand the connections they
makewith their own customers
through our brands. Whether our
customer is an exhibitor, sponsor
orspeaker, runs a digital marketing
campaign or all of these things across
one or more Informa brands, Lead
Insights provides them with a single
view of all their leads.
Through IIRIS, we enrich the profiles
ofthe professionals and companies
interested in them with extra
demographic and company-related
information and score those
interactions. Customers can use the
platform to further segment and filter
their leads, exportdata to their own
systems to inform more targeted
marketing and sales outreach, and
produce reports that demonstrate
return on investment.
We are continuing to enhance Lead
Insights based on feedback, including
introducing the ability to add and
export digital notes taken at events and
further customise data exports. We are
also holding further focus groups
before introducing Lead Insights to
newmarkets, to spot opportunities and
ensure the platform is highly relevant
everywhere it is offered.
‘It’s been a really successful launch,
with lots of positive reaction from
customers, and thanks to ongoing input
from our customer advisory board we
have a full product development
roadmap for 2024,’ said Andy.
A brilliant idea, I’m super impressed.
The platform is incredibly dynamic,
and definitely a big advancement on
our current leads system. It will save
us a lot of time on manual research
and scoring.
2023 customer feedback on Lead Insights
Watch the Lead
Insights video and
learn about another
2023 digital product
launch, Beacon
Discovery
Annual Report and Accounts 2023
36
Helping researchers
makeanimpact
In Taylor & Francis, the
customers we champion are
researchers and knowledge
makers. Their goal is to make
sure their research reaches
theright audience and has a
positive impact in their field
ofwork and study.
We provide a range of services
designed to support knowledge makers
at every stage of their career and
maximise the impact of their research.
These include research communication
services, such as promotional
campaigns for new research that is a
particularly noteworthy addition to the
body of understanding in a field and
contributes to contemporary
discussions and policies.
In the UK in 2023, we accepted,
produced and published a study in
Routledge’s Sport, Education and Society
journal that showed over 70% of
women had seen girls drop out of sport
due to compulsory impractical or
gendered school sports kit, and that
over 60% wanted specifically to wear
shorts. This article and its lead author
– Great Britain international hockey
player Tess Howard – were selected
foradditional researcher
communications services.
Thank you Taylor
& Francis Group
forthis platform
formy research.
Let’s make
somechange!
Tess Howard, researcher and
GB international hockey player
Taylor & Francis worked on content
creation – including press releases,
videos, social media materials and
graphics – expressing the findings ofthe
research in ways that would bewidely
understood by a broad audience.
We ran a press campaign that attracted
significant attention, generating UK
national and international newspaper
and broadcast coverage, which in turn
raised awareness of the issue of sports
uniforms to a broader audience than a
specialist research article would
otherwise reach.
This attention significantly helped
England Hockey to lobby for a change in
clothing policy: specifically to provide
hockey players with the choice of wearing
shorts and skirts within the same team.
The England women’s hockey team
became the first to do so, making history
at the European Championships.
The paper and its publicity campaign
helped author Tess Howard to win the
Sportswomen of the Year Changemaker
award from The Sunday Times. She was
also ranked 36th in The Telegraph’s Most
Influential Women in Sport for 2023.
Simon Wesson from Taylor & Francis
External Communications said: ‘This is
a fantastic example of how powerful
peer-reviewed original research, by an
author who is a true specialist in their
field, extended and enhanced by
high-quality research communications
services, can really makea change in
the world. We’re proudto champion the
success and impact of the research we
publish andknowledge makers we
work with.’
Learn more about
this research from
Tess Howard
Strategic Report Gov Fin
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37
People and partnerships
continued
Deep relationships
with business partners
Shared standards
and opportunities
Creating a great live event
experience involves many
different partners. Behind the
scenes, we put time into our
relationships with key event
contractors, particularly those
responsible for the assembly
andsafety of temporary
structures and other features
used on the event floor,
toensure they understand
andwork to our standards.
In 2023, our central Health, Safety and
Security team created a new accredited
contractor scheme that will go fully live
in2024. Through this scheme, we have
engaged with, identified, assessed and
approved a group of contractors in each
region who will now be pre-approved
and recommended to our event teams.
Personal partnerships
Our joint venture with
BolognaFiere – a long-established
and leading international
exhibition, venue andevent
services company based in
Bologna, Italy – is a business
partnership that has deepened
and expanded based on shared
goals, ongoing conversation
andtaking apersonal and
flexibleapproach.
Informa’s relationship with
BolognaFiere began in 2018 following
the addition of UBM to the company,
which had created a joint venture to
operate its leading Beauty brand –
Cosmoprof – in Hong Kong.
The relationship has since grown and
developed, and BolognaFiere has become
a partner in our wider B2B Beauty
portfolio and a key driver in its expansion.
As part of this, in 2023, a partnership
was established between Informa,
BolognaFiere and the Professional Beauty
Association to bring established and new
event brands into the growing North
America market. The Professional Beauty
Association is the US market’s largest
trade organisation, representing all
sectors ofthe beauty industry, and has
itself partnered with BolognaFiere for
over 20years.
Claudia Maestrini, Corporate
Development Manager, said:
‘BolognaFiere is an important partner
to us and our relationship is based
onshared goals. We each saw
opportunities to further expand in
B2BBeauty, particularly internationally,
as this is a globaland growing market
where exhibitions are a powerful
waytoshowcase product and
meetdistributors.
The scheme further raises the standards
we expect of event contractors today,
beyond following our policies and safety
operating model. To be accredited,
among other requirements, partners
must demonstrate that their colleagues
hold minimum safety qualifications,
submit any hazard or incident data
directly to Informa using our new
reporting tool, agree to no-notice
compliance checks and attend event
safety debriefs when required.
Contractors who complete accreditation
get the opportunity to expand their
relationship with us and work across
more Informa events and geographies.
Steve Dyson, Head of Health, Safety
andSecurity, said: ‘We want to keep
building on a positive safety culture and
benefit from create greater consistency
across our international operations.
Having an accredited contractor
schemegives us greater oversight and
monitoring from arisk management
perspective, but alsoallows us to work
more closely andcollaboratively with
agroup of contractors who share our
goals and demonstrate high standards,
to their benefit.’
Annual Report and Accounts 2023
38
Engaging with
investors
‘We knew there were benefits to
collaborating and we’ve done that to
good success, deepening our
relationship through investing directly
into BolognaFiere in recent years too.’
BolognaFiere co-hosted Informa’s
annual leadership conference in 2023
and CEO Antonio Bruzzone, pictured
above at the event, shared his
perspectives onapanel focused on
building powerful partnerships.
Informa has also become an
equityshareholder in BolognaFiere,
which recently listed on the Italian
StockExchange.
Expanding our
investor base
We want to create
opportunities for as many
current and prospective
investors as possible to
meetwith us and better
understand Informa.
Every year, we attend major
conferences where institutional
investors gather because these are an
effective way to reach a range of firms
at once. In 2023, this included the
Morgan Stanley European TMT
Conference, where we held one-to-
oneand small group discussions with
around 60 investors and our CEO
tookpart in a fireside chat in front
ofabroad audience.
We also organise one-to-one and
group meetings with private wealth
and retail investors, who do not
alwayshave access to other meeting
opportunities. In turn, this provides
uswith an opportunity to understand
any particular priorities this
community has.
In 2023, we partnered with Capital
Access Group on four roadshows for
private client fund managers, smaller
institutions and regional pension
funds. The content was tailored for
investors who were less familiar with
Informa or not specialists in our sector.
We met with over 42 investors, to
positive feedback, and will be
continuing these in 2024.
As we develop our shareholder
materials and investor website, we are
also taking into account the feedback
and focus of this segment of the
market, which is sometimes different
to that of large institutions.
We have close relationships
with a small group of senior
leaders and speak often to share
updates and ideas. The way we
work together is also personal,
which is to say open and flexible,
and it’s important this stays
simple as the partnership
expands in new geographies.
Wehave spent good time
together over the years and we
both have a real interest and
commitment in the partnership.
I’m excited about how we can
keep working together to grow
both of our businesses.
Antonio Bruzzone
CEO, BolognaFiere
A very informative visit at CPHI today.
Iam grateful that your IRteam organised
a solid line-upforus.
2023 feedback from European investor
Strategic Report Gov Fin
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39
Business Snapshot
We operate in two
markets across
four divisions,
with additional
retained investments
focused on specialist
knowledge and
information services.
Underlying
revenue growth
5%+
2022: £933m
Underlying
revenue growth
4%+
2022: £415m
Underlying
revenue growth
7%+
2022: £321m
Underlying
revenue growth
4%+
2022: £594m
Adjusted operating
profit margin*
30%+
Adjusted operating
profit margin
20%+
Adjusted operating
profit margin
20%+
Adjusted operating
profit margin
35%+
Norstella
Pharma
intelligence
7%
Lloyd’s List
Maritime
Maritime
intelligence
20%
BolognaFiere
B2B Events
13%
B2B Markets
Academic Markets
Informa investments
Information on our businesses follows.
The Financial Review (pages
70to83)and Financial Statements
(pages 152 to 234) contain further
performance details
Any alternative performance
measures used are defined on
pages 237 and 238
Post-GAP 2 growth ambition
Annual Report and Accounts 2023
40
Operating profit/(loss)
Adjusted/statutory
£461m | £228m
2022: £175m | £(1m)
Operating profit
Adjusted/statutory
£103m | £32m
2022: £57m | £15m
Operating profit
Adjusted/statutory
£73m | £99m
2022: £56m | £13m
Operating profit
Adjusted/statutory
£218m | £149m
2022: £209m | £157m
Revenue
£1,593m
2022: £933m
Revenue
£581m
2022: £415m
Revenue
£397m
2022: £321m
Revenue
£619m
2022: £594m
Revenue growth
Underlying/reported
65.5% | 70.7%
2022: 47.5% | 57.1%
Revenue growth
Underlying/reported
14.2% | 40.0%
2022: 44.8% | 68.4%
Revenue growth
Underlying/reported
5.6% | 23.7%
2022: 42.6% | 93.4%
Revenue growth
Underlying/reported
3.0% | 4.3%
2022: 3.0% | 8.8%
Founders Forum
Live and on-
demand B2B
events and
communities
22%
Independent
Television News
Creative content
production
20%
PA Media Group
Specialist media
and news
services
18%
Bridge Event
Technologies
On-demand
event technology
15%
Revenue by type
18%
25%
8%
28%
6%
15%
22%
15%
6%
14%
29%
14%
56%
44%
2023 performance
2%
82%
6%
5%
5%
Revenue
by type
Revenue
by type
Revenue
by type
Revenue
by type
Exhibitor
Subscriptions
Unit sales
Attendee
Marketing services
Sponsorship
Strategic Report Gov Fin
Inf
41
36%
11%
25%
13%
14%
America
Continental
Europe
1% UK
China
Middle East
Rest of
the world
Business Review
In an increasingly digital world, the
value of high-quality live experiences
and face-to-face connections is
growing. Our transaction-led live
events bring together buyers and
sellers in dozens of specialist markets,
helping them to do business in a highly
efficient way.
We have deliberately chosen to
work in customer markets whose
characteristics mean that exhibitions,
and digital services that connect buyers
with sellers, are particularly valuable.
These include markets like Healthcare
& Pharmaceuticals and Maritime which
are international, innovative, have
fragmented supply chains and
high-value or high-margin products
that benefit from being seen first hand.
Our exhibitions are typically the leading
event brand within their specialist
markets. This is highly advantageous,
as there tends to be a network
effort towards the bigger brands.
Both attendees and exhibitors all want
to be in the same place at the same
time, maximising the efficiency of
their investment in time and budget.
This drives growth and resilience, with
customers focusing on quality and
return on investment through periods
when budgets come under pressure.
Our events and associated digital
media brands generate substantial
first-party data. We are now collating
and managing this in a consistent way
using our centralised customer data
platform, IIRIS, which spans all of our
B2B Markets businesses.
Informa Markets is our transaction-led
live and on-demand events division.
We bring specialist markets to life, helping
businesses to connect, trade, innovate
andgrow through live experiences
and digital services.
Revenue
£1,593m
2022: £933m
42
Annual Report and Accounts 2023
In August, we added HIMSS Global
Health Conference & Exhibition, the
international trade show for healthcare
technology and information
management systems, and a TSNN Top
30 Trade Show brand in North America.
We have strong positions in India, ASEAN
and the Middle East and continued to
expand our reach in these high-growth
economies in 2023.
Our Tahaluf partnership in Saudi Arabia
grew particularly strongly, with additional
partners joining the venture, bringing
further expertise in creating unique
event experiences in the region.
New launches in the Kingdom,
like Cityscape Global, delivered
record participation.
The data we are capturing and analysing
through IIRIS is also being used to
improve the customer experience at our
events. This is driving increased value
and utility for customers, supporting
higher levels of customer renewal.
Many of our brands had not increased
prices since 2019 in support of their
customer markets through the
pandemic, despite heightened inflation
over recent years. Our work to deliver
abetter experience and more value for
customers is now enabling us to update
for this.
Outlook and opportunities
We enter 2024 confident of further
growth across our markets and
geographies, with a full calendar of
events and a normalised schedule.
Supported by both volume and value
growth, we are targeting high-single-
digit underlying revenue growth for
the year.
IIRIS enriches and segments this data,
delivering valuable insights into trends
and preferences across our customer
markets. This is used by our events
teams to enhance the event experience,
market to more targeted audiences
and provide valuable lead insights to
customers, all increasing the revenue
potential of an event.
2023 performance review
As we entered 2023 the pace and rate
of return of live events was still unclear,
particularly in Mainland China and Hong
Kong, where gathering and travelling
restrictions remained in place.
As restrictions were progressively
removed, our live events returned much
quicker than expected, underlining the
quality of our brands and strong demand
for access to B2B markets. By the end of
the year, we had exceeded 2019 revenues
in all geographies we operate in with the
exception of Hong Kong, which was the
last country to reopen fully, and returned
to 2019 revenue levels.
This strong operating momentum led us
to increase the Group market guidance
three times through the year, eventually
delivering underlying revenue growth of
66% (2022: 48%) for our division.
Our confidence in the ongoing strength
and value of live events that serve
specialist markets led to the addition of
Tarsus in March 2023. Tarsus’ highly
complementary culture, market and
geographic fit deepened our positions in
China, Asia and the Middle East and the
Americas, and added further strength
within Healthcare, Packaging, Aviation
and Sustainability.
Around two thirds of the Tarsus brands
have been combined into Informa
Markets, with the remainder combined
into Informa Connect.
This is underpinned by strong rebooking
across our portfolio of brands, meaning
we entered 2024 with around 40% of
revenue committed for the year.
The exhibitions market is highly
fragmented with the top ten
international organisers accounting
foronly 22% of the overall market,
providing us with opportunities to
buildfurther scale through additions
and partnerships.
In addition to new launches in Asia
andNorth America, in Saudi Arabia,
Tahaluf is planning further launches
in2024 in specialist markets including
Beauty and Pharma as it continues
tosupport the goals ofVision 2030
todiversify Saudi Arabia’seconomy.
We will continue to invest in our
products, leveraging technology and
data to improve the value for both
exhibitors and attendees. This includes
using AI to improve the efficiency of
event production and increase
engagement with our brands, with
examples shown on pages 46 and 47.
Independent industry expert, Globex,
expects the exhibitions market to be
5% shy of its 2019 level in 2023,
exceeding it in 2024.
Informa Markets exceeded 2019
revenue in 2023, earlier than the
Globex forecast for the overall market.
This reflects the strength of our brands
and reach of our business into growth
markets. It is this that gives us the
confidence we can deliver further
strong growth in 2024.
Strategic Report Gov Fin
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43
70%
15%
North
America
Continental
Europe
UK 6%
China
1%
Middle
East 5%
Rest of the
world 3%
Business Review
continued
Informa Connect will operate in six
growth markets: Biotech & Life Sciences,
Finance, Foodservice, Anti-Ageing &
Aesthetics, Lifestyle and Technology,
following the proposed combination
ofInforma Tech’s digital businesses
with TechTarget.
Within these markets, we own and
operate long-established, marquee
brands such as BIO-Europe, SuperReturn,
the National Restaurant Association
Show and AMWC. These brands deliver
highly respected, must-attend live events
and experiences. These are the places
where people can meet key industry
players, learn about the latest
developments, build on existing
relationships, and establish new
connections with customers, suppliers
and peers.
Over recent years we have developed
Streamly an on-demand, digital library
of high-quality business video content,
delivered by experts speaking at our
events and elsewhere. This allows event
attendees to access content they may
have missed, while also reaching new
customers who are interested in the
content but did not attend the live event.
Audience data from Streamly is collected,
collated and managed through our
centralised customer data platform, IIRIS.
This provides audience insights, enabling
us to develop the product to meet
customer needs, enhance the value
toattendees and market our brands
inamore targeted way. It also allows
ustoprovide our events partners and
sponsors with rich data and knowledge
of the audience through Lead Insights
reports. These reports provide a
summary of who engaged with brands
through speaker sessions, individual
conversations and online interactions.
Informa Connect delivers content-led
live and on-demand events and
experiences and specialist digital content
that connect audiences and help
professionals to know more, do more
andbe more.
Revenue
£581m
2022: £415m
44
Annual Report and Accounts 2023
The 2023 edition saw record attendance,
over 75% higher than the 2019 event,
underlining the strength of the brand
and the significant role it plays for
its community.
The addition of Winsight, a US-focused
B2B business, brought a portfolio of
B2B events, data and media for the
Foodservice market. This significantly
expands our position in this attractive
growth market, where we already own
brands such as Catersource. Winsight’s
flagship event, the National Restaurant
Association Show, is a Top 20 TSNN
event, attracting more than 50,000
participants each year.
Similarly, the addition of Tarsus added
further scale to our Anti-Ageing &
Aesthetics portfolio that complements
our position in this market through
brands like AMWC. In 2023, around
30% of Tarsus’ revenue was added to
Informa Connect, with the remainder
added to Informa Markets.
Across our portfolio of brands, we are
increasingly embedding technology to
improve the customer experience and
deliver more value both within the live
experience and pre/post event, as
shown on pages 46 and 47. Our
events use the ConnectMe app that
incorporates a range of tools to help
deepen engagement and enhance our
data collection capability.
Data collected at events fuels the Lead
Insights reports which have become
very popular with sponsors as we have
deepened the insights they provide,
creating an end-to-end platform for
scoring, qualifying and activating leads.
Within our portfolio we also have a
range of subscription-based, specialist
data and intelligence businesses,
including Curinos, IGM and Zephyr.
These deliver predictable and growing
revenue by helping customers to better
understand their markets, assess
the competition and price their
products optimally to deliver growth.
These brands also provide cross-
marketing opportunities with events
in ourportfolio.
2023 performance review
Informa Connect continued to expand in
2023 through strong underlying growth,
the additions of Tarsus and Winsight and
the internal transfer of the content-led
Anti-Ageing & Aesthetics portfolio from
Informa Markets.
The transformation of the business
over the last decade has seen it
diversify its revenues away from small
conferences to large-scale branded
events and subscription-based content
and data products.
This shift in portfolio focus and quality
delivered strong underlying revenue
growth of 14% in 2023 (2022: 45%), with
events revenue growing 27% year-on-
year and subscriptions growing around
7% on an underlying basis, reflecting
strong performances across all
its markets.
Finance remains our largest portfolio
and SuperReturn International its
largest individual brand. It serves the
private equity community, bringing
together over 5,000 decision makers
from over 70 countries annually.
Outlook and opportunities
2023 was a standout year for Informa
Connect, delivering strong underlying
growth and further expansion. With the
pandemic firmly in the past, and with an
expanded portfolio of high-value events
and digital services, Informa Connect is
well placed to continue to grow strongly
in 2024. We are targeting annualised
revenues in excess of $1bn.
We welcomed more than 450
colleagues from Tarsus, Winsight and
LSX into Informa Connect last year.
A key task in 2024 will be to make sure
these brands and colleagues are fully
embedded into the business and
reaping the benefits of being part of
a scale international group. This will
include the adoption of IIRIS by these
events, which will provide additional
insights into our customers that can
be used to further improve the event
experience and value to customers.
As we look beyond 2024, we are
excitedat the opportunities for
InformaConnect in live and on-demand
events and connected digital and data
products. The power of AI should
alsoprovide real benefits to such a
content-led business, whether by
improving events delivery through
optimised layouts and traffic flow,
creating personalised experiences
forparticipants or enabling automated
content generation. There is lots of
exciting potential.
Strategic Report Gov Fin
Inf
45
Data and technology are already enhancing our live
events and creating value for customers. But there
are many more opportunities we are looking to
capture, including benefits from embedding AI more
deeply. Here is a snapshot of some of those.
Live and on-demand events, powered by AI
Here’s your
personalised agenda
and route map
with recommended
companies to meet.
Thanks to my AI
assistant, I’m doing
business in multiple
languages.
Let’s exchange digital
profiles and continue
our connection.
Here’s the
fastest route to
your next panel.
I missed the
keynote. Summarise
the main points for
me as audio.
Here’s a summary of
the key discussion
points from our meeting
and theproduct notes
you asked for.
Welcome. It’s your third
visit; we appreciate
theloyalty! Here’s
immediate access to our
hosted buyer lounge.
Annual Report and Accounts 2023
46
Two professionals
browsed your
stand with
interest. Follow
up with them?
Would you like
to tour the products
that best match
your profile?
Hello. Let’s focus our discussion
on the solution your profile
suggests will be most relevant.
Real-time metrics: 204
attendees. 100 discussions.
50 meetings. 35 level 1 leads.
75 product spec downloads.
Notify sales team?
Our AI has highlighted
the most popular
questions asked by
the audience online
and in-room.
After this panel, would
you like me to send an
email summary? And here
are relevant newsletter
recommendations.
I’ve captured and categorised
the people you met at the
event and exported them to
your company database.
Ready for sales follow up.
Please make your
way to the Exec
lounge. I have
reserved room
4D for your meeting.
I notice there’s a gap
in your schedule.
Why not check out this
content from the day’s
most popular session?
Strategic Report Gov Fin
Inf
47
69%
North
America
Continental
Europe 4%
UK 7%
China
3%
Middle
East 7%
Rest of the
world 10%
Business Review
continued
Informa Tech is our B2B business
exclusively focused on the Technology
market, helping businesses and
professionals connect, learn, make
better decisions and drive revenue.
The business is international in scope
and reach but with its heart in the
vibrant US market, home to many of our
customers and much of the business
activity. We have depth in a range of
Technology segments, with particular
strength in cyber security, gaming and
enterprise IT.
We own and operate major event brands,
such as Black Hat, LEAP, AfricaCom and
Game Developer Conference, which act
as convening destinations for their
industries, bringing together respected
voices that guide and support future
growth and innovation.
Our events are where specialists in
their market come together, exchange
knowledge, discover trends, forge
partnerships, finalise sales, gain
accreditation and hear the latest
thought leadership perspectives.
Firms often use an event as a pivotal
moment in their own calendars to make
major announcements and promote
new product launches.
Through our research brands Omdia
and, more recently, Canalys we bring
together deep industry knowledge and
experience. Our expert analysts and
editors provide customers with
actionable insights and intelligence that
help companies quantify risks, identify
opportunities and plan.
Our research brands are complemented
by a range of specialist digital content
and media brands, including Light
Reading, Information Week, AI Business
and Industry Dive, which provide a range
of high-quality targeted news, product
features, reviews and insights.
Focused on the tech industry, we
provide B2B data and market access
tocustomers through live and on- 
demand events, specialist research,
specialist media brands, digital demand
generation and buyer intent.
Revenue
£397m
2022: £321m
Annual Report and Accounts 2023
48
Our flagship cyber security event, Black
Hat, which runs in August in Las Vegas
each year, also saw strong growth.
Exhibitor numbers were over 30% higher
than in 2019, underlining the enduring
strength of the brand. The growth
potential and strategic importance of the
cyber market led to the launch of Black
Hat Middle East in Riyadh later in the
year, another key launch brand for our
Tahaluf partnership in the region.
Omdia, our specialist technology
research business, delivered steady
growth through the year, with some
impact of the slowdown in technology
investment evident in custom research
commitments. In September we
expanded our research reach into the
Channel and Mobility sectors through
the addition of Canalys.
Our specialist media and demand
generation businesses felt the greatest
impact of the broader Technology market
slowdown, as marketing campaigns were
paused and commitments reduced,
although the strength of our brands
meant we outperformed wider trends.
We used the subdued market conditions
to investfurther in our brands and
expand our reach. Industry Dive
launched eight new Dives during
theyear, ranging from Hotel Dive to
Fashion Diveand Packaging Dive,
leveraging IIRIS first-partydata to
accelerate the pace and effectiveness
of the rollout.
At NetLine, we launched Intentive, a
new buyer intent platform, which uses
data from IIRIS to provide real-time
B2Binsights to marketers.
The content we produce attracts
specialist audiences, who register their
details to gain access and simultaneously
provide permission for us to track their
activity online.
These generate valuable first-party
dataand insights that help us
understand which customers are
interested in certain product categories
at any moment in time. These buyer
intent signals provide technology
vendors with valuable intelligence on
where to focus their sales outreach and
marketing activity, identifying a set of
highly qualified sales leads.
2023 performance review
In 2023, live and on-demand events
represented just under half of Informa
Tech’s business. As we saw elsewhere
in our portfolio, this area performed
strongly as markets reopened post
pandemic. This provided a good
counterbalance to volatility in the
broader Technology market, where
higher interest rates saw technology
investment slow. This impacted the
growth in our research business, Omdia,
and more significantly in our media and
demand generation businesses. Overall,
Informa Tech produced a good outcome
in the year, with underlying revenue
growth of 5.6% (2022: 43%).
In live events, a major highlight was
LEAPin Riyadh. In only its second year,
itattracted almost 900 exhibitors and
around 100,000 attendees, making it
oneof the leading events in the
Technology calendar globally.
Outlook and opportunities
Early in 2024 we made a significant
announcement in relation to Informa
Tech, confirming an agreement to
combine Informa Tech’s digital
businesses with US-listed TechTarget,
creating a new TechTarget. This is subject
to satisfying customary approvals
and conditions, but is an exciting
development that will create a leading
platform for B2B data and market access
and will enable B2B buyers and sellers to
meet digitally at scale, in the same way
they do in person at our live events.
TechTarget’s and Informa Tech’s
productsare highly complementary.
The expanded research teams and
portfolio of more than 220 specialist
media brands will become a go-to source
for data, insights, features and reviews.
This will generate valuable first-party
data at scale, expanding the growth
opportunity in demand generation and
buyer intent.
New TechTarget will be listed in the US,
where the majority of the market, the
customers and the value are located.
The combined business will be led by the
current Informa Tech CEO, Gary Nugent.
Informa Tech’s content-led event brands
will continue to deliver world-class
experiences to business tech
communities through their new home
within Informa Connect.
Strategic Report Gov Fin
Inf
49
48%
12%
17%
14%
North
America
Continental
Europe
UK
China 7%
Middle East 2%
Rest of
the world
Business Review
continued
Taylor & Francis works with knowledge
makers throughout their careers, from
learning and studying, to lecturing,
teaching and publishing trusted,
peer-reviewed content. Our journals,
articles and specialist books are
available in both digital and physical
formats and are typically used by
students, academics, researchers
andR&D professionals.
Our brands have a long history built
ontrust and integrity. Taylor & Francis
is one of the world’s oldest academic
publishers – our roots go back to 1798
when Richard Taylor launched
the Philosophical Magazine, one of
the first scientific journals. They also
include Routledge, CRC Press, F1000
Research and Dovepress.
We focus on growing specialist subject
categories including education,
psychology, business management,
medicine & health, biological & food
sciences and arts & humanities.
We have particular strength in
Humanities & Social Sciences (HSS)
witharound 60% of our revenue
coming from these subject areas
andthe remainder from Medicine,
Health and Science, Technology,
Engineering and Mathematics
(STEM) publications.
Taylor & Francis provides its products
and services through both traditional
pay-to-read products and increasingly
through pay-to-publish services.
In pay-to-read, our journals are
purchased as annual or multi-year
subscriptions, typically by university
libraries, or consortia, andour specialist
reference titles are bought asphysical or
ebooks by libraries, andalso directly by
researchers, professors,postgraduates
and professionals.
Taylor & Francis is a leading provider
of academic research , advanced
learningand open research . We work
withknowledge makers around the
worldto ensure high-quality research
hasan impact, by being discovered
bytheright audience andcontributing
tohuman progress.
Revenue
£619m
2022: £594m
Annual Report and Accounts 2023
50
We also delivered growth in advanced
learning, in particular through increased
ebook sales, and our burgeoning
programme of open access (OA) books,
underlining the continued relevance and
importance of the high-quality journals,
imprints, and platforms weprovide.
Another way we provide flexibility to
university customers is through flexible
read and publish contracts, or so-called
transformative agreements. These are
multi-year contracts that provide
institutions with a combination of
pay-to-read content access and
pay-to-publish open research services.
The significance of these was borne out
in our ownresearch that examined the
impact of our partnership with the Jisc
consortium in the UK. In the past two
years, 7,900 articles by HSS authors
atparticipating UK institutions were
published OA in our journals, more
than six times the number in 2019/20.
This is significant as HSS researchers
usually find it harder to publish OA,
given the lack of funding in HSS relative
to STEM subjects.
In November we expanded our offering
in medical, biotechnological, and
scientific research with the addition of
Future Science Group (FSG), whose 32
peer-reviewed journals and five digital
hubs complement our existing offering
of over 340 medical and healthcare
journals. These FSG journals provide
authors with the option to publish OA,
with 15 titles fully open access.
In pay-to-publish, we provide a series of
flexible models that allow researchers
to publish their work openly, making
their research freely accessible for
others to read, share andbuild on.
Through GAP 2 we have expanded
our range of services, helping us to
capture more of this growing market.
This includes supporting authors,
funders and research institutions in
publishing, indexing and distributing
their research as well as supporting
career development, peer review and
research allocation. A key focus has
been improving production processes
that improve the speed of submission
to publication and handle a greater
volume of research articles, all while
maintaining high quality standards.
2023 performance review
Taylor & Francis delivered consistent
growth in 2023, as we continued to
invest in expanding our range of open
services. Underlying growth was 3%
(2022: 3%).
Pay-to-publish journal submissions
increased 25% as post-pandemic
working patterns returned to a more
normal rhythm. Around a quarter of
submissions were accepted for
publication having been screened for
quality, plagiarism, integrity and journal
relevance even before getting to the
peer reviewprocess.
Outlook and opportunities
As we expand our reach and scale in
open research, we are targeting a
higher level of underlying revenue
growth at Taylor & Francis with a target
of 4% for 2024, and an ambition to
maintain or improve this in 2025.
Our confidence in this ambition reflects
our belief in the continuing growth of
knowledge and research, the growing
importance of trusted, independent
sources of knowledge and the further
expansion of open research. It will
require us to continue to invest with
a particular focus on expanding our
specialist content, maintaining high
quality standards and improving the
speed and efficiency that research is
submitted, reviewed and published in
order to disseminate knowledge more
quickly and to greater effect.
AI has a part to play in this
development, helping to improve
production efficiency through greater
automation of the submission, editorial
and peer-review process. This is done
within strict parameters, so as not to
undermine the validity and quality of
our publications. See pages 52 and 53
for examples of where AI can add and is
already adding value.
Strategic Report Gov Fin
Inf
51
SUBMISSION
PLAGIARISM
COMPLIANCE
WORD COUNT
DUPLICATES
<Metatag> Research
<Metatag> Findings
<Metatag> Data
Specialist research, powered by AI
Taylor & Francis has long used technology, including
forms of AI, to make research submission, production
and publication more efficient and effective. There are
further opportunities ahead and we are continuously
investing to deliver greater value to knowledge makers
and their research.
Here are some
recommended
text changes
to improve the
readability of
your research
manuscript.
I’ve created a
customised checklist
of the files you need
to submit your
research. Submit?
I can confirm there
are no plagiarism
or compliance issues
with your research.
Shall I pass on to the
Production team
for technical checks
and the Publishing
Ethics team for
integrity checks?
Your research is a
match for ten journals.
Your institution has an
open access agreement
for two of the journals
with Taylor & Francis.
Submit?
I’ve scanned existing
research (here are the
references) and can
confirm your research
is original.
Annual Report and Accounts 2023
52
SUBMISSION
PLAGIARISM
COMPLIANCE
WORD COUNT
DUPLICATES
<Metatag> Research
<Metatag> Findings
<Metatag> Data
Shall I create a plain
language summary
of your research and
work with Taylor &
Francis to generate 3D
models, audio content
and other materials?
I can confirm your
research has been
indexed in key
databases and we
are tracking citations
and use.
Your research
article has been
enriched with tags
and metadata and
key words have
been extracted.
You are ready
to publish.
I’m now helping
students,
researchers and
professionals to
easily discover your
research and build
on your findings
to create new
discoveries.
I’m helping the journal editor
with automated reviews and
the Peer Review team with
maintaining an audit trail.
It is time for peer
review. Here are
some suitable
reviewers. The Peer
Review team is
ready to support.
Strategic Report Gov Fin
Inf
53
Key performance indicators
These are unchanged from 2022. Our KPIs continue to align with
Director remuneration. Specifically, the 2023 Short-Term Incentive Plan
considered achievement against the financial performance measures
of revenue, underlying revenue growth, adjusted operating profit
andfree cash flow, and the operating performance measure of
colleague engagement.
Calculations and reconciliations to statutorymeasures
pages 74 to 76
Directors’ Remuneration Report
pages 121 to 139
Glossary of alternative performance measures
pages 237 and 238
Financial strength and stability
Free cash flow and leverage indicate the
strength of Informa’s financial position and
theflexibility we have to invest and manage
thebalance sheet effectively.
Our business model continues to support high
cash generation. This, combined with revenue
growth, helped us deliver a good free cash
flowperformance in 2023. After the effect of
divesting our Intelligence businesses in 2022
and receiving the proceeds, the Informa
leverage ratio returned to a more efficient
levelin 2023.
Financial
Growth and financial performance
Trends in revenue, revenue growth and
operating profit measure how well our
growth strategy is progressing.
Informa delivered strong growth in 2023
drivenby the combination of a full year of
normalised activity for B2B live and on-demand
events, expansion and growth in the underlying
business, consistent growth in Academic
Markets and the addition of new businesses
tothe Group.
Shareholder returns
Delivering sustainable long-term returns is part
of Informa’s business model, with accelerated
returns a GAP 2 target. Earnings and dividends
per share measure the value created
for shareholders.
Having restarted ordinary dividends halfway
through 2022, we were pleased to further
increase this in 2023 by over 80%. Our adjusted
diluted earnings per share reflect strong earnings
growth and the effect of our continuing share
buyback programme in lowering the weighted
average number of shares.
Revenue
(£m)
Underlying revenue
growth(%)
Adjusted operating
profit (£m)
3,189.6
2,262.4
1,583.3
2023 20212022
30.4
31.4
4.6
2023 20212022
853.8
496.3
313.2
2023 20212022
Free cash
flow (£m)
Informa leverage
(times)
631.7
362.3
2023 20212022
417.9
1.4
(0.2)
2.8
2023 20212022
Adjusted diluted earnings
pershare (pence)
Dividend per share
(pence)
45.3
24.4
12.9
2023 20212022
18.0
9.8
0.0
2023 20212022
We track ten significant
financial and non-financial
performance indicators on a
consistent basis to measure
how well our strategy is
being delivered and how
we are performing for
shareholders and colleagues,
among others.
Annual Report and Accounts 2023
54
Sustainability performance
We use two KPIs that are easily comparable with peers. Progress against our FasterForward goals supplements these KPIs.
Greenhouse gas (GHG) emissions
2023 2022*
UK ROW UK ROW
Energy consumption (kWh) 3,430,082 22,187,958 3,602,023 17,478,861
Scope 1 emissions (tCO
2
e) 406 3,062 414 1,934
Scope 2 location-based emissions (tCO
2
e) 270 4,095 261 3,830
Scope 2 market-based emissions (tCO
2
e) 0 227 0 244
Scope 3 emissions from office waste, electricity transmission and
distribution losses (tCO
2
e) 30 356 30 371
Scope 3 emissions from home working (tCO
2
e) 1,774 4,232 2,516 4,469
Scope 3 emissions from colleague travel and accommodation (tCO
2
e) 29,268 (global) 21,304 (global)
Total Scope 1 and 2 location-based emissions (tCO
2
e) 676 7,157 675 5,765
Intensity ratio total location-based Scope 1 and 2 emissions
(tCO
2
e/colleague) 0.18 0.81 0.19 0.77
Total Scope 1 and 2 market-based emissions (tCO
2
e) 406 3,290 414 2,179
Carbon offsets used to compensate for remaining emissions in scope
forCarbonNeutral
®
company certification (tCO
2
e) 39,357 (global) 31,282 (global)
Residual carbon emissions post renewable energy and offsets (tCO
2
e) 0 0 0 0
* 2022 data revised based on updated calculations
GHG emissions measure our use of natural resources – a small part of our business model – and are one indicator of our
progress with FasterForward and the Science Based Targets we have set. Calculations are based on GHG Protocol and Defra
guidelines. Scope 1 emissions arise from natural gas heating, refrigerant gases and vehicle and generator fuel use. Scope 2
emissions are from electricity consumption and calculated in two ways. Location-based emissions are the average emissions
intensity of electricity grids where we have offices. Market-based emissions take into account renewable electricity purchases.
Scope 3 emissions are those that arise indirectly from our business activities in the supply chain. We report here on the
emissions – including Scope 3 emissions – that fall into CarbonNeutral Protocol boundaries. We also believe these are the most
material for our business and keep this under regular review. Information on wider emissions, including those within Science
Based Target boundaries, can be found in our Sustainability Report.
We have been a CarbonNeutral
®
certified Company, in accordance with the CarbonNeutral Protocol, since 2020 and purchase
carbon offsets to compensate for emissions that cannot yet be eliminated. This certification covers Scope 1 and 2 emissions
and the Scope 3 emissions reported. Bureau Veritas provides limited assurance over our energy and water consumption data,
Scope 1 and 2 data and limited Scope 3 data. Full details are in Informa’s Sustainability Report.
Excluding companies acquired by Informa in 2023, our Scope 1 and 2 emissions further reduced due to our ongoing use of
renewable electricity, energy efficiency programmes and some office real estate consolidation. Including new businesses
and the impact of the full return to live events – and therefore business travel – in all markets, Scope 1, 2 and 3 emissions
increased. Rolling out our established programmes to newly acquired businesses will positively impact data in future years.
DJSI performance (percentile and absolute score) The DJSI
aggregates the performance of listed companies against over 20 economic,
social and environmental criteria. We seek to maintain a strong absolute
score and relative position. Our position relative to peers remained strong
in2023 with Informa ranked in the top percentile. The lower absolute score
reflects continuing increases in the standards set by the DJSI.
Operational
Colleague engagement
The contribution of our colleagues is an important part of our business model.
We track engagement levels through the Inside Informa Pulse annual survey as
a way to measure satisfaction, connection and contribution.
We aim to maintain a high engagement score, which remained strong and consistent
in 2023, anda high participation rate, which increased from 71% to 85%.
Colleague engagement
2023
2021
2022
80
80
79
100th
65
2023
100th
79
2022
100th
78
2021
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55
Risk management
For us, managing risk is about putting
ourselves in the best position to make
well-informed decisions that move Informa
forward. Risk management creates value
byenabling us to act in pursuit of our
strategy, with a full and balanced picture
ofthe potential impacts, rather than
putting up unnecessary barriers or
puttinga brake on decision making.
Enabling growth
As a business intent on growth and delivering on
our GAP 2 programme, many decisions revolve
around where the best opportunities are and how
we can best capture them. Those might be
opportunities to grow or invest in new or existing
specialist markets, in different geographic markets,
in expanding our current brands or in adding
portfolios or businesses to the company.
We continue to carefully consider where to invest
and allocate capital, and in 2023 our acquisition
activity increased as we reinvested the proceeds
from divesting our Intelligence businesses in 2022.
We make sure we embed effective risk
management into all acquisition activity and
integration programmes and continue to
strengthen our risk controls in this area.
We believe this approach makes for smoother
integrations that safeguard the value invested
inour acquisitions, and the value of businesses
and colleagues we welcome to Informa.
Reassessing risk
Our strong underlying growth in 2023 was driven
by the full reopening of live events and exhibitions,
including in important markets such as mainland
China and Hong Kong. From a risk management
standpoint, a reflection of this is that we no longer
treat pandemic as a principal risk, but as a subrisk
of the inadequate response to a major incident
principal risk.
The more clearly we
understand risk, the better
we become at taking
opportunities, which is one
of the reasons we go into
2024 on the front foot.
Our approach
risk
to
Annual Report and Accounts 2023
56
The changing ways we treat pandemic and
integration risk are just two examples of how
we evolve our risk management systems and
processes toallow us to grow with confidence.
As we discuss overleaf, we monitor risks by using a
framework that operates throughout our divisions
andbusinesses, so that even with a devolved
model like ours, we have aconsistent approach.
What does this risk management framework tell
us? In our view, the potential likelihood and/or
impact of four principal risks reduced in 2023:
Regulatory compliance, Inadequate response
tomajor incidents, Health and safety incidents,
and Inability to attract and retain key talent.
Information on the specific drivers for these
improvements are on pages 65 and 66 but at a
broad level, they include our work to enhance
controls, training and communications, as well
aschanges to the external environment in some
cases. The potential likelihood and/or impact
ofcertain other risks has increased but our work
tomitigate them has kept pace.
Data is important to our growth opportunities, and
we know that the extent towhich we can seize that
opportunity depends on how we manage the risks
around it. For this reason, we spend time on and
pay close attention to data privacy andthe design
of consistent, centralised data governance
structures and controls. To support this focus, we
have created a Risk Forumcomprising colleagues
who work with data and those who specialise in
data privacy.
Cyber risk is ever-present on all businesses’ radar.
The digital environment, and the risks that come
with it, are fluid and fast-moving. After the changes
to Informa’s operating model in 2022 and with the
ongoing expansion of our digital services, we
created a programme in 2023 to map our cyber risk
and strengthen IT resilience across the business
more broadly. This has given us a clear list of
priorities to focus on in 2024 and beyond, and
we are looking to approach all our technology,
platform and product development from the
perspective of being secure by design.
Reinforcing a culture thatbalances
opportunity and risk
Managing these and other risks is about process,
but also culture. It is not just an activity for
professionals and committees with risk in their
title; it involves the whole business.
We look to give colleagues autonomy, which means
the people closest to our customers andmarkets
can take their own decisions. Our divisions have
their own business strategies and are required
toidentify and manage risks, and to put in place
controls and action plans.
We ask every colleague to keep risk in mind in how
they think and act, to the point where it becomes
instinctive. For example, when teams are looking
to expand the audience for our brands, they only
use data that has the appropriate consents in
theirmarketing programmes. Our training and
communications will continue to be vital here
aswe expand and enhance our products
andservices.
Looking to 2024
In 2024, we will continue our work to improve how
we monitor and manage risk across the business:
in particular, we will further build the maturity of
our risk management systems in data privacy
andgovernance.
We judge that climate risk will not prevent us from
fulfilling our strategy over the next five years.
All the same, it is an emerging risk we monitor
closely. It matters to all our stakeholders, whether
they are prospective colleagues who want to
workfor a company that is actively managing its
environmental impact, or customers who want
toknow an event is run as sustainably as possible.
In 2024, we will continue to make sure we are
wellpositioned to respond to new climate
reporting regulations.
We will also keep monitoring global geopolitical
and market risks closely, though our
diversification across regions, sectors and
marketshelps mitigate these risks.
I would like to thank my Risk Committee
colleagues, our Group Risk team and everyone
across Informa who has helped us manage risk
in2023. It is through their efforts that we are,
Ibelieve, in an excellent position to make the
mostof our opportunities in 2024 and beyond.
Our strength as a business, and our constantly
evolving framework for managing and monitoring
risk, make us resilient and clear-sighted in the
faceof challenges as they emerge.
Gareth Wright
Group Finance Director
Chair, Risk Committee
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57
Risk management
continued
Our culture also gives colleagues a high
degree of ownership and autonomy.
Those closest to our customers and
markets are empowered to make
decisions and respond to changes, so
itis important colleagues are aware of
and understand good risk practices.
To help everyone to do this, we set and
maintain a strong tone from the top,
underscored by our guiding principles
– which emphasise how important
it is to maintain trust and strong
relationships with customers
and partners – and by regular
communication and training about
relevant policies.
Our three risk categories
We have three categories of risk and
tailor our approach and response to
their nature and scope.
Principal risks are those we believe
could have the greatest impact on our
business – that is, on our ability to
achieve our strategic objectives and
operate successfully. We recognise 12
principal risks and describe them on
pages 61 to 66.
We break down each principal risk into
subrisks so we can understand and
manage risk in a more granular way.
For example, pandemic is now a subrisk
of the principal risk of Inadequate
response to major incidents, rather
than a standalone principal risk.
Given their importance, we have
long-term company-wide structures
and consistent risk management
frameworks in place to manage
principal risks and their subrisks.
For example, a Group leadership team
member is responsible for overseeing
and managing each principal risk.
Subrisks also have a named risk owner
– often the subject matter expert in
that area – who is responsible for
monitoring and managing them.
How we manage risk
We manage risk so that
it fully aligns with and
supports Informa’s growth
strategy, assessing business
opportunities in an agile
and risk-informed way, and
identifying and robustly
managing any risks.
We continuously improve how we
manage risk, increasing our maturity to
help the business be more resilient and
responsive. In 2023, we formally added
an assessment of risk preparedness to
our process. Through it, we consider
how inherently prepared and ready we
are to respond to risk. Taking the risk
ofeconomic instability as an example:
here, we recognise that we cannot
control or fully manage this risk ahead
of time, but adding an assessment of
our preparedness has helped us
confirm we have effective response
measures that could quickly be
activated if needed.
When considering risk, we use the
same time horizons as Informa’s
strategy and business planning
processes: a near-term horizon of
12 months and one of three years.
We also look at emerging risk over
alonger-term horizon of five years.
Informa is a relatively decentralised
company, so we have embedded risk
management into business and
commercial activities. When each
division is building, implementing
andrunning its strategy, plans and
operations, it is also required to
identify and manage the associated
risks, putting in place controls to
mitigate them.
Business-level risks are often market
or product specific. We create a
response plan for business-level risks
that become significant enough to
record on a divisional risk register.
These response plans and strategies
are regularly monitored and reviewed
bydivisional management.
Emerging risks are ones that are not
yet large enough to challenge the
delivery of our strategy, or risks that
have ambiguous or uncertain impacts
or timing.
We monitor and assess emerging risks
in the same way we do principal risks.
They are assigned to subject matter
experts to make sure they are
monitored and given sufficient
attention. The Group Risk team, Risk
Committee and senior management
team members hold dedicated
horizon-scanning reviews to identify
any new and relevant risks. We have
emerging risk registers and work to
identify the triggers that could mean
anemerging risk needs more attention
and action.
Annual Report and Accounts 2023
58
Risk management framework
We have an established, overarching
enterprise risk management framework,
based on a five-part structure set out
below, but it is not one size fits all.
While using the same overarching
structure, each of our principal risks has
its own detailed framework, which is
tailored and specific to the nature of
that risk. It provides a level of detail
andspecificity that we believe makes
managing risk and capturing
opportunities more effective.
1. Risk profile and appetite
The Board sets the appetite and
tolerance levels for different risks and
articulates these through a set of specific
statements. Each principal risk also has
its own statement of appetite and
tolerance that is specific to its nature,
profile, connection to business strategy,
opportunity and Group risk profile.
2. Governance
We have a clear governance structure
in which accountabilities are defined
and there is appropriate expertise to
properly oversee the various types of
risk at each stage. The Risk Committee
meets quarterly and provides the
Board and Audit Committee with the
information they need to meet their
responsibilities. The Board’s and Audit
Committee’s responsibilities are
detailed on ourwebsite.
3. Policies, processes and controls
We identify, assess, manage and
monitor risks using a suite of
methodologies, policies, controls and
processes. These are regularly assessed
by the Risk and Compliance teams,
tested by Internal Audit and reviewed
bythe Risk and Audit Committees to
ensure they work effectively.
4. Culture
Culture plays an important part in
managing risk, namely that risk taking
in the pursuit of strategy and customer
success is balanced with appropriate
risk management, and always happens
within the tolerance and boundaries set
by the Board.
5. Tools and infrastructure
To support risk management activities,
reporting and monitoring, we use a range
of industry-standard risk management
tools and systems, together with
bespoke tools created forInforma.
We identify risk over one- and three-year time horizons by combining a
bottom-up analysis – where each division and Group function identifies
risks and opportunities in its respective markets, products or areas –
with a top-down analysis – where the Group Risk team monitors for any
additional risks that could affect the company more broadly, such as
risk from any large internal change programmes.
Each business monitors its business-level risks and reports back on
them to the Group Risk team and Risk Committee, which provide
feedback when necessary. They also assess these risks to see if they
are significant enough to become emerging or principal risks.
We use dashboards to monitor and report on principal risks and their
subrisks, evaluating them against the metrics and tolerances the Board
has set.
We follow a four-stage risk management process to oversee
our principal risks and subrisks.
Risk management process
We assess all the identified risks against a set of financial and non-
financial assessment criteria, considering risk likelihood, risk impact
– both before implementing any mitigations to manage the risk and
after current mitigations are applied – and risk preparedness, which
is a measure of how ready we are to respond to a risk if it happens.
For each principal risk and its subrisks, we also assess whether it could
have a material strategic, commercial or operational impact on its own
or as part of a multiple-risk scenario. Principal risks with material
commercial impacts form part of our viability modelling and testing.
All risks have response strategies. We evaluate how effective these are
at mitigating and managing risks to agreed tolerance levels and what
resources are needed to do so.
Business-level risks are managed within their respective team and
divisional management structures. The Group leadership team member
responsible oversees its management, including making sure that
controls are adequate, operate effectively, and that we have an effective
response strategy if the risk crystallises or breaches appetite or
tolerance thresholds.
Identify
Assess
Respond and manage
Monitor and report
Strategic Report Gov Fin
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Principal risks and uncertainties
Our 12 principal risks
fallinto three categories:
growth and strategy,
people, and culture.
Our tolerance for these risks is
categorised in one of three ways:
• Risk averse: We have a very low
tolerance for taking the risk and it
should generally be avoided
• Risk cautious: The risk is carefully
considered against the potential
opportunity and reward using
financial and non-financial measures.
The end reward must be a multiplier
of the risk for it to be considered
andtaken
• Risk flexible: We will consider taking
the risk on a case-by-case basis,
according to our broader growth
strategy, business plans and
market circumstances
A net risk rating is produced for each
principal risk. This assesses how likely
the risk is to occur and the impact on
Informa, taking into account our
current controls and mitigations.
These ratings are mapped below to give
more insight into their relative impacts
and likelihoods. Year-on-year changes
are shown by arrows.
In 2023, we made particular
improvements to the controls and
operations around four principal risks:
Inadequate regulatory compliance,
Inadequate response to major
incidents, Inability to attract and retain
key talent, and Health and safety
incidents. For the first three of these
risks, the likelihood and impact have
reduced. For Health and safety
incidents, the impact has reduced, but
the number of live events we now
operate has increased year-on-year
with the addition of new businesses.
So, we judge there is a slightly higher
likelihood of the risk happening.
As indicated in last year’s report, we no
longer treat pandemic as a principal
risk, but as a subrisk of the principal
risk of Inadequate response to a major
incident, given that COVID-19 is now
considered a virus that we live
alongside in all our markets.
In terms of emerging risks, we are
continuing to monitor how quickly AI is
developing, particularly newer forms
such as generative AI. While AI presents
opportunities and efficiency benefits
for Informa, it also presents risks,
such as the need to protect against
infringements of our intellectual
property, including specialist research,
and potentially heightened risks
around data privacy and security.
We continue to take a risk-aware and
risk-informed approach to our work in
this area.
Principal risk
Growth and strategy
1. Economic instability
2. Market risk
3. Acquisition and
integration risk
4. Ineffective change
management
5. Reliance on key
partnerships
6. Technology failure
7. Data loss and
cyber breach
8. Privacy regulation risk
People
9. Inability to attract
andretain key talent
10. Health and safety
incidents
11. Inadequate response
to major incidents
Culture
12. Inadequate regulatory
compliance
Impact
Likelihood
9
7
4
8
3
5
6
10
11
12
2
1
We confirm that, through the
processes and governance
described above, we have
performed a robust assessment
ofInforma’s emerging and
principal risks, and believe that
ourrisk management framework
and process remain robust.
Annual Report and Accounts 2023
60
Growth and strategy
Owner: Group Finance Director
Risk appetite: Risk flexible
Latest movement: No change
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.
If we fail to navigate these changes, we risk being unable
todeliver our strategy. Market changes and currency
fluctuations can, however, offer opportunities to acquire
businesses at lower cost and enter or expand in
different markets.
Owners: Divisional CEOs
Risk appetite: Risk flexible
Latest movement: No change
We work in a range of specialist 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.
We are comfortable taking market risk because it can present
opportunities for growth by developing new products,
acquiring capabilities, working with new partners or
expanding in existing or new markets.
1
Economic instability
2
Market risk
How we manage it
• We have regular conversations about the macro-economic
environment at Board, Risk Committee and leadership
team meetings, and stay close to what is happening in our
geographic and customer markets
• Informa is a well-diversified business, operating in multiple
geographies and specialist customer markets, which gives
us resilience and makes it easier to manage through any
localised market or country-specific downturns
or recoveries
• We have a strong balance sheet, which gives us confidence
that the Group could withstand any unexpected shocks.
We also have a track record and recent management
experience of responding promptly and proactively in
periods of instability – most recently shown during
the pandemic
• We have a good level of visibility on revenues since
exhibitors book and pay for event space in advance and
our subscription products are typically annual or multi-
year agreements
• To protect against currency movements, we align our
borrowing with the currency of our largest sources of
cash generation and review our hedging arrangements
How we manage it
• Market risk and opportunity are continuously discussed,
including in quarterly leadership and divisional planning
meetings, Board strategy meetings and as part of the
three-year planning cycle
• We have deliberately focused our business around
specialist customer markets that have good long-term
growth characteristics, and markets where our brands
and products are particularly valuable to businesses,
professionals and researchers
• We continuously invest in our products to make sure they
keep pace with customer demand and market trends.
This helps us both manage risk and capture opportunity
• Our culture of staying close to customers and building
depth and specialism in our markets gives us good insight
into trends in feedback, product use and behaviour.
We usethis information to make sure our products
remain valuable and relevant and to spot new
opportunities for growth
• Informa is a well-diversified business and works in more
than a dozen customer markets. This provides resilience to
disruption in individual markets, as does the quality of our
brands and customer relationships
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Principal risks and uncertainties
continued
Owner: Director of Strategy and Business Planning
Risk appetite: Risk flexible
Latest movement: No change
One of the ways we grow and build scale positions in our
chosen markets is through acquisitions. 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.
We are prepared to take reasonable risks to add talent,
capabilities, products and brands through acquisitions and
we invest to make sure our integration processes capture
thefull benefits of doing so.
3
Acquisition and integration risk
Owner: Group Chief Operating Officer
Risk appetite: Risk averse
Latest movement: No change
Change is part of and an outcome of our growth strategy.
If change is not managed effectively however, it can create
operational challenges, and those can affect our ability to
deliver strategic, commercial and operational benefits.
4
Ineffective change management
Growth and strategy
How we manage it
• We allocate capital to the markets and areas of our
business that have the strongest growth opportunities and
where we believe we can build scale leadership positions
• The Group Corporate Development team carefully analyses
acquisition targets and assesses their strategic and cultural
fit. We involve functional experts throughout due diligence,
acquisition and integration and use external partners
where needed
• All acquisitions follow set due diligence, governance,
leadership and project management processes.
For significant acquisitions, we put in place additional
oversight and checkpoints
• We develop a value creation register for each proposed
acquisition, which assigns individual ownership to all
aspects of implementation
• We report post-acquisition performance to the Board
every quarter, in which we assess any variation to our
expected return on investment
• The Group monitors and oversees divisional integration
plans for at least two years after acquisition and conducts
additional spot checks and assurance reviews beyond that.
We also analyse and report on lessons learnt in previous
acquisitions, divestments and integrations
• All acquisition and divestment activity undergoes a risk
management review. Risks and how they will be managed
are documented, to build a picture of risk profile that
informs decision making
How we manage it
• We have a good track record and recent management
experience of successfully implementing change
programmes: for example, as part of large-scale
acquisitions and divestments that have changed our
operating model
• Members of the Group leadership team oversee and
sponsor key change initiatives. We set up specific
governance structures for significant projects and
all large-scale strategic changes
• Our funding and investment programmes, and our
acquisitions, include change management disciplines
and have defined governance and reporting structures
• Considering our stakeholders, and particularly our
colleagues, is an embedded part of the way we work at
Informa. Our decisions are informed by our purpose,
strategy and guiding principles. We carefully weigh the
benefits of any change on stakeholders, identifying issues
and aiming to mitigate these as far as practical
• We consider the risk of business fatigue from both
individual and simultaneous change and transformation
programmes, to ensure the controls and mitigations we
have put in place are effective
Annual Report and Accounts 2023
62
Owner: Group Chief Operating Officer
Risk appetite: Risk averse
Latest movement: No change
Technology underpins our products, services and business
operations. 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.
Owner: Group Finance Director
Risk appetite: Risk flexible
Latest movement: No change
We work with a range of business partners, including service
providers, financing providers and strategic 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.
5
Reliance on key partnerships
6
Technology failure
How we manage it
• We mitigate this risk by making sure we understand our
key business partners well, identify areas of risk, put in
place controls for those risks and monitor relationships
on an ongoing basis
• As part of their formal reviews and reporting to the Risk
Committee, each division and Group function identifies
key partnerships and what risk we are exposed to, and
describes the preparedness and resilience plans in place
• We ensure there is accountability for each key relationship
among our management teams
• We apply additional due diligence to certain key partners
by assessing the robustness of their business plans,
financial stability, cyber and information security practices
and business continuity plans
• We monitor performance levels and have contracts and
service-level agreements that enable us to act on any
recurrent issues
• Our Treasury Policy ensures we are not over-reliant on any
single financing partner
How we manage it
• We work to minimise the likelihood and impact of any
business-critical technology failure and increase our
preparedness to handle any disruption. Our framework
includes governance standards, maturity targets and
controls that manage technology risk and continuously
improve operational IT resilience
• Alongside expanding our digital services, we have spent
increased time focusing on the strength of our technology
systems. A programme introduced in 2023 has helped
identify where and how we can further increase the
resilience of our operational and product platforms and
supply chain, with actions underway
• Our Group-wide strategy is to deploy cloud computing-
based services, building resilience for our products and
services and providing the capacity to scale
• We work to reduce complexity in our technology landscape
by streamlining legacy systems and those from acquired
businesses, making the management and monitoring of
our technology estate easier
• We assess and select all technology service providers on
their service continuity and resilience, and so reduce the
risk of downtime
• We have proven capabilities in remote access and remote
working. Colleagues can work securely and productively
from anywhere if one of our hubs were affected by a
technology outage
Strategic Report Gov Fin
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Principal risks and uncertainties
continued
Growth and strategy
Owner: Group Chief Operating Officer
Risk appetite: Risk averse
Latest movement: No change
We use interconnected systems and data in our business
operations and products. 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.
7
Data loss and cyber breach
Owner: Group General Counsel and Company Secretary
Risk appetite: Risk averse
Latest movement: No change
We use data in an increasing number of ways to capture
commercial opportunity and better serve customers.
Using personal information is governed by privacy and data
protection legislation. These are different, evolving and
increasing in many of the jurisdictions we operate in.
More onerous legislation could limit how we access and use
this data, and different legislative approaches increase the
operational complexity of compliance. Non-compliance can
lead to fines, damage reputation and customer relationships
and affect our ability to trade in some countries.
8
Privacy regulation risk
How we manage it
• We aim to protect our data robustly and align with privacy
regulations and good security practices. As such, this risk
receives ongoing leadership and Board attention and
we have allocated greater resources to managing it
under GAP 2
• The Risk Committee monitors the performance, progress
and maturity of our cyber security controls. We run
internal and external assurance programmes that assess
compliance with security policies, standards and controls,
with reports provided to the Risk Committee, Audit
Committee and leadership team
• Our Information Security team determines strategy,
oversees Group-wide security initiatives and
sets standards
• We regularly test our data and cyber security controls and
practices to create a more robust and secure environment,
and take a security-by-design approach to developing
products and implementing new platforms
• We use a layered defence-in-depth approach to protect the
confidentiality, availability and integrity of key systems.
This comprises multiple administrative, technical and
physical controls, which are continuously monitored and
adapted according to developing threats
• We have a well-defined incident management response to
help us act effectively on any issues that arise
• To support a security-aware culture, we run simulated
events to test security controls and response tactics.
We also deliver awareness programmes and training to
colleagues, which include communications and simulated
phishing exercises
How we manage it
• We respect and value personal information and privacy,
and comply with regulatory requirements
• We run a comprehensive data privacy programme.
This includes privacy management technologies and
subject-matter expertise at multiple levels of the business.
We conduct robust privacy risk and data protection impact
assessments. All colleagues have mandatory training on
their data privacy responsibilities, which is supplemented
by topic-specific training for those in specifically relevant
roles. We apply privacy-by-design principles when starting
new projects
• The Group Chief Privacy Officer leads the governance of
data privacy. Each division has dedicated privacy managers
who guide product and commercial teams on privacy
compliance and best practices as they develop new
platforms and digital services
• As we capture and use data in our business and products
in more ways, we have invested more in our capabilities so
that our controls environment remains robust
• We re-evaluate the programme each year to make sure we
address any changes to business strategy, priorities or
emerging privacy regulations or risks. We regularly monitor
external factors and changes in privacy and data
protection laws, and consider and communicate any
operational impacts
Annual Report and Accounts 2023
64
People
Owner: Group Chief Operating Officer
Risk appetite: Risk averse
Latest movement: Decreased
We want our workplaces, including our live events, to be
safe and secure environments for everyone. 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.
Owner: Group HR Director
Risk appetite: Risk cautious
Latest movement: Decreased
Our colleagues, their capabilities and their engagement are
important to delivering our strategy and serving customers.
The loss of key talent in critical functions and inadequate
succession planning for senior managers could affect our
growth and business success.
10
Health and safety incidents
9
Inability to attract and
retainkey talent
How we manage it
• We put considerable time and investment into creating an
engaging, inclusive and rewarding working environment, to
help retain key talent and make the most of all colleagues’
skills and abilities
• Colleagues, culture and talent are ongoing points of
discussion for the leadership team and Board. All leaders
and Directors engage directly with colleagues at all levels
throughout the year, to stay close to sentiment. We run an
annual company-wide survey, alongside business-level
spot checks, and monitor leaver data and surveys to
understand trends and act on any opportunities or issues.
Under GAP 2, we have invested more in colleague benefits,
skills assessments and career opportunity programmes
• We incentivise key talent alongside establishing short- and
long-term succession plans. For roles that are particularly
commercially sensitive, we use post-termination
restrictions to reduce the impact of losing talent
• Colleague engagement and retention are reported to the
Risk Committee. Where we feel attrition rates are high,
management teams must report on the measures they
are taking to reduce those rates
• In recent years, we have invested more in promoting
Informa to new talent and created function-specific
in-house recruitment teams to help source in-demand
talent more successfully
How we manage it
• We focus on preventing incidents by establishing good
health and safety operating standards and building
awareness and personal accountability into our culture
• Our framework is led by a dedicated central Health, Safety
and Security team, alongside regional experts who help
embed consistent approaches, validate standards and
provide targeted support. The Risk Committee monitors
and regularly reviews health and safety progress
• Our standards and frameworks are documented and made
available to everyone involved in health and safety,
including contractors
• We took several steps to enhance risk management
aroundour live events in 2023. These included launching
an approved contractor scheme, described on page 38, and
introducing new exhibitor health and safety guidelines to
ensure exhibitors and their contractors understand and
manage their responsibilities
• We assess and audit our events and facilities to ensure they
comply with company standards, and monitor any required
actions until they are completed
• We have a company-wide travel management system,
which ensures colleague accommodation and travel are
tracked in the case of any issues and booked to acceptable
safety standards. Colleagues have access to anytime
support for any incidents while travelling
• We deliver mandatory online health and safety training to
all colleagues. In 2023, we redeveloped and enhanced our
safety operating model training, delivering it to colleagues
and senior managers involved in operations
• After successful pilots in 2023, we rolled out a health and
safety incident reporting tool to colleagues and major
contractors in early 2024. This will enable real-time
reporting of incidents, helping us to investigate issues
and implement any improvements more effectively
Strategic Report Gov Fin
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65
Principal risks and uncertainties
continued
People
Owner: Group Chief Operating Officer
Risk appetite: Risk averse
Latest movement: Decreased
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.
Responding inadequately to a major incident can exacerbate
or worsen the issue, affecting colleague and customer health
and safety and our reputation, and potentially lead to
criminal and civil investigations.
11
Inadequate response to
majorincidents
Culture
Owner: Group General Counsel and Company Secretary
Risk appetite: Risk averse
Latest movement: Decreased
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.
12
Inadequate regulatory
compliance
How we manage it
• Most of the time, businesses cannot control the cause of
major incidents. So, we focus on making sure our response
to any incidents is effective and any impacts are minimised
• We have recent management experience of managing the
impacts of the pandemic. As an outcome, we established
regional crisis response hubs which mobilise in the event
of a major incident and co-ordinate our response.
They receive annual training and follow documented
processes created to help us respond more quickly and
effectively. We also have a crisis council that would
convene in severe circumstances and similarly follow
documented processes
• Our central Health, Safety and Security team provides
expertise on incident management and supports
colleagues and directly affected stakeholders in
anemergency. A cross-company business resilience
councilcontributes to assessing and managing this risk too
• Each division considers known extreme weather patterns
when planning event schedules. Terrorism threats and
potential unrest or protests are also considered, and we
conduct enhanced security risk assessments to protect
ourpeople and operations in higher-risk locations
• Each of our events, whether live or on-demand, has an
incident response plan specific to its location, format
andthe operational colleagues who attend our events
• Most recently, we entered a new partnership that provides
us with a virtual security operations centre. This centre and
service advises us on risks in key locations in real time and
is available to colleagues when they travel for business, if
they require health or security advice or support
How we manage it
• Our commitment to ethical and lawful behaviour and our
expectations of others are clearly articulated in our Code of
Conduct, Business Partner Code of Conduct and policies,
and in our guiding principles
• We run a comprehensive compliance programme to
helpus meet our obligations under material legislation.
It includes the use of detailed risk assessments, training
and communications. It incorporates anti-bribery and
sanctions programmes that include internal controls,
risk-based screening and monitoring of vendors, sales
agents and customers. The programme is monitored to
make sure we are continually improving our processes
• We train all our colleagues on the Code of Conduct and key
policies, and they are required to accept role-relevant policies
• We maintain a Speak Up whistleblowing facility.
This enables anyone to raise a concern about actions that
go against our policies or the law, and it is one of the key
ways we can remedy any issues of non-compliance in our
business. Retaliation for raising genuine concerns is not
tolerated. In 2023, we took several steps to increase
awareness of our Speak Up facility and expand colleagues’
confidence in using it, which included new training and
expanded communications
• All reports of potential breaches of our Code of Conduct
and policies are investigated promptly and actions taken
toremedy substantiated breaches or implement
key learnings
• We further strengthened our sanctions controls in 2023,
including through technical and process improvements in
our finance centres and upstream systems
Annual Report and Accounts 2023
66
Viability statement
• Balance sheet: We take a disciplined approach
to maintaining balance sheet strength, with a
view to retaining our investment grade rating
with the credit agencies
• Principal risks and risk management: Our
process to identify, monitor, manage and
mitigate risk continues to be effective
• Proposed combination with TechTarget: The
proposed combination of Informa Tech’s digital
businesses with TechTarget is subject to approval
by TechTarget’s shareholders and other customary
conditions, but we have included it in the viability
and going concern assessments as completion
would reduce the Group’s financial headroom
How we assess viability
The Directors consider Informa’s trading
prospects, liquidity and the potential impacts of
risk over a three-year period. We believe this is an
appropriate timeframe because it is consistent
with our visibility of market trends and the nature
of Informa’s business, and assessments beyond
three years are subject to uncertainty that
increases further out in time.
The Group is considered viable if, after this
assessment, financing facilities allow for sufficient
cash liquidity to fund operations and repay or
refinance debts as they fall due.
How we assess long-term prospects
We use the annual business planning and strategy
process to assess our outlook by division and
consider the company’s prospects more broadly.
Each division creates a three-year business plan
that sets out a clear ambition, specific business
objectives and what is required to achieve those.
Plans incorporate an assessment of external
factors – such as competition, market trends
and risks – and internal factors – such as talent,
product development and technology capabilities.
The plans include detailed financial forecasts and
clear explanations of key assumptions and risks.
The consolidated divisional plans are reviewed by
the Group Chief Executive, Group Finance Director,
Group Chief Operating Officer and Director of
Strategy and Business Planning. They are
presented to the Board at the annual Board
strategy meeting for review, constructive
challenge and input. Plans are subsequently
updated through the year at key dates and for
significant events.
Divisional financial forecasts are used to evaluate
the Group’s funding requirements and assess the
resources and liquidity available for reinvestment
and for shareholder returns. The forecasts are
also used for the annual impairment review.
When assessing the company’s prospects more
broadly in 2023, we considered the following:
• Performance and position: The company
isperforming well on financial measures.
Our revenue is diversified by market, location,
customer and product type. We have strong
brands and market positions. Long-term
markettrends support the company’s position
and strategy
• Strategy and business model: We have a clear
strategy and programme to target growth
opportunities, with the ability to invest. We are
flexible in how we serve customers. We have a
flexible cost structure
Assessing long-term prospects and viability
Informa’s Directors undertake a formal and structured assessment of the
company’s long-term prospects and its viability over a three-year period,
and continue to have confidence in Informa’s business model, long-term
prospects and viability.
Strategic Report Gov Fin
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67
The potential financial impact of these risks is also
modelled as a single scenario to understand their
combined financial impact.
To assess the Group’s liquidity, we assumed that
existing debt facilities are refinanced upon
maturity during the forecast period.
Factors considered in 2023 assessment were:
• As of 29 February 2024, the Group has a
strongliquidity position, with around £0.4bn
ofcash, £1.1bn of undrawn committed credit
facilities and no financial covenants on
Groupborrowings
• EMTN debts maturing in October 2025 (€700m),
July 2026 (£450m) and the unutilised revolving
credit facility maturing in February 2026 (£1,050m)
are assumed to be refinanced with the same
amounts borrowed at around 6% interestpayable
in the base case and downside scenarios
• The Group is a well-established borrower with
an investment grade credit rating recently
reaffirmed from Fitch, Moody’s and S&P, which
provides the Directors with confidence that the
Group could further increase liquidity by raising
additional debt finance if needed
The Group remained viable including when
modelling the three largest principal risks together,
without any cost mitigations being modelled.
2023 viability assessment
To assess the impact of risk, we consider severe
but plausible scenarios where each principal risk
might occur or crystallise. If the potential financial
impact is over 5% of average EBITDA over the
three-year period, the principal risk is modelled
against the Group’s financial plan to test whether
it would adversely impact the Group’s viability on
a standalone basis.
As shown below, three principal risks were
modelled for the 2023 viability assessment:
• Economic instability: B2B live and on-demand
revenues and revenue growth in our Academic
Markets business grow at a lower rate than
forecast, despite ongoing investments
• Market risk: Existing and new digital products
do not grow as quickly as forecast
• Inadequate response to a major incident:
Amajor external incident happens that affects
our ability to trade live face-to-face events: for
example, the emergence of a new pandemic
forcing global lockdowns
Market trends,
peers, customers
Multi-year
divisional strategic
plans created
Multi-risk Group strategy plan
Three-year business plan
From which
three-year business
plans areformed
bydivisions
Group viable if
sufficient liquidity
headroom
maintained
Plan tested against
the three principal
risks where,
insevere but
plausiblescenario,
impactofthe risk
valuedat over 5%
averageEBITDA
Capabilities,
people, products,
platforms
Risk and
sustainability
Current
portfolio
Ambition
Tested against
economic instability
Tested against economic instability, market risk and inadequate
response to major incidents simultaneously
Outcomes assessed against liquidity headroom
Tested against
market risk
Tested against
inadequate response
to major incidents
Viability statement
continued
Annual Report and Accounts 2023
68
Directors’ viability statement
The Directors have concluded that it is unlikely,
but not impossible, that a single risk could test the
future viability of the Group. Subject to these risks
and on the basis of the analysis undertaken,
however, the Directors have a reasonable
expectation that the Group will be able to continue
in operation and meet its liabilities as they fall due,
over a period of three years to 31 December 2026.
2023 going concern assessment
To complete the going concern assessment
theDirectors have modelled a base case with
sensitivities and a reverse stress test for the
period to June 2025. In modelling the base case,
the Directors have assumed Group financial
performance consistent with the guidance given
for 2024, followed by similar growth in the first
half of 2025.
Under the financial plan, including the proposed
combination of Informa Tech’s digital businesses
with TechTarget, the Group maintains liquidity
headroom of more than £1.1bn. To consider a
downside scenario, the Directors separately and
inaggregate applied the three scenarios used
inthe viability modelling to the financial plan.
In eachcase, the Group maintains liquidity
headroom of more than £0.7bn.
The reverse stress test shows that the Group can
afford to lose 54% of its revenue from 1 April 2024
to the end of June 2025 and maintain positive
liquidity headroom. This extremely remote
scenario assumes no indirect cost savings and
customer receipts are refunded with no further
receipts collected in the period.
Based on the scenarios modelled the Directors
believe that the Group has adequate resources
tocontinue in operation for at least 12 months
from the signing date of this Annual Report and
Accounts, and therefore consider it appropriate
toadopt the going concern basis of accounting
inpreparing the financial statements.
Strategic Report Gov Fin
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69
Financial Review
At a macro level, international conflict, heightened
inflation, higher interest rates and sluggish
economic growth in some parts of the world
painted a relatively subdued picture. And at a
micro level, in January 2023, the continuing impact
of the pandemic meant we were uncertain as to
exact timing and pace of return of trade shows
in China.
However the underlying strength of our
businesses, the depth and quality of our specialist
brands, and the energy and commitment of our
colleagues enabled the Group to deliver a
standout year, comfortably surpassing pre-COVID
levels of revenue, when we also still owned the
Informa Intelligence business.
Our operational performance during 2023 was
matched by a strong commitment to capital
returns, funded through our strong cash
generation and the continuing redeployment of
capital realised through the divestment of Informa
Intelligence in 2022. In total, we returned £725m
to shareholders in 2023 through increased
dividends (+84% to 18p) and share buybacks
(£548m shares bought and cancelled).
We were also active in expanding the portfolio,
completing a number of accretive acquisitions
tofurther enhance the Group’s future
growthprospects.
Strong financial performance
Group revenue of £3,190m reflected underlying
growth of 30.4%, including 39.2% in B2B Markets
and 3.0% in Academic Markets.
In B2B Markets, growth was supported by strong
performances in all regions, including in China,
where post-COVID customer demand for our
specialist products returned rapidly following
thereopening of the market.
We also saw strong demand for our specialist B2B
products across the Middle East, with particular
strength in our partnership in Saudi Arabia, Tahaluf.
By any measure, Informa
had a very strong year, both
operationally andfinancially.
This is particularly true
when we consider the
outlook aswe entered 2023.
Strength
Momentum
&
Annual Report and Accounts 2023
70
The combination of strong cash generation,
targeted inorganic investment, higher ordinary
dividends and further share buybacks resulted
in year end net debt (including IFRS 16 leases)
of£1,456m (2022: £245m), implying a leverage
ratioof 1.4x (2022: (0.2)x).
Effective capital management
We maintained a disciplined approach to capital
allocation through the year, with a continuing
commitment to organic investment in the Group,
both in recruiting and retaining talent, and in
investing in our products and capabilities. Net capital
expenditure of £94m was almost 40% higher than
the £68m invested in 2022, supporting the
Investment element of our GAP 2 programme.
As outlined, our performance enabled us to
increase the proposed ordinary dividend for the
year by over 80% to 18p per share (2022: 9.8p).
This was combined with £548m of share buybacks
within the year to deliver £725m returns to
shareholders. In November, weannounced
a further extension to the share buyback
programme, committing to a total programme of
£1.15bn to be completed by the Full-year Results
announcement in March 2024.
In last year’s Annual Report, we highlighted the
successful portfolio focus element of GAP 2, which
in 2022 saw us realise circa £2.5bn of value and
post-tax cash proceeds of around £1.9bn from the
divestment of our Informa Intelligence portfolio at
a blended multiple of around 28x EV/EBITDA.
During 2023, beyond the cash returns to
shareholders already outlined, we have been
purposefully redeploying the divestment proceeds
in a series of targeted portfolio additions that add
further depth in key markets and further boost
the Group’s future growth prospects.
In April, we completed the purchase of Tarsus,
strengthening our leadership in live and on-
demand events. It is a business we have long
admired, with a highly complementary portfolio
built around major brands in attractive, specialist
B2B markets in the growth regions of Asia, China,
the Middle East and the Americas.
In May, we followed this with the acquisition of
Winsight, further expanding our position in the
attractive US Foodservice market, which is large
and growing, characterised by a fragmented
supply chain and high levels of innovation.
The business offers a range of specialist B2B
services to customers including live and on-
demand B2B events through brands like the
National Restaurant Association Show, specialist
data and research through its Technomic
business, and specialist media through brands
such as Restaurant News.
Here, the latest edition of LEAP delivered further
record attendance, making it one of the largest
technology events globally in only its second year.
This was supported by the launch of three other
new events in the Kingdom, including in Food
(InFlavour), AI (Deepfest) and Real Estate (Cityscape
Global) with plans for a further 20+ new event
launches over the next three years. From a
standing start, we are already delivering more than
$90m of revenue in the Kingdom, with significant
further growth to come, as we continue to support
Saudi Arabia’s Vision 2030 ambitions to modernise
and diversify its economy.
Overall, Informa’s revenues from B2B live and
on-demand events surpassed the pre-pandemic
levels of 2019 by around 15%.
In Academic Markets, we delivered consistent
underlying revenue growth of 3.0% (2022: 3.0%),
including a solid performance in our traditional
pay-to-read business and good growth in
pay-to-publish services, where open research
volumes continue to build.
Group reported revenue growth of 41.0%
outpaced the underlying growth rate by 10.6
percentage points, reflecting acquisition
contributions (13.3 points of growth) partly offset
by more modest phasing and currency impacts.
The strong revenue performance was converted
into equally strong growth in adjusted operating
profit, +72% to £854m. This produced an adjusted
operating margin of 26.8%, up 4.9 percentage
points, largely driven by the strong growth in live
and on-demand event revenues. M&A activity
added around £95m to adjusted operating profit,
including the annualisation of the addition of
Industry Dive in September 2022.
Group statutory operating profit of £508m
(2022: £184m) also improved significantly, with
thedifference to adjusted operating profit largely
due to intangible amortisation.
Cash flow and balance
sheetefficiency
Cash conversion and cash generation remain a
core focus for the Group. We made good progress
in 2023, delivering free cash flow of £632m, well
ahead of the £418m generated in 2022. This would
have been higher still but for the unwinding of
cash prepayments collected for live and on-
demand events in China during 2022 for events
that were unable to run that year. These cash
collections were rolled into 2023, leading to a
working capital outflow in the year, when the
events were held. This dynamic will not repeat in
2024. We anticipate a return to more normal cash
flow dynamics, with higher cash conversion,
reflecting the attractive working capital dynamics
of the B2B live events model.
Strategic Report Gov Fin
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71
Financial Review
continued
Our business is well placed both geographically
and by customer market. We deliberately built our
portfolio around growth economies in North
America, Asia and the Middle East and our strong
positions in these markets are reaping the
benefits of above-trend growth in these regions.
Our customer markets are also focused on sectors
with strong growth dynamics, where there are
high levels of innovation, international reach,
andfragmented supply chains such as in Pharma,
Healthcare, Technology, Health & Nutrition,
Beauty and Aviation.
One of the hallmarks of our business is the
forward revenue visibility we have through
subscriptions and forward commitments from
exhibitors and sponsors at our events. At the end
of February 2024, we had visibility on more than
£1.5bn of revenues for the year.
The underlying growth in our markets, the
strength of our brands and strong forward
visibility give us confidence of another year of
strong growth in 2024. We are targeting high-
single-digit underlying revenue growth and
reported revenues of between £3,450m and
£3,500m. These are expected to translate to
adjusted operating profit of between £950m and
£970m (excluding any effect of the proposed
combination with TechTarget and a GBP/USD
exchange rate of $1.25), including a further
increase in operating margin towards 28%.
This will be another strong step forward for the
Group, taking us above pre-pandemic levels of
operating profit, even without the Informa
Intelligence businesses we divested in 2022.
We look forward to updating shareholders on our
progress towards these targets through the year
and reporting on our achievements in next year’s
Annual Report.
I would like to close by putting on record my
thanks toall colleagues for their work in 2023, with
particular thanks to the finance community for
everything they delivered.
Gareth Wright
Group Finance Director
In August, we acquired the HIMSS Global Health
Conference & Exhibition, a leading international
trade show for Healthcare Technology and
information management systems and a TSNN
Top 30 Trade Show brand in North America.
In September, we completed the addition of
Canalys, a specialist Tech research business
whichcomplements our existing Omdia business,
extending our expertise into the valuable
Channelsegment of the market.
In total, in 2023 we invested over £1.2bn in
targeted expansion, at an average EV/EBITDA
multiple of around 9x post synergies, adding
businesses that are expected to generate over
£300m of annualised revenues in 2024.
Looking forward, our approach to capital
allocation will remain disciplined, with a view to
retaining our investment grade rating with the
credit agencies.
We will look to maintain efficient levels of
leverage,within the range of 1.5x to 2.5x while
delivering progressive dividends and continuing
topursue attractive, targeted inorganic
opportunities should they be available.
Share buybacks remain an option if the Group
finds itself with excess capital that can be
returnedto shareholders.
For 2024 we have a base-level commitment of
afurther £250m of share buybacks in addition
tothose already completed, with potential to
increase if suitable inorganic opportunities
donotmaterialise.
Demonstrating our balance sheet capacity, in
January 2024, we announced an expansion in B2B
Digital Services through an agreement to combine
Informa Tech’s digital businesses with US-listed
TechTarget, creating a leading platform in B2B
Data and Market Access.
Growth and momentum into 2024
We look forward to 2024 with optimism and
confidence. For the first time in five years, all our
markets are fully open and operating normally,
each with structural tailwinds. The thirst for
knowledge and need for independent verification
and authentication that deliver trust and
reputation are underpinning Academic Markets.
And the inexorable drive to digitisation in
everything we do is putting greater value on
in-person interactions with customers and
colleagues, making our B2B Markets products
more important than ever. These underlying
market trends are being augmented by our own
efforts to use technology and data to improve and
add products, increasing the value, utility and
overall experience for customers.
Annual Report and Accounts 2023
72
Income Statement
Informa delivered a strong set of results for the year ended 31 December 2023, including over 30%
underlying revenue growth and circa 60% underlying adjusted operating profit growth. This reflected
strong trading performances in both B2B Markets (Informa Markets, Informa Connect and Informa Tech)
and Academic Markets (Taylor & Francis) buoyed by the full return of live events around the world,
further international expansion and the continuing benefits of our GAP 2 strategy.
Adjusted
results
2023
£m
Adjusting
items
2023
£m
Statutory
results
2023
£m
Adjusted
results
2022
£m
Adjusting
items
2022
£m
Statutory
results
2022
£m
Continuing operations
Revenue 3,189.6 – 3,189.6 2,262.4 – 2,262.4
Operating profit/(loss) 853.8 (346.0) 507.8 496.3 (312.2) 184.1
Fair value gain/(loss) on investments – 1.3 1.3 – (0.9) (0.9)
Profit on disposal of subsidiaries
andoperations – 3.0 3.0 – 11.6 11.6
Distributions received
frominvestments – – – – 20.6 20.6
Net finance costs (19.2) (0.8) (20.0) (45.3) (1.3) (46.6)
Profit/(loss) before tax 834.6 (342.5) 492.1 451.0 (282.2) 168.8
Tax (charge)/credit (156.4) 127.0 (29.4) (81.2) 54.5 (26.7)
Profit/(loss) for the year from
continuing operations 678.2 (215.5) 462.7 369.8 (227.7) 142.1
Discontinued operations
Profit for the year from
discontinuedoperations – – – 29.5 1,463.7 1,493.2
Profit/(loss) for the year 678.2 (215.5) 462.7 399.3 1,236.0 1,635.3
Adjusted operating margin from
continuing operations 26.8% 21.9%
Adjusted diluted and statutory
diluted EPS from continuing
operations 45.3p 29.9p 24.4p 9.4p
Financial results
Our performance includes a 41.0% increase in revenue from continuing operations to £3,189.6m, and a
30.4% increase on an underlying basis. Every division delivered underlying revenue growth in the year.
The Group reported a statutory operating profit of £507.8m in 2023, compared with a statutory
operating profit of £184.1m for the year ended 31 December 2022, on a continuing basis. The growth in
2023 results reflected strong trading performance across all regions, including China, where demand
returned rapidly following the reopening of the market. Adjusted operating profit from continuing
operations was £853.8m, growing 59.1% year-on-year on an underlying basis, again with growth delivered
in all our divisions.
Statutory net finance costs reduced by £26.6m to £20.0m, with adjusted net finance costs reducing by
£26.1m to £19.2m. This reflected additional interest earned on higher cash balances following the
Informa Intelligence divestment in 2022, and higher average interest rates, as well as lower interest costs
following the repayment of a Euro Medium Term Note (EMTN) in July 2023.
The combination of all these factors led to a statutory profit before tax from continuing operations of
£492.1m in 2023, compared with a statutory profit before tax of £168.8m in the year ended 31 December
2022. The profit in the year led to a statutory tax charge of £29.4m in 2023 compared with a tax charge of
£26.7m in the prior year.
This profit outcome translated into a statutory diluted earnings per share (EPS) for continuing operations
of 29.9p compared with 9.4p for the prior year, with the improvement reflecting growth in profits as well
as a lower number of shares in issue following the share buyback programme. Adjusted diluted EPS from
continuing operations grew to 45.3p from 24.4p in the prior year, an increase of 85.7%.
 
Strategic Report Gov Fin
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73
Financial Review
continued
Measurement and adjustments
In addition to statutory results, adjusted results are prepared for the Income Statement. These include
adjusted operating profit, adjusted diluted earnings per share and other underlying measures. A full
definition of these metrics can be found in the Glossary of terms on page 237 and 238. The divisional
table on page 75 provides a reconciliation between statutory operating profit and adjusted operating
profit by division.
Underlying revenue and adjusted operating profit growth on an underlying basis are reconciled to
statutory growth in the table below:
Underlying
growth
Phasing and
other items
Acquisitions
and disposals
Currency
change
Reported
growth
2023 continuing operations
Revenue 30.4% (1.3%) 13.3% (1.4%) 41.0%
Adjusted operating profit 59.1% (4.0%) 16.7% 0.2% 72.0%
2022 continuing operations
Revenue 31.4% (0.3%) 2.1% 9.7% 42.9%
Adjusted operating profit 47.0% 0.5% (1.6%) 12.6% 58.5%
Adjusting items
The items below have been excluded from adjusted results. The total adjusting items included in the
operating profit in the year for continuing operations were £346.0m (2022: £312.2m). The increase in
adjusting items is primarily due to increased amortisation arising from the acquisitions made in the
period and the associated costs of acquisition and integration. This is offset by a net fair value gain from
the remeasurement of contingent consideration.
2023
£m
2022
£m
Continuing operations
Intangible amortisation and impairment
Intangible asset amortisation
1
312.8 275.3
Impairment – acquisition-related and other intangible assets 25.1 6.9
Reversal of impairment – IFRS 16 right-of-use assets (0.6) (0.1)
Reversal of impairment – property and equipment – (0.7)
Acquisition costs 53.3 11.8
Integration costs 19.7 10.2
Restructuring and reorganisation costs 11.0 (1.6)
Onerous contracts associated with COVID-19 – 4.7
Fair value gain on contingent consideration (87.6) –
Fair value loss on contingent consideration 12.0 5.7
Foreign exchange loss on swap settlement 5.6 –
Credit in respect of unallocated cash (5.3) –
Adjusting items in operating profit from continuing operations 346.0 312.2
Fair value (gain)/loss on investments (1.3) 0.9
Profit on disposal of subsidiaries and operations (3.0) (11.6)
Distributions from investments – (20.6)
Finance costs 0.8 1.3
Adjusting items in profit before tax from continuing operations 342.5 282.2
Tax related to adjusting items (127.0) (54.5)
Adjusting items in profit for the year from continuing operations 215.5 227.7
1 Excludes intangible product development and software amortisation of £41.1m (2022: £35.2m)
Annual Report and Accounts 2023
74
Intangible amortisation on continuing operations of £312.8m (2022: £275.3m) relates to the historical
additions of book lists and journal titles, acquired databases, customer and attendee relationships and
brands related to exhibitions, events and conferences. As it relates to acquisitions, it is not treated as
anordinary cost. 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.
Acquisition costs of £53.3m (2022: £11.8m) principally relate to the acquisitions of Tarsus and Winsight,
which both completed in FY23, and the proposed combination of the digital business of Informa Tech
with TechTarget, which was announced on 10 January 2024.
The table below shows the results and adjusting items by division for continuing operations, highlighting
strong growth in the B2B Markets businesses, supported by another strong performance by Taylor & Francis.
Informa
Markets
£m
Informa
Tech
£m
Informa
Connect
£m
Taylor &
Francis
£m
Group
£m
Revenue from continuing operations 1,593.3 396.7 580.6 619.0 3,189.6
Underlying revenue growth 65.5% 5.6% 14.2% 3.0% 30.4%
Statutory operating profit from
continuing operations 228.1 98.5 31.8 149.4 507.8
Add back:
Intangible asset amortisation
1
179.0 37.5 43.4 52.9 312.8
Impairment – acquisition-related and
otherintangibles 24.5 0.3 0.3 – 25.1
Impairment/(reversal of impairment) – IFRS
16 right-of-use assets (0.1) 0.3 (0.8) – (0.6)
Acquisition costs 15.7 17.0 19.7 0.9 53.3
Integration costs 8.3 2.9 8.5 – 19.7
Restructuring and reorganisation costs (1.8) (1.1) 0.5 13.4 11.0
Fair value (gain)/loss on contingent
consideration 7.3 (82.4) (0.7) 0.2 (75.6)
Foreign exchange loss on swap settlement 2.8 0.7 1.0 1.1 5.6
Credit in respect of unallocated cash (3.3) (0.8) (1.2) – (5.3)
Adjusted operating profit from
continuing operations 460.5 72.9 102.5 217.9 853.8
Underlying adjusted operating
profitgrowth 166.1% 7.8% 23.0% 1.1% 59.1%
1 Intangible asset amortisation is in respect of acquired intangibles and excludes amortisation of software and product
development of £41.1m (2022: £35.2m)
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75
Financial Review
continued
Adjusted net finance costs
Adjusted net finance costs from continuing operations, which consists of interest costs on our corporate
bond borrowings and loans, partially offset by interest income on bank deposits, decreased by £26.1m to
£19.2m. The decrease primarily relates to higher interest income from higher interest rates on increased
cash balances that resulted from strong free cash flow generation and the cash proceeds from the
divestment of Informa Intelligence assets in 2022. Additionally, interest costs decreased following the
repayment of an EMTN in July 2023.
The reconciliation of adjusted net finance costs to the statutory finance costs and finance income is as follows:
2023
£m
2022
£m
Finance income (47.4) (27.5)
Finance costs 67.4 74.1
Statutory net finance costs 20.0 46.6
Add back: adjusting items relating to finance costs (0.8) (1.3)
Adjusted net finance costs 19.2 45.3
Taxation
Approach to tax
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 tax-payers
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) reflects the blend of tax rates and
profits in the jurisdictions in which we operate. In 2023, the adjusted effective tax rate for continuing
operations was 18.7% (2022: 18.0%).
The calculation of the adjusted effective tax rate for continuing operations is as follows:
2023
£m
2022
£m
Adjusted tax charge for continuing operations 156.4 81.2
Adjusted profit before tax for continuing operations 834.6 451.0
Adjusted effective tax rate for continuing operations 18.7% 18.0%
Tax payments
During 2023, the Group paid £112.4m (2022: £71.7m) of corporation tax and similar taxes in relation to
continuing operations, with the year-on-year increase reflecting the higher profit before tax reported
inthe year.
A breakdown of the main geographies in which the Group paid tax is as follows:
2023
£m
2022
£m
UK 20.4 6.9
Continental Europe 19.8 18.8
US 37.4 32.0
China 19.0 9.0
Rest of world 15.8 5.0
Total 112.4 71.7
Annual Report and Accounts 2023
76
The reconciliation of the adjusted tax charge to cash taxes paid is as follows:
2023
£m
2022
£m
Adjusted tax charge 156.4 81.2
Movement in deferred tax including tax losses (54.2) (18.8)
Net current tax credits in respect of adjusting items (27.9) (9.0)
Movement in provisions for uncertain tax positions 11.6 (6.5)
Taxes paid in different year to charged 26.5 24.8
Taxes paid per statutory cash flow 112.4 71.7
At the end of 2023, the recognised deferred tax assets relating to US and UK tax losses were £37.6m
(2022: £20.0m) and £9.8m (2022: £29.7m) respectively. These are expected to be utilised against future
taxable profits.
Goodwill is not amortised as it is subject to impairment reviews, and as a result there is no charge to
adjusting items for goodwill amortisation. However, there can be an allowable tax benefit for certain
goodwill amortisation in the US and elsewhere. Where this benefit arises, it reduces the tax charge on
adjusted profits.
The amortisation of intangible assets is considered an adjusting item. The £12.6m (2022: £10.7m) of
current tax credits taken in respect of the amortisation of intangible assets is therefore also treated
as an adjusting item and included in the tax credits in respect of adjusting items.
Tax contribution
The Group’s total tax contribution, from continuing and discontinued operations, which comprises
all material taxes paid to, and collected on behalf of, governments globally was £510.3m in 2023
(2022: £590.7m). The geographic split of taxes paid by our businesses was as follows:
UK
£m
US
£m
Other
£m
Total
£m
Profit taxes borne 20.4 37.4 54.6 112.4
Employment taxes borne 30.8 28.0 16.7 75.5
Other taxes 4.0 0.3 1.9 6.2
Total 55.2 65.7 73.2 194.1
In addition to the above, in 2023 we collected taxes on behalf of governments (e.g. employee taxes and
sales taxes) amounting to £316.2m (2022: £239.0m).
Strategic Report Gov Fin
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77
Financial Review
continued
Earnings per share
Adjusted diluted EPS from continuing operations was 85.7% higher at 45.3p (2022: 24.4p), largely
reflecting higher adjusted earnings of £635.1m (2022: £356.5m) together with a 4.2% decrease in
the weighted average number of shares following the share buybacks completed during the year.
An analysis of adjusted diluted EPS and statutory diluted EPS is as follows:
2023
£m
2022
£m
Statutory earnings for the year from continuing operations 419.0 138.3
Add back: Adjusting items in profit/loss for the year 215.5 227.7
Adjusted earnings for the year from continuing operations 634.5 366.0
Non-controlling interests relating to adjusted profit 0.6 (9.5)
Adjusted earnings from continuing operations 635.1 356.5
Weighted average number of shares used in adjusted diluted EPS (m) 1,402.7 1,464.3
Adjusted diluted EPS (p) from continuing operations 45.3p 24.4p
2023
£m
2022
£m
Statutory profit for the year from continuing operations 462.7 142.1
Non-controlling interests (43.7) (3.8)
Statutory earnings from continuing operations 419.0 138.3
Weighted average number of shares used in diluted EPS (m) 1,402.7 1,464.3
Statutory diluted EPS (p) from continuing operations 29.9p 9.4p
Dividends
The Group resumed dividend payments in 2022 and in 2023 the dividend was increased significantly to
reflect the strong growth in Group earnings. Going forward, the Group will look to continue progressively
growing dividends to strike a balance between rewarding shareholders and retaining the financial
strength and flexibility to invest in the business and pursue growth opportunities.
An interim dividend of 5.8p per share (2022: 3.0p per share) was paid on 15 September 2023. The total
amount paid in 2023 relating to the final dividend for 2022 and interim dividend for 2023 was £176.6m
(2022: £43.3m). The Board has recommended a final dividend of 12.2p per share for FY23 (2022: 6.8p per
share). The final dividend is scheduled to be paid on 12 July 2024 to ordinary shareholders registered at
the close of business on 7 June 2024. This will result in total dividends for the year of 18.0p per share
(2022: 9.8p per share). The Dividend Reinvestment Plan (DRIP) will be available for the final dividend and
the last date for receipt of elections for the DRIP will be 21 June 2024.
Dividend cover (see Glossary for definition) was 2.5 times (2022: 2.5 times), being adjusted diluted EPS
on continuing operations of 45.3p (2022: 24.4p) divided by total dividends per share of 18.0p (2022: 9.8p).
Our dividend payout ratio was 40%, being total dividends per share of 18.0p divided by adjusted diluted
EPS on continuing operations of 45.3p.
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. This means the Group generates revenues and costs 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 2023 across our continuing operations (2022: continuing and discontinued operations), approximately
62% (2022: 65%) of Group revenue was received in USD or currencies pegged to USD, with 8% (2022: 8%)
received in euro and 9% (2022: 1%) in Chinese renminbi.
Similarly, on continuing operations (2022: continued and discontinued operations), we incurred
approximately 54% (2022: 54%) of our costs in USD or currencies pegged to USD, with 4% (2022: 3%)
in euro and 7% (2022: 3%) in Chinese renminbi.
For continuing and discontinued operations, each one cent ($0.01) movement in the USD to GBP exchange
rate has a circa £16m (2022: circa £13m) impact on annual revenue, and a circa £6m (2022: circa £5m)
impact on annual adjusted operating profit.
Annual Report and Accounts 2023
78
The following rates versus GBP were applied during the year:
2023 2022
Closing rate Average rate Closing rate Average rate
US dollar 1.27 1.24 1.21 1.24
Chinese renminbi 9.05 8.82 8.34 8.30
Euro 1.15 1.15 1.13 1.17
Free cash flow
Cash management and cash generation 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
conversion rate, reflecting the relatively low capital intensity of the Group.
The following table reconciles the statutory operating profit to operating cash flow (OCF) and free cash
flow (FCF), both of which are defined in the Glossary.
2023
£m
2022
£m
Statutory operating profit 507.8 184.1
Add back: Adjusting items 346.0 312.2
Adjusted operating profit 853.8 496.3
Depreciation of property and equipment 13.5 11.7
Depreciation of right-of-use assets 26.3 24.8
Software and product development amortisation 41.1 35.2
Share-based payments 20.8 17.5
Loss on disposal of other assets 2.4 0.3
Adjusted share of joint venture and associate results (5.8) (2.1)
Adjusted EBITDA
1
952.1 583.7
Net capital expenditure (93.8) (67.5)
Working capital movement
2
(55.2) 65.3
Pension deficit contributions (3.5) (6.9)
Operating cash flow 799.6 574.6
Restructuring and reorganisation (15.4) (14.1)
Onerous contracts associated with COVID-19 (0.9) (5.5)
Net interest (39.2) (65.4)
Taxation (112.4) (71.7)
Free cash flow from continuing operations 631.7 417.9
Free cash flow from discontinued operations – 48.5
Free cash flow 631.7 466.4
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, COVID-19 costs 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
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79
Financial Review
continued
FCF from continuing operations was £213.8m higher than 2022 principally due to the £357.5m higher
adjusted operating profit and a reduction of £26.2m in net interest paid, which was partly offset by an
increase in cash tax of £40.7m, an increase in capex investment of £26.3m and working capital outflows
of £55.2m in the year (2022: £65.3m inflows). The calculation of OCF conversion and FCF conversion is
asfollows:
Operating cash flow
conversion
Free cash flow
conversion
2023
£m
2022
£m
2023
£m
2022
£m
Operating/free cash flow from continuing operations 799.6 574.6 631.7 417.9
Adjusted operating profit from continuing operations 853.8 496.3 853.8 496.3
Operating/free cash flow conversion from
continuingoperations 93.7% 115.8% 74.0% 84.2%
Net capital expenditure from continuing operations increased to £93.8m (2022: £67.5m) reflecting
continuing GAP 2 investments and other capital expenditure. This investment was equivalent to 2.9%
of 2023 continuing revenue (2022: 3.0%).
Net cash interest payments of £39.2m were £26.2m lower than the prior year, largely reflecting interest
income on the Group’s increased cash balances following the divestment of the Informa Intelligence
portfolio in 2022, some of which has since been reinvested in targeted acquisitions such as Tarsus
and Winsight.
The following table reconciles net cash inflow from operating activities for continuing operations, as
shown in the Consolidated Cash Flow Statement, to free cash flow from continuing operations:
2023
Continuing
£m
2022
Continuing
£m
Net cash inflow from operating activities for continuing operations
perstatutorycash flow 620.2 397.2
Interest received 47.9 25.7
Purchase of property and equipment (27.5) (14.5)
Purchase of intangible software assets (55.1) (37.9)
Product development cost additions (11.2) (15.1)
Add back: Acquisition and integration costs paid 57.4 18.2
Add back: Additional pension payment – 16.1
Add back: Pension payment into escrow – 28.2
Free cash flow from continuing operations 631.7 417.9
Net cash from operating activities for continuing operations increased by £223.0m to £620.2m,
principally driven by the increase in adjusted profit in the year, partly offset by a working capital outflow
of £55.2m, which compared with a £65.3m inflow in 2022. The working capital outflow in 2023 reflected
the recognition of revenue for events where the cash collections had been received before 2023, but the
events were postponed until 2023 because of COVID-19. This was particularly relevant for 2023 events
inChina.
Annual Report and Accounts 2023
80
The following table reconciles cash generated by operations for continuing operations, as shown in the
Consolidated Cash Flow Statement, to operating cash flow from continuing operations shown in the free
cash flow table above:
2023
Continuing
£m
2022
Continuing
£m
Cash generated by operations for continuing operations per statutory cash flow 819.7 560.0
Capital expenditure paid (93.8) (67.5)
Add back: Acquisition and integration costs paid 57.4 18.2
Add back: Restructuring and reorganisation costs paid 15.4 14.1
Add back: Additional pension payment – 16.1
Add back: Pension payment into escrow – 28.2
Add back: Onerous contracts associated withCOVID-19 0.9 5.5
Operating cash flow from continuing operations 799.6 574.6
The following table reconciles free cash flow from continuing and discontinued operations to net funds
flow and net debt, with net debt increasing by £1,211.8m to £1,456.4m during the year.
2023
£m
2022
£m
Free cash flow from continuing and discontinued operations
1
631.7 466.4
Acquisitions (1,125.1) (405.3)
Disposals (16.0) 1,896.8
Additional pension payment – (16.1)
Pension payment into escrow – (28.2)
Repayment of acquired debt 443.9 36.6
Dividends paid to shareholders (176.6) (43.3)
Dividends paid to non-controlling interests (16.0) (9.5)
Dividends received from investments 1.4 1.8
Distributions received from investments – 20.6
Purchase of own shares through share buyback (548.0) (513.3)
Purchase of shares for Trust (4.8) (3.3)
Net funds flow (805.9) 1,403.2
Non-cash movements excluding acquired debt 76.0 (133.0)
Foreign exchange 2.7 (31.8)
Net finance lease additions in the year (37.1) (11.8)
Net debt at 1 January (244.6) (1,434.6)
Acquired debt (443.9) (36.6)
Net debt (1,456.4) (244.6)
1 Includes free cash flow for discontinued operations of £48.5m for 2022
Financing and leverage
Net debt increased by £1,211.8m in the year to £1,456.4m (2022: £244.6m). This was largely due to the
addition of a number of businesses during the year, as well as the growth in dividends and ongoing share
buyback programme, all of which were partially offset by strong growth in free cash flow.
The Group retains significant available liquidity, with unutilised committed financing facilities available to
the Group of £1,097.1m (31 December 2022: £1,099.9m). Combined with £389.3m of cash
(2022: £2,125.8m), the available Group-level liquidity at 31 December 2023 was £1,486.4m (31 December
2022: £3,225.7m).
Strategic Report Gov Fin
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81
Financial Review
continued
The average debt maturity on our drawn borrowings is currently 2.7 years (31 December 2022: 3.1 years).
Following the EUR EMTN of GBP equivalent €450.0m (£386.0m) which matured in July 2023, there are no
significant maturities until October 2025.
Net debt and committed facilities
2023
£m
2022
£m
Cash and cash equivalents (389.3) (2,125.8)
Bond borrowings 1,492.6 1,910.7
Bond borrowing fees (6.2) (8.8)
Bank borrowings 30.4 41.3
Bank borrowing fees (2.3) (2.4)
Derivative assets associated with borrowings – (2.2)
Derivative liabilities associated with borrowings 77.9 168.1
Net debt/(cash) before leases 1,203.1 (19.1)
Lease liabilities 263.8 270.4
Finance lease receivables (10.5) (6.7)
Net debt 1,456.4 244.6
Borrowings (excluding derivatives, leases, fees and overdrafts) 1,523.0 1,952.0
Unutilised committed facilities (undrawn revolving credit facility) 1,050.0 1,050.0
Unutilised committed facilities (undrawn Curinos facilities) 47.1 49.9
Total committed facilities 2,620.1 3,051.9
The Informa leverage ratio at 31 December 2023 was 1.4 times (31 December 2022: (0.2) times), and the
Informa interest cover ratio was 75.2 times (31 December 2022: 16.6 times). Both are calculated consistently
with our historical basis of reporting of financial covenants which no longer applied at 31 December 2023.
See the Glossary for the definition of Informa leverage ratio and Informa interest cover.
The calculation of the Informa leverage ratio is as follows:
2023
£m
2022
£m
Net debt 1,456.4 244.6
Adjusted EBITDA
1
952.1 625.5
Adjusted leverage 1.5x 0.4x
Adjustment to EBITDA
2
0.1x –
Adjustment to net debt
2
(0.2)x (0.6)x
Informa leverage ratio 1.4x (0.2)x
1 Includes adjusted EBITDA for discontinued operations of £41.8m for 2022
2 Refer to Glossary for details of the adjustments to EBITDA and net debt for Informa leverage ratio
The calculation of Informa interest cover is as follows:
2023
£m
2022
£m
Adjusted EBITDA
1
952.1 625.5
Adjusted net finance costs 19.2 45.3
Adjusted interest cover 49.6x 13.8x
Adjustment to EBITDA
2
25.6x 2.8x
Informa interest cover 75.2x 16.6x
1 Includes adjusted EBITDA for discontinued operations of £41.8m for 2022
2 Refer to Glossary for details of the adjustments to EBITDA for Informa interest cover
There are financial covenants over £30.4m (2022: £41.3m) of drawn borrowings in the Curinos business.
These financial covenants are ring-fenced to borrowings against the Curinos business only. 
Annual Report and Accounts 2023
82
Corporate development
Informa has a proven track record in creating value through identifying, executing and integrating
complementary businesses effectively into the Group. In 2023, cash invested in acquisitions was
£1,125.1m (2022: £405.3m). Of this, £596.7m (2022: £315.1m) related to spend on acquisitions net of cash
acquired, £22.8m (2022: £9.8m) to cash paid for business assets, £57.4m (2022: £20.1m) to acquisition
and integration spend, £nil (2022: £1.5m) to the cash settlement on the exercise of an option relating
tonon-controlling interests, £nil (2022: £22.2m) to the acquisition of the convertible bond, £443.9m
(2022: £36.6m) to the repayment of acquired debt and £4.3m (2022: £nil) to a further investment in the
Group’s interest in BolognaFiere. See Note 17 and Note 19.
Acquisitions
Informa completed a number of acquisitions during 2023, the most significant being Tarsus, Winsight,
HIMSS and Canalys.
On 17 April 2023 Informa acquired 100% of the shares in Tiger Acquisitions (Jersey) Limited, which
ultimately owns the Tarsus Group (collectively Tarsus). Tarsus owns and operates a portfolio of over
160live and On-Demand B2B event brands across a number of specialist markets. Total consideration
forTarsus was £359.4m, of which £168.1m was paid in cash, £169.8m was settled by the issue of 26.0m
shares in Informa Plc at a price of £6.56 per share, and the remainder represented by deferred Informa
equity, determined to have a fair value of £21.5m at acquisition date, which is contingent upon the
Informa PLC share price reaching £8.50 by 1 June 2025. Immediately upon completion, Informa repaid
£443.9m of Tarsus’ external debt, resulting in an overall cost, excluding fees and the deferred Informa
equity, of £781.8m.
On 16 May 2023 Informa acquired 100% of LOE Holdings LLC, the parent company of Winsight LLC,
anditssubsidiaries (collectively Winsight). Winsight provides a range of specialist B2B services to the
Foodservice market, including events, data and research and media. Total consideration was £324.4m,
ofwhich £314.7m was paid in cash and £9.7m was contingent cash consideration. The contingent
consideration is based on 2023 revenue and EBITDA performance.
On 1 August 2023 Informa completed the acquisition of the HIMSS Global Health Conference & Exhibition
(HIMSS) assets. HIMSS is the largest US event focusing on information systems and information
technology for the health sector. Total consideration was £84.0m, all of which was paid in cash.
On 1 September 2023 Informa acquired 100% of the shares of Canalys Pte Ltd and its subsidiaries
(collectively Canalys). Canalys is a specialist market research and analysis business that serves two
sub-segments of the Tech market, channel and mobility. Total consideration was £48.6m, comprised
of£41.5m cash, £3.9m in ordinary shares in Informa PLC and £3.2m contingent consideration.
The contingent consideration is based on revenue and cash performance in the period 1 April 2023
to31 March 2024.
Share buyback
A central theme of GAP 2 was the decision to increase portfolio focus and accelerate investment in the
two markets where the Group has leadership positions of scale and which offer attractive opportunities
for further growth and expansion: Academic Markets and B2B Markets.
Under GAP 2, the Group committed to return capital to shareholders through a share buyback
programme which was expanded to £1.15bn in November 2023. In the year ended 31 December 2023,
£548.3m of shares were repurchased with 77.1m shares cancelled. Cumulatively by 31 December 2023,
£1,065.3m of shares had been repurchased with 166.1m shares cancelled. The shares acquired during
theyear ended 31 December 2023 were at an average price of 711p per share, with prices ranging from
626p to 790p.
Pensions
The Group continues to meet all commitments to its pension schemes, which include five (2022: six)
defined benefit schemes, all of which are closed to future accruals.
At 31 December 2023, the Group had a net pension surplus of £41.7m (31 December 2022: £49.1m),
comprising a pension surplus of £48.1m (31 December 2022: £55.8m) and pension deficits of £6.4m
(31 December 2022: £6.7m). Gross liabilities were £478.2m at 31 December 2023 (31 December
2022: £477.3m).
Strategic Report Gov Fin
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83
Task Force on Climate-related Financial Disclosures report
The combination of this report, and the
other sections of the Annual Report
indicated, contain all the information
we consider material to understanding
Informa’s position and prospects
regarding climate change. We cross-link
within the Annual Report to ensure
clarity and avoid repetition. This also
reflects how seizing opportunity and
managing risk is well embedded in our
business, and so further information is
in FasterForward (pages 22 to 27), Risk
management (pages 56 to 66, KPIs
(pages 54 and 55) and the Board’s Year
(pages 96 to 101).
We know that some stakeholders have
adeeper level of interest and provide
additional information in separate
documents to cater to those needs:
specifically our Climate Impacts Report,
last updated in the first quarter of 2024,
and our annual Sustainability Report.
Governance
Oversight and management of climate
change risk and opportunity are part of
our broader approach to sustainability
and to risk management, both ofwhich
are overseen by the Board and
leadershipteam.
The Informa Board reviews and
approves the company’s overall
sustainability strategy, which includes
FasterForward and the approach to
managing climate change impacts.
The full Board receives twice-yearly
reports from the Head of Sustainability
that include matters relating to climate
change and any financial impacts of
ascale relevant to Board matters.
These updates include progress
againstgoals and targets, allowing
theBoard to monitor performance and
the effectiveness of implementation.
As part of its duties, the Board also
considers matters related to the
environment in its decision making.
We have a dedicated Climate Impact
Steering Committee, chaired by the
Group Finance Director, to provide
additional leadership and focus in this
area and co-ordinate between functions
with a shared interest in assessing and
managing impacts. It reports twice each
year to the Audit Committee on its
activities, and in this way the Audit
Committee is updated on developments
in climate change reporting.
Climate-related risks are considered
bythe Risk Committee, which reports
to the Audit Committee, after every
meeting. The Risk Committee is chaired
by the Group Finance Director, who
sitsonthe Board.
At an executive level, sustainability is
overseen bythe Director of Investor
Relations, Communications & Brand,
who is a member of Informa’s
leadership team and Climate Impact
Steering Committee, and to whom the
Group Sustainability team reports.
The Sustainability team devises and
implements Informa’s overarching
response to climate change impacts.
Identifying climate risk and opportunity
on a product and market level, and
acting on those, is embedded in
business planning and risk management
at a divisional level.
Sustainability criteria are included
in Director remuneration plans.
Proposed for the 2024 Long-Term
Incentive Plan (LTIP) isa measure
related to our Sustainable Event
Fundamentals programme, which
includes climate-related elements such
as energy efficiency at our events.
Climate Impacts Report
page 7
Risk management
pages 58 and 59
The Board’s Year
page 99
Directors’ Remuneration Report
page 127
Over the coming decades,
climate change is expected
toaffectmostpartsof
society, creating
opportunities and
risksforeconomies,
markets andbusinesses.
We have assessed what impacts – that
is, what risks and what opportunities –
could affect Informa and keep this
under regular review through our
ongoing risk management processes
and our sustainability-related working
groups and programmes.
Over the periods we focus on, none of
the potential risks we have modelled
meet the threshold for climate change
to be a principal risk to Informa, or
tohave a material financial impact.
As discussed in FasterForward on
pages 22 to 27, we also believe there
are business opportunities for Informa
from helping customers to better
understand and act on their own
climate – and sustainability – related
goals. Due to the diversified and
distributed nature of our business and
products, we have not yet financially
quantified these consistently across
the company.
We continue to keep these findings
under review to understand any
developments in forecasting, climate
science or our markets that would
affect them.
This section contains disclosures that
follow the guidelines of the Task Force
on Climate-related Financial
Disclosures (TCFD) and are consistent
with its four pillars – Governance,
Strategy, Risk Management and Metrics
& Targets – and 11 recommended
disclosures. We have also considered
the Task Force’s Guidance for All
Sectors and reflected its suggestions
where that information is important to
understanding the company and the
important impacts of climate change
upon it.
Annual Report and Accounts 2023
84
Strategy
Accelerating sustainability, through
a focus on and investment in the
FasterForward programme, is one
part of Informa’s growth strategy.
FasterForward is a broad plan designed
to seize opportunities and manage our
responsibilities and risk around
sustainability, and is a key part of our
response to and management of
climate change.
In the pursuit of our strategy, we
have identified 11 areas of risk and
opportunity related to physical impacts
from climate-related events and
transition impacts from the way or
speed with which the world moves to
alower-carbon economy. They are
described below along with an
overview of how each risk or
opportunity is addressed through
existing activities.
When considering the impacts, we use
the same time horizons that are used
inInforma’s business planning, risk
management and viability modelling:
anear time horizon of 12 months
(shortterm) and a medium term of
three years. We also look at emerging
risk and climate change over a longer-
term horizon of five years.
More broadly, our business model
hasagood degree of resilience to some
of the risks most related to climate
change. This resilience comes from
factors including the breadth of
geographies we work in, the diversity
ofcustomer markets we serve, the
distributed nature of our operations
andour culture of acting quickly and
proactively on issues and opportunities.
We have limited exposure to the
markets at most risk ofsevere
disruption from the transition to a
lower-carbon economy, arelatively low
intensity of energy use and proven
capabilities to relocate work and
operations at short notice if needed
intheface ofan extreme weather event.
Impact and type Description Time horizon Actions
Physical risk: workplace
and community
disruption
Extreme weather events could affect the
locations where our colleagues work
Short, medium,
long term
Extensive and proven remote working capabilities
Physical risk: event and
supply chain disruption
Extreme weather events could disrupt
our business operations, events and
delivery infrastructure
Short, medium,
long term
Business resilience planning and health andsafety
incident response plans
Transition risk and
opportunity: evolving
customer markets
Some markets we serve may grow and
others be disrupted by the shift to a
lower-carbon economy
Short, medium,
long term
A diversified business by market where opportunity
and risk identification and management are
embedded in divisions
Transition risk and
opportunity: change to
business travel patterns
Changes to customer willingness to travel
could make some live events more or less
valuable and some on-demand events
more or less popular
Medium, long term A diversified business by product, customer market
and geography, providing high-value services,
including must-attend events. Our events act as
efficient travel consolidators, saving attendees time,
money and carbon
Transition risk: changes
to carbon costs in direct
operations
Changes in the price of renewable
electricity and carbon offsets could
affect overall costs
Medium, long term Actions to reduce Scope 1 and 2 emissions reduce
carbon offset purchases
Transition risk: changes
to carbon costs in the
value chain
Any new costs, such as carbon taxes
on flights or budgets for individuals
orcompanies, could affect supply
chain costs
Long term Actions to reduce Scope 3 emissions, including
supplier engagement, reduce potential carbon
costs in the supply chain
Transition risk and
opportunity: attracting
and retaining talent
Our reputation on sustainability could
influence recruitment and colleague
retention
Short, medium,
long term
Implementing FasterForward and our proactive
talent attraction and retention programmes
Transition risk and
opportunity: market
association
Working in markets or with partners who
are positively or negatively associated
with sustainability could impact
our reputation
Short, medium,
long term
A diversified business by market, with limited
exposure to markets at most risk of disruption
Transition risk and
opportunity: climate-
related legislation
Complying with new legislation can
entail costs and bring opportunities
to demonstrate performance
Short, medium
term
Management of regulatory compliance risk and work
to prepare for new regulation
Transition risk and
opportunity: investor
focus on climate change
Growing investor interest in ESG could
attract new funds or otherwise impact
investment decisions
Short, medium,
long term
Implementing FasterForward and continued focus on
performance in relevant indices
Transition risk
andopportunity:
otherstakeholder
expectations
Changing stakeholder expectations may
influence our reputation and require
more resources for engagement
and reporting
Short, medium,
long term
Implementing FasterForward and stakeholder
engagement programmes
Strategic Report Gov Fin
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85
Task Force on Climate-related Financial Disclosures report
continued
As part of our assessment, we have
built a dynamic financial model, based
around a series of estimates and
assumptions, totest and quantify the
impact of the four risks that Informa
believes could be most material from a
financial and non-financial perspective
– evolving customer markets, potential
change to business travel patterns,
extreme weather events that affect
ourlargest events, and workplace and
community disruption – in four
scenarios. We use a materiality
threshold that aligns with the
thresholds used in our viability
modelling. This process is described
on pages 67 and 68.
These scenarios align with the UN’s
Climate Action Pathways, which set out
the conditions needed to maintain
global temperature rises within certain
thresholds, and have been further
customised to make them relevant to
our business.
The model draws on publicly available
data and internal data sets to create an
estimate of annual discounted value at
risk. Because our climate impacts are
judged to be limited in the short and
medium term, we model and present
them against afive-year time horizon.
While we recognise many climate
impacts are even longer term in nature,
the nature of our business planning
and markets means it is challenging to
model further ahead with accuracy.
Our balance sheet holds a relatively low
value of tangible fixed assets. As there
is little value in calculating physical risks
on leased offices and other buildings,
we consider the risk of disruption from
loss of offices instead.
The analysis does not currently
incorporate the opportunities we
expect to become available to Informa
as different markets evolve. We have
also not currently modelled the
opportunity to create new products
beyond a business-as-usual level, which
we would expect to arise in the Blue
World and Green World scenarios.
The analysis shows the impact if risk is
not mitigated. This provides a baseline
against which our actions to manage
risk can be measured. It guides which
impacts should be monitored and
managed most closely and what the
multiplying factors might be within
each impact valuation. Impacts have
been discounted using the Group’s
weighted average cost of capital to
show a present value.
Over these periods, none of the
potential impacts we have modelled
meet the threshold for climate change
to be a principal risk to Informa.
The analysis, combined with the
results of our 2023 double materiality
assessment described on page 29,
confirm that, between our
FasterForward programme, business
planning and risk management
activities, we are continuing tofocus on
the areas that are most significant to
Informa’s future position and success.
The Climate Impacts Steering
Committee will continue to review
whether to expand the model to
include more of our 11 identified
impacts, based on any changes to the
materiality of those risks and overall
risk appetite and tolerance.
Climate scenarios
Business as usual Blue World Green World A Green World B
Global temperature
rise by 2100
>3°C 2°C 1.5°C 1.5°C
Assumed policy
developments
No change Significant promotion of
investment in low-carbon
technology
Radical push to decarbonise by governments, business
andsociety
Assumed technological
developments
Follows historical
pattern
Rapid development and scaling
ofnew technology
Low-carbon air transport remains
unviable for next ten years
Technology advances alone are not sufficient to
decarbonise to 1.5°C but rapid development and scaling
ofnew technologies are assumed, along with low-carbon
air transport remaining unviable
Assumed macro-
economic conditions
High market
uncertainty
Potential for
individual
marketcollapse
Some market uncertainty
Gaps between winning and
losingcompanies
High market certainty. Sector financial performance
ishighly aligned to carbon performance
Customer sentiment
changes
Follows historical
pattern
Major demand for knowledge and
trade in certain sectors
Significant behaviour
change, including blanket
reduction in travel resulting
in decreasing attendance at
live events
Significant behaviour
change, combined with
afocus on travel
effectiveness, protecting
and supporting the role
oflive events as a travel
consolidator, making them
the destination of choice
forbusiness travellers
Annual Report and Accounts 2023
86
Estimated financial impacts of climate scenarios
The below table outlines the annual discounted value at risk in five years’ time* for each of the four key risks identified.
This does not include any reduction to the value at risk through mitigation, which we believe would be material.
Business as usual Blue World Green World A Green World B
Workplace and community disruption After modelling, this does not represent a significant impact in any scenario due to colleague and
business flexibility, demonstrated during the pandemic
Event and supply chaindisruption £19.5m in all scenarios over a five-year timeframe
Evolving customer markets £nil £3.6m £1.4m in both Green World scenarios
Customer willingness to travel £(0.8)m £6.6m £35.2m £(13.9)m
* Unmitigated single-year net income at risk for the year ended 31 December 2028 on a discounted basis
Climate Impacts Report pages 8 to 16
FasterForward page 22
Risk management pages 58 and 59
Risk Management
The process for identifying, assessing
and managing climate-related impacts
is integrated into Informa’s wider risk
management process.
Under our risk management
framework, climate change is
categorised as an emerging risk and is
assessed, reviewed and managed as
part of our standard risk management
process, which includes consideration
by the Risk Committee at each meeting.
It is recognised as a contributing factor
to the principal risks of Inadequate
response to major incidents, Inability
toattract and retain key talent, Reliance
on key partnerships and Economic
instability, receiving additional focus as
part ofthe management of these risks.
We identify climate impacts through
internal workshops, joining peer group
discussions, input from consultants
andongoing horizon scanning of
external trends and internal data.
We review our impacts every one to
two years depending on their severity
and time horizons.
We model impacts in different regions
where appropriate and practical: for
example, where physical risks or
customer sentiment vary by location.
As the model is based on a series of
estimates and assumptions, thevalue
at risk identified is sensitive to changes
in these assumptions.
Risk management pages 58 and 59
Climate Impacts Report pages 17
and 18
Metrics & Targets
The most significant and relevant metrics
we use to assess the management of
climate related risks are:
• Meeting our Science Based Targets:
to reduce Scope 1 and 2 emissions
by55% by 2030 and reduce Scope 3
emissions by 20% from a 2017 baseline
• Meeting three individual
FasterForward goals: to become zero
waste and net zero carbon by 2030 or
earlier, to become carbon neutral as
a business and across our products
by 2025 and to save customers more
carbon than we emit by 2025
Other broader metrics we monitor,
which include an element of
performance on climate change-related
matters, are the results of assessments
by the DJSI and CDP. As part of our
involvement with the Net Zero Carbon
Events initiative we are collaborating
onthe creation of event industry
relevant metrics, which we expect
toincorporate into our monitoring
whenestablished.
KPIs page 55
FasterForward page 24
Climate Impacts Report
pages 19 and 20
Strategic Report Gov Fin
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87
Non financial and sustainability
information statement
Under the Companies Act 2006, we are asked to summarise
in a statement how we manage certain non-financial and
climate-related matters, which follows. Our most significant
company policies can be found on the Informa website.
Colleague matters
Our colleagues and culture are
a strength and key factor in
Informa’s performance.
Read how we attract, retain and
develop talent in People and
partnerships, page 28.
Policies, outcomes, due diligence
Various policies support retention,
culture and conduct. One example
isRespect at Work, which sets out
azero tolerance for bullying and
harassment. All colleagues were
asked to accept this policy in 2023.
The majority were required to
complete online training during the
year, with completion standing at
96%, while the remainder will do
so in 2024. We monitor policy
effectiveness through whistleblowing
and HR reports, assessing all reports
and taking action where non-
compliance is found.
Environmental matters
Our direct impact on the
environment is relatively low.
Under FasterForward, we are
taking action to manage our
footprint and reduce waste and
the use ofcarbon.
Policies, outcomes, due diligence
Our Sustainability Policy includes
details of our policy on paper and
timber usage. We aim that 100%
of paper and timber used in our
products is sourced from responsibly
managed, sustainable forests.
The Sustainability team engages with
colleagues who procure and engage
with suppliers and conducts spot
checks. Procurement teams require
relevant suppliers to agree to the
policy as part of new contracts and
renewals. In 2023, 97% of paper was
certified as sustainably sourced.
Business model
We connect people, enable
discovery and deliver specialist
knowledge and trusted content
for professionals, businesses and
researchers working in a range
ofspecialist markets.
Business model
page 4
Climate-related
financial matters
and disclosures
Governance: Climate-related risks
andopportunities are overseen
bytheBoard and leadership team, as
described on page 84, as part ofour
broader approach to sustainability
and to risk management.
Identification, assessment and
management: We identify, assessand
manage risks and opportunities as
part of our existing risk management
and business planning processes.
This is supplemented by subject
matter expert inputs and dedicated
horizon scanning led by our
Sustainability team.
Principal risk and risk management
Health and safety incidents
Principal risks
page 65
KPI
Through incident reporting.
Health and safety is also included in
DJSI performance, a Group KPI
Principal risk and risk management
Climate change is a contributor to
but not a standalone principal risk.
See the TCFD report for full
information
TCFD
pages 84 to 87
KPI
Group KPI of colleague engagement
KPIs
page 55
Principal risk and risk management
Inability to attract and retain
keytalent
Principal risks
page 65
KPI
Group KPI of colleague engagement
KPIs
page 55
Annual Report and Accounts 2023
88
Social matters
We aim to have a positive impact
and contribute to the success
ofthe communities we live in
andwork with.
Policies, outcomes, due diligence
Our social impact takes various
forms. One is the health, safety and
welfare of colleagues, customers and
suppliers. Our Health and Safety
Policy commits to following all
relevant legislation and mitigating
accidents in our workplaces. Each live
event team must complete a health
and safety assessment before an
event opens and report any incidents
or near misses through a notification
platform. The Health, Safety and
Security team visits selected sites
toreview assessments, investigate
any issues and provide advice on
any improvements.
Matters of respect
forhuman rights
We support the UN’s Universal
Declaration of Human Rights and
recognise that human rights are
relevant to business matters such
as privacy, respect at work, health
and safety, and labour rights.
Policies, outcomes, due diligence
Our Human Rights Policy incorporates
eight areas specific to supporting
human rights. One of those is
responsible content. We require that
all contributions respect the rights of
everyone involved in their creation,
including authors and research
subjects. Research submissions
undergo integrity checks pre
publication and a dedicated Publishing
Ethics and Integrity team in Taylor &
Francis investigates reports of
misconduct or potential fraud.
Cases are tracked through ethics and
integrity dashboards that provide
reporting on case management,
keytrends and risk areas.
Anti-bribery and anti-
corruption matters
We have a zero tolerance for any
forms of bribery and corruption
involving Informa or our
business partners.
Policies, outcomes, due diligence
Our Anti-Bribery and Corruption
Policy sets out our standards.
We conduct periodic training for
colleagues on the policy, with all
newstarters receiving it, and further
specialist training for colleagues
inhigher-exposure roles.
Completion rates among both
groupsstand at 96%. Due diligence
ofhigher-risk business partners,
including sales agents, occurs and
wehave processes to address or
mitigate identified risks and terminate
relationships that cannot be managed
or where breaches are found.
All reports are investigated and no
such breaches were identified in 2023.
Link to risk management: Climate
change is recognised as an emerging
risk and a subrisk of certain principal
risks. In this way, itis assessed,
reviewed and managed as part of our
standard risk management process,
which includes a review by the Risk
Committee at each meeting.
Risks, opportunities, business impact
and time horizons: We have identified
11 areas of risk and opportunity. These,
their relevance to Informa and time
horizons are detailed on page 85.
Resilience: Business resilience is
described and modelled in different
scenarios in the TCFD report (pages 86
and 87).
Targets and KPIs: GHG emission
targets and latest performance are
described on page 55. The other
targets and metrics monitored that
are important to understanding the
company are described in the TCFD
report on page 87.
Principal risk and risk management
Health and safety incidents
Principal risks
page 65
KPI
Through incident reporting.
Health and safety is also included
in DJSI performance, a Group KPI
Principal risk and risk management
Inadequate regulatory compliance
Principal risks
page 66
KPI
Through audit checks and
monitoring whistleblowing reports
Principal risk and risk management
The Human Rights Policy is relevant
to privacy regulation, data loss and
cyber breach, and health and
safety incidents
Principal risks
pages 64 and 65
KPI
Through audit checks and
whistleblowing reports.
Human rights are also included in
DJSI performance, a Group KPI
Strategic Report Gov Fin
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89
Governance
Report
Contents
Informa’s Board
Board of Directors 91
Board review and activity
Chair’s introduction to governance 94
The Board’s year 96
Section 172 Statement 102
Compliance with the UK Corporate
Governance Code 103
Committee reports
Nomination Committee Report 106
Audit Committee Report 111
Directors’ Remuneration Report 121
Other governance information
Directors’ Report 140
Statement of Directors’
responsibilities 141
Annual Report and Accounts 2023
90
John Rishton 
Chair
Mary McDowell 
Senior Independent
Director
Stephen A. Carter CBE
Group Chief Executive
Gareth Wright
Group Finance Director
Appointed Non-
Executive Director in
May 2010, Group Chief
Executive in late 2013
Before becoming Informa’s
Group Chief Executive,
Stephen was President and
Managing Director EMEA at
Alcatel Lucent Inc., Managing
Director and COO of ntl (now
Virgin Media) and Managing
Director then Chief Executive
of JWT UK & Ireland.
He was the founding CEO
of Ofcom and Chief of
Strategy and Minister for
Telecommunications and
Media in the government of
Prime Minister, The Right
Hon. Gordon Brown.
Stephen is a Non-Executive
Director of Vodafone PLC
and is Informa’s
representative on the Board
of PA Media Group Limited,
BolognaFiere and Norstella,
and Chair of Informa’s joint
venture with the Principality
of Monaco.
Stephen was made a Life
Peer in 2008.
Appointed July 2014
Gareth has considerable
experience in senior financial
roles across multiple UK
public companies.
He joined Informa in 2009
and has held a variety of
positions within the Group,
including Deputy Finance
Director and Acting Group
Finance Director, before
being appointed as Group
Finance Director in July 2014.
Gareth also chairs our
RiskCommittee.
Before joining Informa,
Gareth held a variety of
roles at National Express plc,
including Head of Group
Finance and Acting
Group Finance Director.
He qualified as a chartered
accountant with Coopers &
Lybrand (now part of PwC).
Appointed June 2018
and as Senior
Independent Director
inNovember 2021
Mary is a technology
industry professional with
deep product and digital
experience. She was Board
Chair of Mitel Networks
Corporation until November
2022, having previously
served as its President
andCEO.
Mary served as CEO of
Polycom until its acquisition
by Plantronics in 2018, was
an Executive Partner at Siris
Capital LLC, and Executive
Vice President at Nokia in
charge of feature phones
and associated digital
services. Earlier in her career
she spent 17 years at HP,
including five years as Senior
Vice President and General
Manager of its industry-
standard server business.
Mary is an independent
Non-Executive Director and
Chair of the Compensation
and Human Resources
Committee at Autodesk, Inc.
and an independent
Non-Executive Director of
Arrow Electronics, Inc.
Appointed Non-
Executive Director in
September 2016, Chair
in June 2021
John brings significant
financial and international
commercial experience to
Informa. He was Chair of the
Audit Committee from
September 2016 until his
appointment as Board Chair
in June 2021.
John was Chief Executive of
Rolls-Royce Group PLC from
2011 to 2015, having been a
Non-Executive Director since
2007. His previous positions
include Chief Financial
Officer and then Chief
Executive and President of
Royal Ahold NV and Chief
Financial Officer of British
Airways PLC. John has also
held non-executive
directorships at Unilever,
Associated British Ports and
Allied Domecq.
John is Chair of Serco Group
PLC and Audit & Risk
Committee Chairman at Majid
Al Futtaim Properties LLC.
Board of Directors
Nomination Committee
Audit Committee
Remuneration Committee
Committee Chair
Member
Governance ReportStr
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Inf
91
Gill Whitehead
Non-Executive Director
Patrick Martell  
Group Chief
OperatingOfficer
Louise Smalley
Non-Executive Director
David Flaschen
Non-Executive Director
Appointed October
2021 and as
Remuneration
Committee Chair
inJanuary 2022
Louise has extensive
experience in talent
management and
development, as well as
remuneration and reward,
working for large UK and
international corporations.
She attended the Cambridge
Institute for Sustainability
Leadership and has
experience integrating
sustainability strategies.
Louise most recently served
as Whitbread plc’s Group HR
Director and an Executive
Director, having held HR
directorships within
Whitbread’s Hotels &
Restaurants and David
Lloyd Leisure divisions.
Before joining Whitbread,
she worked in human
resources at Esso and BP.
Louise is a Non-Executive
Director at DS Smith Plc and
AG Barr plc.
Appointed
September2015
David has more than 20
years of executive and
leadership experience in
the information services
industry, including positions
at Thomson Financial and
Dun & Bradstreet. He also
has extensive experience in
online businesses, having
served as a Non-Executive
Director at companies such
as TripAdvisor Inc.
and BuyerZone.com.
David was a professional
football player and a
founding member of the
North American Soccer
League Players Association’s
Executive Committee.
David is an Informa nominee
on the Board of its Curinos
business and Non-Executive
Director and Chair of the
Audit Committee at
PaychexInc.
Appointed March 2021
Patrick has significant
experience of B2B markets
and a track record of leading
businesses through digital
transformation and mergers
and acquisitions.
He joined Informa in 2014 as
Chief Executive of Informa
Intelligence, leading its
return to growth through
technology and product
investments and operational
efficiency. He took on the
newly created role of Group
Chief Operating Officer in
2018 following the
acquisition of UBM. After the
successful divestment of
Informa Intelligence in 2022,
Patrick became Chief
Executive of Informa
Markets in 2023.
Before Informa, Patrick was
Group CEO of St Ives where
he led its successful
restructuring and
repositioning.
Patrick was the Senior
Independent Director and
Remuneration Committee
Chair at RM plc until the end
of December 2023.
Appointed August 2019
and as Audit Committee
Chair in June 2021
Gill brings significant
experience in digital, data
and analytics to Informa.
She was appointed as Group
Director, Online Safety at
Ofcom in April 2023. Gill was
previously Chief Executive
ofthe Digital Regulators
Forum, a collaboration
between the Competition
and Markets Authority,
Financial Conduct Authority,
Information Commissioner’s
Office and Ofcom.
Before this, Gill spent four
years as a Senior Director
at Google leading Market
Insights and Client Solutions
& Analytics teams.
She previously worked
atChannel Four and BBC
Worldwide and began her
career at the Bank of
England and Deloitte
Consulting.
Gill is a Non-Executive
Director of the British
Olympic Association and
Chair of Rugby World Cup
(England) 2025 Limited.
Nomination Committee
Audit Committee
Remuneration Committee
Committee Chair
Member
Board of Directors
continued
Annual Report and Accounts 2023
92
Joanne Wilson
Non-Executive Director
Zheng Yin
Non-Executive Director
Andrew Ransom
Non-Executive Director
Appointed
December2021
Zheng brings significant
senior executive experience
to the Board, providing
valuable local insights into
macro-economic and
commercial trends in China
and Asia, a significant
trading region for Informa.
Zheng is Executive Vice
President, China and East
Asia at Schneider Electric SE,
having previously held senior
business development and
strategy roles within the
Group. Before joining
Schneider Electric, Zheng
was Head of Business
Development for China for
Phillips and held senior
positions within Dow Jones
and Reuters in the US, Hong
Kong and Mainland China.
Appointed June 2023
Andy brings extensive
current international chief
executive experience to the
Board, including a track
record of leading successful
product innovation and
digital transformation
and of developing a
high-performance culture.
He has more than 30 years’
experience of creating value
through global mergers and
acquisitions and engaging
with stakeholders.
Andy has been Chief
Executive of Rentokil Initial
plc since October 2013,
having joined the company
in 2008 as Executive Director
of its global Pest Control
business. Before joining
Rentokil, Andy was a
member of the executive
management team at ICI.
Andy is a patron of Malaria
No More UK and Vice Chair
of the Board of Trustees
ofStreet League.
Appointed
October2021
Joanne brings strong and
current financial and
operational experience
to the Group.
Joanne has been Chief
Financial Officer of WPP PLC
since April 2023. Before that,
she was Chief Financial
Officer of Britvic PLC, where
she was responsible for
strategic planning, deal
analysis, investor relations
and IT, and chaired Britvic’s
ESG Committee.
Joanne was formerly CFO
atdunnhumby, a customer
data science specialist and
part of the Tesco Group,
having held a range of
international and domestic
financial and commercial
roles at Tesco. She qualified
as a chartered accountant
with KPMG before
transferring to Hong Kong
towork in its Corporate
Finance practice.
Non-Executive
Directortenure
 0–3 years 4
 4–6 years 2
 6–9 years 2
Board nationality
 British 8
 American 2
 Chinese 1
Board gender
 Male 64%
 Female 36%
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Chair’s introduction to governance
The Board oversaw significant strategic activity,
driven by our growth plan, and we ended the year
in an excellent position as a stronger, more
focused Informa.
As Chair of the Group, my excitement about
Informa’s prospects has, if anything, increased.
Now emphatically post-COVID, the company has
delivered exceptional growth through 2023, with
revenues comfortably surpassing pre-pandemic
levels. This has put us in a good position to forge
further ahead with our growth strategy, with the
support of our shareholders and contribution of
our colleagues.
It has been a joy to see colleagues and everything
they bring to the business first hand. I was
privileged to be able to travel widely again,
including visiting colleagues at Taylor & Francis in
Oxford and meeting teams onsite at some of our
larger events in Egypt and the US.
Seeing colleagues at work, I have been humbled
and inspired by their professionalism, and struck
by their enthusiasm for Informa and our future –
something it was great to see rewarded at our
annual Informa Awards ceremony.
I am pleased that this support for our business is
also borne out by our investors. Their confidence
stems from our growth prospects and strong
balance sheet, but also from our leadership team
and their consistent delivery of good financial
results. I would like to thank Stephen and his team
for the diligence, energy and expertise they have
once again brought to decision making and
leadership this year.
Overseeing growth
The main focus of the Board’s work this year has
been to support and advise the leadership team
indelivering GAP 2, which is now in its final year.
A key part of GAP 2, and vital to our future growth,
is to further scale and strengthen our position in
Academic and B2B Markets. With the proceeds
generated by divesting our Intelligence business in
2022, in 2023 we took the opportunity to acquire
anumber of excellent businesses. These included
events group Tarsus, food services specialist
Winsight and medical publisher Future Science
Group. In January 2024, we also announced our
agreement to combine Informa Tech’s digital
businesses with US-based TechTarget to
strengthen our position in B2B Digital Services.
For Informa, acquisition does not simply mean
adding assets but rather bringing complementary
businesses and portfolios into the Group whose
brands, talent and customer relationships will find
a natural home with us and be able to further
develop as part of Informa. Successful additions are
therefore not just about commercial or market fit,
but about cultural fit too. In practice, this means
making sure new colleagues feel welcomed and
supported, with minimal disruption for both them
and their customers, so that they quickly start to
feel the benefits of being part of a larger company.
I am pleased to say that the integration of these
new businesses has started well, and the sense
ofpurpose behind them gives a lift to everyone,
existing and new colleagues alike.
With the pandemic firmly behind us, Informa
has gone from strength to strength this
year. As a Board, we have supported and
constructively challenged our leadership team
to help them deliver the opportunities the
company’s growth strategy presents.
Annual Report and Accounts 2023
94
Another significant factor in our future growth is
investing in digital technologies, including AI, to
enhance our customers’ experience and make the
business as efficient and productive as possible.
Equally important are resilient systems that let
us deliver products and services reliably and
seamlessly. This year, the Board has again
overseen the business in making investments
and managing risks in these areas.
A wide range of skills to steer
thebusiness
To be able to support the business effectively on
this and other matters, the Board needs a broad
range of expertise and outlooks. Our Directors’
backgrounds include finance, digital, HR and
marketing, while the international perspective that
our Board colleagues from the US and China bring
to world events and economic developments is
also refreshing. Overall, I believe the Board has the
diversity of thought and approach that is integral
to making sound decisions and providing good
counsel and positive challenge to the leadership.
In 2023, we said farewell to Helen Owers after nine
years on the Board, and on behalf of us all I thank
her for her service. We also welcomed Andy
Ransom, whose experience as CEO of Rentokil
Initial, and expertise in areas including financial
markets, adds another dimension to our
discussions as we help Informa navigate a period
of great possibility.
Making the most of our strengths
As with all businesses, our company faces risks
as well as opportunities, and we mitigate them
through a focused strategy, good growth
prospects and strong balance sheet, as discussed
in the Risk Management section (pages 56 to 59).
Perhaps most important in mitigating risk,
however – and seizing opportunities – is the
quality and commitment of our colleagues. As a
Board, we are also mindful that a business is only
as strong as its culture, and we monitor it
carefully. The company’s engagement survey data
shows we are in a good place, with a completion
rate of 85% and an overall engagement score of
80. Amid higher levels of inflation, we were
pleased to be able to help colleagues living in
particularly high cost of living countries with
supplementary pay increases (for more details,
see page 34).
As the impact of climate change intensifies, it is
also clear that a business’s long-term prospects
are linked to its sustainability. This is why the
Board takes a close interest in Informa’s
FasterForward sustainability programme, another
facet of GAP 2. As the business has returned to
fullintensity after the pandemic, so the pace of
activity has quickened on FasterForward. This is
especially important in events and exhibitions,
where being a leader makes our work to manage
our environmental impact and share knowledge
with peers particularly influential.
We are also conscious that good governance is
another part of what keeps a business strong and
on a positive trajectory, driving conformance as
well as performance. Even though the UK
Government’s audit and governance reforms will
not now be going ahead at this time, for example,
the work the business has done to prepare for
them will stand us in good stead, including for the
changes to the UK Corporate Governance Code
announced by the Financial Reporting Council in
January 2024.
Looking ahead
Going into 2024, I am upbeat about the company’s
prospects. This is arguably the most exciting
period in Informa’s development, and Informa
colleagues have done a lot of hard work to put
us in this position. We have great growth
opportunities, and great people with the
capabilities to make the most of them. I look
forward to continuing to offer my support and
guidance alongside the rest of the Board.
John Rishton
Chair
7 March 2024
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The Board’s year
aims to maintain everyone’s confidence
and deal with any questions in a way
that promotes understanding and
fosters good connections.
John Rishton regularly meets
shareholders, and 2023 was no
exception. John hosted his annual
shareholder roadshow ahead of
June’sAGM, giving shareholders an
open forum and a wide-ranging
discussion on the company’s direction.
More broadly, the Board engaged with
over 20 institutions in the year,
representing over 35% of the Group’s
equity. As a Board, we continued
ourdialogue with investors on
remuneration, with Remuneration
Committee Chair Louise Smalley
engaging on the performance metrics
for the 2024 Long-Term Incentive Plan,
awarded under the policy approved
in2022. For more details, see the
Directors’ Remuneration Report
frompage121.
Engaging with
stakeholders
Growth and success never happen in
a vacuum. The Board and leadership
team work closely together on
developing strategy and making it
happen, but Informa’s stakeholders are
the essence of what we do and the
value we create.
So, it is vital to connect closely and
regularly with stakeholders –
shareholders, colleagues, customers
and suppliers in particular – to
understand what they want, hear their
perspectives and experiences and
reflect these in the decisions we take.
This is why a large part of the Board’s
role is to engage with stakeholders,
whether face to face or virtually.
It makes sure we stay on track as a
business. Also, by communicating
clearly and listening closely, the Board
In 2023, and in support of GAP 2, the Board focused
on a broad array of topics, reflecting another exciting
year for the company. Informa’s live events business
returned to full intensity after China fully opened for
business in March and April.
Following the divestment of Informa’s Intelligence businesses
in 2022 and the reinvestment of proceeds into thebusiness,
itwas also a busy year for acquisitions.
Informa is a people business, and the culture,
the atmosphere, the attitude, the capabilities
and the professionalism of everybody I meet
in the company, irrespective of what they do,
always lifts my spirits.
John Rishton
Chair, speaking at 2023 Informa Awards
Annual Report and Accounts 2023
96
Turning to our colleagues, John was
able to see much of their work first
hand, whether through office visits,
orattending events and exhibitions
inEurope, the Middle East and the US.
The Board held a dedicated town hall
inLondon in June, on the same day as
the AGM, co-led by John and Mary
McDowell as the Director formally
responsible for colleague engagement.
We heard from colleagues about their
priorities – which included continuing
investment in culture and inclusion
initiatives – and provided the Board’s
perspective on the company’s
future prospects.
John also attended the 2023 Informa
Awards, meeting colleagues at the
annual event that celebrates
their achievements.
We continued our programme of
pre-Board dinners, where we invite
senior managers to meet Directors and
keep us up to date with what they are
seeing in our markets and hearing from
customers and suppliers, and hear
their views on key issues.
Our Non-Executive Directors continued
to sponsor the six colleague-run
diversity and inclusion networks across
the company (see page 33). They give
our Directors a chance to find out
about colleagues’ experiences, how the
company supports them and how it
could help more, while also providing
their own support.
Returning
over £1bn
to shareholders
We always aim to strike a balance in
capital allocation between reinvesting
in the existing business organically by
enhancing products, services and
colleague programmes, expanding
it through acquisition and
rewarding shareholders.
Given the company’s strong
performance in the year, the Board
decided not only to continue the £1bn
share buyback programme announced
in 2021, but to add to it by setting aside
an additional £150m. We also saw the
chance to reward shareholders by
further growing dividends after a
period of pause during the pandemic,
which we know is a priority for some
ofour investors.
Those benefiting from these actions
include our own colleagues, whohave
a stake in the company through our
ShareMatch plan andUS Employee
Share Purchase Plan (ESPP). This is
a great way togive our people a
direct stake in thecompany and its
performance. In 2023, the Board was
pleased to see ShareMatch extended to
another 12 countries, so that 97% of
colleagues now have achance to invest.
+12
ShareMatch extended to
another12 countries
97%
of colleagues now have
achancetoinvest.
I have been honoured to mentor AllInforma Illuminate over the
last three years and am delighted that we have completed the
succession plan for our leaders, an important milestone to sustain
and grow this network. In 2023, we launched Purple Picnics in eight
locations around the world to celebrate Disability Pride Month and
raise awareness of Illuminate. I was fortunate to be able to join
the Boston Picnic and spent an afternoon listening to colleagues’
experiences and discussing the support provided by Informa.
David Flaschen
Non-Executive Director
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97
The Board’s year
continued
The annual colleague engagement
survey had a high response rate of 85%
and produced an overall engagement
score of 80%, with 83% of colleagues
saying they would recommend Informa
as a good place to work. These scores
reflect the excitement most colleagues
feel about the company’s prospects.
They also show colleagues are
willingtoshare their views, knowing
that the company considers and acts
on the results.
As a Board, the main topics we
discussed relating to culture were
overall performance, retention
andleadership, and talent development.
We also discussed how best to support
our people amid the rising cost of living
and were pleased to be able to help
withsupplementary pay increases in
markets with particularly high inflation,
including Türkiye and Egypt.
Maintaining a
supportive
culture
Culture can be difficult to define, as it is
the summary of the lived experience of
all colleagues across the business, but
the Board and leadership team are
deeply aware of how much culture
matters and how important it is that
everyone can thrive and contribute to
their fullest at Informa.
We pay close attention to indicators
of how colleagues are feeling, from
engagement surveys to the Speak Up
whistleblowing hotline, and encourage
the leaders of relevant areas to ensure
there is widespread promotion and
understanding of the different feedback
channels available to colleagues. It is
also why, as Directors, we spend
asmuch time as we can out and about in
the business and receive regular reports
from the Group HR Director ahead of
Board meetings so we can discuss and
offer input on key developments from
our own experiences.
Overseeing
acquisitions
A key part of Informa’s approach to
growth has always been adding and
acquiring high-quality, successful
businesses that work in the specialist
markets we have chosen to operate
and scale in. This continued even in
2020 and 2021, albeit in a highly
targeted way, when we were most
affected by the pandemic. Our strong
financial performance, the proceeds
from divesting our Intelligence business
in 2022 and our more focused portfolio
going into 2023 gave us clear
opportunities for acquisitions during
the year.
The largest was Tarsus, completed in
April 2023. The business complements
our presence serving specialist B2B
markets with live and on–demand
events, including Healthcare, Packaging
and Aviation. Another important
addition was Winsight, again bolstering
our B2B capabilities, this time in the
B2B Foodservice market.
In January 2024, we announced an
agreement to combine Informa Tech’s
digital businesses with US-based
TechTarget to enhance our position
inthe B2B Digital Services market.
This is an area that Informa has been
steadily building its capabilities,
services and position in, and a natural
next step in growth that also provides
us with a stronger footing in the US:
thelargest single market for such
B2Bdigital services and where most
ofthecustomer base is located.
The Board was closely involved in
decision making, reviewing commercial
synergies and the right deal structures
to maximise long-term shareholder
benefit and value, as well as assessing
the cultural fitbetween the businesses
and the way colleagues would be
supported during any transition.
This makes for a smoother, faster
combination and makes it more likely
that the combination of our business
and those we acquire will become more
than the sumof its parts.
85%
response rate on the annual
colleague engagement survey
83%
of colleagues saying they would
recommend Informa as a good
placeto work
80
overall engagementscore
Annual Report and Accounts 2023
98
Advancing a
sustainable
organisation
through
FasterForward
Sustainability is particularly important
to our customers, colleagues and
shareholders and the Board remains
mindful of the need to maintain the
company’s reputation as a responsible
business on this, as well as other, topics.
Informa’s FasterForward programme
sets out to embed sustainable practices
across our business and the Board
receives formal updates on it at least
twice a year, as well as spending
timeinformally with the Head of
Sustainability to get a deeper sense
ofsuccesses and challenges.
Although Informa does not make
considerable use of natural resources,
the programme includes the goal of
becoming zero waste and net zero
carbon by 2030, and as we take
decisions as a Board during the year,
this is the lens through which
weconsider any impacts on the
environment. We were delighted to
begiven a practical demonstration
ofaBetter Stand at one of our
2023 meetings, to see for ourselves
how these reusable stands can help
reduce event waste.
We have strongly encouraged the
Sustainability team in its work to
sharethis programme with the wider
industry, to contribute to making
abroader impact.
The Board spent particular time in 2023
understanding the metrics used to
evaluate FasterForward progress, as
part of setting the right incentives for
future remuneration plans. It was
decided that the expansion of
Sustainable Event Fundamentals
accreditation – a comprehensive
programme for our events businesses
that considers environmental, social,
product and customer impacts – would
be an appropriate metric, consistent
with what stakeholders believe is
important, and a suitably stretching
target was set.
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The Board’s year
continued
Deploying
AI creatively
andresponsibly
AI is rapidly moving centre stage.
Informa is already using this fast-
emerging technology and the Board is
looking closely at where the business
could go next. In 2023, the Board
received updates on the potential uses
of generative AI and their value and
impact, along with live demonstrations,
and the business’s deployment plan.
This will continue through 2024.
Board members also increased their
knowledge of AI and its applications
toInforma’s products and business
withaspecial externally facilitated
strategy session.
Board discussions have centred on
where to focus our capabilities and
investments to make the most of
opportunities, while mitigating risks.
AI offers clear benefits across the
business, from supporting product
development ideation to enhancing
customer experience around events,
efficiently repurposing Informa’s rich
original content into new forms,
helpingtrend research to keep event
programmes timely, summarising
dataand supporting sales calls with
real-time insights.
While AI can make us more productive,
the Board and leadership are mindful
of the need to protect our intellectual
property and unique data assets,
particularly in our Academic business,
which means policies that set
clear boundaries.
The Board is staying in close contact
with a central project group, formed of
relevant subject matter experts from
across the business, that is co-
ordinating AI activity in order to focus
on the applications that add the most
value and make sure the right
safeguards are deployed consistently.
Keeping our
systems resilient
The risk of system failure is on all
businesses’ radar. Equally, the need to
invest in safeguarding and upgrading
systems is a priority for any prudent
business that wants to run smoothly
day to day with minimum downtime.
Strong, flexible IT systems also give
businesses a strong platform to
develop quickly in the way customers,
people and other stakeholders expect.
All this applies to Informa, not least
because technology enables us to
deliver our events, products and
services, and is crucial to our customer
experience, and so our reputation.
This is why Technology failure is a
principal risk, asis data loss and any
failure to comply with regulations,
including those on data protection
andprivacy.
In 2023, the Board oversaw our
continued investments in IT resilience,
from cyber security torecovery,
backups and business continuity
planning. This includes starting our
Fortify programme, which moves risk
mitigation beyondcyber security and
examines our whole technology
landscape, from cloud capability and
applications to supply chain.
Preparing for
regulatory change
In 2023, Informa responded to the
consultation on the UK Government’s
proposed reforms of audit and
corporate governance. The Board and
Audit Committee oversaw work to
improve the company’s business
process and IT controls in readiness for
these reforms. We are pleased that the
time spent on the controls environment
will benefit the business, even though
the Government announced in Autumn
2023 that the reforms would not be
implemented at this time. The work
hascontributed to good governance
and risk management overall, and puts
the Board in a goodposition to respond
effectively to any future reforms to
governance on Informa’s behalf.
Also, Board members are closely
following howthe business is preparing
for emerging sustainability reporting
requirements, such as the EU’s
Corporate Sustainability Reporting
Directive (CSRD), and the standards
published by the IFRS International
Sustainability Standards Board (ISSB),
and have directed the relevant teams
toreport back on their roadmap
during2024.
Annual Report and Accounts 2023
100
• Providing more opportunity for
Non-Executive Directors to meet
without management present
• Giving greater focus to Board and
leadership team succession plans
and talent development
Review of Chair’s
performance
Mary McDowell, our Senior Independent
Director, spoke individually to each
Board colleague and other members of
management to discuss the Chair’s
performance during 2023.
The review found that the Chair
continues to lead the Board in a
positive and constructive manner.
He ensures that Board meetings
provide an independent perspective
on the matters being discussed and
encourages engagement from all
participants, dealing with matters in a
straightforward manner and fostering
an environment that supports debate
and constructive challenge.
Colleagues noted that the Chair brings a
high level of energy and engagement to
the role, investing considerable time
meeting colleagues across the business
internationally, providing a sounding
board to the Group Chief Executive and
the leadership team, and meeting with
shareholders. He maintains frequent
communication and is highly available
to Directors and management alike.
The Chair continued to oversee Board
recruitment with success, including the
appointment of Andy Ransom, Chief
Executive of Rentokil Initial, in 2023.
The outcome of the review was discussed
with the Chair prior to being presented at
the March 2024 Board meeting.
Reviewing our
effectiveness
The Board performance review for
2023 was conducted in-house by our
Chair, John Rishton. This is the last
internal review before our next
externally facilitated evaluation,
which will take place during 2024.
In addition to the regular discussions
that take place through the year, in
early2024, the Chair spoke formally to
each Director about their performance,
the effectiveness of the Board, the
Board priorities for 2024 and progress
against the outcomes of 2023 review.
This review confirmed that all Directors
continue to believe that the Board is
operating effectively. Directors,
management andother colleagues
invited to attend meetings are highly
engaged, able to speak freely and
comfortable that there are no topics
which cannot be discussed.
Areas of focus for 2024
The main points raised during
discussions were:
• Making sure that there is enough
time to discuss important topics
which are not primarily financial in
focus, such as AI, Sustainability,
cyber risks and longer-term plans
and receiving updates on them
during the year
Progress against 2022 review outcomes
Subject Action taken in 2023
Talent
management
• Detailed progress updates from the Group HR Director and the Chief
Diversity Officer during the year
• Reviewed outcomes of a pilot data collection which provided a baseline
for reporting on ethnic diversity going forward
• Supported the creation of a programme designed to further support
women’s professional development in the company and the
establishment of a target for women in senior leadership positions
• Non-Executive Directors only discussion on leadership team
succession planning
Progress
on digital
transformation
• Presentations and discussion on Informa’s AI programmes at the annual
strategy meetings
• Deep dives into cyber risks and data governance undertaken by the Audit
Committee and regular updates provided
Non-Executive
Director
engagement
withcolleagues
• Increased in-person engagement with colleagues around Board
meetings, including a town hall at the June AGM
• Increased travel to live events in order to engage with colleagues, customers
and suppliers and see Informa’s work in action. Visits covered the UK, US,
Europe and Egypt
• Continued participation in company events including the Informa Awards,
Walk the World and key offsites
• Continued support provided to the colleague-run networks
FasterForward • Held further deep dives into Informa’s sustainability programmes,
including a demonstration of Better Stands and additional engagement
with the Head of Sustainability, with a commitment to further additional
sessions in 2024
Meeting attendance in 2023
Board attendance Board
1
Audit Nomination Remuneration
John Rishton 8/8 – 2/2 –
Stephen Carter 8/8 – – –
Gareth Wright 8/8 – – –
Patrick Martell 8/8 – – –
Mary McDowell 8/8 – 2/2 –
David Flaschen 8/8 4/4 2/2 –
Andy Ransom (from 15 June 2024) 5/5 – 1/1 3/3
Louise Smalley
2
7/8 – 2/2 5/5
Gill Whitehead 8/8 4/4 2/2 –
Joanne Wilson 8/8 4/4 2/2 –
Zheng Yin 8/8 – 2/2 5/5
Helen Owers (retired 15 June 2024) 3/3 – 1/1 2/2
1 Excluding meetings held at short notice or Board Sub-Committee meetings
2 Louise Smalley was unable to attend a meeting in January 2023 due to its
late-notice rescheduling
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Section 172 Statement
Regard for colleagues,
customers and conduct
The interests of colleagues are always
uppermost in the decisions the Board
takes. Colleague engagement is a
company KPI and an inability to attract
and retain talent is a principal risk.
We know from historical conversations
with Informa colleagues, survey
feedback and our own experiences that
the change of joining a new company
through acquisition can be unsettling.
When the Tarsus portfolio joined
Informa in 2023 and the priority was to
maintain business as usual through the
year, the Board supported providing a
guarantee to Tarsus colleagues, where
they would be paid a full income for the
year regardless of any individual role
changes. This helped to provide
certainty, maintain customer
engagement and service levels and
avoid business interruption. We also
recognise this is a way we can foster
Informa’s reputation for open and
fair conduct and support
during acquisitions.
Balancing interests over
thelong term
As shared on page 97, when deciding to
return capital to shareholders through
the share buyback programme, we
believed it was also necessary to retain
a level of capital that would allow
Informa to act on opportunities to
pursue its strategy, such as by investing
in acquisitions, and to keep investing
in products to respond to ongoing
customer feedback. We also considered
that since the start of 2023, more
Informa’s colleagues have the chance
to become shareholders through
company schemes.
Considering the level of value created
from divesting the Intelligence
portfolio, we initially set the buyback
programme at £1bn. We extended it
during 2023 when the strength of
Informa’s in-year business
performance gave us confidence it
could be further expanded while
also allowing the business to keep
investing elsewhere for longer-term
value creation.
Considering broader impacts
We are mindful of Informa’s position as
a leader in B2B live events, and as the
company continues to build scale in
specialist markets, the Board regularly
discusses how best to maintain and
enhance event sustainability.
As discussed on page 99, we have
closely monitored aspects of the
FasterForward programme that target
improvements to our carbon footprint
and waste. Having tracked the progress
of Informa’s Better Stands programme,
we have encouraged the team to share
its knowledge and learning with
industry peers and partners, so that
the broader events market can also
move forward and our impact is
extended more widely.
Informa – like any business – needs to
consider and create benefits for all its
stakeholders to be successful, and our
role as a Board is to ensure the
company is well positioned for the long
term as well as the near term.
These are among the key principles
contained in section 172 of the
Companies Act 2006, with which we
fully agree, and which we are required
to make a statement on each year and
cover here.
The way we work as a Board helps us
fulfil these responsibilities. The Chair
sets the agenda for Board meetings
and manages discussions to ensure
arange of perspectives are explored
before decisions are reached. Informa’s
Directors are appointed for the
strength and diversity of skills and
experience they bring to the role, and
inmany cases have recent and relevant
executive and non-executive
experience too. This helps bring a
breadth of perspectives and up-to-date
insight to our decision making.
The Non-Executive Directors spend a
good amount of time in and around
the company. As described on pages
96 and 97, we regularly engage directly
with colleagues and shareholders, as
well as with customers and business
partners when the opportunity arises
– for example, when visiting a live event
and when the company enters new
partnerships. Management reports,
presentations and data also give us
insight into current stakeholder
interests so we can reflect them
in the actions we take.
Company decisions are taken
collaboratively with the Executive
Directors and broader leadership team.
Topics that the whole of the Board will
always be involved in include capital
allocation and significant strategy
programmes, and three examples that
illustrate our approach to the matters
outlined under section 172 follow.
Annual Report and Accounts 2023
102
Compliance with the UK Corporate Governance Code
In 2023 we again applied the principles of the UK Corporate Governance Code (Code) and complied with its provisions.
The Code can be found on the Financial Reporting Council’s (FRC) website (frc.org.uk).
Board leadership and company purpose
A
Role of
theBoard
The Board’s role is to lead the Company and the Group, setting the purpose, guiding principles and standards and
promoting long-term sustainable success for the benefit of shareholders and all other stakeholders.
The Board sets the Group’s objectives and corporate strategy, monitors progress and makes sure our strategic aims
are aligned with our business culture.
The Board maintains a schedule of matters that are reserved for its approval. Any matters not expressly reserved
for the Board are delegated to a Board Committee or the Executive Directors.
Our Directors have the opportunity to discuss and debate important and relevant topics through an annual
programme of regular Board and Committee meetings.
For details of the Board’s main activities during 2023, see pages 96 to 101.
B
Purpose,
values,
strategy
and culture
Set by the Board, Informa’s purpose is to champion specialists, connecting businesses and professionals with
knowledge that helps them learn more, know more and do more.
The Board also sets the tone for the Company’s culture, leading by example and following distinct guiding
principles. Those principles are underpinned by the commitment in our Code of Conduct to act ethically, lawfully
and with integrity.
We hold a multi-day offsite event every year to consider the Group’s strategy, where divisional leaders present and
discuss their forward-looking plans. We also arrange informal dinners and meetings between Directors and senior
colleagues throughout the year to help build trust and develop productive relationships.
C
Resources
andcontrols
The Board makes sure that the company has the right resources to meet its objectives and to measure its
performance against them.
We make Board and Committee papers available through a secure portal ahead of each meeting.
The Chairs of each Board Committee give verbal updates on matters considered and decisions taken at their own
Committee meetings.
The Board also has a formal system in place for Directors to declare a current or potential conflict of interest.
D
Shareholder
and
stakeholder
engagement
To maintain close, strong and productive relationships with all our stakeholders – including shareholders,
colleagues, customers, business partners and suppliers – the Board engages directly with these groups as well
as receiving reports from senior management about their own engagement, stakeholder feedback and actions.
The Chair continues to hold his annual shareholder roadshow with major institutional investors when any matter
can be discussed.
For more details about how the Board considered stakeholders’ different interests during 2023, see our Section 172
Statement on page 102 and the Directors’ Remuneration Report from page 121.
E
Colleague
policies and
practices
Having reached the ninth anniversary of her appointment, Helen Owers retired from the Board in 2023.
Mary McDowell took over Helen’s role as our designated Non-Executive Director for workforce engagement and has
since spent time with HR and diversity and inclusion leaders to understand colleagues’ perspectives. She has also
been part of several colleague town hall events. Mary is supported in her role by our Remuneration Committee
Chair, Group HR Director and Chief Diversity and Inclusion Officer.
All members of the Board, including our Non-Executive Directors, engage and spend time with different colleague
groups throughout the year. This includes participating in colleague events, meeting teams at offices and events
and acting as sponsors for our colleague-run networks.
Our Code of Conduct provides detailed information around our commitments and expectations of behaviour
and practices. It applies to all Informa colleagues, including Board members, contractors, consultants and
business partners.
We have put in place procedures to allow any colleague to report concerns in confidence – either through their line
managers and senior management, or through the independent and confidential whistleblowing service Speak Up.
This service is also open to third parties, including our suppliers and contractors.
Governance ReportStr
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103
Compliance with the UK Corporate Governance Code
continued
Division of responsibilities
F
Board Chair
John Rishton was appointed as Chair in June 2021, having been a Non-Executive Director since September 2016.
John was independent on appointment.
As Chair, John is responsible for leading the Board and ensuring its effectiveness. During Board meetings he
encourages each Director to participate, fostering a culture of openness and constructive debate where diversity
of thought is valued and encouraged.
G
Board
composition
The names and biographies of our Board Directors are set out on pages 91 to 93 and are also available on our website.
Independent Non-Executive Directors make up 64% of our Board, excluding the Chair, and each year we review the
Board’s independence to make sure that no one person or small group dominates decision making.
The roles of Chair and Group Chief Executive are exercised by different people, and each has clearly defined
responsibilities. The division of responsibilities between members of the Board is available on our website.
The Non-Executive Directors consult the Chair if they are considering taking on other significant appointments,
making sure that thought is given to how another appointment might affect their time commitment to Informa.
With the Board’s approval, Executive Directors may accept one other external non-executive appointment and keep
any fees paid to them. Members of the Board, including the Non-Executive Directors, may also be asked to sit on the
boards of joint ventures or other companies in which the Group has an investment.
Directors can take independent advice about performing their duties at the company’s expense.
H
Non-Executive
Directors
Our Non-Executive Directors provide independent oversight and constructive challenge to the leadership team,
helping to develop proposals around strategy and scrutinising the Company’s performance in meeting its agreed
goals and objectives.
With their particular skills, experience and knowledge, our Non-Executive Directors provide a balance of views in
Board discussions and offer strategic guidance and specialist advice.
The Non-Executive Directors also meet regularly without the Executive Directors or management being present.
Mary McDowell is our Senior Independent Director and acts as a sounding board for the Chair and, where necessary,
serves as an intermediary for the other Directors. She is also an additional point of contact for shareholders and other
stakeholders. Mary leads the annual evaluation of the Chair’s performance.
As well as preparing for and attending Board and Committee meetings, the Non-Executive Directors spend time in
meetings or on telephone calls with the Chair, the leadership team and other key stakeholders, including institutional
shareholders, external auditors and remuneration advisers. The Non-Executive Directors also mentor our colleague-
run networks and attend colleague events and various Informa brand events. These commitments see them regularly
give more time to Informa than is expected and significantly more than is set out in their letters of appointment.
I
Company
Secretary
All Directors can access the advice and services of our Company Secretary.
The Company Secretary is responsible for advising the Board on all governance matters and supporting the Board
tomake sure the right policies, processes, information and resources are available to allow them to work effectively
and efficiently.
Composition, succession and evaluation
J
Appointments
and succession
planning
The Nomination Committee’s report on its work and membership in 2023 can be found on pages 106 to 110.
The Committee’s terms of reference can be found on our website.
The Nomination Committee is responsible for recommending appointments to the Board, Committee membership,
succession planning for Board members and senior management, and diversity and inclusion matters.
All Directors offer themselves for election or re-election by shareholders at the AGM.
K
Skills,
experience and
knowledge
When reviewing how the Board and its Committees are composed, the Nomination Committee uses a matrix that
records the skills, experience and knowledge of the current Directors and compares these with those the Committee
believes are appropriate for the Group’s business and strategic requirements.
The Committee is also mindful of the need to regularly refresh the Board and to monitor the length of service of
the Directors.
L
Board
evaluation
In 2023 the Board Chair led an internal performance evaluation. More information on the evaluation process,
including its outcomes and the actions taken during the year following the 2022 evaluation, can be found on
page 101.
The most recent externally facilitated evaluation in January 2021 was undertaken by No. 4, an advisory firm with no
other connection to the Company or its Directors. The next external evaluation will take place during 2024.
Our Board Diversity & Inclusion Policy can be found on our website, while details of the gender identity and
ethnicity of our Board members and senior management are set out on page 110.
Annual Report and Accounts 2023
104
Audit, risk and internal control
M
Internal and
external audit
The Audit Committee’s report on its work and membership in 2023 can be found on pages 111 to 120.
The Committee’s terms of reference can be found on our website.
The Audit Committee is responsible for overseeing financial and narrative reporting. It provides assurance around
the effectiveness of our risk management and internal control systems, and the effectiveness and objectivity of our
external and internal auditors.
The Committee also oversees the independence and effectiveness of our Internal Audit function and reviews the
relationship and independence of our external auditor, PricewaterhouseCoopers LLP (PwC). The Committee has
adopted a policy for approving all audit and non-audit services by the external auditor to make sure its
independence is not impaired.
N
Fair, balanced
and
understandable
The Board considers this Annual Report, taken as a whole, to be fair, balanced and understandable, and to provide
the information shareholders need to assess the company and the Group’s position and performance, business
model and strategy.
Before making this recommendation to the Board, the Audit Committee considered the process for preparing the
Annual Report and the way in which the Group’s overall prospects and financial position are disclosed. A working
group of key contributors was established to review the content of the Annual Report, making sure that the required
disclosures are transparent and understandable.
Early drafts of this Annual Report were reviewed by the Board Chair and Audit Committee Chair, before being
reviewed by the Committee as a whole. The Committee made sure that the overall message of the narrative
reporting was consistent with the financial statements, the wider economic environment, with information
previously communicated to investors, analysts and other stakeholders, and that the content of the Strategic
Report and the financial statements were aligned. Further information on the ‘fair, balanced and understandable’
statement can be found on page 114.
All Directors are encouraged to attend the Audit Committee meetings that consider the full-year and
half-year results.
The Group’s viability analysis, Viability Statement and Going Concern Statement can be found on pages 67 to 69.
O
Risk
management
and internal
control
framework
The Board is responsible for setting the Group’s risk appetite and making sure there is an effective risk management
framework. It has delegated responsibility to the Audit Committee for overseeing the effectiveness of the Group’s
risk management and internal control systems. For details of how the Committee reviewed these controls, see
pages 115 to 117.
Details of the Group’s principal and emerging risks, and how they are assessed, managed and mitigated, are set
out on pages 56 to 66. The Audit Committee and the Risk Committee work with the Board to review, oversee and
mitigate risks. Each year the Board or relevant Committee reviews each of the principal risks in detail.
For information about our Risk Committee, see page 116.
Remuneration
P
Remuneration
policies and
practices
The Remuneration Committee’s report on its work and membership in 2023 are set out on pages 121 to 139.
The Committee’s terms of reference can be found on our website.
The Remuneration Committee is responsible for determining, approving and reviewing the Company’s global
remuneration principles and frameworks, to make sure they support the Group’s strategy and are designed to
promote our long-term sustainable success.
Q
Procedure for
developing
remuneration
policy
The Remuneration Committee is responsible for the Directors’ Remuneration Policy. This Policy was approved by
shareholders in June 2022. An updated Policy will be put to shareholders for approval at the 2024 AGM and a copy
of the proposed Policy can be found in the Notice of AGM.
The Committee also sets the policy for executive remuneration arrangements – making sure that delivering the
Group’s long-term strategy is prioritised and that we can recruit and retain suitable executive talent to deliver that
strategy – and reviews the remuneration arrangements for the wider workforce. The Committee Chair regularly
consults the company’s major investors and advisers about remuneration proposals.
R
Remuneration
outcomes and
independent
judgement
No Director is involved in determining their own remuneration arrangements or outcomes. When determining
remuneration outcomes, the Remuneration Committee considers a range of information, including business plans
and individual performance outcomes, and consults with the Audit Committee.
Governance ReportStr
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105
Nomination Committee Report
Our main purpose as a
Nomination Committee is
to make sure the Board has
this broad mix of skills, so it
can be a valued adviser and
asource of positive challenge
for the leadership team.
Our current Board members come
from diverse backgrounds, with
experience in fields ranging from
finance and digital to general business
and HR. But we constantly review the
skills the Board needs to be able to
steer the business, and the same goes
for skills in the business more broadly.
The Committee formally met twice
during the year but these topics were
constantly under discussion by the
Board, as befits a company that values
specialisation and expertise so highly.
With all Non-Executive Directors serving
on the Nomination Committee, this
cross-pollination of views from the
Board is a natural process that keeps
important issues at the forefront of
all our minds in a way that benefits
the business.
In my own travels around our
international operations this year,
I have been impressed by the depth
and breadth of our colleagues’
capabilities and their commitment to
our company.
Changes to the Board
The year saw one change to the Board,
with Helen Owers retiring at the 2023
AGM after nine years. She made many
contributions during her tenure and
I would like to thank her for the
commitment, insight and enthusiasm
she brought to our discussions. I also
want to acknowledge the support she
gave me as a newcomer to the Board
back in 2016.
Membership and meeting attendance
All our independent Non-Executive Directors are members of the
Committee. Helen Owers was a member until she retired from the
Boardatthe 2023 AGM, when Andy Ransom joined us.
Member Meeting attendance
John Rishton – Chair 2/2
Mary McDowell 2/2
David Flaschen 2/2
Andy Ransom – from 15 June 2023 1/1
Louise Smalley 2/2
Gill Whitehead 2/2
Joanne Wilson 2/2
Zheng Yin 2/2
Helen Owers – to 15 June 2023 1/1
Although not a member, the Group Chief Executive is usually invitedto attend
Committee meetings, except when matters that concern him are discussed.
Other senior managers are also invited when relevant.
The Company Secretary attends all meetings and is secretary to
theCommittee.
Having a broad range of skills on
the Board is important for a diverse
company like Informa, particularly
as weexplore fast-evolving areas
like digitaltechnology and AI.
Annual Report and Accounts 2023
106
Mary McDowell, our Senior Independent
Director, has taken on Helen’s
responsibilities as the Board member
responsible for colleague engagement,
though all Board members spend time
with colleagues throughout the year.
The US is home to the largest proportion
of the company’s colleagues, and Mary’s
long experience working as an executive
in the US, and being based in that
country, gives her a level of insight and
understanding that made her the ideal
choice for this position.
Helen’s departure led us to reflect on
what the business needed, which in
turn led to us welcoming Andy Ransom
to the Board. As the CEO of a different
but similarly dynamic and growing
UK-listed, international company,
Rentokil Initial, he adds valuable insight
and experience to what we have
already. Andy also brings expertise in
capital markets and M&A, all of which
makes him a great addition to our
discussions and a valuable source
of counsel for the business.
Focusing on Board diversity
We also keep the Board’s gender and
ethnic diversity in mind. We meet the
target set within the latest UK Listing
Rules to have at least one Board
member from a minority ethnic
background, in line with existing Parker
Review guidelines on ethnic diversity.
Similarly, we meet the requirement to
have at least one senior Board position
held by a woman. The timing of Helen’s
departure and Andy’s arrival meant
that at the snapshot date of the end of
2023, we stood slightly below the new
FTSE Women Leaders Review’s 2025
target to have at least 40% female
Board members. We will continue to
consider gender balance in future
Board appointments, as we always do.
Looking to 2024
We have a strong, well–established and
committed leadership team and, as we
enter the final year of GAP 2, a key
focus for the Committee, and the Board
as a whole, is to make sure we continue
to support and encourage them in their
ongoing and significant contributions
to Informa’s long–term success.
As a Committee, we will also continue
to focus on making sure the Board has
the best mix of skills, experience and
backgrounds to support the leadership
in maximising the opportunities and
overcoming the challenges that can
come with further business growth and
expansion. This will be a particular
focus for our discussions when David
Flaschen retires from the Board in
2024, having completed his nine-year
term as a Non Executive Director
with Informa.
John Rishton
Committee Chair
7 March 2024
Roles and responsibilities
• Discuss and review succession
plans with the Group Chief
Executive for the other Executive
Directors and key members of
senior management
• Discuss succession plans for the
role of Group Chief Executive
• Oversee the development of a
diverse pipeline for succession
planning
• Monitor the effect of diversity
initiatives across the Group
The Committee’s terms of
reference, setting out its duties
and responsibilities, can be found
on ourwebsite.
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Nomination Committee Report
continued
Finding the right successor
toHelen Owers
The most important part of our work
this year wasto recommend the
appointment of new Non-Executive
Director Andy Ransom, following
HelenOwers’ retirement from the Board
after completing her nine-year term.
One of our key responsibilities as a
Committee is to consider the skills,
knowledge, experience and diversity of
the Non-Executive Directors as a group,
to make sure that, together, we can
challenge and support the Executive
Management Team to achieve the
Group’s strategic ambitions.
For this new appointment, we decided
that candidates should be a current
leader of an international business of
some scale, which they had transformed
in shape, size or form and led through
challenging periods as well as through
growth. Russell Reynolds, with which
the Company and the Directors have
noconnection, was appointed to help
us find the right candidate.
As Chief Executive of Rentokil Initial plc,
Andy has successfully led a combination
of organic and acquisitive growth and
has positioned Rentokil as a pioneer
indigital product innovation. So,
recommending Andy’s appointment
was a unanimous decision – we all
agreed he had the depth of knowledge
and commercial judgement we were
looking for.
An effective
induction process
To enable Andy to contribute to the
Board quickly and effectively, he
undertook a thorough induction.
He began by attending meetings
withmembers of the leadership
team,covering:
• Informa’s strategy and
GAP2programme
• Introduction to the Finance and
InternalAudit functions
• The investor relations programme
and shareholder engagement
• Colleague engagement
programmesand metrics
• Executive remuneration
• Corporate governance policies
andprocesses
• Technology and cyber security
• Health and safety approach
• Deep dives into each business
anditsproducts and customers
withthe Divisional CEOs
He was given access to Board and
Committee papers for the previous
12 months, as well as to the Board’s
governance policies and procedures.
Andy also attended a Diversity &
Inclusion offsite event and the annual
leadership conference, where he spoke
about leadership on a panel and met
colleagues, getting greater insight into
the Group’s culture and business.
Our process for appointing a new Non-Executive Director
Define the role brief: We developed a comprehensive brief, aligned to the
Group’s guiding principles and culture, which set out clear criteria candidates
would be objectively assessed against and the skills and experience required.
Review longlist: We reviewed Russell Reynolds’ longlist of high-quality,
diverse candidates, after the Chair and Group Chief Executive’s initial review.
Interview candidates: We interviewed shortlisted candidates in a multi-
stage process, which included informal discussions, telephone or video
callswith Committee members and formal interviews, and a rigorous
referencing process.
Recommend appointment: We recommended Andy’s appointment as a
Non-Executive Director to the Board in March 2023, after reviewing potential
conflicts of interest and his time commitments.
Appoint new Director: Andy joined the Board in June 2023 after being
elected by shareholders at the AGM.
I’ve had an excellent and
enjoyable introduction to
the team and to the various
businesses across Informa,
meeting a vast array of colleagues
from senior leaders to new
recruits. As part of my induction,
I was fortunate to be invited to
participate in the Leadership
Summit in Bologna and to
attend the Diversity & Inclusion
offsite, both of which showcased
Informa’s open and inclusive
culture, with everyone keen to
share their knowledge about
the business, its strategy and
ambitions for the future
Andy Ransom
Non-Executive Director
Annual Report and Accounts 2023
108
Managing time
commitments
As allowed under the Code, Executive
Directors can take on one non-
executive directorship in a FTSE 100
company or other significant
appointment. Details of Stephen A.
Carter’s and Patrick Martell’s other
directorships are shown in their
biographies on pages 91 and 92.
Non-Executive Directors can take on
other external appointments with the
Board’s approval, so long as the Board’s
reasons are disclosed in the Annual
Report and the appointments do not
affect a Director’s time commitment
to Informa.
As set out in last year’s report, Gill
Whitehead was appointed as Group
Director, Online Safety for Ofcom in
April 2023, and Joanne Wilson was
appointed as Chief Financial Officer at
WPP PLC in June 2023. These changes
in executive roles have not adversely
affected the time either commits to
their role with Informa.
The Board also authorised Mary
McDowell and Louise Smalley to
take up additional non-executive
directorships during 2023: Mary with
Arrow Electronics, Inc. and Louise with
AG Barr plc. Both have now retired
from full-time executive roles.
The Board believes that the experience
our Directors gain through these
external roles benefits the Company
by broadening and deepening their
knowledge and skills.
More broadly, our Non-Executive
Directors continue to commit
considerable time to Informa by joining
ad hoc Board and Committee meetings
to discuss matters that could not be
held over until the next scheduled
meeting and by undertaking extra
engagements. Examples of these
engagements, such as visiting Informa
events around the world and joining
colleague events and activities, are
shared on pages 96 and 97.
In early 2024, the Committee agreed
that all Directors standing for re-
election at the 2024 AGM continued to
be independent and that the overall
balance of knowledge, skills, experience
and diversity allows each to make a
valuable contribution to the Board.
Expertise across disciplines
This matrix shows the Board’s expertise at 31 December 2023 across ten disciplines
thatareparticularly important to Informa’s business.
Experience and skills
Strategic planning
Business transformation and integration
Digital and technology
Risk management
Corporate transactions
B2B operations
People, talent and remuneration
Media or publishing
Finance and capital markets
Sustainability and ESG
Governance ReportStr
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Nomination Committee Report
continued
Supporting a culture of
inclusivity, belonging
anddiversity
Supporting a culture of inclusivity,
belonging and diversity is an important
part of our Committee’s role and
makes business sense. Informa is an
international business, so our colleagues
and customers operate in regions with
different cultural norms, laws, and social
and political focus, as well as industry
and market differences.
This outlook is just as relevant at Board
level, where we work to attract and
retain colleagues who are diverse in
their background, thinking, experience
and skills.
Our Board Diversity & Inclusion Policy
describes our approach to diversity on
the Board and its Committees and our
firm belief that, to be effective, the
Board should reflect the environment
in which we operate.
The policy explicitly sets out that
diversity, in its broadest sense, be
considered in all Board appointments.
Similarly, any external search
consultancy working with us is
instructed to present a diversity
of candidates.
In 2023, as in previous years, diversity
and inclusion is discussed at the
main Board when all Directors can
participate and support the actions
being taken.
Our Chief Diversity and Inclusion
Officer was invited to attend Board
meetings in June and December
and,together with the Group HR
Director, provided updates on the
Group initiatives, progress made and
next steps. The Group HR Director’s
report to each Board meeting also
provides updates on diversity and
inclusion matters.
Members of the Board continue to act
as non-executive sponsors for our
colleague-run networks.
In these ways, all Boardmembers, not
only Committee members, are able to
participate andsupport the actions
being taken tofoster a working
environment based on respect and
inclusion, encouraging all colleagues
to participate on an equalbasis.
Gender balance at senior levels is an
area of focus for these discussions.
The Directors fully supported creating
anew role focused on inclusive
leadership in late 2023, and we are
being updated about introducing a
programme to further support
women’s professional development in
the company. These actions will also
help Informa make positive progress
with its UK gender pay gap data with
the Board as a whole being responsible
for reviewing and approving the annual
UK pay gap report.
Board diversity data
Below, we set out the gender identity and ethnic background of the Board and Executive Management Team at 31 December
2023, our chosen reference date in accordance with the Listing Rules. The data for the Board and executive management was
collected by the Company Secretary from each individual.
Information
Number of Board
members
% of the
Board
Number of
seniorpositions
on the Board
(Chair, CEO,
CFO,SID)
Number in
executive
management
% of
executive
management
Women 4 36.4 1 2 18.2
Men 7 63.6 3 9 81.8
Not specified/prefer not to say – – – – –
Information
Number of Board
members
% of the
Board
Number of
seniorpositions
on the Board
(Chair, CEO,
CFO,SID)
Number in
executive
management
% of
executive
management
White British or other White (including minority-
White groups) 10 90.9 4 10 90.9
Mixed/multiple ethnic groups – – – – –
Asian/Asian British 1 9.1 – 1 9.1
Black/African/Caribbean/Black British – – – – –
Other ethnic group, including Arab – – – – –
Not specified/prefer not to say – – – – –
Annual Report and Accounts 2023
110
Audit Committee Report
Informa’s strong trading
performance has been a
feature of 2023, driven by
a full recovery in B2B live
events after the pandemic.
As Chair, I have focused
the Committee on making
sure the company supports
this performance, and the
accompanying inorganic
growth, with appropriate
controls, governance and
risk management.
My thanks go to my Committee
colleagues for their contribution
andhelp during the year, and also
tomembers of the leadership team
who joined our meetings and informed
our decision making with insights
intothe company’s perspective on
ourkey challenges.
GAP 2 and key
accountingjudgements
A key element of GAP 2 is to grow
the Group both organically through
investment and inorganically by adding
complementary businesses in our
specialist markets. 2023 was a busy
year for acquisitions, funded by the
proceeds of the Intelligence divestment
and our strong trading performance.
This, in turn, made M&A a key item
on every Committee agenda, not
least given the complexity of
acquisition accounting.
The Committee takes a close interest in
the business’ estimates for acquisition
accounting, particularly the
assumptions behind contingent
consideration calculations and the
purchase price allocation exercises that
assign value to the acquired intangible
assets. Further information on how we
considered the judgements made for
the three most significant acquisitions
is set out on page 114.
The Committee also reviews the
assumptions behind the annual
impairment review, to make sure
that we can continue to support the
carrying values of the acquired
intangible assets and goodwill on
our balance sheet.
Membership and meeting attendance
Member Meeting attendance
Gill Whitehead – Chair
4/4
David Flaschen
4/4
Joanne Wilson
4/4
All our Committee members are independent Non-Executive Directors,
andtheir biographies are given on pages 92 and 93.
Gill Whitehead and Joanne Wilson are Fellows of the Institute of Chartered
Accountants and have significant financial experience in several sectors.
Gill and Joanne are considered to have recent and relevant financial
experience, as required by the Code.
The Board is also satisfied that the Committee as a whole has knowledge
and competence relevant to the markets in which Informa operates.
The mix of its members’ financial and business experience allows for
effective discussion, challenge where appropriate and oversight
of critical financial matters.
All Non-Executive Directors are invited to attend Committee meetings and
areparticularly encouraged to attend those that consider the full-year and
half-year results.
Other regular attendees at Audit Committee meetings include the Board
Chair, Group Chief Executive, Group Finance Director, Group Chief Operating
Officer, Company Secretary, Head of Internal Audit, Chief Commercial Officer,
other members of the leadership team and our external auditor. None of
these attendees is a member of the Committee.
At the end of each scheduled meeting, the Committee holds private
discussions with either the Head of Internal Audit or the external auditor,
orboth, without members of senior management being present.
The Company Secretary attends all meetings and is secretary
totheCommittee.
Overseeing acquisition activity, continued
work on improving controls and a focus on
technology and data risks were at the heart
of the Audit Committee’s agenda in2023.
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continued
Improving controls and
technology resilience
In late 2023, the Government
announced it was putting its reporting
regulation proposals around
governance and audit on hold.
The original proposals prompted us
to work extensively on assessing our
control environment and making
improvements where they were
needed. Sound controls are integral
to good governance, and we are
comfortable that this work positions
us well to report against the new Code
that will apply for our 2026 reporting
year. We also believe our work on
controls will bring other benefits,
particularly around shared services.
We continue to pay close attention to
the resilience of our technology, as our
systems are critical to how we deliver
our products, service our customers
and operate day to day.
This has meant staying vigilant to
emerging cyber threats and reducing
weaknesses in our technology systems,
supported by regular exercises to test
our defences, often run by external
cyber specialists. The Committee has
overseen how the business has acted
on the resulting recommendations
by improving control of privileged
user accounts, strengthening
authentication, enhancing security
monitoring and alerting core systems.
We have also looked at system resilience
more widely. The Committee has
overseen the launch of our Fortify
programme, which aims to manage
and mitigate risks around technology
resilience. It considers our technology
systems in the round, including cloud
capability, applications and supply chain.
Making a smooth transition
to our new auditor
As I discussed in my letter last year, we
appointed PwC as our independent
auditor with effect from 2023.
A key responsibility for the Committee
is overseeing financial reporting, so the
transition to a new external auditor is
important, and we are pleased that it
has gone well. I was particularly struck
by the open communication between
Informa’s Finance leadership team and
PwC, the early discussions held in good
time by both parties in relation to the
first–year audit and a proactive attitude
on both sides to quickly resolving
potential uncertainties.
On behalf of the Committee, I would
like to thank the PwC team for their
work on the 2023 half–year review and
full–year audit. I would also like to
thank the Deloitte team for their
professionalism and support during the
transition process. More detail on the
transition can be found on page 119.
As we move into the second year of the
audit engagement, we will focus on
making the audit process as efficient
and effective as possible. This will
include making controls more
consistent across regions so we can
test them centrally, increasing our
reliance on general IT controls and
monitoring the new internal controls
we are implementing in response to the
anticipated changes to the Code.
Strengthening
datagovernance
As I mentioned in last year’s Annual
Report, we have spent time this year
thinking about data governance.
Informa has significant commercial
opportunities to benefit from the
expanded use of data across all our
business operations but to realise
these opportunities, we must ensure
that our collection, use and sharing of
data is compliant and sustainable.
As detailed on page 118 we completed
a comprehensive review of our data
governance framework and processes.
As a result, we reviewed and approved
management plans to improve our
data maturity.
Evolving sustainability
reporting
The FasterForward sustainability
programme is a key element of GAP 2,
although Informa’s focus on
sustainability is much longer–
established.
This year, we have concentrated on
the emerging sustainability reporting
regulations, plus the emerging
requirements for assurance over
sustainability reporting data.
As detailed on page 115 Informa PLC
will be required to report against the
EU CSRD for our 2028 reporting year.
Our Internal Audit team is helping
the Sustainability team with its
preparations, and recently completed
a review, supported by KPMG, of our
sustainability KPIs. This included
looking at how the business reports
and tracks performance against our
goals and KPIs, and to give feedback on
those goals against market practices
and expectations.
This will be a key focus area in 2024, as
the reporting requirements and good
practice continue to develop.
Looking ahead to 2024
In 2024, the Committee will continue
toreview its agenda to make sure
topics like technology resilience,
datagovernance and sustainability
reporting get the attention they need.
Finally, on behalf of the Committee,
I would like to thank our Group Finance
Director, Gareth Wright, the Informa
Finance team and all other Informa
colleagues who have supported us in
our work.
Gill Whitehead
Committee Chair
7 March 2024
Annual Report and Accounts 2023
112
Overview of the Committee’s year
The Committee has an extensive annual agenda that focuses on the Group’s
financial reporting, assurance and risk management processes. Our key areas
of focus during 2023 are listed here.
Area of focus Mar Jun Jul Dec
Financial and narrative reporting
Full-year and half-year financial results and
2022 Annual Report
Key accounting matters and judgements
Going concern assessment
Viability Statement
Fair, balanced and understandable review
Tax update
Pensions review and risk management
Sustainability and climate disclosure reporting and
assurance update
Risk management and internal control systems
Principal risk reviews:
Inadequate regulatory compliance
Technology failure
Data loss and cyber breach
Privacy regulation and data governance
Reliance on key partnerships
Ineffective change management
Risk Committee update and planning
Response to BEIS reforms: Restoring trust in audit
andcorporate governance
Tax policy and governance
Treasury policy compliance review
Compliance, whistleblowing and fraud
Fraud review
Anti-Bribery and Corruption Policy review
Whistleblowing (Speak Up) reviews – updates also
provided to each Board meeting
Audit Committee terms of reference review
Internal audit
Internal audit reporting
Internal audit annual plan
Annual effectiveness review of Internal Audit
External audit
External audit reporting
Approval of the 2023 external audit plan
Audit and non-audit fees
Independence review
Annual effectiveness review of external audit
2022 Audit Management letter
External audit transition update
Roles and responsibilities
• Monitor the integrity of the
company’s and Group’s financial
statements and any formal
announcements relating to
financial performance; review
significant financial reporting
judgements, issues and
estimates; and confirm whether,
taken as a whole, the Annual
Report and Accounts is fair,
balanced and understandable.
• Assess the effectiveness of the
external audit process; review
and monitor the external
auditor’s independence and
objectivity; approve a policy for
the external auditor to supply
non-audit services; and make
recommendations to the Board
about the appointment,
reappointment and removal
ofthe external auditor, its
remuneration and terms
ofengagement.
• Monitor and review the
effectiveness of the Internal Audit
function and the annual internal
audit plan.
• Review and monitor the
effectiveness of the Group’s
internal financial controls and
riskmanagement systems
andprocedures on behalf of
theBoard.
• Oversee compliance,
whistleblowing and fraud
programmes; approve Group
policies in relation to accounting,
tax and treasury matters;
andmonitor legal and
regulatoryrequirements
regarding financial reporting.
The Committee’s terms of
reference,setting out its duties
andresponsibilities, are available
onourwebsite.
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continued
Reviewing financial reporting
When the Committee reviews the
Annual Report and Accounts, we
consider the overall requirement for
it to present a fair, balanced and
understandable assessment of the
company’s position, business model,
performance, strategy and prospects.
We received early drafts of the Annual
Report and considered the process for
preparing and verifying it, which
included input from appropriately
qualified colleagues.
We ensured that accounting policies
and practices had been appropriately
applied, including around any
significant transactions during the year,
and that the disclosures in the Annual
Report complied with relevant
accounting standards and other
regulatory financial reporting
requirements, including the Code.
As a Committee we considered material
accounting assumptions and estimates,
any significant judgements or key audit
matters identified during the audit,
and reviewed the application and
effectiveness of internal financial
controls. We also made sure that the
company’s remuneration consultants
were given the opportunity to review
the Directors’ Remuneration Report.
Before recommending the Annual
Report to the Board, we ensure that
drafts are reviewed by internal
stakeholders, the external auditor,
Committee members and all members
of the Board.
We can confirm that Informa complies
with all the provisions of the FRC’s
newly introduced Audit Committees
and the External Audit: Minimum
Standard.
More details about our fair, balanced
and understandable reporting are
given on page 105
Considering significant
accounting matters
The Committee considered the
following significant accounting
matters for the financial year ended
31 December 2023.
Viability Statement
andgoingconcern
We reviewed management’s work to
support the preparation of the financial
statements on the going concern basis
and the appropriateness of the Viability
and Going Concern Statements in the
Strategic Report.
We looked at the severe but plausible
scenarios that management
considered, the three-year divisional
business plans, and the mitigating
actions available to the Group in its
three-year viability assessment and the
going concern assessment to June 2025.
After appropriately challenging the
assumptions supporting management’s
assessment, the Committee concluded
that the Viability Statement and going
concern disclosures (see pages 67 to 69)
are appropriate.
Impairment testing
Goodwill is allocated to cash generating
units (CGUs) and the value we have
assigned to each is tested annually for
impairment. The Committee reviewed,
discussed and, where necessary,
challenged management’s impairment
assessment for each CGU, including
whether the key assumptions and
sensitivities used were appropriate.
The full impairment assessment
disclosures, including details of the
assumptions used and sensitivities,
are set out in Note 17 to the
Financial Statements.
As a Committee we concluded that
the carrying value of goodwill in the
balance sheet could be supported.
We agreed with management that no
impairment was required and that the
related disclosures were appropriate.
Acquisitions
The specific actions taken by the
Committee in respect of the three
largest acquisitions by consideration
completed in 2023 are outlined below.
Tarsus Group: The Committee
reviewed the contingent consideration
element of this acquisition, where the
deferred equity component of the
consideration is contingent on the
Informa share price reaching 850p by
1June 2025.
Management engaged Kroll, a third-
party independent valuer, to determine
the fair value of the deferred equity
component using an option pricing
model. The 2023 year end fair value
was reassessed at £26.0m
Winsight Group: The Committee
reviewed how the contingent
consideration element (earnout) of this
acquisition had been treated, which
was dependent on Winsight’s 2023
revenue and EBITDA performance.
The contingent consideration was
reassessed to a fair value of £12.1m as
at 31 December 2023 and was paid on
30 January 2024
HIMSS Global Health Conference
and Exhibition: The Committee
reviewed how the acquisition was
treated given this wasconsidered to be
a business combination even though
the transaction was legally structured
as anasset purchase. We agreed with
management’s assessment.
In addition to the specific actions taken
on each of the three largest acquisitions,
when the Group acquires any new
business, it needs to allocate the
purchase price to tangible and intangible
assets. Determining these valuations
requires assumptions and judgement.
The Group has built up considerable
knowledge of the valuation techniques
required. Even so, Kroll, is appointed
toassist the process to identify and
support the valuations for all acquisitions
of scale. Further details aregiven in Note
17 to the Financial Statements.
Annual Report and Accounts 2023
114
Kroll was engaged to support the
purchase price allocation exercise for
the three largest acquisitions, valuing
the acquired intangible assets.
The Committee reviewed the
assumptions and judgements behind
these valuations and was satisfied that
they were appropriate.
Tax and treasury risks,
policiesand governance
The Group Finance Director is
responsible for tax and treasury
policies at Board level.
As required by the Tax Governance
Framework, the Group Tax Director
presents the Group Tax Policy and
Strategy to our Committee each year,
setting out Informa’s approach to tax.
More details about the approach are
available on our website.
The Group Treasurer presents the
Group Treasury Policy to our Committee
each year. More details about how
Informa maintains a strong capital
structure are available on our website.
Sustainability reporting
During the year, we received updates
from Group Finance and our external
auditor on the sustainable reporting
requirements introduced by the
CSRDand the ISSB. The Head of
Sustainability also presented to the
Board on this subject.
We reviewed the actions taken to
assess whether Informa would need to
report under the CSRD and concurred
with management’s conclusion that the
Group would need to report for the
financial year ending 31 December
2028. We also noted that some
subsidiaries may fall under the CSRD
requirements and therefore be
required to report for the financial year
ending 31 December 2025.
CSRD will require companies to disclose
sustainability issues from a double
materiality perspective, that is, by
considering the impact of sustainability
topics on Informa and on society.
We considered the outcome of the
initial double materiality assessment
completed by Carnstone, an
independent consultant, which can be
seen on page 29. We noted the initial
high-level review of the CSRD KPIs, in
order to determine which of these
might affect Informa, and our reporting
process for those in scope. The double
materiality assessment will be
repeated on a larger scale over the
next two years.
We have also taken into account the
feedback received from our auditors to
further improve the integration of TCFD
disclosures with the other narrative
elements of the Annual Report, a
change that is consistent with the FRC
thematic review observations.
Overseeing risk management
and internal controls
The Board delegates responsibility to
the Committee for overseeing the
effectiveness of the Group’s risk
management and internal control
systems. We recognise that taking
appropriate risks is an inherent part
of achieving the Group’s business
objectives. Our system of internal
controls is designed to manage material
risks by addressing their causes and
mitigating their potential impact.
This can only provide reasonable,
rather than absolute, assurance against
material misstatement or loss, and
recognises that the cost of control
procedures should not exceed their
expected benefits.
The leadership team, led by the Group
Chief Executive, also regularly meets to
review the Group’s operational and
financial performance, material risks
and mitigating actions. Each division
has the autonomy to operate within a
robust internal control framework.
The Committee, as well as the Board,
regularly reviews the overall risk
management and internal control
process. The process complies with the
FRC’s Guidance on Risk Management,
Internal Control and Related Financial
and Business Reporting.
To do this review, we monitor the
activities of the Risk Committee, consider
reports from both internal and external
auditors about the effectiveness of the
controls, and review the Group’s risk
management processes – including
its whistleblowing arrangements.
Any control deficiencies we identify are
followed up and actions tracked.
All Directors receive the minutes of Risk
Committee meetings via the Audit
Committee papers. In addition, the
Group Finance Director and Group Head
of Risk provide a summary of the Risk
Committee’s activities – such as principal
risk deep dives, divisional risk reporting
reviews and risk framework planning – to
the Audit Committee and the Board.
At the half year and full year, we assess
the Group’s principal and emerging
risks, including the process to review
each risk and whether risk exposures
have changed during the period.
No new principal risks were identified
during the year, although the principal
risk called Inadequate response to
major incidents was expanded to
include any pandemic risk.
The updates provided to us, and the
results of our own investigations, did
not identify any significant control
deficiencies during the year.
We presented the conclusions of our
annual review of the effectiveness of
the risk management and internal
control systems to the Board. As a
result, the Board is satisfied that the
Group’s risk management and internal
control systems have been effective
during the year and that it has fulfilled
its obligations under the Code.
More details about the Group’s risk
management framework and our
principal risks are given on pages 59
to 66
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Audit Committee Report
continued
Closely watching
cybersecurity
In 2023 we again paid particular
attention to cyber security and
governance in relation to the risk of
unauthorised and criminal access to
the Group’s technology systems.
This is a key area for the Group as we
accelerate the pace of digitisation and
the use of data in all our businesses,
which is why it is a key element of
management’s Fortify programme.
Cyber incidents, especially ransomware
attacks and business email
compromise, continue to pose a risk
to businesses and can seriously
affect financial systems and assets,
business continuity, reputation and
intellectual property.
On the Board’s behalf, our Committee
reviews and monitors Informa’s
approach to cyber security and ensures
that appropriate and robust cyber
security defences are in place.
During 2023, we:
• Discussed the findings of the cyber
attack simulations/exercises that
took place during the year – including
real-world attack exercises and
incident response exercises – and
supported recommendations
from management and our
external advisers
• Considered and reviewed the
technology integration risks that
come with acquisitions
• Undertook deep dives into data loss
and cyber breaches, reviewing how
risks were managed, considering
current and emerging risks, and
agreeing next steps and actions for
managing and mitigating them
• Reviewed the outcomes of a
compromise assessment to find
any evidence of targeted or
interactive attacker activity in
the Informa environment
• Supported management as it
continued to enhance cyber security
for the Group, including developing
a global colleague cyber
ambassador network
The Committee Chair updates the
Board following each meeting about
the actions being taken to manage
cyber risks and all Directors have full
access to Committee papers.
Managing risk through our Risk Committee
Informa has an established executive Risk Committee, responsible for
ensuring that Group risk is managed effectively and for monitoring business
risks and their effect on the Group.
The Risk Committee comprises the Group Finance Director (Chair), Chief
Operating Officer, Group General Counsel, Head of Internal Audit, Head of
Group Compliance, Chief Commercial Officer, Chief Information Security
Officer, Group HR Director, Head of Group Health, Safety and Security, Chief
Privacy Officer, Group Risk Manager and colleagues from each of the
operating divisions.
The Risk Committee meets at least four times a year, and its principal duties
are to:
• Oversee the Group’s current risk exposures, providing an assessment
ofthe Group’s principal risks for the Audit Committee to consider
• Ensure that there is a regular robust assessment of the principal risks and
emerging risks facing the Group, including those risks that would threaten
its business model, future performance, solvency or liquidity
• Review the Group’s overall risk assessment processes and the parameters
of the qualitative and quantitative metrics used to review the Group’s risks,
as well as monitoring mitigating actions
• Provide guidance to the Audit Committee around the Group’s risk appetite
and tolerance for each of the principalrisks
• Review the effectiveness of the Group’s risk management and internal
control systems, including all material financial, operational and
compliance controls
• Review the Group’s approach to, and management of, health and
safetyrisks
• Review the Group’s approach to, and management of, its responses to
varying data privacy regulations globally
• Review the adequacy and security of the company’s whistleblowing
arrangements for colleagues and contractors to raise concerns in
confidence about possible wrongdoing in financial reporting or
othermatters
More details about the Risk Committee’s work
are given on pages 56 to 66
Annual Report and Accounts 2023
116
Improving technology
governance
The Committee undertook a deep dive
into technology failure risk, supporting
management’s Fortify programme.
Fortify is evolving Informa’s cloud
strategy with the launch of a new
framework and platform for enhanced
security, observability and cost control.
We identified key actions to improve
technology data governance and
supported the development of a 2024
roadmap to improve service resilience
and disaster recovery of critical
business applications.
Restoring trust in audit
andcorporate governance
When the UK Government published
itsresponse to the BEIS consultation,
Informa established a team to assess
the effectiveness of its existing internal
control framework, and to design and
implement any changes to the
framework in readiness for the
proposed reforms.
The 2023 objectives were to:
• Conclude the design of the control
framework, and test the design
effectiveness of Group-wide controls,
in-scope business process controls
and IT system controls, correcting
any significant control issues
identified
• Support the external auditor
transition, with a focus on the
internal control framework
• Minimise disruption to Informa’s
other key projects and business-as-
usual activities
• Adapt quickly to changes to the Code
and other governance guidance
and requirements
The Committee monitored and
supported the leadership team as it
prepared for the proposed reforms,
receiving updates on materiality,
fraud and financial reporting
risk assessments.
We scrutinised business processes and
IT systems maturity assessments, and
reviewed remediation action plans,
where required.
Although a substantive element of the
proposed reforms was withdrawn, the
Committee believes that the work
undertaken has strengthened both
Group-wide and divisional controls.
By updating policies and processes,
and identifying and improving
weaknesses, Informa will be better
placed to comply with the revised Code
when it comes into force in 2025.
Assessing the Internal
Auditfunction
In 2023, all countries where the Group
operates removed their restrictions on
travel and movement following the
pandemic, allowing internal audit work
to be performed onsite again.
We continued to engage third-party
partners to support the Internal Audit
team on audits that required a specific
technical skillset.
The Head of Internal Audit attends each
Audit Committee meeting and provides
reports on:
• Any issues identified around the
Group’s business processes and
control activities during its work
• Management’s delivery of action
plans to address any identified
control weaknesses
• Any management action plans where
resolution is overdue
• Group-wide controls testing to
prepare for changes in the Code
During 2023 the Committee considered
the findings from testing by Internal
Audit and its co-source partners to
assess the effectiveness of Informa’s
cyber security detection, prevention
and response capabilities.
At the end of each financial year we
also review the draft annual internal
audit plan and resourcing levels.
The final plan is approved at the
following meeting, after our feedback
has been reflected. The plan sets out
the key risk areas and areas of financial
controls that will be audited during the
next 12 months.
An effectiveness review is carried out
each year to assess the quality and
expertise of the Internal Audit function,
how well it is delivering its remit, and to
identify areas for improvement.
The review gave a good degree of
assurance regarding the overall
effectiveness of the function and the
skill and experience of its members –
and recognised that the use of data
analytics and technology, including AI,
in audits could be expanded.
The Head of Internal Audit has a
dualreporting line to the Group
Finance Director and the Audit
Committee Chair, and meets privately
with Committee members without
management present at least once
ayear.
The Committee confirms that it has
assessed the quality, experience and
expertise of the Internal Audit function,
and is satisfied it is appropriate for
theGroup.
Monitoring compliance
The Committee is responsible for
overseeing the Risk Committee’s work
to review the Group’s whistleblowing,
fraud and bribery prevention
procedures. The Company Secretary’s
regular report at each Board meeting
contains an update on whistleblowing,
fraud and anti-bribery matters, and
both the Head of Group Compliance
and Chief Privacy Officer attend Board
or Committee meetings to report
on their respective functions
and responsibilities.
A deep dive into the principal risk called
Inadequate regulatory compliance took
place in December 2023, when the
Committee reviewed and discussed the
progress of the compliance programme
during the year. We also considered
and approved the strategy and goals
for the coming year.
The compliance programme is
being reviewed and updated where
necessary to ensure that it meets the
requirements of the UK Economic
Crime and Corporate Transparency Act
2023, which became law in October.
Governance ReportStr
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Audit Committee Report
continued
Widening sanctions controls
With an international footprint, Informa
closely monitors cross-border trade
restrictions and has established
controls in place to prevent prohibited
transactions under US, UK and EU laws
and UN rules.
Since February 2022 the sanctions
landscape has become increasingly
intricate. In response, the Group’s
Compliance team, supported by our
shared service centres, has increased
the breadth of countries covered by
ourcontrols. As we integrate acquired
companies, we conduct thorough
duediligence and swiftly implement
orintegrate sanctions controls to
safeguard our legal obligations and
meet the expectations of our
bankingpartners.
Changes in our framework, and
adaptations and extensions to the
sanctions programme, are reported to
the Committee throughout the year.
Growing trust in
whistleblowing
Informa has established processes for
any colleague to report concerns in
confidence, either through line
managers, HR managers, the internal
Compliance team or an independent
and confidential whistleblowing service
– Speak Up – that is available in more
than a dozen languages.
At least once a year, the Head of Group
Compliance reports to our Committee
about the concerns raised through
Speak Up, highlighting any themes and
the actions being taken to strengthen
processes, trust and awareness across
the Group.
During the year, the Compliance team
created new and bespoke training
modules designed to showcase
relevant real-life issues that colleagues
and line managers could encounter
andhow to best handle them.
Feedback was positive, with an uptick
inawareness of and trust in the
SpeakUp process, and a greater
understanding among line managers
ofthe role they play.
From 17 December 2023, organisations
with more than 50 employees based in
the EU are required to comply with the
EU Whistleblower Directive. Informa’s
business in the Netherlands falls into
this scope.
We are working to ensure that our
policies and procedures comply with
the Whistleblower Protection Act
introduced in February 2023, and
will conduct briefing sessions with
the relevant HR and Investigation
leads for the Netherlands.
Reviewing fraud reports
and responses
At least twice a year, the Committee
receives a report on instances of
fraud or attempted fraud, together
with details of management’s
responses and the actions taken to
mitigate or eliminate the fraud risks
identified. The frauds or attempted
frauds fall broadly into three main
categories: customer fraud, supplier
fraud and cyber fraud.
Internal control processes are
reviewed as part of the response, with
improvements made where necessary.
Regular phishing simulation tests also
take place, with additional training
provided for colleagues who fail.
Monitoring bribery processes
and controls
Informa is primarily subject to the
requirements of the UK Bribery Act and
the US Foreign Corrupt Practices Act, as
well as a number of local and national
anti-corruption laws.
At least once a year, the Company
Secretary reports to the Committee
on the Group’s processes and controls
around anti-bribery and corruption.
The report provides us with
information about the key areas of
activity for the Group’s anti-bribery
programme, such as the risk
assessment process, including for third
parties; proposed changes to policies
and procedures, including the Code of
Conduct; training and communication
updates; and a summary of any
misconduct investigations undertaken.
Considering data privacy and
data governance
Informa operates in markets where
privacy regimes are increasingly
complex, with growing penalties
and enforcement from regulators.
These regimes include those passed
byAustralia, China and other Southeast
Asian countries, as well as privacy laws
passed by various US states, some of
which will take effect in 2024 or 2025.
Together with existing regimes such as
the General Data Protection Regulation,
this means that colleagues, customers,
suppliers and stakeholders have
greater expectations of transparency
and control over how their personal
data is collected, used and shared.
Informa established a Global Privacy
Framework, based on the Information
Commissioner’s Office Accountability
Framework, and completed a
benchmarking exercise to determine its
maturity in this area. We reviewed the
findings of the benchmarking exercise
and supported the Chief Privacy Officer
to develop a Privacy Assessment Policy
and Privacy-by-Design Framework.
The Committee also considered the
Group’s data governance capabilities
and whether the ways in which Informa
collected, used and shared data was
compliant and sustainable.
The Chief Privacy Officer provided us
with updates on evaluation work done
– through internal initiatives and with
the support of external consultants – to
assess and develop Informa’s approach
to data governance. The exercise
identified where the bulk of Informa’s
data governance risk was concentrated
and which provided the most pressing
risk to the Group’s business operations.
We considered the priority areas
identified through the evaluation and
supported the actions being taken to
mitigate any downstream effects of
poor data governance.
Annual Report and Accounts 2023
118
Working with our new
external auditor
PwC was selected as the Group’s
external auditor after a robust and
thorough tender process in 2022.
Following its appointment at the
2023 AGM, it became responsible
for external audit work from
1 January 2023.
The Committee is responsible for
developing, implementing and
monitoring the Group’s policy on
external audit. This policy assigns
oversight responsibility for monitoring
independence, objectivity and
compliance with ethical and regulatory
requirements to the Committee, and
assigns day-to-day responsibility to
the Group Finance Director. It states
that the external auditor is jointly
accountable to the Board and the
Committee, with the Committee as the
primary contact. The policy also sets
out which categories of non-audit
services the external auditor will and
will not be allowed to provide.
Our Committee plays an essential role
in ensuring the independence of the
external auditor and the quality of the
audit process, and provides challenge
where necessary.
In June 2023, PwC presented its
proposed strategy and scope of the
2023 full-year audit and half-year
review, together with details of the key
areas of focus. It shared insights and
feedback that enabled the Committee
to monitor progress and ask questions.
Independence of the
externalauditor
Chris Burns is the lead audit partner
responsible for signing the audit
opinion on behalf of PwC.
When assessing the independence and
objectivity of the external auditor, we
consider assurances and information
provided by PwC regarding the nature of
the non-audit services it provides, as well
as any commercial business relationships
between PwC and the Group.
The Committee is comfortable that
there have been no instances of
non-compliance or independence
during the year and considers that
the company has complied with the
Competition and Markets Authority’s
Statutory Audit Services for Large
Companies Market Investigation
(Mandatory Use of Competitive Tender
Processes and Audit Committee
Responsibilities) Order 2014.
External auditor effectiveness
Our Committee reviews the
performance of the external auditor
each year, to assess how it has delivered
the external audit service and to identify
areas for improvement. The review
considers the quality of planning,
delivery and execution of the audit –
including the audit of subsidiary
companies – the technical competence
and strategic knowledge of the audit
team, and the effectiveness of reporting
and communication between the audit
team and management. Performance is
assessed according to whether the
auditexceeds, meets or falls below
expectations against a variety of factors.
During our assessment of PwC’s first
audit, we specifically considered:
• The helpfulness of planning meetings
• Whether there was a good
understanding of expectations for
audit support and other deliverables
• The auditor’s level of auditing skills
and technical accounting knowledge
• Knowledge of the Group’s operations
• Whether there was an appropriate
focus on the material risks facing
theGroup, including fraud
• Whether there was an appropriate
level of challenge over key financial
reporting judgements made
by management
• Robustness and efficiency of
theaudit
• The use of technology, including
dataanalytics
• Adequacy of the audit scope,
planning and execution
• Communication and escalation
ofissues
• Efficiency of the audit transition
The Committee was satisfied that the
audit plan had been delivered and,
having considered the views of the
leadership team, including the Group
Finance Director and Head of Group
Finance, concluded that the quality,
delivery and execution of the 2023
external audit were of a high standard
and had been effective.
External audit transition plan
A detailed transition plan was developed during the tender for external audit services and PwC worked closely with
Informa’s Finance and Technology teams to ensure that transition was approached consistently across all regions
andthat key milestones were met.
The transition plan included:
• Monthly meetings between management and PwC
• Shadowing the previous external auditor, Deloitte LLC, during the 2022 year end audit
• Reviewing Deloitte’s audit files once the 2022 year end audit had completed
• Arranging an audit planning workshop for the global PwC audit team and Informa Finance team
• Undertaking process walkthroughs
The Committee received regular updates on the progress of the transition programme and is satisfied that the transition
of external auditor was delivered efficiently and effectively.
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Audit Committee Report
continued
Providing non-audit services
The Committee must approve all audit
and non-audit services that are provided
by the external auditor. We continue to
believe that certain non-audit services
should be undertaken by the external
auditor, including services where the
auditor’s existing knowledge of the
Group means it would carry out those
services more efficiently and effectively
than other providers.
We review the Non-Audit Services
Policy each year, and the actual fees
accrued at each meeting. This helps to
safeguard the ongoing independence
of the external auditor and ensure the
Group complies with the FRC’s Ethical
Standard for Auditors and with other
EU audit regulations.
The policy allows the external auditor
to provide the following non-audit
services to the Group:
• Audit-related services
• Reporting accountant services
• Assurance services in relation to
financial statements within an
M&Atransaction, such as providing
comfort letters in connection
withany prospectus that Informa
may issue
• Tax advisory and compliance work
for non-EEA subsidiaries and
expatriate tax work
• Other non-audit services not
covered in the list of prohibited and
permitted services, where the threat
to the auditor’s independence and
objectivity is considered trivial and
safeguards are applied to reduce any
threat to an acceptable level
The policy sets out that the Committee
Chair must approve, in advance, all
proposed non-audit engagements
where the fee for any individual
assignment is greater than £25,000 or
where total annual assignments would
exceed a total of £100,000.
In accordance with the FRC Revised
Ethical Standard 2019, a cap on
non-audit fees (being 70% of the
average audit fee for the three
previous financial years) will apply
from the fourth financial period
following PwC’s engagement.
The policy also requires the Group
Finance Director to provide an
analysisof all non-audit services
undertaken by the external auditor,
together with the related fees, to
eachCommittee meeting.
Details of total fees charged by PwC
during the year ended 31 December
2023 are set out in Note 6 to the
Financial Statements. During the year
the Group incurred non-audit fees
totalling £0.4m (2022: £1.1m).
The non-audit fees consisted of £0.36m
relating to the half-year review and
interim audits in China, and £0.06m
relating to assurance over the annual
update to the Euro Medium Term
Note programme.
Annual Report and Accounts 2023
120
Directors’ Remuneration Report
The Committee’s key
focus through the year
has been on setting
appropriate targets to
incentivise management
to achieve goals critical
to Informa’s future
success and reviewing
remuneration outcomes
in the context of the wider
stakeholder experience.
In this respect, the Committee has
continued to pay particular attention to
the impact of wider macro uncertainty
on Informa colleagues over the course
of the last year and the shareholder
experience throughout the short- and
long-term performance periods under
review in2023.
Having received strong support for
theDirectors’ Remuneration Policy
atthe 2022 AGM, the Committee also
took time to consult further with
shareholders on the specific measures
for the 2024 annual incentive plan
andthe first Long-Term Incentive Plan
(LTIP) award to be granted in 2024
under this Policy, the final year of the
current Policy period.
On behalf of the Remuneration
Committee I am pleased to report
on Informa’s approach to Directors’
remuneration in 2023, including the
outcome of the short- and long-term
incentives for the period.
Membership and meeting attendance
Director Attendance
Louise Smalley – Chair 5/5
Zheng Yin 5/5
Andy Ransom – from 15 June 2023 3/3
Helen Owers – to 15 June 2023 2/2
All our Committee members are independent Non-Executive Directors,
andtheir biographies are given on pages 92 and 93.
The Board Chair, Group Chief Executive, Group Finance Director,
Company Secretary, Group HR Director and Director of Investor Relations
are typically invited to attend meetings as required. None are members
of the Committee and they do not attend meetings when their own
remuneration is discussed.
All Non-Executive Directors have an open invitation to attend Committee
meetings. The Company Secretary attends all meetings and is secretary to
the Committee.
The Committee’s terms of reference, which set out its duties and
responsibilities, are available on our website.
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Accelerating growth
The Company’s operational and
financial performance throughout 2023
have been excellent. In 2023, the Group
delivered underlying revenue growth
of 30%, reported revenue growth of
41%, operating profit growth of 72%,
adjusted earnings per share growth of
72% and free cash flow growth of 51%.
Against a backdrop of continuing
geopolitical and macro uncertainty, the
Group raised market guidance three
times throughout the year and
delivered final results ahead of
consensus expectations.
At the same time, the Group returned
over £548m to shareholders through
our share buyback programme in 2023,
as well as delivering strong double-digit
growth in ordinary dividends and
significant equity outperformance.
Furthermore, Informa’s share price
increased by over 25% through 2023,
putting the company in the top quartile
of FTSE 100 index performers.
Total shareholder returns (TSR) over
the year were 28%, and 46% over the
last three years.
Informa has also continued to invest for
future growth, both internally in key
areas such as data capture, data
management and digital content, and
externally through a number of
accretive acquisitions during the year,
including Tarsus, Winsight, HIMSS
Global Health Conference & Exhibition
and Canalys. In January 2024, the
company also announced an
agreement to combine Informa Tech’s
digital businesses into US-listed
TechTarget, creating a New TechTarget.
Leadership focus and
colleague commitment
The Group’s performance in 2023 was
only possible due to the commitment
and creativity of Informa’s colleagues in
around 30 countries across the world.
On behalf of the Board, I would like to
put on record our thanks for this
outstanding contribution throughout
2023, it was critical to our achievements
this year, as the Group’s operational and
financial performance demonstrate.
Our performance in 2023 follows a very
challenging few years as we navigated
our way through the impact of the
pandemic. The strength of Informa’s
performance and position today is the
direct result of a series of decisions by
the leadership team and the Board
throughout that period, combined with
the significant resilience, hard work and
commitment from the entire Informa
colleague community. These decisions
ranged from maximising colleague
support measures and minimising
retrenchment, moving early to
refinance debt and raise equity to
strengthen the balance sheet,
refocusing incentives on cash
management and cash generation, and
introducing a more flexible restricted
share scheme, the 2021-2023 Equity
Revitalisation Plan (ERP) for the
Executive Directors and 100+ Senior
Leadership Group colleagues.
At the heart of the Group’s success has
been retention of key talent through
the uncertainty of the pandemic.
Across the Senior Leadership Group,
fewer than 5% of colleagues have left
the Group since the launch of the ERP in
2021, something that looked extremely
unlikely in the midst of the pandemic,
and a significant reason the company
has been able to accelerate so
effectively out of the pandemic while
continuing to expand the business and
enhance our service offering.
Another key component of success
has been the company’s continuous
commitment to invest in innovation
throughout the period, in particular
the development of our centralised
data platform, IIRIS, and expansion in
B2B digital services and open research
platforms. This helped generate
valuable new revenues when live
events were disrupted and has
enabledus to expand our
addressableaudiences, opening
upnew avenues of growth
Colleague support
The Company constantly reviews the
support provided to colleagues in
orderto ensure everyone has the
resources and tools to keep thriving
and delivering for each other and
forInforma.
Following the spike in inflation and
increase in cost of living across many
countries, in 2022, the company
undertook a series of specific measures
to provide support where it was most
needed. This included reopening the
Informa Colleague Support Fund
offering direct financial assistance to
colleagues in particularly challenging
situations, the worldwide expansion
of our EAP colleague assistance
programme and a one-off colleague
cost of living supplement for around
5,000 colleagues around the world.
Some of these measures were
extended into 2023 to provide further
ongoing support, and the company
also used annual cost of living rises to
salaries to provide additional support
to colleagues who most needed it.
The vast majority of colleagues saw
a total salary increase of circa 6%,
comprising a cost of living increase of
4% and, for the 90% of colleagues who
earn less than £130,000 base salary
(or local equivalent), an additional
2% top-up.
Engaging with colleagues
The Board makes sure it stays close
to the colleague community to be
connected with the pulse of the
business and to provide a direct
channel for colleague feedback on all
and any matters. We regularly review
the outcomes of company-wide
surveys and interviews, including
annual engagement index scores,
which remain consistently high at over
80 (see page 55 for more details).
We are also fortunate to have many
colleagues come to Board meetings to
present on different businesses and
initiatives and Board members also
interact through representation on the
various colleague networks, Board
town halls, site visits and participation
in a range of other meetings and
forums (see pages 96 and 97 for more
details on Board engagement).
I personally appreciated the
opportunity to discuss remuneration
with a wide range of colleagues who
attended the town hall with the Board
following the Informa AGM last June.
In 2023, we used these channels, as
well as specific HR leadership forums,
to engage on different aspects of
remuneration, with topics discussed
ranging from potential improvements
to colleague benefits, colleague
development programmes and
improving talent mobility.
Directors’ Remuneration Report
continued
Annual Report and Accounts 2023
122
Shareholder engagement
in2023
The Committee is equally active in
engaging with shareholders, both on
formal consultation matters and
informally, through regular one-to-
onemeetings. We find these
interactions invaluable in helping to
understand investor thinking and
gauge their latest views on
remuneration. This input influences the
development and operation of future
remuneration plans at Informa, and
Iwould like to thank our investors for
their engagement and responsiveness.
Following a full shareholder consultation
on the Directors’ Remuneration Policy in
2022, in 2023, as promised, we followed
this up with further consultation on the
specific measures to be applied to the
first LTIP grant.
In January 2023, we ran our Chair’s
annual shareholder roadshow. This was
an opportunity for shareholders to
meet with the Chair informally, often
accompanied by Non-Executive
colleagues, to discuss anything and
everything, with no subject off the
table. It is always popular with
shareholders and during 2023 the Chair
met with 19 institutions, representing
circa 35% of Informa’s equity base.
I was fortunate enough to join several
of these meetings, as did our Audit
Committee Chair, providing helpful
context and input before formal
consultation later in the year.
Subsequently in October 2023, we
wroteto shareholders outlining our
remuneration proposals in relation to
the implementation of the new LTIP for
2024 and a specific Executive Director
salary review proposed for 2024.
This led to a further series of meetings
and exchanges with shareholders,
largely to clarify specific elements of
the LTIP or to suggest minor
adaptations. Overall, we were pleased
with the response, which was very
supportive of the approach taken, and
directly links targets to the Group’s
strategic plan for future growth and
value.
Overview of 2023
remuneration outcomes
Business context
The strength of Informa’s performance
in 2023 reflected strong in-year trading
but also the momentum built up
through 2021 and 2022, when the
company invested in strengthening its
digital capabilities and made some
critical capital allocation decisions.
The benefit of these decisions and the
Group’s ability to seize opportunities
after the pandemic enabled the Group
to raise its 2023 market guidance three
times throughout the year and deliver
full-year results ahead of consensus.
The Group also began to redeploy the
capital raised through the divestment of
the Informa Intelligence portfolio in 2022
(circa £2.5bn value at an average EV/
EBITDA multiple of 28x), acquiring Tarsus,
Winsight, HIMSS and Canalys, among
others in 2023, at an average post-
synergy multiple of circa 9x EV/EBITDA.
At the same time, we have continued
toaccelerate returns to shareholders,
with £725m of capital returned
through share buybacks and dividends
in the year.
The strength of Informa’s operational
and financial performance in 2023,
both at a Group level and within the
Academic Markets and B2B Markets
divisions, has delivered strong incentive
plan outcomes.
Retirement benefits
In 2023, there was a planned change
to annual retirement benefits for the
Group Chief Executive and Group
Finance Director. To align with
shareholder views, the Executive
Directors voluntarily reduced and
restated their contractual pension
entitlements, lowering annual
retirement benefits from 25% to 10%
of salary, which aligns with the rate
available to a range of other colleagues,
resulting in a reduction in fixed pay.
Short-Term Incentive Plan
(STIP): outcomes of the 2023
Performance Tracker
For the Executive Directors and the
wider leadership team (circa 100
colleagues), short-term incentives in
2023 were based on a Performance
Tracker of specified operational and
financial targets. These targets
represented the breadth of critical
success factors across the Group
required to enable future growth
andreturns. As a reminder, as part of
the existing Policy, in connection with
the ERP, the 2023 STIP maximum
potential was reduced to 100% of
salary for the Executive Directors.
The 2023 STIP comprised 12 individual
performance measures, spanning 3
categories, each contributing up to
8.3% of the overall performance
outcome. 11 of the targets were
quantitative in nature. The three
categories were Financial Performance
(33.3%), GAP 2 Digital and Data
Acceleration (33.3%) and Operational
Execution (33.3%).
Full details on the 2023 STIP outturn
are provided in the table on the
following page, including a line-by-line
summary of all the performance
measures, the targets by which they
were assessed and how the Committee
reached its final decisions.
The Group’s strong financial
performance in 2023, with reported
adjusted operating profit more than
20% above the mid-point of initial
market guidance at the start of the
year, delivered maximum outcomes in
the Financial Performance category.
On GAP 2 Digital and Data
Acceleration, the outcomes were varied,
with strong progress in expanding our
known, engaged, marketable audience
(KEMA) and good growth in Academic
Markets digital revenue, the latter
following several product
enhancements and newlaunches.
Retirement benefits
(£)
Salary
entitlement
at 31/12/2023
Previous
contractual
entitlement
(25%) Reduction
Reduced
benefit
(10%)
Stephen Carter 911,000 227,750 (136,650) 91,100
Gareth Wright 529,500 132,375 (79,425) 52,950
Governance ReportStr
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123
However, disruption in the Technology
end market through 2023, which led to
retrenchment in some areas of the
industry we serve and a pause in
marketing investment and product
launch activity, had an impact on
digital revenues in Informa Tech.
This is reflected in the outcomes of two
2023 STIP Performance Tracker
STIP Measure Targets Outcomes % achieved
Financial Performance (33.33%):
1. 2023 Group revenue 2023 Revenue – Threshold: £2,400m /
Target: £2,575m / Max: £2,675m
2023 Revenue: £3,029m 8.33%
2. 2023 Underlying revenue growth (URG) 2023 URG – Threshold: 6.0% / Target:
9.5% / Max: 13.0%
2023 URG: 29% 8.33%
3. 2023 Group operating profit (OP) 2023 Adjusted OP – Threshold:
£490m / Target £575m / Max £635m
2023 Adjusted OP: £801m 8.33%
4. 2023 Free cash flow 2023 Free cash flow – Threshold:
£360m / Target: £410m / Max: £470m
2023 Free cash low: £606m 8.33%
Financial Performance aggregate outcome 33.33%
GAP 2 Digital and Data Acceleration (33.33%)
5. B2B data quality: Improve the quality of fully
permissioned first–party KEMA
KEMA (Level 2 & 3) – Threshold: 9.6m
/ Target: 9.8m / Max: 10.0m
KEMA (Level 2 & 3) at 13.2m 8.33%
6. B2B digital revenue expansion: Informa Tech-led
increased digital revenue expansion (increased %
of digital revenues and accelerated rollout of new
Dives in new categories)
Informa Tech-led digital revenue
– Threshold: 60% / Target: 62% /
Max: 64%
Rollout of new Dives – Threshold: 4
Dives / Target: 6 Dives / Max: 8 Dives
2023 Informa Tech digital
revenue: 53%
2023 Rollout of new Dives: 9
Dives
4.17%
7. B2B digital revenue: Increase the scale of B2B
digital revenue
B2B digital revenue – Threshold:
£540m / Target: £560m / Max: £580m
B2B digital revenue: £503m 0.00%
8. Academic Markets digital revenue: Increase the
scale of digital revenues in Academic Markets,
including ebooks and open research
Academic Markets digital revenue
– Threshold: £480m / Target: £485m /
Max: £490m
2023 Academic Markets
digital revenue: £493m
8.33%
GAP 2 Digital and Data Acceleration aggregate outcome 20.83%
GAP 2 Digital and Data Acceleration (33.33%)
9. Live events return: Maximising live & on demand
event revenue versus 2019 outside Mainland
China and Hong Kong
Live and on demand events revenue
(ex Greater China) vs 2019 –
Threshold: 90% / Target: 95% /
Max: 100%
Live and on demand events
revenue (ex Greater China) vs
2019: 116%
8.33%
10. ESG: number of brands enrolled, committed and
reporting to Sustainable Event Fundamentals
programme
No. brands enrolled and reporting
the Fundamentals – Threshold: 315 /
Target: 345 / Max: 375
2023 Fundamentals
programme: 377 events
8.33%
11. COVID-19 management: The successful nurturing
and maintenance of the China business through
disruption measured through:
7.51%
i) Forward bookings Forward bookings – Threshold: 40% /
Target: 50% / Max: 60%
Forward bookings: 53%
ii) Cash refunds Cash refunds – Threshold: 5% /
Target: 4% / Max: 3%
Cash refunds: 3.1%
iii) Venue optionality Venue optionality – Threshold: 90% /
Target: 95% / Max: 100%
Venue optionality: 100%
All top 20 events have signed
agreements in place
12. Culture and colleague engagement: Optimise
colleague experience to retain engaged and
productive colleagues
Highly engaged colleagues
Improved colleague retention
Improvement in overall
colleague engagement
participation and score vs.2022
Voluntary colleague turnover
reduced from 15% of total
headcount in 2022 to below 10%
8.33%
Operational Execution aggregate outcome 32.50%
Total 2023 STIP outcome 86.66%
of the measures. Encouragingly, despite
the market backdrop, strong operational
progress was made in accelerating the
launch of new content Dives at Industry
Dive, expanding our product offering
and putting us in a strong position as
market activity recovers.
On Operational Execution, the
Group’sstrong focus on the reopening
of live and on-demand events in China
proved very effective, with our flexible
approach enabling us to bring products
back to market rapidly as COVID
restrictions progressively eased.
Directors’ Remuneration Report
continued
Annual Report and Accounts 2023
124
Similarly, our strong commitment to
sustainability through our FasterForward
programme enabled us to drive further
penetration of our Sustainable Event
Fundamentals programme, which
iscritical to Informa meeting our
long-term targets.
The Fundamentals support individual
event brands in becoming more
sustainable in production, in delivery
and in influencing our customer markets
on their own sustainability challenges.
The Group also continued to deliver
strong engagement scores with
colleagues and, encouragingly, a
significant reduction in voluntary
colleague turnover in a tight labour
market for certain skills and expertise.
All of the above led to 86.66% of the
100% of salary maximum short-term
incentive opportunity being achieved
for all three Executive Directors.
Long-Term Incentive Plan:
outcomes of the 2021-2023
Equity Revitalisation Plan
Tranche 1 restricted shares
The 2021-2023 long-term incentive
award was granted in the first quarter
of 2021 and the vesting period for
Tranche 1 ERP shares completed on
12 January 2024.
The ERP is a restricted share plan which
was approved by shareholders in
December 2020 and introduced for the
2021-2023 period. At the time, the
medium-term outlook was highly
unpredictable due to the impact of the
pandemic on Informa’s operations,
with no visibility on if and when live
events might be possible again.
This made it very difficult to set
three-year performance targets that
would provide meaningful incentives
for management.
While operating the ERP, the quantum
of both the long-term and short-term
incentives for Executive Directors was
substantially reduced and the vesting
of the ERP was subject to a series of
underpins, including a share price floor
of 545.4p, which must be met for the
award to vest; this being the share price
at the time the award was granted.
The full three-year grant for the ERP
was made upfront in Q1 2021, with one
third of the grant vesting in each year,
in 2024, 2025 and 2026 (Tranches 1, 2
and 3 respectively), subject to the share
price underpin being met. The award
for each of the three tranches equated
to 200% of salary for the Group Chief
Executive, 135% of salary for the Group
Finance Director and 125% of salary for
the Group Chief Operating Officer,
whose awards were made prior to
being appointed to the main Board.
The Committee can confirm that for
Tranche 1 of the ERP, the underpin has
been satisfied and, therefore, the first
tranche of the ERP award vested in
January 2024.
For Stephen A. Carter, this has resulted
in 315,602 shares vesting, with 121,468
shares vesting for Gareth Wright and
98,407 shares for PatrickMartell.
The awards for the Group Chief
Executive and Group Finance Director
aresubject to a two-year post-vesting
holding period.
Remuneration outcomes:
Stakeholder assessment
Following the calculation of outcomes
for the 2023 STIP and 2021-2023 ERP,
the Committee has assessed the
remuneration of the Executive
Directors in 2023 in the context of the
wider stakeholder experience.
This included assessing the experience
of colleagues and how they had been
supported and rewarded through the
year. It also included a review of the
experience of other stakeholders, the
share price performance relative to
financial outcomes and the strategic
decisions made by the leadership
team in2023.
The Committee also reviewed the
outcomes relative to the point at which
awards were made to reflect on whether
there were any unexpected outcomes or
specific factors to consider.
On the 2021-2023 ERP outcome
specifically, the Committee also
considered the share price when the
award was made in Q1 2021. At that
time, the Committee sought to deal
with share price volatility and any
unexpected outcomes through the
reduced size of the restricted share
award relative to historical LTIP grants
and the minimum share price underpin
that had to be satisfied for the award
tovest.
The Committee is satisfied that the
performance of the equity over and
above the minimum share price
underpin reflects consistent delivery
by management, strong progress in
delivering the Group’s GAP 2 ambitions
(see page 21) and key decisions made on
capital allocation and portfolio focus.
Having reviewed all the above and
comparing the outturn relative to
long-term average rewards at Informa
and relevant peers, the Committee was
satisfied that the STIP and ERP
outcomes in 2023 were fair,
proportionate and balanced.
No adjustments have been made to
theformulaic outcomes presented in
this report.
Looking ahead:
Remuneration
frameworkfor 2024
The Committee’s approach to
remuneration in 2024 adopts the
approved LTIP/STIP structure, with
a focus on applying targets that are
linked to the priorities for the Group,
namely the delivery of sustainable
underlying revenue growth, improving
profitability, strong cash flow
generation and the effective use
ofcapital.
Ongoing colleague support
The Committee continues to monitor
the broader macro environment and
the pressure on the cost of living for
colleagues in different countries arising
from higher levels of inflation and
interest rates.
This includes continuing to be flexible
on levels of remuneration in specific
countries experiencing extreme
conditions like hyperinflation, such as
in Türkiye, supporting mid-year salary
adjustments to support colleagues
amidst the fast-changing environment.
Many of the support measures we
introduced in 2022 also remain in place,
providing additional support and
advice to those colleagues most in
need. We will continue to assess the
situation across all our markets and,
ifrequired, we are always ready to
deploy additional support measures
atshort notice.
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2024 colleague salary
increases
We have also reflected the cost of
livingpressures on colleagues in our
approach to base salary increases for
2024, ensuring those feeling the impact
the most receive greater support.
This will see the vast majority of
colleagues receive an annual salary
increase of around 4%, subject to
individual performance, with those
colleagues with a base salary of over
£150,000/$180,000 (or local market
equivalent) receiving 3%.
Executive Director salaries
For the Group Chief Executive and
Group Finance Director, cost of living
increases will be at the lower level of
3%, effective from 1 April 2024.
In relation to the Group Chief Operating
Officer, it is over a year since he was
appointed to the role of Chief Executive
of Informa Markets in addition to
retaining his role as Group Chief
Operating Officer. Recognising the
importance of this dual role for the
Group and his contribution, the
Committee decided it was appropriate
to reset his base salary and long–term
incentives, having not made any change
on appointment.
This proposal was included in last
year’s consultation letter and discussed
with shareholders in the second half
of2023, receiving strong support as
shareholders recognised the significant
increase in his responsibility and
importance to theGroup.
2024 STIP measures
Measure % Details and rationale
Financial delivery: 80%
Underlying
revenuegrowth
30%
An underlying revenue growth target for the year. This is a core measure of growth for Informa, a key
KPI for leaders in the business and a closely tracked metric for investors and shareholders.
Adjusted earnings
pershare
50%
An adjusted EPS target for the year. Another core measure of performance and a closely tracked metric
for investors and shareholders, encapsulating organic growth, improving profitability, balance sheet
efficiency and effective capital allocation.
Operational delivery: 20%
Adjusted operating
profitmargin
20%
A Group-adjusted operating profit margin target for the year. Margin progression is a key KPI for
leaders in the business and a closely tracked metric for investors and shareholders.
The specific in-year business targets and ranges for the STIP measures will be disclosed retrospectively in the Directors’
Remuneration Report within the 2024 Annual Report.
Therefore, the Group Chief Operating
Officer’s base salary has been
increased by 6% in 2024, slightly
above the 4% average increase for the
majority of the Group but well within
the range for specific role adjustments.
The Committee has also increased
the Group Chief Operating Officer’s
LTIP grant in 2024 to 275% of salary to
reflect hisexpanded role, experience
and contribution, detailed on page 127.
Chair and Non-Executive
Directors’ fees
Aligned to the increases for the Group
Chief Executive and Group Finance
Director, the Chair’s fee increase for
2024 will be at the lower level of 3%.
The Non-Executive Directors’ fees are
amatter reserved for the Chair and
Executive Directors, in consultation
with independent remuneration
adviser. Our adviser, FIT Remuneration
Consultants, has indicated that our
current Non-Executive Director fees
aresubstantially below the market for
FTSE 100 and companies of a similar
size. This is being reviewed in the
context of the upcoming Policy renewal
but to go some way to address this, the
Chair and Executive Directors have
decided that, in the first instance, in
2024, Non-Executive Directors’ fees will
be increased at the higher level of 4%.
2024 STIP
Over the past three years, the
Committee has set in-year targets based
on a Performance Tracker builtaround
a balanced scorecard consisting of a
number of prioritised measures. In 2023
this included 12 individual targets,
reduced from 20individual targets
in 2022. These targetsproved very
effective infocusing management on
the specific operational and financial
priorities for the Group through the
pandemic period, when many of our
end markets were particularly volatile
and the pace of recovery uncertain, and
the delivery of GAP 2.
In 2024, we are returning to a more
traditional approach to structure and
quantum across the STIP and LTIP,
aligned to market and in line with the
Policy approved by shareholders at the
2022 AGM. With our markets having
returned to a more normal trading
pattern, the Committee has adopted
asimplified approach for the STIP
focused on a concentrated set of
output measures. There is a strong bias
towards financial metrics, in line with
our commitment in the Policy for at
least 75% of STIP performance
measures to be financial in nature.
The Committee focused on aligning
closely with Informa’s stated priorities
and targets for 2024, namely further
underlying revenue growth, margin
expansion andearnings momentum,
asdetailed below:
Directors’ Remuneration Report
continued
Annual Report and Accounts 2023
126
2024 LTIP
Following consultation with
shareholders, the Committee’s
approach to LTIP measures in 2024 was
to choose metrics directly aligned with
the Group’s strategic and operational
priorities over the next three years.
This includes a strong weighting
towards financial output measures over
strategic input measures, with a direct
link to the Group’s forward ambitions
for further profitable growth, strong
cash generation, ESG delivery and
continuing, strong shareholder returns.
Our LTIP measures are therefore
acrossthree categories: Cumulative
Cash and Financial Returns (60%
weighting), Shareholder Returns
(30%)and Environmental, Social
andGovernance (10%).
These long-term measures, as detailed
below, are also clearly aligned with the
in-year measures for the 2024 STIP
detailed on page 126, which are more
directly focused on near-term revenue
growth, margin expansion and
earnings growth.
2024 LTIP measures
Category Weighting
2024-2026
target range Details and rationale
1. Cumulative Cash
and Financial Returns 60%
1a. Cumulative
adjusted operating
profit
30%
£2.9bn to
£3.2bn
An absolute adjusted operating profit target over the three-year performance period.
This isa core measure of growth and profitability for Informa and a key KPI for all leaders
in the business, as well as a closely tracked metric for the investment community.
1b. Cumulative
operating cash flow
30%
£2.6bn to
£2.9bn
An absolute operating cash flow target over the three-year performance period. This is
also a core measure of performance for Informa, with a key attraction of the Group to
investors its ability to convert operating profit into cash flow. It is also well understood by
participants, having been an LTIP measure previously.
2. Shareholder
Returns
30%
Relative total
shareholder returns
against FTSE 100
peergroup
30%
50th percentile
to75th
percentile
A measure of total shareholder returns over the three-year performance period
compared to the FTSE 100 index, excluding Financial Services and Natural Resources
companies. It provides an external indicator of value relative to the wider market,
providing close alignment to the shareholder experience.
3. Environmental,
Social and
Governance
10%
The Fundamentals
programme
implementation
and performance
10%
420 to 500
Fundamentals
accredited
events
The Fundamentals programme is the core operating delivery measure within Informa’s
FasterForward sustainability programme, directly linked to the delivery of long-term
ESG targets. It requires events teams globally to accept, adopt and embed operating
structures and activities that directly improve the impact of each individual brand, with
major emphasis on carbon and waste reduction (e.g. reusable stands, renewable
electricity, carbon reduction, travel efficiency etc.) as well as embedding sustainability
content into our brands to help accelerate sustainable impacts in customer markets,
and enhance our economic and social impact on our host cities.
Over the next three years, increasing the number of events accredited to our
Fundamentals standard across the Group is critical to meeting our long-term
ESG targets, including net zero, net zero waste and community impact.
The target ranges outlined in the table
above reflect the potential outcomes
of the LTIP from Threshold to Max.
They were determined by reference to
market practice, internal three-year
business plan forecasts for Informa
and external market consensus
expectations, where appropriate.
The Committee believes they provide
stretching but realistic targets and will
provide an effective incentive for the
Executive Directors to deliver strong
results over the period.
As already outlined, the Committee
took the opportunity to reset the Group
Chief Operating Officer’s long-term
incentives in 2024 to reflect his
increased responsibility and
contribution to the Group, having taken
on the dual roles of Group Chief
Operating Officer and Chief Executive
of Informa Markets. This saw his LTIP
grant increase from 225% to 275% of
base salary, which puts his grant
midway between the Group Chief
Executive’s award at the Policy Max of
325% and the Group Finance Director’s
award at 225%.
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127
All–colleague share plans
The company has consistently invested
in a range of all-colleague equity share
plans to provide colleagues with an
attractive and efficient way to own part
of the company, aligning colleagues
ever more closely to the strategy and
priorities of the Group and enabling
everyone to share in its success.
The two main share plans, ShareMatch
and the US Employee Share Purchase
Plan (ESPP), have steadily increased
participation over the years, increasing
equity ownership from less than 2%
when first launched to 24% today.
In 2021, we further improved the
benefits of ShareMatch so that
colleagues receive two free shares for
every share purchased, up to the
annual investment limit of £1,800.
Furthermore, in 2023, we extended the
ShareMatch plan to an additional 12
territories, such that 97% of colleagues
worldwide now have the opportunity to
participate in one of our plans.
These investments have supported
continued expansion in participation,
with nearly 3,000 colleagues now
members of one of our plans, as at
31 December 2023.
2025-2027 Directors’
Remuneration Policy
Informa’s forward-looking three-year
remuneration cycle means we will be
renewing our Directors’ Remuneration
Policy at our AGM this year, for
implementation across the
2025-2027period.
We had a full consultation with
shareholders and strong approval for
our existing approach to Directors’
remuneration under the current Policy,
including the return to an LTIP
structure from a restricted share plan
from 2024. We also undertook
follow-on engagement on the specific
categories and weighting of incentive
measures to be applied to the LTIP.
Having consulted extensively with
shareholders during this Policy period,
I wrote to shareholders in January 2024
to outline that our approach to the
Policy renewal from 2025 will be to
largely retain and repeat the current
Policy on overall structure and
approach, including no changes to base
salary policy, no changes to the annual
STIP approach and no changes to the
LTIP framework we introduced from
2024 under the existing Policy.
In relation to quantum, our
remuneration advisers provided us
with comprehensive benchmark data
in two specific areas, LTIP equity award
quantums and Non-Executive
Director fees.
The Committee reviewed this data,
which includes both a relevant peer
group of UK-listed businesses in
connected sectors and/or with similar
business characteristics, and a broader
FTSE peer group. The Committee took
into account Informa’s current size,
complexity and geographic spread and
concluded that, having not undertaken
a full review for a number of years, in
these areas we are uncompetitive
relative to the market.
Alongside this data, the Committee has
reflected on the increasing complexity
and international exposure of the
company, particularly in the US, and the
need to pay fairly and competitively to
attract and retain highly capable
leaders. Internal relativities and
maintaining appropriate alignment with
other senior executive roles was also
a consideration.
The Committee is also mindful of the
relative experience and performance of
our Executive Directors, in particular
that Informa’s Group Chief Executive
has already accrued over ten years of
experience in the role.
Despite being at a significant
discount to both peer groups in the
benchmarking analysis, the Committee
is focused on adjustments to the
long-term equity awards at this time
with no exceptional changes being
proposed to base salaries in order
to bring them more in line with
the market.
In light of these factors, the wider
stakeholder experience and the
consistent strong performance of
the Group over recent years, the
Committee concluded that Informa’s
position in relation to LTIP equity award
quantums should be adjusted for the
next policy period.
LTIP equity award quantums
With regard to LTIP equity awards, the
Committee is proposing to align the
Policy to the market median of the
relevant peer group, such that the
maximum potential LTIP award policy
will be 400% of base salary.
In 2025, the first year of the next Policy
period, the Committee is intending to
grant an LTIP award of up to 400% of
salary to the Group Chief Executive and
up to 325% for the other Executive
Directors. The final decision will be
made at the start of 2025.
It is intended that the performance
metrics to be used for the awards
in 2025 will follow the framework
established within the current Policy,
based on the business priorities at
thetime.
To be clear, the quantum of awards
granted to the Executive Directors for
2024 will be in line with the current
Policy, i.e. 325% of salary for the Group
Chief Executive, 275% of salary for the
Group Chief Operating Officer and
225% of salary for the Group Finance
Director, and the proposed
performance measures for this year
are set out on page 127.
Directors’ Remuneration Report
continued
Annual Report and Accounts 2023
128
Chair and Non-Executive
Directors’ fees
The Chair’s fee is a matter for the
Committee while the Non-Executive
Directors’ fees are a matter for the
Chair and the Executive Directors.
Following a review, it has been
concluded that the fees for the Chair
and the Non-Executive Directors
should be adjusted moving forward.
There is currently a significant gap to
the market median in this area and so
the intention is to reset fees to close
this gap and align more closely to the
market. This will better reflect the
increasing complexity of the
business and the demands and time
commitments of the role at Informa.
We will implement this change in 2025,
aligning with the first year of the new
Policy, with full details to be confirmed
later this year.
We wrote to shareholders outlining all
our proposals early in 2024, providing
an opportunity for consultation and
feedback through February and March.
A summary of the proposed 2025-2027
Policy is set out on page 130 and the
full Policy proposal, including relevant
benchmark data, will be included in the
Notice of AGM which will be published
separately, although this is not
expected to differ from the summary
included in this report.
On behalf of the Committee and the
Board, we strongly recommend
shareholders support the Policy at
the AGM in June 2024.
Continuing growth
and performance
Looking ahead, Informa remains
ambitious for future growth and having
navigated through the challenges of the
pandemic over recent years, there is
a renewed energy and enthusiasm
across the colleague community to
seize the many opportunities available
to the Group.
Strong leadership and continuity of key
talent have been central to the Group’s
progress in the last few years and in
delivering such outstanding results in
2023. It will be equally critical to the
Group in maintaining the current strong
momentum into 2024 and beyond.
On behalf of the Committee, we look
forward to continuing to support the
retention and incentivisation of the
leadership team and broader colleague
base, as it takes Informa through the
next stage of its growth and evolution.
Louise Smalley
Committee Chair
7 March 2024
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Directors’ Remuneration Report
continued
Summary of the 2025-2027 Directors’ Remuneration Policy
Element of pay Key points
Base salary • No change, other than an annual cost of living review
• No cap but increases usually in line with those for colleagues, taking account of performance and markets. In specific
circumstances, exceptions may apply where roles/responsibilities change
Benefits and
pension
• Competitive range of benefits
• International relocation benefits may be provided
• Pension may be paid as a cash sum and/or as a contribution into a pension. The payments in lieu of pension
contributions to the Executive Directors are equal to 10% of salary, in line with that available to a range of colleagues
STIP • No change to quantum, with maximum opportunity set at 200% of salary for the Group Chief Executive and 150% of
salary for the other Executive Directors
• On-target bonus is intended to result in a payment which is half of the maximum
• At least 75% of STIP performance measures will be financial in nature
• Any bonus over 100% of salary will be paid in deferred shares and any new Directors appointed to the Board who are
yet to reach their shareholding requirement will be required to defer at least one third of any bonus paid into shares
until the requirement is met
• Performance measures will align with both the Group’s in-year and strategic priorities, contributing to the sustainable
success of the Group. A range of factors will be considered when setting targets, including internal budgets, strategic
ambition, analysts’ consensus views and investors’ expectations, as well as performance on ESG matters
• Malus and clawback provisions apply
LTIP • Maximum potential award of up to 400% of base salary for the Group Chief Executive and up to 325% for the other
Executive Directors
• The performance period will be three years and awards will vest after a minimum of three years. Vested shares will
also be subject to a two-year post-vesting holding period
• Performance measures will align with the Group’s strategic priorities and contribute to the sustainable success of
the Group. A range of factors will be considered when setting targets including internal budgets, strategic ambition,
analysts’ consensus views and investors’ expectations, as well as performance on ESG matters
• Malus and clawback provisions apply
Shareholding
requirements
• 400% of salary for the Group Chief Executive and 275% of base salary for the other Executive Directors
• New Executive Directors will be expected to meet the guideline within five years of their appointment to the Board.
The Group Chief Executive is required to retain shares to the value of 200% of salary for two years after resignation and
the other Executive Directors are required to hold shares to the value of 150% of salary for two years after resignation
Annual Report and Accounts 2023
130
Our activities in 2023
The Committee is responsible for all executive remuneration decisions, including setting appropriate performance metrics for
both short- and long-term incentive awards and considering the outcomes under these plans.
The Committee is also responsible for determining the Directors’ Remuneration Policy and for setting the remuneration for the
Board Chair, Executive Directors and senior management, as well as reviewing colleague remuneration and related policies.
The key matters discussed and approved by the Committee during the year were:
February 2023 • Considered the indicative 2022 STIP performance outcomes
• Reviewed the performance metrics for 2023 STIP
March 2023 • Reviewed and approved 2022 STIP and 2020 LTIP outcomes
• Considered the appropriateness of these outcomes
• Approved the 2023 STIP performance metrics
• Approved long-term incentive awards to senior management and key talent
• Noted the extension of ShareMatch to 12 new countries from January 2023
• Approved the Directors’ Remuneration Report for the 2022 Annual Report
• Began discussions as to the appropriate performance measures and targets for 2024 long-term incentive awards
July 2023 • Received annual update on colleague earnings
• Further consideration of the performance measures and targets for 2024 incentive plans
• Approved long-term incentive awards to senior management and good leaver treatment for departing colleagues
October 2023 • Approved 2024 incentive framework for consultation with shareholders
December 2023 • Agreed the framework for 2024 colleague pay reviews
• Approved increases to the salaries of the Executive Directors and the fee for the Board Chair, effective from 1 April 2024
• Confirmed vesting of Tranche 1 of the ERP, subject to the share price underpin being met on the vesting date
• Considered the indicative outcomes of the 2023 leadership STIP
• Reviewed and discussed the draft 2023 Directors’ Remuneration Report
• Reviewed the Committee’s terms of reference and agreed that no changes were required
• Considered and approved the performance targets for 2024 STIP and LTIP awards, following consultation withshareholders
• Approved a long-term incentive award to senior management
• Discussed the next Policy (for 2025-2027) and approved a timetable for shareholder consultation prior to the 2024 AGM
• Considered indicative 2024 long-term incentive awards for the Executive Directors, members of the Executive Committee
and other senior colleagues
Remuneration adviser
FIT Remuneration Consultants LLP (FIT Remuneration Consultants) acted as the Committee’s independent remuneration
consultant throughout 2023, having been appointed in December 2022 following a thorough tender process. FIT Remuneration
Consultants does not provide any other services to the Group.
The Committee Chair and Group HR Director each had direct access to the adviser as and when required and representatives
from FIT Remuneration Consultants also attended Committee meetings during the year. The advice and recommendations
received from FIT Remuneration Consultants are used as a guide by Committee members but do not substitute thorough
consideration of the matters being addressed by each member.
Fees paid to FIT Remuneration Consultants during the year ended 31 December 2023 for advice provided to the Committee amounted
to £80,922 (2022: FIT Remuneration Consultants £4,112, Ellason LLP £43,201). All fees are charged on a time and expenses basis.
The Committee is satisfied that the advice received from FIT Remuneration Consultants was independent and objective and
has not requested advice from any other remuneration advisory firm during the year. FIT Remuneration Consultants is a
member of the Remuneration Consultants Group which is responsible for developing and maintaining the Code of Conduct
forconsultants to remuneration committees of UK-listed companies.
Statement of shareholder voting
The table below provides details of votes cast by shareholders in respect of the resolutions on the Directors’ Remuneration
Report at the 2023 AGM and the Directors’ Remuneration Policy at the 2022 AGM. The 2022 Policy can be found on the
corporate governance section of our website.
Votes for
Number %
Votes against
Number %
Total votes
cast
Votes
withheld
(abstentions)
Directors’ Remuneration Report (15/06/2023) 1,041,586,861 94.54 60,174,201 5.46 1,101,761,062 11,736,567
Directors’ Remuneration Policy (16/06/2022) 1,001,913,504 93.49 69,790,080 6.51 1,071,703,584 122,928,070
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Directors’ Remuneration Report
continued
Annual Report on Remuneration
This section sets out how the Directors’ Remuneration Policy was applied for the year ended 31 December 2023 and specifically
the remuneration outcomes for the Executive and Non-Executive Directors.
Any information contained in this section of the report that is subject to audit has been highlighted.
Single total figure of remuneration for Executive Directors (audited)
(£)
Base
salary
1
Benefits
2
Pensions
3
Total
fixed
pay
Short-term
incentive
awards
Long-term
incentive
Awards
4,5
Total
variable
pay
Total
pay
Stephen A. Carter 2023 902,200 26,812 90,220 1,019,232 789,473 2,383,718 3,173,191 4,192,423
2022 875,800 27,909 218,950 1,122,659 785,593 2,194,750 2,980,343 4,103,002
Gareth Wright 2023 524,375 16,587 52,437 593,399 458,865 917,438 1,376,303 1,969,702
2022 509,000 16,418 127,250 652,668 456,573 938,558 1,395,131 2,047,799
Patrick Martell 2023 450,075 35,782 45,008 530,865 393,870 743,260 1,137,130 1,667,995
2022 436,800 22,152 43,680 502,632 391,810 1,001,170 1,392,980 1,895,612
1 Executive Directors’ salaries are reviewed annually. In 2023 the Executive Directors received a 4% increase in base salary in line with the approach
taken to apply a lower increase for all colleagues earning over £130,000 or local equivalent. With effect from 1 April 2023 base salaries were set at
£911,000 for Stephen A. Carter, £529,500 for Gareth Wright and £454,500 for Patrick Martell
2 Benefits provided to the Executive Directors typically include (but are not limited to) private medical and life insurance, travel insurance, car
benefits (which may include a car allowance or driver costs in lieu), professional advice, spousal/partner business travel expenses where
appropriate and the value of ShareMatch matching share awards
3 The Executive Directors receive cash payments in lieu of pension contributions at a rate of 10% of base salary in line with the contribution
available to a range of other colleagues. None of the Executive Directors is a member of the Group’s defined benefit pension schemes and
accordingly no entitlements have accrued under these schemes
4 The first tranche of the ERP award granted in 2021 vested and became exercisable on 12 January 2024 following the assessment of the share price
underpin. The value of the award (including accrued dividend shares) has been calculated using the share price on the date of vesting, being
755.2923p. The share price at grant was 545.40p and the impact of share price appreciation on the value of awards is shown on page 134
5 The value of the 2020 LTIP included in the single total figure of remuneration for 2022 has been updated to reflect the actual share price on
vesting (being 671.8p on 24 March 2023) rather than the average for the three months to 31 December 2022 which was used in the 2022 Annual
Report. The share price at grant was 388.6p
Short-term incentive awards (annual bonus) (audited)
The maximum annual bonus opportunity for the Executive Directors in 2023 was 100% of base salary, in line with the Directors’
Remuneration Policy approved in December 2020.
The targets for the 2023 STIP were divided into three performance categories (Financial Performance, GAP 2 Digital and Data
Acceleration, Operational Execution). The three categories are weighted equally and are each made up of four specific
objectives. If threshold performance is met 20% of the bonus would be payable, at target 60% of the bonus would be payable,
rising to 100% payment at maximum, in each case increasing on a straight line basis between each performance metric.
The Committee considered each of the individual objectives in turn to determine the aggregate outcome of the annual bonus.
Where specific financial targets were part of the objectives, such as with free cash flow, there was a direct assessment of
performance. For non-financial objectives, outputs were judged against a broader set of criteria to meet the purpose of the
objective, with input from all members of the Committee, other Board members and, where applicable, third parties.
Financial Performance (33.3%)
i
Threshold Target Maximum Outcomes % achieved
1. Group revenue
ii
£2,400m £2,575m £2,675m 3,029m 8.33
2. Underlying revenue growth
ii
6.0% 9.5% 13.0% 29% 8.33
3. Adjusted operating profit
ii
£490m £575m £635m £801m 8.33
4. Free cash flow
iii
£360m £410m £470m £606m 8.33
Financial Performance aggregate outcome 33.33%
i Both the targets and the performance outcomes exclude the acquisition of Tarsus
ii The targets and outcomes for Group revenue, underlying revenue growth and adjusted operating profit are set and measured on a constant
currency basis
iii Free cash flow is measured on a reported currency basis
Annual Report and Accounts 2023
132
GAP 2 Digital and Data Acceleration (33.3%) Threshold Target Maximum Outcomes % achieved
5.  B2B data quality: Improve the quality of fully
permissioned first–party KEMA 9.6m 9.8m 10.0m
13.2m Level 2 & 3
KEMA 8.33
6.  B2B digital revenue expansion: Informa Tech-led
increased digital revenue expansion (increased % of
digital revenues and accelerated rollout of new Dives
in new categories)
Revenue: 60.0%
4 new Dives
62.0%
6newDives
64.0%
8newDives
Revenue: 53%
9 new Dives 4.17
7.  B2B digital revenue: Increase the scale of B2B
digital revenue
i
£540m £560m £580m £503m 0.00
8.  Academic Markets digital revenue: Increase the scale of
digital revenues in Academic Markets including ebooks
and open research £480m £485m £490m £493m 8.33
GAP 2 Digital and Data Acceleration aggregate outcome 20.83%
Operational Execution (33.3%) Threshold Target Maximum Outcomes
%
achieved
9.  Live events return: Maximising live & on demand event
revenue versus 2019 outside Mainland China and
HongKong
i
90.0% 95.0% 100.0% 116% 8.33
10.  ESG: number of brands enrolled, committed
andreporting to Sustainable Event
Fundamentalsprogramme 315 345 375
377 events have
successfully achieved
Fundamentals status 8.33
11.  COVID-19 management: successful nurturing and
maintenance of the China business through
disruptionmeasured through (i) forward bookings
(%of following year revenue booked); (ii) cash refunds
(% of total revenue refunded); (iii) revenue optionality
(i) 40.0%
(ii) 5.0%
(iii) 90.0%
(i) 50.0%
(ii) 4.0%
(iii) 95.0%
(i) 60.0%
(ii) 3.0%
(iii) 100.0%
(i) 53%
(ii) 3.1%
(iii) All top 20 events
have signed agreements
in place 7.51
12.  Culture and colleague engagement: optimise
colleagueexperience to retain engaged
andproductive colleagues
(i) Highly engaged colleagues
(ii) Improved colleague retention
(i) Improvement in
overall colleague
engagement
participation (85%) and
score (80) vs.2022
(ii) Voluntary colleague
turnover reduced from
15% of total headcount
in 2022 to below 10% 8.33
Operational Execution aggregate outcome 32.50%
Total 2023 STIP outcome 86.66%
Combining the outcomes of all 12 objectives across the 3 performance categories resulted in an aggregate annual incentive
award of 86.66% of the maximum opportunity being earned by the Executive Directors in 2023. Aligned to the Directors’
Remuneration Policy approved in December 2020, the maximum award is 100% of salary and so 86.66% of salary will be paid.
2021-2023 Long-term incentive awards (audited)
The 2021 long-term incentive award was made through the 2021-2023 Equity Revitalisation Plan (the ERP), a restricted share
plan introduced during the pandemic when the outlook was highly unpredictable and setting meaningful three-year targets
was verydifficult.
Under the ERP, the quantum of the award for Executive Directors was substantially reduced while the outcome was subject
toaseries of underpins, one of which was a share price floor of 545.4p, the share price at the time of grant, which needed
tobemet for the award to vest.
As disclosed at the time, the full three-year ERP grant was made in January 2021, with one third of the award vesting in each
of2024, 2025 and 2026, subject to the underpins set out in the December 2020 Policy being met.
In January 2024, the Committee confirmed that all underpins for the ERP had been satisfied and, having assessed the
remuneration of the Executive Directors in the context of the wider stakeholder experience as detailed on page 125, that
the first third of the awardhad vested in full. Stephen A. Carter and Gareth Wright are required to hold the vested awards
for a further two years post vesting during which time they may only sell shares to cover tax or meet other regulatory
requirements. Patrick Martell was not an Executive Director at the time of grant and is therefore not subject to the
post vesting holding period.
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Directors’ Remuneration Report
continued
Director
Number of
options
granted
Face value
of award on
date of grant
1
Proportion
vesting
Total value
of vesting
awards
2
Total number
of shares
exercisable
3
Impact of
share price
appreciation/
(depreciation)
since grant
4
Value of
dividend
shares on
vesting
Stephen A. Carter 308,712 £1,683,715 100% £2,383,718 315,602 £647,963 £52,040
Gareth Wright 118,816 £648,022 100% £917,438 121,468 £249,386 £20,030
Patrick Martell 96,259 £524,997 100% £743,260 98,407 £202,040 £16,224
1 Share price on grant was 545.4p
2 Based on share price on 12 January 2024, the date of vesting, being 755.2923p
3 Including accrued dividend shares to 12 January 2024
4 Calculated by subtracting the face value of vesting awards at the grant date from the value on the vesting date, excluding dividend shares
Share awards granted during the year (audited)
No share awards were granted to the Executive Directors during 2023.
Payments to former Directors or for loss of office (audited)
There were no payments to former Directors or to past Directors for loss of office during the year.
Executive Directors’ share ownership (audited)
Shareholding requirements
Equity ownership by the Executive Directors, wider management team and the general colleague base is an important and
effective way to align their interests with those of our shareholders. Executive Directors are expected to meet the shareholding
guideline setin the latest Directors’ Remuneration Policy within five years of 16 June 2022 or their date of appointment,
whichever is thelatter, and to maintain this holding throughout their term of office. In addition, the Group Chief Executive is
required to retain a shareholding of 200% of base salary for two years after resignation. All other Executive Directors are
required to retain a shareholding of 150% of base salary.
Executive Directors’ shareholdings
Stephen A. Carter
Gareth Wright
Patrick Martell
0% 50% 150%100% 400%300%200% 250% 350% 450% 500% 550% 600% 650% 700%
Shareholding requirement % Shareholding % as at 31 December 2023
400%
521%
275%
667%
275%
278%
The beneficial interest of each Executive Director in the company’s shares (including those held by connected persons) as at
31 December 2023 and their anticipated beneficial interests as at 7 March 2024 (being the date when this Directors’
Remuneration Report was approved) are set out below:
Director
Beneficial
holding
1
Share
Match
2
Total share
interests at
31/12/2023
Illustrative
value of share
interests at
31/12/2023
3
Interests as
% of salary
31/12/2023
3
ERP awards
vesting
12/01/2024
Total share
interests at
07/03/2024
4
Illustrative
value of share
interests at
07/03/2024
3
Interests as %
of salary at
07/03/2024
Stephen A. Carter 636,756 6,776 643,532 £4,750,553 521% 315,602 959,134 £7,080,327 777%
Gareth Wright 470,175 8,451 478,626 £3,533,217 667% 121,468 600,094 £4,429,894 837%
Patrick Martell 165,782 5,394 171,176 £1,263,621 278% 98,407 222,728 £1,644,178 362%
1 Beneficial interests include ordinary shares and vested and exercisable awards on a gross of tax basis. At 31 December 2023, Stephen A.
Carter held 329,706 exercisable LTIP awards and 59,148 exercisable DSBP awards (both inclusive of accrued dividend awards)
2 Shares held under the all-colleague ShareMatch scheme are made up of shares purchased by the Executive Director, shares ‘matched’ by the
Group and accrued dividend shares
3 Valued using the average share price for the three months ended 31 December 2023 (being 738.2p)
4 Patrick Martell exercised the first tranche of his 2021-2023 ERP award plus related dividends on 16 January 2024. 46,855 shares were sold to settle
taxes due on exercise at a price of £7.429 per share. The remaining 51,552 shares were retained. The cost of exercise was £96.26
Annual Report and Accounts 2023
134
Outstanding share awards at 31 December 2023 (audited)
The table below shows details of outstanding awards held by the Executive Directors as at 31 December 2023 and any
movements during the year. Long-term incentive awards are subject to the achievement of performance conditions set at
grant. Deferred Share Bonus Plan (DSBP) awards arebased on prior achievement of annual performance conditions and
areexercisable from the third anniversary of grant.
Director/Scheme Date of grant
Shares
awarded or
available for
exercise
1
Exercised
during 2023
1
Granted
during 2023
Lapsed
during2023
Unexercised
or unvested
awards at
31December
2023
1
Date options
exercisable
Option
expirydate
Stephen A. Carter
LTIP
24/03/2020 649,917 – – 324,959 324,958 24/03/2023 23/03/2030
DSBP 24/03/2020 58,297 – – – 58,297 24/03/2023 23/03/2030
ERP
12/01/2021 308,712 – – – 308,712 12/01/2024 11/01/2031
12/01/2021 308,712 – – – 308,712 12/01/2025 11/01/2031
12/01/2021 308,714 – – – 308,714 16/03/2026 11/01/2031
Gareth Wright
LTIP
2
24/03/2020 277,931 138,965 – 138,966 – 24/03/2023 23/03/2030
DSBP
2
24/03/2020 3,903 3,903 – – – 24/03/2023 23/03/2030
ERP
12/01/2021 118,816 – – – 118,816 12/01/2024 11/01/2031
12/01/2021 118,816 – – – 118,816 12/01/2025 11/01/2031
12/01/2021 118,817 – – – 118,817 16/03/2026 11/01/2031
Patrick Martell
LTIP
3
24/03/2020 229,823 148,235 – 81,588 – 24/03/2023 23/03/2030
ERP
12/01/2021 96,259 – – – 96,259 12/01/2024 11/01/2031
12/01/2021 96,259 – – – 96,259 12/01/2025 11/01/2031
12/01/2021 96,259 – – – 96,259 16/03/2026 11/01/2031
1 Excludes accrued dividends
2 On 27 March 2023 Gareth Wright exercised the vested LTIP and DSBP awards granted in 2020 plus related dividends (143,631 options in total).
The cost of exercise was £138.97. 68,433 shares were sold to settle taxes due on exercise at a price of £6.688 per share and the remaining
75,198shares were retained
3 On 27 March 2023 Patrick Martell exercised the vested LTIP awards granted in 2020 plus related dividends (149,028 options in total). The cost ofexercise
was £148.24. 71,005 shares were sold to settle taxes due on exercise at a price of £6.671 per share and the remaining 78,023 shares were retained.
Patrick Martell’s net shares are not subject to a further holding period as they were granted prior to his appointment as an Executive Director
Single total figure of remuneration for the Chair and Non-Executive Directors (audited)
The remuneration of the Chair is determined by the Committee in consultation with the Group Chief Executive while that ofthe
Non-Executive Directors is determined by the Chair and Executive Directors within the limits set by the Articles of Association.
The table below shows the actual fees paid to the Non-Executive Directors at 31 December 2023 and 2022.
2023 2022
Director
Total fees
(£)
Benefits
1
(£)
Total
(£)
Total fees
(£)
Benefits
1
(£)
Total
(£)
John Rishton (Chair) 406,000 6,043 412,043 394,000 7,777 401,777
Mary McDowell (Senior Independent Director) 81,343 16,853 98,196 78,950 4,358 83,308
David Flaschen 70,063 9,547 79,610 68,000 8,576 76,576
Andy Ransom (appointed June 2023) 38,561 145 38,706 – – –
Louise Smalley (Remuneration Committee Chair) 81,343 1,849 83,192 78,950 2,460 81,410
Gill Whitehead (Audit Committee Chair) 85,048 342 85,390 82,550 1,596 84,146
Joanne Wilson 70,063 364 70,427 68,000 152 68,152
Zheng Yin 70,063 2,036 72,099 68,000 – 68,000
Helen Owers (retired June 2023) 31,740 305 32,045 68,000 2,672 70,672
1 Benefits comprise the notional benefit of preparing and filing tax returns for Non-Executive Directors based outside the UK together with
reasonable travel, subsistence, accommodation and other expenses incurred by the Chair and Non-Executive Directors in the course of
performing their duties and which are deemed by HMRC to be taxable in the UK. The Non-Executive Directors, including the Chair, do not
receiveprivate healthcare or life assurance and are not eligible to join the company’s pension schemes or share plans
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Directors’ Remuneration Report
continued
Chair and Non-Executive Directors’ share ownership (audited)
Details of the Non-Executive Directors’ interests in shares (including those held by connected persons) at 31 December 2023
and 2022 are set out below:
Director
31 December
2023
31 December
2022
John Rishton 19,716 19,716
Mary McDowell 9,714 9,714
David Flaschen
1
31,172 30,651
Andy Ransom 13,730 –
Louise Smalley 8,000 8,000
Gill Whitehead 4,184 4,184
Joanne Wilson 5,400 5,400
Zheng Yin
2
– –
Helen Owers (retired June 2023) n/a 8,090
1 David Flaschen holds 24,172 ordinary shares and 3,500 American Depository Receipts (ADRs). One ADR is equivalent to two ordinary shares
2 Capital control measures currently prevent Chinese citizens from investing in UK securities
There have been no changes to these holdings between 31 December 2023 and the date of this report.
Other remuneration disclosures
Directors’ service contracts and letters of appointment
Details of the service contracts of the Executive Directors and the letters of appointment of the Non-Executive Directors at
31 December 2023 are as follows:
Director Date of appointment
Date of current service contract or
letter of appointment
John Rishton 1 September 2016 5 January 2021
Stephen A. Carter
1
11 May 2010 30 May 2014
Gareth Wright 9 July 2014 9 July 2014
Patrick Martell 1 March 2021 1 March 2021
Mary McDowell 15 June 2018 11 June 2018
Andy Ransom 15 June 2023 8 March 2023
David Flaschen 1 September 2015 5 March 2019
Gill Whitehead 1 August 2019 23 July 2019
Louise Smalley 1 October 2021 30 September 2021
Joanne Wilson 1 October 2021 30 September 2021
Zheng Yin 20 December 2021 16 December 2021
1 Stephen A. Carter was appointed as a Non-Executive Director on 11 May 2010, CEO-Designate on 1 September 2013 and became Group Chief
Executive on 1 December 2013
The company may terminate an Executive Director’s appointment with immediate effect without notice or payment in lieu of
notice under certain circumstances, as prescribed within the Executive Director’s service contract.
The letters of appointment for the Non-Executive Directors do not contain fixed term periods and can be terminated by either
party giving three months’ notice. The Non-Executive Directors are appointed with the expectation that they will serve for a
maximum of nine years subject to re-election at each AGM.
The service contracts of the Executive Directors and letters of appointment of the Non-Executive Directors are available for
inspection at the registered office during normal business hours and at the AGM.
Annual Report and Accounts 2023
136
Comparison of the Group Chief Executive’s remuneration to TSR
Informa’s TSR performance vs. comparator groups
The graphs below illustrate the Group’s TSR performance compared with the performance of the FTSE All-Share Media Index
and the FTSE 100 peer group, in the ten-year period ended 31 December 2023. This index and peer group have been selected
for comparison because the Group is a constituent ofboth.
2013
0
50
100
150
200
250
2014 2015 2016 2017 2018 2019 2020 2021 2022
2023
Informa FTSE All-Share Media
2013
0
50
100
150
200
250
2014 2015 2016 2017 2018 2019 2020 2021 2022
2023
Informa F TSE 100
The following table sets out the total remuneration of the Group Chief Executive over the same period as the TSR graphs.
The percentages for STIP and LTIP outcomes are expressed as a percentage of the maximum opportunity available.
Year Group Chief Executive
CEO single figure
of remuneration
STIP payout
(% of maximum)
LTIP payout
(% of maximum)
2014 Stephen A. Carter £1,794,152 66.7% n/a
2015 Stephen A. Carter £2,083,275 69.8% 34.6%
1
2016 Stephen A. Carter £3,407,650 40.0% 79.3%
2017 Stephen A. Carter £4,132,219 82.4% 83.0%
2018 Stephen A. Carter £4,125,262 93.3% 93.9%
2019 Stephen A. Carter £3,112,342 71.8% 70.2%
2020 Stephen A. Carter £2,720,172 53.6% 50.7%
2021 Stephen A. Carter £2,809,612 89.0% 41.5%
2022 Stephen A. Carter £4,103,002 89.7% 50.0%
2023 Stephen A. Carter £4,192,423 86.7%
2
100.0%
2
1 The LTIP award which vested in 2015 was pro-rated to reflect Stephen A. Carter’s time as CEO-Designate during 2013, the first year of the
performance period
2 Under the ERP, the maximum STIP payout was reduced to 100% of base salary and the maximum LTIP award was reduced to 200% of base salary
Relative importance of spend on pay
Informa is a people business, dependent on the contributions and expertise of its colleagues around the world. The Group
believes in the importance of investing in colleagues and offering market competitive salaries, as well as flexible benefits
andfurther opportunities such as ShareMatch. The table below shows the aggregate colleague remuneration and distributions
to shareholders for the years ended 31 December 2023 and 31 December 2022:
Director 2023 2022 % change
Average total number of colleagues
1
12,295 10,781 14.0
Aggregate colleague remuneration (£m)
1
£782.8m £648.4m 20.7
Remuneration per colleague (£) £63,668 £60,143 5.9
Distributions to shareholders – Dividends paid in the year
2
(£m) £176.6m £43.3m 307.9
– Share buyback
3
(£m) £544.9m £514.3m 6.0
1 Figures taken from Note 8 to the Consolidated Financial Statements
2 Figures taken from Note 13 to the Consolidated Financial Statements
3 Excludes commission and stamp duties due on the share buyback
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Directors’ Remuneration Report
continued
Pay ratios
The table below sets out the Group Chief Executive pay ratios as at 31 December 2023 and those for the prior four years.
The disclosure will be built up over time to cover a rolling ten-year period.
Year Method Lower quartile Median Upper quartile
2023 Option A Pay ratio 112.2x 78.0x 51.2x
Salary £34,980 £47,643 £70,000
Total pay and benefits £37,376 £53,756 £81,963
2022 Option A Pay ratio
1
110.8x 78.9x 52.3x
Salary £33,000 £45,000 £65,339
Total pay and benefits
2
£36,009 £51,263 £76,643
2021 Option A Pay ratio 83.2x 60.5x 39.8x
Salary £30,843 £41,200 £60,117
Total pay and benefits £31,130 £44,965 £69,218
2020 Option A Pay ratio 88.3x 65.0x 42.7x
Salary £28,436 £38,000 £56,500
Total pay and benefits £29,910 £41,418 £64,519
2019 Option A Pay ratio 100.5x 74.6x 47.9x
Salary £27,836 £38,570 £56,100
Total pay and benefits £30,970 £41,748 £65,031
1 The 2022 ratios have been restated to reflect the final value of the 2020-2022 LTIP which vested in March 2023
2 The 2022 Total pay and benefits have been restated to reflect the recalculation of colleague benefits
The ratios compare the single total figure of remuneration of the Group Chief Executive with the equivalent for the lower
quartile, median and upper quartile UK employees (calculated on a full-time basis). While the Group Chief Executive is based
inthe UK, his role and remit are international, and the pay ratios required by the Companies (Miscellaneous Reporting)
Regulations 2018 take no account of the remuneration received by colleagues based outside the UK (circa 70% of colleagues).
The rules relating to this disclosure set out three possible methodologies, termed Options A, B and C. The Committee has
selected Option A as the most appropriate for the company on the basis that it provides the most robust and statistically
accurate means of identifying the lower quartile, median and upper quartile colleagues and is consistent with the Group’s
pay, reward and progression policies.
The total compensation calculations for UK colleagues include salary, bonus payments and benefits package, and LTIP earnings
where appropriate. Base salaries of all colleagues, including the Executive Directors, are set with reference to a range offactors
including market comparators, individual experience and performance in role. The Committee notes that year-on-year
aggregate colleague remuneration has increased; most notably the median colleague total pay and benefits figure has
increased largely as a result of the efforts the company has made to support colleagues with higher cost of living salary
increases (6% in 2023 for the majority).
Due to the structure of the Group Chief Executive’s annual remuneration, where a significant proportion is made up of variable,
performance-related pay that is affected by share price movements, the pay ratios will vary, potentially significantly, year-on-
year. The ratios for 2023 are stable compared to 2022. This is a result of (i) the CEO’s total pay and benefits remaining broadly
the same as 2022, (ii) the aforementioned increases to colleagues’ base salaries and (iii) the changing shape of our business
through M&A.
Annual Report and Accounts 2023
138
Change in Directors’ pay in comparison to that of Informa colleagues
The following table shows the percentage change in salary, benefits and bonus earned from 2022 to 2023, as well as for
previous periods, for the Directors compared to the average earnings of all UK colleagues:
2023 2022 2021 2020
Executive Directors
Salary
1
%
Benefits
2
%
Bonus
%
Salary
1
%
Benefits
2
%
Bonus
%
Salary
1
%
Benefits
2
%
Bonus
%
Salary
1
%
Benefits
2
%
Bonus
%
Stephen A. Carter 3.0 (3.9) 0.5 4.0 (23.4) 4.8 0.0 (29.3) (5.1) 0.0 (24.8) (26.1)
Gareth Wright 3.0 1.0 0.5 6.0 (5.8) 6.9 0.0 0.5 10.7 0.0 8.9 (22.1)
Patrick Martell 3.0 61.5 0.5 4.0 8.2 19.5 – – – – – –
All UK colleagues
3
6.2 (13.5) (9.8) 8.2 40.9 44.2 6.7 (8.3) 30.5 1.8 (3.2) (37.4)
Non-Executive Directors
John Rishton
4
3.0 – – 56.3 – – 239.3 – – 0.0 – –
Mary McDowell
5
3.0 – – 18.4 – – 2.1 – – 0.0 – –
David Flaschen 3.0 – – 4.1 – – 0.0 – – 0.0 – –
Andy Ransom
6
n/a – – – – – – – – – – –
Louise Smalley
7
3.0 – – 20.9 – – – – – – – –
Gill Whitehead
8
3.0 – – 12.5 – – 19.9 – – 0.0 – –
Joanne Wilson
9
3.0 – – 4.1 – – – – – – – –
Zheng Yin
9
3.0 – 4.1 – – – – – – – –
1 These calculations have been made using the contractual base pay of the Executive Directors and fees for the Non-Executive Directors and do not
take into account the voluntary salary sacrifice of 33% made by Stephen A. Carter and Gareth Wright for the first full COVID-19 lockdown period in
2020 or the 25% voluntary reduction in fees taken by the Non-Executive Directors over the same period
2 Benefits received by the Executive Directors include costs to the company of private medical and life insurance, travel insurance, car benefits
(which may include a car allowance or driver costs in lieu), professional advice, spousal/partner business travel expenses where appropriate and
the value of ShareMatch matching share awards. Benefits received by the Chair and Non-Executive Directors (disclosed on page 135) relate to
expenses incurred in the course of their duties. These expenses, which are deemed as taxable benefits by HMRC, may vary year-on-year, do not
provide an accurate comparison to the benefits received by colleagues and have therefore not been included. UK colleague benefits for 2022
have been restated to reflect the recalculation of benefits
3 Informa PLC has no employees and therefore the average for all UK colleagues has been selected as the appropriate comparator group
4 John Rishton was appointed as Board Chair from June 2021 when his fee was increased
5 Mary McDowell was appointed as Senior Independent Director from November 2021 when her fee was increased
6 Andy Ransom was appointed to the Board in June 2023
7 Louise Smalley was appointed as Remuneration Committee Chair from January 2022 when her fee was increased. She was appointed to the Board
in October 2021 and for fair comparison, the percentage change for her fees between 2021 and 2022 has been calculated using the full-time
equivalent fee for 2021
8 Gill Whitehead was appointed as Audit Committee Chair from June 2021 when her fee was increased. She was appointed to the Board in August
2019 and for fair comparison, the percentage change in Gill Whitehouse’s fees between 2019 and 2020 has been calculated using the full-time
equivalent fee for 2019
9 Joanne Wilson was appointed to the Board in October 2021 and Zheng Yin was appointed to the Board in December 2021. For fair comparison, the
percentage change for their fees between 2021 and 2022 has been calculated using the full-time equivalent fee for 2021
Dilution limits
Informa uses a combination of market purchased and newly issued shares to satisfy all-employee and executive share plans.
The shares held in trust by the Informa Employee Share Ownership Trust do not have voting rights.
During 2023 Informa complied with The Investment Association’s Principles of Remuneration which provide that dilution under
all of the company’s share incentive schemes must not exceed 10% of the issued share capital in any rolling ten-year period,
with a further limitation of 5% in any ten-year period for executive schemes.
These limits are monitored regularly. Any awards satisfied by market purchased shares are excluded from such calculations.
Share awards under all current incentive plans are within the relevant dilution limits.
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Directors’ Report
The Directors present their report and the audited consolidated financial statements of the company and the Group for the
year ended 31 December 2023.
This section contains the remaining matters the Directors are required to report on each year, which do not appear elsewhere
in the Annual Report. Additional information incorporated into this section by reference – including information that is required
in accordance with the Companies Act 2006 (Act) and Listing Rule 9.8.4R – can be found on the following pages:
Information Page(s)
Future business developments 2 to 89
Risk factors and principal risks 56 to 66
Colleague policies and engagement 32 to 35
Stakeholder engagement – suppliers, customers and others 36 to 39
Greenhouse gas emissions 55
Viability and going concern statements 67 to 69
Governance arrangements 91 to 139
Section 172 Statement 102
Long-term incentive arrangements 121 to 139
Dividends 180
Financial instruments, financial risk management objectives and policies 201 to 208
Post balance sheet events 227
Annual General Meeting
Informa PLC’s 2024 AGM will be held
at our offices at 240 Blackfriars Road,
London SE1 8BF on Friday 21 June 2024
at 11.00am.
The Notice of Meeting, together
with aletter from Board Chair and
explanatory notes on the resolutions
tobe considered, are set out in a
separate circular which has been sent
to shareholders and is available on
ourwebsite.
Articles of Association
The company’s Articles of Association
(Articles) were last approved at the
2020 AGM. They include provisions on
the rights and obligations attached to
the company’s shares, the appointment
and removal of Directors and
the conduct of the Board and
general meetings.
The Articles may only be amended by
special resolution at a general meeting
of shareholders, with approval from at
least 75% of those voting in person or
by proxy.
A copy of our Articles can be found on
Informa’s website or obtained free of
charge from Companies House.
Directors
The names and biographical details of
Informa’s Directors are set out on pages
91 to 93 and incorporated by reference.
David Flaschen will reach the ninth
anniversary of his appointment to the
Board during 2024 and will not stand
for re-election at the AGM in June.
All other Directors will offer themselves
for re-election.
Helen Owers served as an independent
Non-Executive Director until her
retirement at the conclusion of the
2023 AGM.
Directors may be appointed or removed
by the Board or by shareholders in a
general meeting. Subject to the Act and
the Articles, the Directors may exercise
all the powers of the Company and may
delegate authorities to Committees and
day-to-day management and decision
making to individual Executive Directors.
The Directors’ Remuneration Report
onpages 121 to 139 contains details
ofthe remuneration paid to the
Directors, their interests in the shares of
the company and any awards granted to
the Executive Directors under all-
colleague or executive shareschemes.
It also summarises theterms of
Executive Directors’ service agreements
and the letters ofappointment of the
Non-Executive Directors. These are
available for inspection at Informa’s
registered office.
Directors’ conflicts of
interests and indemnities
Directors have a statutory duty to avoid
conflicts of interest with the company.
Our Articles allow the Board to approve
conflicts of interest and include other
conflict of interest provisions.
No Director had a material interest
in any contract in relation to the
company’s business during the year.
To the extent permitted by English law
and the Articles, Informa has agreed to
indemnify the Directors in respect of
any liability arising from or connected
with the execution of their powers,
duties and responsibilities as a Director
of the company, of any of its
subsidiaries or as a trustee of an
occupational pension scheme for
colleagues. The indemnity would not
provide coverage where the Director is
proved to have acted fraudulently or
dishonestly. The company purchases
and maintains Directors’ and Officers’
insurance cover against certain legal
liabilities and the costs of claims
connected with any act or omission by
Directors and officers in the execution
of their duties.
Annual Report and Accounts 2023
140
Share capital
Informa PLC is a public company limited
by shares, incorporated in England and
Wales All the company’s ordinary
shares are listed on the London Stock
Exchange (100% free float).
The company has one class of shares,
being ordinary shares of 0.1p each.
All issued shares are fully paid up and
carry no additional obligations or special
rights. Each share carries the right to
one vote at shareholder meetings.
On a show of hands, each holder of
ordinary shares who attends in person
or is present by proxy or corporate
representative has one vote. On a poll,
every holder of ordinary shares present
in person, by proxy or corporate
representative has one vote for every
share held.
Electronic and paper proxy
appointments and voting instructions
must be received no later than 48 hours
before a general meeting. Holders of
ordinary shares can lose their
entitlement to vote at general meetings if
they have been served with a disclosure
notice and failed to provide the company
with information concerning interests
held in those shares. Except as set out
above, there are no limitations on voting
rights of holders of a given percentage,
number of votes or deadlines for
exercising voting rights.
There are no restrictions on the transfer
of securities in the company except as
set out in the Articles. Informa is not
aware of any agreements between
holders of ordinary shares that may
result in restrictions on the transfer
of securities or on voting rights.
At the 2023 AGM, the Directors were
granted authority to purchase up to
141,706,000 ordinary shares in the
market, equal to 10% of issued share
capital at the time that the Notice of
AGM was approved. During 2023, the
company purchased and cancelled
76,476,666 ordinary shares (5.6% of
issued capital at 31 December 2023).
The Directors propose to renew this
authority to purchase shares at the
2024 AGM.
More details of our issued share capital
at 31 December 2023, together with
details of shares issued or repurchased
during the year, is shown in Note 34 to
the Consolidated Financial Statements.
Employee Benefit Trust
From time to time, shares are held by
atrustee in order to satisfy colleagues’
entitlements to shares under the
Group’s share schemes. The shares
held by the trusts do not have any
special rights with regard to control of
the company. While these shares are
held on trust, their rights are not
exercisable directly by the relevant
colleagues. The current arrangements
concerning trusts and their
shareholdings in the company are
set out in Note 35 to the Consolidated
Financial Statements.
Major interests in shares
The table below shows the notifications
of major voting interests in the
company’s shares as at 31 December
2023 in accordance with the FCA’s
Disclosure and Transparency Rules
(DTR 5). All notifications made to the
company under DTR 5 are published on
a Regulatory Information Service and
are available on Informa’s website.
Shareholder
%
shareholding
Bank of America Corporation 8.70%
BlackRock, Inc. 5.92%
Newton Investment
Management Ltd 4.93%
Lazard Asset
ManagementLLC 4.30%
Norges Bank 4.00%
APG Asset Management N.V. 3.99%
Artemis Investment
ManagerLLP 3.59%
Invesco Ltd 3.55%
The information above was correct at
the date of notification to the Company.
Between 1 January 2024 and the date
of this Annual Report, the company has
been notified of the following change in
substantial shareholdings:
Shareholder
%
shareholding
Bank of America Corporation <3%
Change of control
There are no significant agreements to
which the company is a party that take
effect, alter or terminate on a change of
control following a takeover bid, except
for the Group’s principal borrowings
described in Note 27 to the
Consolidated Financial Statements.
The company does not have
agreements with any Director
or colleague that would provide
compensation for loss of office or
employment resulting from a change
of control on takeover, except those
provisions in the company’s share
schemes that may cause options and
awards granted to colleagues to vest
on a takeover.
Political donations
In line with Group policy, no donations
were made to political parties or
organisations or independent election
candidates, and no political
expenditure was incurred during the
year ended 31 December 2023.
Subsidiaries and
overseas branches
Details of Group subsidiaries are
given in Note 39 to the Consolidated
Financial Statements.
Informa operates branches in Australia,
Bangladesh, China, France, Hong Kong,
Japan, Luxembourg, Malaysia, the
Netherlands, Singapore, South Africa,
South Korea, Taiwan, the United Arab
Emirates, the US and Vietnam.
Statement of Directors’
responsibilities
The Directors are responsible for
preparing the Annual Report, the
Directors’ Remuneration Report and
the financial statements in accordance
with applicable law and regulations.
Company law requires the Directors to
prepare financial statements for each
financial year. Under that law, the
Directors have prepared the Group
financial statements in accordance with
UK-adopted international accounting
standards and the company financial
statements in accordance with UK
Generally Accepted Accounting Practice
(UK Accounting Standards, comprising
FRS 102 The Financial Reporting
Governance ReportStr
Fin
Inf
141
Directors’ Report
continued
Standard Applicable in the UK and
Republic of Ireland, and applicable law).
Under company law, directors must
not approve the financial statements
unless they are satisfied that they give
a true and fair view of the state of
affairs of the Group and the company
and of the profit or loss of the Group
and the company for that period.
In preparing the financial statements,
the Directors are required to:
• Select suitable accounting policies
and then apply them consistently
• Make judgements and accounting
estimates that are reasonable
and prudent
• State whether applicable UK-adopted
international accounting standards
have been followed for the Group
financial statements and United
Kingdom Accounting Standards,
comprising FRS 102, have been
followed for the company financial
statements, subject to any material
departures disclosed and explained
in the financial statements
• Prepare the financial statements on
the going concern basis unless it is
inappropriate to presume that the
Group and company will continue
in business
The Directors are responsible for
safeguarding the assets of the
Group and the company and for
taking reasonable steps for the
prevention and detection of fraud
and other irregularities.
The Directors are also responsible for
keeping adequate accounting records
that are sufficient to show and explain
the Group’s and the company’s
transactions and disclose with
reasonable accuracy at any time the
financial position of the Group and the
company. This enables them to ensure
that the financial statements and the
Directors’ Remuneration Report comply
with the Companies Act 2006.
The Directors are responsible for the
maintenance and integrity of Informa’s
website. Legislation in the UK governing
the preparation and dissemination of
financial statements may differ from
legislation in other jurisdictions.
Directors’ confirmations
The Directors consider that the Annual
Report and Financial Statements, taken
as a whole, is fair, balanced and
understandable and provides the
information necessary for shareholders
to assess the Group’s and company’s
position and performance, business
model and strategy.
In accordance with DTR 4.1.12R, each of
the Directors, whose names and roles
appear on pages 91 to 93, confirm that,
to the best of their knowledge:
• The Group Consolidated Financial
Statements, which have been
prepared in accordance with UK–
adopted International Accounting
Standards, give a true and fair view
of the assets, liabilities, financial
position and profit of the Group
• The company financial statements,
prepared in accordance with UK
Accounting Standards, comprising
FRS 102, give a true and fair view
of the assets, liabilities, financial
position and profit of the company
• The Strategic Report includes a fair
review of the development and
performance of the business and
the position of the Group and the
company, together with a description
of the principal risks and
uncertainties that it faces
Neither the company nor the Directors
accept any liability to any person in
relation to the Annual Report except to
the extent that such liability could arise
under English law. Accordingly, any
liability to a person who has
demonstrated reliance on any untrue
or misleading statement or omission
shall be determined in accordance with
section 90A of the Financial Services
and Markets Act 2000.
Audit information
Each of the Directors at the date of
approval of this report confirms that:
• To the best of their knowledge there
is no relevant audit information that
has not been brought to the
attention of the auditor
• They have taken all steps required of
them to make themselves aware of
any relevant audit information and to
establish that the company’s auditor
was aware of that information
This confirmation is given and should
be interpreted in accordance with the
provisions of section 418 of the
Companies Act 2006.
Reappointment of auditor
A resolution proposing the
reappointment of PwC as the
company’s auditor will be put to
shareholders at the 2024 AGM.
By order of the Board
Rupert Hopley
General Counsel and
Company Secretary
7 March 2024
Informa PLC
5 Howick Place
London SW1P 1WG
Company Number: 08860726
Annual Report and Accounts 2023
142
Contents
Independent auditors’ report 144
Consolidated Financial Statements
Consolidated Income Statement 152
Consolidated Statement
of Comprehensive Income 153
Consolidated Statement
of Changes in Equity 154
Consolidated Balance Sheet 155
Consolidated Cash Flow Statement 156
Notes to the Consolidated
Financial Statements 157
Parent Company Financial Statements
Parent Company Balance Sheet 228
Parent Company Statement
of Changes in Equity 229
Notes to the Parent Company
Financial Statements 230
Other Financial Information
Glossary of terms: Alternative
Performance Measures 237
Five-Year Summary 239
Financial
Statements
Financial Statements
Str Gov Inf
143
Independent auditors’ report to the members of Informa PLC
Basis for opinion
We conducted our audit in accordance
with International Standards on
Auditing (UK) (“ISAs (UK)”) and
applicable law. Our responsibilities
under ISAs (UK) are further described
in the Auditors’ responsibilities for the
audit of the financial statements
section of our report. We believe that
the audit evidence we have obtained is
sufficient and appropriate to provide
abasis for our opinion.
Independence
We remained independent of the
Group in accordance with the ethical
requirements that are relevant to our
audit of the financial statements in the
UK, which includes the FRC’s Ethical
Standard, as applicable to listed public
interest entities, and we have fulfilled
our other ethical responsibilities in
accordance with these requirements.
To the best of our knowledge and
belief, we declare that non-audit
services prohibited by the FRC’s Ethical
Standard were not provided.
Other than those disclosed in Note 6 of
the Consolidated Financial Statements,
we have provided no non-audit services
to the Parent Company or its controlled
undertakings in the period under audit.
Our audit approach
Overview
Audit scope
– We identified 31 components which
required an audit of their complete
financial information due to their size
or risk characteristics. Specific audit
procedures over revenue, receivables
and deferred income were performed
at a further four components to give
appropriate coverage for these
balances. In addition, specific audit
procedures over central functions,
the Group consolidation and areas
ofjudgement (including taxation,
goodwill and intangible assets
impairment, treasury and post-
retirement benefits) were directly
ledby the Group audit team.
– The audit work performed accounted
for 76% of consolidated revenue,
70%of consolidated adjusted profit
before tax on an absolute basis and
70% of consolidated adjusted
operating profit on an absolute basis.
Key audit matters
– Recoverability of the carrying value
of goodwill in Informa Tech (Group)
– Valuation of the acquired intangibles
in respect of the Tarsus and Winsight
acquisitions (Group)
– Impairment of investments
insubsidiary undertakings
(ParentCompany)
Materiality
– Overall Group materiality: £39 million
based on approximately 4.7% of
profit before tax and adjusting items
(adjusted profit before tax).
– Overall Parent Company materiality:
£37 million based on approximately
0.3% of total assets as constrained
bythe allocation of overall
Groupmateriality.
– Performance materiality:
£29.3 million (Group) and
£27.8 million (Parent Company).
The scope of our audit
As part of designing our audit, we
determined materiality and assessed
the risks of material misstatement in
the financial statements.
Key audit matters
Key audit matters are those matters
that, in the auditors’ professional
judgement, were of most significance in
the audit of the financial statements of
the current period and include the
most significant assessed risks of
material misstatement (whether or not
due to fraud) identified by the auditors,
including those which had the greatest
effect on: the overall audit strategy; the
allocation of resources in the audit; and
directing the efforts of the engagement
team. These matters, and any
comments we make on the results
ofour procedures thereon, were
addressed in the context of our audit
ofthe financial statements as a whole,
and in forming our opinion thereon,
and we do not provide a separate
opinion on these matters.
This is not a complete list of all risks
identified by our audit.
Report on the audit of
the financial statements
Opinion
In our opinion:
– Informa PLC’s Consolidated Financial
Statements and Parent Company
Financial Statements (the ‘financial
statements’) give a true and fair view
of the state of the Group’s and of
theParent Company’s affairs as at
31 December 2023 and of the
Group’s profit and the Group’s
cashflows for the year then ended;
– the Consolidated Financial
Statements have been properly
prepared in accordance with
UK-adopted international accounting
standards as applied in accordance
with the provisions of the Companies
Act 2006;
– the Parent Company Financial
Statements have been properly
prepared in accordance with
UnitedKingdom Generally Accepted
Accounting Practice (United Kingdom
Accounting Standards, including
FRS102 “The Financial Reporting
Standard applicable in the UK and
Republic of Ireland”, and applicable
law); and
– the financial statements have been
prepared in accordance with the
requirements of the Companies
Act2006.
We have audited the financial
statements, included within the
AnnualReport and Accounts (the
‘Annual Report’), which comprise: the
Consolidated and Parent Company
Balance Sheets as at 31 December
2023; the Consolidated Income
Statement, the Consolidated Statement
of Comprehensive Income, the
Consolidated Cash Flow Statement and
the Consolidated and Parent Company
Statements of Changes in Equity for the
year then ended; and the notes to the
financial statements, comprising
significant accounting policies, material
accounting policy information and
other explanatory information.
Our opinion is consistent with our
reporting to the Audit Committee.
Annual Report and Accounts 2023
144
Key audit matter How our audit addressed the key audit matter
Recoverability of the carrying value
ofgoodwill in Informa Tech (Group)
Refer to Note 2 Significant accounting policies
and Note 15 Goodwill in the Consolidated
Financial Statements.
The Group has goodwill of £6,629.8m at
31December 2023 (2022: £5,880.3m) which
includes £824.6m (2022: £825.9m) relating to
the Informa Tech cash generating unit (‘CGU’).
Management performs an annual impairment
test in respect of goodwill on a divisional
basisreflecting the lowest level at which it
monitors goodwill. The recoverable amount
of a CGU is determined by management as
the higher of its value in use (‘VIU’) or fair
value less cost of disposal (‘FVLCD’). Both
valuation methods involve the modelling of
future cash flows based on a number of key
judgements and estimates including revenue
growth, operating profit, long-term growth
and the discount rate. Changes in these
assumptions can have a significant impact
onthe headroom available in the
impairmentcalculations.
We considered the recoverability of the
carrying value of goodwill in Informa Tech
asakey audit matter due to the reduction
inheadroom since the prior year and that
themodel is sensitive to changes in
keyassumptions.
In respect of the Informa Tech CGU, management prepared detailed cash flow models on
aVIUand FVLCD basis to estimate the recoverable amount. Our procedures included:
– challenging the appropriateness of management’s valuation methodologies;
– testing the completeness and accuracy of the models as well as the underlying data,
whichincluded reconciling the cash flows to the Board approved budgets and forecasts;
– evaluating the significant assumptions used by management in determining future cash
flows, including corroborating revenue growth projections to third party forecasts;
– challenging the extent to which climate change considerations are reflected, as appropriate,
in management’s projections;
– with the support of our valuations experts, assessing the discount and long term growth
rates used and whether they fell within a reasonable range, taking into account external
market data;
– assessing whether the cash flows in the models are consistent with those used in other
keyestimates and judgements across the Group, where relevant; and
– performing our own sensitivities to form an independent view on reasonable
downsidescenarios.
Specifically with reference to the FVLCD model, our procedures included:
– assessing the appropriateness of the cost of disposal by reference to previous disposals in
the Group and market transactions; and
– as an alternative reference point, benchmarking the multiple implied by the recoverable
amount to EBITDA multiples of comparable companies.
In addition, we assessed the completeness and accuracy of the disclosure included in Note 15
Goodwill to the Consolidated Financial Statements.
As a result of our work, we are satisfied that management’s assessment is appropriate and that
no impairment is required at 31 December 2023.
Valuation of the acquired intangibles
inrespect of the Tarsus and Winsight
acquisitions (Group)
Refer to Note 2 Significant accounting policies,
Note 3 Critical accounting judgements and
key sources of estimation uncertainty and
Note 17 Business combinations in the
Consolidated Financial Statements.
During 2023, the Group completed six
business combinations, the most significant
being the acquisitions of Tarsus and Winsight
for a total consideration of £359.4m and
£324.4m respectively.
With the assistance of their valuation experts,
management has undertaken a purchase
price allocation exercise identifying and
recognising acquired intangible assets.
Forthe Tarsus acquisition these included
customer relationships of £122.2m and trade
names of £236.3m. In respect of Winsight,
customer relationships of £65.8m and trade
names of £91.1m were recognised.
Accounting for business combinations can
becomplex, particularly in relation to the
identification of acquired intangible assets
which relies on management’s estimate of
future cash flows, royalty rates and customer
attrition rates. Changes in these assumptions
can have a significant impact on the valuation.
Our audit procedures in respect of the Tarsus and Winsight acquisitions included the following:
– we obtained the sale and purchase agreements (‘SPAs’) for both acquisitions and read them
to ensure that we understood the substance of the transactions, including the purchase
consideration and the assets and liabilities acquired;
– with the assistance of our valuation experts, we reviewed the purchase price allocation
reports provided by management’s expert and considered their competence and ability
toprepare an analysis to reasonably estimate the value of the acquired intangible assets.
We assessed the completeness of the intangible assets recognised by management and the
valuation methodologies adopted;
– we assessed the discount and long term growth rates used and whether they fell within
areasonable range, taking into account external market data;
– we agreed the underlying cash flow projections supporting the acquired intangible asset
valuations to management’s acquisition models and post acquisition performance to
confirm consistency and that the actual cash flows were in line with those predicted.
We challenged the key assumptions used in the cash flows, such as revenue growth,
byreference to historic growth rates, Informa’s own forecasts for comparable businesses
and industry information where available;
– we considered the reasonableness of key assumptions in the model including customer
attrition and royalty rates with reference to recent comparable transactions and historical
booking data of both acquired businesses and Informa’s own comparable businesses; and
– we reviewed and challenged management’s disclosures in the Consolidated Financial
Statements to ensure they were consistent with the work performed and that the disclosure
appropriately described the key estimation uncertainties in the valuation.
Based on our procedures, we are satisfied that the valuation methodologies, key assumptions
and calculations used and disclosed by management are appropriate.
Financial Statements
Str Gov Inf
145
Key audit matter How our audit addressed the key audit matter
Impairment of investments in subsidiary
undertakings (Parent Company)
Refer to Note 2 Accounting policies and Note
3 Investments in subsidiary undertakings in
the Parent Company Financial Statements.
At 31 December 2023, the Parent Company
held investments in subsidiary undertakings
amounting to £8,166.6m (2022: £7,897.0m).
Investments in subsidiary undertakings
areaccounted for at historical cost less
accumulated impairment. Judgement is
required to assess if impairment indicators
exist and where indicators are identified,
ifthe investment carrying value is supported
by the recoverable amount.
In assessing impairment indicators,
management considers the market
capitalisation of the Group, the results of their
annual goodwill impairment assessment and
other facts and circumstances which may be
indicative of an impairment indicator.
Based on management’s assessment, no
impairment indicators in respect of the
carrying value of investments in subsidiary
undertakings were identified at the balance
sheet date.
In respect of investments in subsidiary undertakings in the Parent Company, we undertook the
following to test management’s assessment for indicators of impairment:
– evaluated and challenged management’s assessment and judgements, including
consideration of the net assets of the Parent Company with reference to the market
capitalisation of the Group and whether this was indicative of an impairment indicator; and
– independently performed an assessment of other internal and external impairment
triggers, including the results of the Group’s goodwill impairment review, to identify other
possible impairment indicators.
As a result of our work, we are satisfied that there are no indicators of impairment in respect
ofthe carrying value of the Parent Company’s investments in subsidiary undertakings at
31December 2023.
How we tailored the audit scope
We tailored the scope of our audit to ensure that we performed enough work to be able to give an opinion on the financial
statements as a whole, taking into account the structure of the Group and the Parent Company, the accounting processes
andcontrols, and the industry in which they operate.
The Group is organised into four divisions – Taylor & Francis, Informa Markets, Informa Connect and Informa Tech, as well as
acorporate function. Each division is further divided into business units which align to a legal entity or business in a specific
country. A separate divisional management team oversees the operations of each division. For the purposes of our audit,
wehave identified each business unit as a component.
The accounting processes for each division are principally undertaken by the Group’s shared service centres in Colchester (UK),
Cairo (Egypt), Sarasota (US), New York (US), Cleveland (US), Hong Kong (HK) and Shanghai (China). Each component reports to
the Group through an integrated consolidation system.
Based on our risk and materiality assessments, we determined which components required an audit of their complete financial
information having consideration to the relative significance of each component to the Group, locations with significant
inherent risks and the overall coverage obtained over each material line item in the Consolidated Financial Statements.
We identified 31 components which required an audit of their complete financial information due to their size or risk
characteristics. Specific audit procedures over revenue, receivables and deferred income were performed at a further four
components to give appropriate coverage of these balances. In addition, specific audit procedures over central functions, the
Group consolidation and areas of judgement (including taxation, goodwill and intangible assets impairment, treasury and
post-retirement benefits) were directly led by the Group audit team.
Where the work was performed by component audit teams, we determined the level of involvement we needed to have in the
audit work at those components to be able to conclude whether sufficient appropriate audit evidence had been obtained as
abasis for our opinion on the Consolidated Financial Statements as a whole.
The Group audit team visited component teams in the UK, US, Hong Kong and China during the 2023 audit. In addition, our
oversight procedures included the issuance of formal written instructions to component auditors setting out the work to be
performed at each component and regular communication throughout the audit cycle including regular component calls
through video conferencing, review of component auditor workpapers and participation in audit clearance meetings.
Taken together with the audit procedures undertaken by the Group audit team, the audit work performed accounted for 76%
of consolidated revenue, 70% of consolidated adjusted profit before tax on an absolute basis and 70% of consolidated adjusted
operating profit on an absolute basis. In addition, we have performed disaggregated analytical review procedures and an
evaluation of entity level controls, which covers a significant portion of the Group’s smaller and lower risk components that
were not directly included in our Group audit scope.
Independent auditors’ report to the members of Informa PLC
continued
Annual Report and Accounts 2023
146
The financial statements of the Parent Company are prepared using the same accounting processes as the Group’s central
functions and were audited by the Group audit team.
The impact of climate risk on our audit
In planning and executing our audit, we considered the potential impact of climate change on the Group’s business and the
financial statements. The Group has set out its climate related intentions and metrics as part of its FasterForward programme.
As a part of our audit we made enquiries of management to understand the extent of the potential impact of the physical and
transitional climate change risk on the Consolidated Financial Statements. We also discussed the climate change initiatives
andcommitments from FasterForward and other initiatives to reduce CO
2
emissions, and the impact these have on the Group
including on future cash flow forecasts.
Management considers that the impact of climate change does not give rise to a material financial statement impact.
With theassistance of our climate change specialists we evaluated management’s risk assessment and understood the Group’s
governance processes including the Climate Impact Steering Committee. We performed an audit risk assessment of how the
impact of the Group’s commitments in respect of climate change including FasterForward may affect the financial statements
and our audit.
We challenged the extent to which climate change considerations including the expected cash flows from the initiatives and
commitments had been reflected, where appropriate, in management’s impairment assessment process, going concern
assessment and viability assessment. While climate impacts are not included within management’s forecasts on the grounds
ofmateriality, our independent sensitivities confirmed that these did not have a material impact on key audit matters or
change the conclusions reached. We assessed the consistency of other information disclosed in the Annual Report with the
Consolidated Financial Statements, and with our knowledge obtained from the audit.
Materiality
The scope of our audit was influenced by our application of materiality. We set certain quantitative thresholds for materiality.
These, together with qualitative considerations, helped us to determine the scope of our audit and the nature, timing and
extent of our audit procedures on the individual financial statement line items and disclosures and in evaluating the effect
ofmisstatements, both individually and in aggregate on the financial statements as a whole.
Based on our professional judgement, we determined materiality for the financial statements as a whole as follows:
Financial statements – Group Financial statements – Parent Company
Overall materiality £39 million. £37 million.
How we
determined it
Approximately 4.7% of profit before tax and adjusting
items (adjusted profit before tax)
Approximately 0.3% of total assets as constrained by the
allocation of overall Group materiality
Rationale for
benchmark applied
Profit before tax and adjusting items is used as the
materiality benchmark. The Directors use this measure as
they believe that it reflects the underlying performance of
the Group.
We have considered the nature of the business of Informa
PLC (being a holding company for investment activities)
and have determined that total assets are an appropriate
basis for the calculation of the overall materiality level.
For each component in the scope of our Group audit, we allocated a materiality that is less than our overall Group materiality.
The range of materiality allocated across components was between £2 million and £37 million. Certain components were
audited to a local statutory audit materiality that was also less than our overall Group materiality.
We use performance materiality to reduce to an appropriately low level the probability that the aggregate of uncorrected and
undetected misstatements exceeds overall materiality. Specifically, we use performance materiality in determining the scope
of our audit and the nature and extent of our testing of account balances, classes of transactions and disclosures, for example
in determining sample sizes. Our performance materiality was 75% of overall materiality, amounting to £29.3 million for the
Consolidated Financial Statements and £27.8 million for the Parent Company Financial Statements.
In determining the performance materiality, we considered a number of factors – the history of misstatements, risk
assessment and aggregation risk and the effectiveness of controls – and concluded that an amount at the upper end of our
normal range was appropriate.
We agreed with the Audit Committee that we would report to them misstatements identified during our audit above
£1,950,000 (Group audit) and £1,850,000 (Parent Company audit) as well as misstatements below those amounts that,
inourview, warranted reporting for qualitative reasons.
Financial Statements
Str Gov Inf
147
Conclusions relating to going concern
Our evaluation of the Directors’ assessment of the Group’s and the Parent Company’s ability to continue to adopt the going
concern basis of accounting included:
– agreeing the underlying cash flow projections to Board approved Group level budgets and forecasts, assessing how these
forecasts are compiled and assessing the accuracy of management’s forecasts;
– evaluating the key assumptions within management’s forecasts and ensuring that such assumptions are consistent
withthose modelled in relation to the recoverability of the carrying value of the Group’s goodwill and Parent Company
investments in subsidiary undertakings;
– considering liquidity and available financial resources;
– assessing whether the stress testing performed by management appropriately considered the principal risks facing
thebusiness; and
– reading management’s paper to the Audit Committee in respect of going concern, and agreeing the forecasts set out in this
paper to the underlying base case cash flow model.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that,
individually or collectively, may cast significant doubt on the Group’s and the Parent Company’s ability to continue as a going
concern for a period of at least twelve months from when the financial statements are authorised for issue.
In auditing the financial statements, we have concluded that the Directors’ use of the going concern basis of accounting in the
preparation of the financial statements is appropriate.
However, because not all future events or conditions can be predicted, this conclusion is not a guarantee as to the Group’s and
the Parent Company’s ability to continue as a going concern.
In relation to the Directors’ reporting on how they have applied the UK Corporate Governance Code, we have nothing material
to add or draw attention to in relation to the Directors’ statement in the financial statements about whether the Directors
considered it appropriate to adopt the going concern basis of accounting.
Our responsibilities and the responsibilities of the Directors with respect to going concern are described in the relevant
sections of this report.
Reporting on other information
The other information comprises all of the information in the Annual Report other than the financial statements and our
auditors’ report thereon. The Directors are responsible for the other information. Our opinion on the financial statements
doesnot cover the other information and, accordingly, we do not express an audit opinion or, except to the extent otherwise
explicitly stated in this report, any form of assurance thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so,
consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained
inthe audit, or otherwise appears to be materially misstated. If we identify an apparent material inconsistency or material
misstatement, we are required to perform procedures to conclude whether there is a material misstatement of the financial
statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that
there is a material misstatement of this other information, we are required to report that fact. We have nothing to report based
on these responsibilities.
With respect to the Strategic Report and Directors’ Report, we also considered whether the disclosures required by the
UKCompanies Act 2006 have been included.
Based on our work undertaken in the course of the audit, the Companies Act 2006 requires us also to report certain opinions
and matters as described below.
Strategic Report and Directors’ Report
In our opinion, based on the work undertaken in the course of the audit, the information given in the Strategic Report and
Directors’ Report for the year ended 31 December 2023 is consistent with the financial statements and has been prepared
inaccordance with applicable legal requirements.
In light of the knowledge and understanding of the Group and Parent Company and their environment obtained in the course
of the audit, we did not identify any material misstatements in the Strategic Report and Directors’ Report.
Independent auditors’ report to the members of Informa PLC
continued
Annual Report and Accounts 2023
148
Directors’ Remuneration
In our opinion, the part of the Directors’ Remuneration Report to be audited has been properly prepared in accordance with
the Companies Act 2006.
Corporate governance statement
The Listing Rules require us to review the Directors’ statements in relation to going concern, longer-term viability and that part
of the corporate governance statement relating to the Parent Company’s compliance with the provisions of the UK Corporate
Governance Code specified for our review. Our additional responsibilities with respect to the corporate governance statement
as other information are described in the Reporting on other information section of this report.
Based on the work undertaken as part of our audit, we have concluded that each of the following elements of the corporate
governance statement is materially consistent with the financial statements and our knowledge obtained during the audit,
andwe have nothing material to add or draw attention to in relation to:
– the Directors’ confirmation that they have carried out a robust assessment of the emerging and principal risks;
– the disclosures in the Annual Report that describe those principal risks, what procedures are in place to identify emerging
risks and an explanation of how these are being managed or mitigated;
– the Directors’ statement in the financial statements about whether they considered it appropriate to adopt the going
concern basis of accounting in preparing them, and their identification of any material uncertainties to the Group’s and
Parent Company’s ability to continue to do so over a period of at least twelve months from the date of approval of the
financial statements;
– the Directors’ explanation as to their assessment of the Group’s and Parent Company’s prospects, the period this
assessment covers and why the period is appropriate; and
– the Directors’ statement as to whether they have a reasonable expectation that the Parent Company will be able to continue
in operation and meet its liabilities as they fall due over the period of its assessment, including any related disclosures
drawing attention to any necessary qualifications or assumptions.
Our review of the Directors’ statement regarding the longer-term viability of the Group and Parent Company was substantially
less in scope than an audit and only consisted of making inquiries and considering the Directors’ process supporting their
statement; checking that the statement is in alignment with the relevant provisions of the UK Corporate Governance Code; and
considering whether the statement is consistent with the financial statements and our knowledge and understanding of the
Group and Parent Company and their environment obtained in the course of the audit.
In addition, based on the work undertaken as part of our audit, we have concluded that each of the following elements of the
corporate governance statement is materially consistent with the financial statements and our knowledge obtained during
theaudit:
– the Directors’ statement that they consider the Annual Report, taken as a whole, is fair, balanced and understandable, and
provides the information necessary for the members to assess the Group’s and Parent Company’s position, performance,
business model and strategy;
– the section of the Annual Report that describes the review of effectiveness of risk management and internal
controlsystems;and
– the section of the Annual Report describing the work of the Audit Committee.
We have nothing to report in respect of our responsibility to report when the Directors’ statement relating to the Parent
Company’s compliance with the Code does not properly disclose a departure from a relevant provision of the Code specified
under the Listing Rules for review by the auditors.
Responsibilities for the financial statements and the audit
Responsibilities of the Directors for the financial statements
As explained more fully in the Statement of Directors’ responsibilities, the Directors are responsible for the preparation of the
financial statements in accordance with the applicable framework and for being satisfied that they give a true and fair view.
The Directors are also responsible for such internal control as they determine is necessary to enable the preparation of
financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the Directors are responsible for assessing the Group’s and the Parent Company’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 the Parent Company or to cease operations, or have no
realistic alternative but to do so.
Financial Statements
Str Gov Inf
149
Auditors’ responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material
misstatement, whether due to fraud or error, and to issue an auditors’ report that includes our opinion. Reasonable assurance
is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect
amaterial misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually
or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these
financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with
our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent
towhich our procedures are capable of detecting irregularities, including fraud, is detailed below.
Based on our understanding of the Group and industry, we identified that the principal risks of non-compliance with laws and
regulations related to data privacy regulations, prohibited business practices and anti-bribery and corruption laws, and we
considered the extent to which non-compliance might have a material effect on the financial statements. We also considered
those laws and regulations that have a direct impact on the financial statements such as the Companies Act 2006 and
applicable tax regulation in jurisdictions in which the Group has material operations. We evaluated management’s incentives
and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and
determined that the principal risks were related to posting inappropriate journal entries to manipulate financial results and
management bias in accounting estimates. The Group engagement team shared this risk assessment with the component
auditors so that they could include appropriate audit procedures in response to such risks in their work. Audit procedures
performed by the Group engagement team and/or component auditors included:
– understanding and evaluating the design and implementation of controls designed to prevent and detect irregularities
andfraud;
– discussions with management, Internal Audit and the Group’s legal counsel regarding their consideration of known or
suspected instances of non-compliance with laws and regulations or fraud;
– identifying and testing journal entries, in particular any journal entries posted with unusual account combinations; and
– challenging assumptions and judgements made by management and assessing these for management bias in particular
relating to recoverability of the carrying value of goodwill in Informa Tech (Group), valuation of the acquired intangibles
inrespect of the Tarsus and Winsight acquisitions (Group) and impairment of investments in subsidiary undertakings
(ParentCompany) (see related key audit matters section of this report).
There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of
non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial
statements. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one
resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations,
or through collusion.
Our audit testing might include testing complete populations of certain transactions and balances, possibly using data auditing
techniques. However, it typically involves selecting a limited number of items for testing, rather than testing complete
populations. We will often seek to target particular items for testing based on their size or risk characteristics. In other cases,
we will use audit sampling to enable us to draw a conclusion about the population from which the sample is selected.
A further description of our responsibilities for the audit of the financial statements is located on the FRC’s website at:
www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditors’ report.
Use of this report
This report, including the opinions, has been prepared for and only for the Parent Company’s members as a body in
accordance with Chapter 3 of Part 16 of the Companies Act 2006 and for no other purpose. We do not, in giving these opinions,
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.
Independent auditors’ report to the members of Informa PLC
continued
Annual Report and Accounts 2023
150
Other required reporting
Companies Act 2006 exception reporting
Under the Companies Act 2006 we are required to report to you if, in our opinion:
– we have not obtained all the information and explanations we require for our audit; or
– adequate accounting records have not been kept by the Parent Company, or returns adequate for our audit have not been
received from branches not visited by us; or
– certain disclosures of Directors’ remuneration specified by law are not made; or
– the Parent Company Financial Statements and the part of the Directors’ Remuneration Report to be audited are not in
agreement with the accounting records and returns.
We have no exceptions to report arising from this responsibility.
Appointment
Following the recommendation of the Audit Committee, we were appointed by the Directors on 8 March 2023 to audit the
financial statements for the year ended 31 December 2023 and subsequent financial periods. This is therefore our first year
ofuninterrupted engagement.
Other matter
In due course, as required by the Financial Conduct Authority Disclosure Guidance and Transparency Rule 4.1.14R, these
financial statements will form part of the ESEF-prepared annual financial report filed on the National Storage Mechanism of
theFinancial Conduct Authority in accordance with the ESEF Regulatory Technical Standard (‘ESEF RTS’). This auditors’ report
provides no assurance over whether the annual financial report will be prepared using the single electronic format specified
inthe ESEF RTS.
Christopher Burns (Senior Statutory Auditor)
for and on behalf of PricewaterhouseCoopers LLP
Chartered Accountants and Statutory Auditors
London
7 March 2024
Financial Statements
Str Gov Inf
151
Consolidated Income Statement for
the year ended 31 December 2023
Adjusted Adjusting Statutory Adjusted Adjusting Statutory
results items results resultsitemsresults
2023 2023 2023 202220222022
Notes£m£m£m£m £m £m
Continuing operations
Revenue
4
3,189.6
–
3,189.6
2,262.4
–
2,262.4
Net operating expenses
6
(2,341.6)
(432.1)
(2,773.7)
(1,768.2)
(312.1)
(2,080.3)
Other operating income
6
–
87.6
87.6
–
–
–
Operating profit/(loss) before joint
ventures and associates
848.0
(344.5)
503.5
494.2
(312.1)
182.1
Share of results of joint ventures
and associates
19
5.8
(1.5)
4.3
2.1
(0.1)
2.0
Operating profit/(loss)
853.8
(346.0)
507.8
496.3
(312.2)
184.1
Fair value gain/(loss) on investments
19
–
1.3
1.3
–
(0.9)
(0.9)
Profit on disposal of subsidiaries
and operations
–
3.0
3.0
–
11.6
11.6
Distributions received from investments
19
–
–
–
–
20.6
20.6
Finance income
10
47.4
–
47.4
27.5
–
27.5
Finance costs
11
(66.6)
(0.8)
(67.4)
(72.8)
(1.3)
(74.1)
Profit/(loss) before tax
834.6
(342.5)
492.1
451.0
(282.2)
168.8
Tax (charge)/credit
12
(156.4)
127.0
(29.4)
(81.2)
54.5
(26.7)
Profit/(loss) for the year from
continuing operations
678.2
(215.5)
462.7
369.8
(227.7)
142.1
Discontinued operations
Profit for the year from
discontinued operations
–
–
–
29.5
1,463.7
1,493.2
Profit/(loss) for the year
678.2
(215.5)
462.7
399.3
1,236.0
1,635.3
Attributable to:
– Equity holders of the Company
14
635.1
(216.1)
419.0
386.0
1,245.5
1,631.5
– Non-controlling interests
36
43.1
0.6
43.7
13.3
(9.5)
3.8
Earnings per share
From continuing operations
– Basic (p)
14
45.6
30.1
24.5
9.5
– Diluted (p)
14
45.3
29.9
24.4
9.4
From continuing and discontinued
operations
– Basic (p)
14
45.6
30.1
26.5
112.0
– Diluted (p)
14
45.3
29.9
26.4
111.4
Annual Report and Accounts 2023
152
Consolidated Statement ofComprehensive Income
for the year ended 31 December 2023
2023 2022
Notes£m £m
Profit for the year
462.7
1,635.3
Items that will not be reclassified subsequently to profit or loss:
Remeasurement of the net retirement benefit pension obligation
33
(11.8)
26.9
Tax credit relating to items that will not be reclassified to profit or loss
–
1.5
Total items that will not be reclassified subsequently to profit or loss
(11.8)
28.4
Items that may be reclassified subsequently to profit or loss:
Exchange (loss)/gain on translation of foreign operations
(351.5)
413.7
Exchange loss arising on disposal of foreign operations
–
(1.4)
Net investment hedges:
Exchange gain/(loss) on net investment hedge
7.4
(188.1)
Gain on derivatives in net investment hedging relationships
92.5
173.4
Cash flow hedges:
Fair value (loss)/gain arising on hedging instruments
(28.2)
33.3
Less: gain/(loss) reclassified to profit or loss
34.2
(63.1)
Movement in cost of hedging reserve
(6.7)
1.8
Tax charge relating to items that may be reclassified subsequently to profit or loss
(1.2)
(8.2)
Total items that may be reclassified subsequently to profit or loss
(253.5)
361.4
Other comprehensive (expense)/income for the year
(265.3)
389.8
Total comprehensive income for the year
197.4
2,025.1
Total comprehensive income attributable to:
– Equity holders of the Company
155.4
2,015.4
– Non-controlling interests
42.0
9.7
197.4
2,025.1
Total comprehensive income for the year attributable to equity holders of the Company:
– Continuing operations
155.4
497.2
– Discontinued operations
–
1,518.2
155.4
2,015.4
1
1 Discontinued operations in 2022 includes £26. 4m relating to exchange gain on translation of foreign operations and £1.4m exchange loss arising
on disposal of foreign operations
Financial Statements
Str Gov Inf
153
Consolidated Statement of Changes in Equity
for the year ended 31 December 2023
1
Share Non-
premium Translation OtherRetained controlling
Share capitalaccount reserve reservesearningsTotalinterestsTotal equity
£m£m£m£m£m £m £m£m
At 1 January 2022
1.5
1,878.6
(208.0)
2,028.0
2,057.7
5,757.8
288.1
6,045.9
Profit for the year
–
–
–
–
1,631.5
1,631.5
3.8
1,635.3
Exchange gain on
translation of foreign
operations
–
–
407.8
–
–
407.8
5.9
413.7
Exchange loss on net
investment hedge
–
–
(188.1)
–
–
(188.1)
–
(188.1)
Gain arising on
derivative hedges
–
–
173.4
(28.0)
–
145.4
–
145.4
Foreign exchange recycling
of disposed entities
–
–
(1.4)
–
–
(1.4)
–
(1.4)
Actuarial gain on defined
benefit pension schemes
–
–
–
–
26.9
26.9
–
26.9
Tax relating to components
of other comprehensive
income
–
–
(8.2)
–
1.5
(6.7)
–
(6.7)
Total comprehensive
income for the year
–
–
383.5
(28.0)
1,659.9
2,015.4
9.7
2,025.1
Dividends to shareholders
–
–
–
–
(43.3)
(43.3)
–
(43.3)
Dividends to
non-controlling interests
–
–
–
–
–
–
(9.5)
(9.5)
Share award expense
–
–
–
17.5
–
17.5
–
17.5
Shares for Trust purchase
–
–
–
(3.3)
–
(3.3)
–
(3.3)
Transfer of vested LTIPs
–
–
–
(11.1)
11.1
–
–
–
Share buyback
(0.1)
–
–
(74.9)
(517.0)
(592.0)
–
(592.0)
Acquisition of
non-controlling interests
–
–
–
–
–
–
25.9
25.9
At 31 December 2022
1.4
1,878.6
175.5
1,928.2
3,168.4
7,152.1
314.2
7,466.3
Profit for the year
–
–
–
–
419.0
419.0
43.7
462.7
Exchange loss on
translation of foreign
operations
–
–
(349.8)
–
–
(349.8)
(1.7)
(351.5)
Exchange gain on net
investment hedge debt
–
–
7.4
–
–
7.4
–
7.4
Gain/(loss) arising on
derivative hedges
–
–
92.5
(0.7)
–
91.8
–
91.8
Actuarial gain on defined
benefit pension schemes
–
–
–
–
(11.8)
(11.8)
–
(11.8)
Tax relating to components
of other comprehensive
income
–
–
(1.2)
–
–
(1.2)
–
(1.2)
Total comprehensive
income for the year
–
–
(251.1)
(0.7)
407.2
155.4
42.0
197.4
Dividends to shareholders
–
–
–
–
(176.6)
(176.6)
–
(176.6)
Dividends to
non-controlling interests
–
–
–
–
–
–
(16.0)
(16.0)
Share award expense
–
–
–
19.6
–
19.6
–
19.6
Issue of share capital
0.1
–
–
173.7
–
173.8
–
173.8
Shares for Trust purchase
–
–
–
(4.8)
–
(4.8)
–
(4.8)
Transfer of vested LTIPs
–
–
–
(11.1)
11.1
–
–
–
Share buyback
(0.1)
–
–
(15.8)
(548.3)
(564.2)
–
(564.2)
Acquisition of
non-controlling interests
–
–
–
–
–
–
92.3
92.3
Transactions with
non-controlling interests
–
–
–
–
(8.3)
(8.3)
3.6
(4.7)
Remeasurement of
put call options
–
–
–
1.5
–
1.5
–
1.5
At 31 December 2023
1.4
1,878.6
(75.6)
2,090.6
2,853.5
6,748.5
436.1
7,184.6
2
3
4
5
4
5
1 See Note 34
2 See Note 35
3 Total attributable to equity holders of the Company
4 £54 8 .3m (2022: £51 7 .0m) of shares were bought back during the period. £90. 9m (2022: £75 .0m) represents the maximum liability for
sharebuybacks with Informa’s broker through to the conclusion of the Company’s close period as at 31 December 2023
5 The acquisition of non-controlling interests includes £87.2m relating to the Tarsus acquisition as per Note 17 (2022: USA Beauty transaction)
Annual Report and Accounts 2023
154
Consolidated Balance Sheet
as at 31 December 2023
At At
31 December 31 December
2023 2022
Notes£m £m
Non-current assets
Goodwill
15
6,629.8
5,880.3
Other intangible assets
16
3,140.9
2,972.7
Property and equipment
18
60.8
47.9
Right-of-use assets
37
211.1
208.0
Investments in joint ventures and associates
19
58.8
35.5
Other investments
19
260.8
262.7
Deferred tax assets
20
17.6
1.8
Retirement benefit surplus
33
48.1
55.8
Finance lease receivables
37
8.2
5.1
Other receivables
21
32.6
49.7
Derivative financial instruments
22
–
2.2
10,468.7
9,521.7
Current assets
Inventory
23
36.2
28.8
Trade and other receivables
21
546.9
460.4
Current tax asset
12
80.2
7.4
Cash and cash equivalents
26
389.3
2,125.8
Finance lease receivables
37
2.3
1.6
Derivative financial instruments
22
0.6
–
1,055.5
2,624.0
Total assets
11,524.2
12,145.7
Current liabilities
Borrowings
27
–
(398.4)
Lease liabilities
37
(28.4)
(30.2)
Derivative financial instruments
22
–
(1.1)
Current tax liabilities
12
(85.6)
(48.5)
Provisions
28
(38.1)
(30.1)
Contingent consideration and put call options
29
(28.6)
(4.1)
Trade and other payables
30
(635.7)
(661.9)
Deferred income
30
(972.8)
(834.5)
(1,789.2)
(2,008.8)
Non-current liabilities
Borrowings
27
(1,514.5)
(1,542.4)
Lease liabilities
37
(235.4)
(240.2)
Derivative financial instruments
22
(77.9)
(168.1)
Deferred tax liabilities
20
(540.9)
(532.9)
Retirement benefit obligation
33
(6.4)
(6.7)
Provisions
28
(33.5)
(32.5)
Contingent consideration and put call options
29
(109.3)
(129.2)
Trade and other payables
30
(24.9)
(16.3)
Deferred income
30
(7.6)
(2.3)
(2,550.4)
(2,670.6)
Total liabilities
(4,339.6)
(4,679.4)
Net assets
7,184.6
7,466.3
Share capital
34
1.4
1.4
Share premium
34
1,878.6
1,878.6
Translation reserve
(75.6)
175.5
Other reserves
35
2,090.6
1,928.2
Retained earnings
2,853.5
3,168.4
Equity attributable to equity holders of the parent
6,748.5
7,152.1
Non-controlling interest
36
436.1
314.2
Total equity
7,184.6
7,466.3
These financial statements were approved by the Board of Directors and authorised for issue on 7 March 2024 and signed on its
behalf by
Stephen A. Carter Gareth Wright
Group Chief Executive Group Finance Director
Financial Statements
Str Gov Inf
155
Consolidated Cash Flow Statement
for the year ended 31 December 2023
2023 2022
Notes£m £m
Operating activities
Cash generated by continuing operations
32
819.7
560.0
Income taxes paid
(112.4)
(71.7)
Interest paid
(87.1)
(91.1)
Net cash inflow from operating activities – continuing operations
620.2
397.2
Net cash inflow from operating activities – discontinued operations
–
53.7
Net cash inflow from operating activities
620.2
450.9
Investing activities
Interest received
47.9
25.7
Dividends received from investments
19
1.4
1.8
Distributions received from investments
19
–
20.6
Purchase of property and equipment
18
(27.5)
(14.5)
Purchase of intangible software assets
16
(55.1)
(37.9)
Product development costs additions
16
(11.2)
(15.1)
Purchase of intangibles related to titles, brands and customer relationships
16
(22.8)
(9.8)
Acquisition of subsidiaries and operations, net of cash acquired
17
(596.7)
(315.1)
Acquisition of investments
19
(4.3)
–
Acquisition of convertible bonds
19
–
(22.2)
Cash outflow from disposal of subsidiaries and operations
(16.0)
(2.8)
Net cash outflow from investing activities – continuing operations
(684.3)
(369.3)
Net cash inflow from investing activities – discontinued operations
–
1,892.1
Net cash (outflow)/inflow from investing activities
(684.3)
1,522.8
Financing activities
Dividends paid to shareholders
13
(176.6)
(43.3)
Dividends paid to non-controlling interests
13
(16.0)
(9.5)
Repayment of loans
25
(393.9)
(177.2)
Repayment of borrowings acquired
17
(443.9)
(36.6)
Borrowing fees paid
(1.2)
–
Repayment of principal lease liabilities
37
(33.8)
(32.1)
Finance lease receipts
37
1.3
1.5
Settlement of derivative liability associated with borrowings
(8.2)
–
Acquisition of non-controlling interests
–
(1.5)
Cash outflow from share buyback
34
(548.0)
(513.3)
Cash outflow from purchase of shares for Trust
35
(4.8)
(3.3)
Net cash outflow from financing activities – continuing operations
(1,625.1)
(815.3)
Net cash (outflow)/inflow from financing activities – discontinued operations
–
–
Net cash outflow from financing activities
(1,625.1)
(815.3)
Net (decrease)/increase in cash and cash equivalents
(1,689.2)
1,158.4
Effect of foreign exchange rate changes
(47.3)
82.6
Cash and cash equivalents at beginning of the year
26
2,125.8
884.8
Cash and cash equivalents at end of the year
26
389.3
2,125.8
Annual Report and Accounts 2023
156
Notes to the Consolidated Financial Statements
for the year ended 31 December 2023
1. General information
Informa PLC (the Company) is a company incorporated and domiciled in the United Kingdom under the Companies Act 2006
and is listed on the London Stock Exchange. The Company is a public company limited by shares and is registered in England
and Wales with registration number 08860726. The address of the registered office is 5 Howick Place, London SW1P 1WG.
The Consolidated Financial Statements as at 31 December 2023 and for the year then ended comprise those of the Company,
its subsidiaries and its interests in joint ventures and associates (together referred to as the Group).
The nature of the Group’s operations and its principal activities are set out in the Strategic Report on pages 2 to 88.
These Consolidated Financial Statements are presented in pounds sterling (GBP), which is the currency of the primary
economic environment in which the Group operates and the functional currency of the Parent Company, Informa PLC.
Foreign operations are included in accordance with the policies set out in Note 2.
2. Significant accounting policies
Basis of accounting
The Consolidated Financial Statements have been prepared in accordance with the UK-adopted International Accounting
Standards and with the requirements of the Companies Act 2006 as applicable to companies reporting under those standards.
Going concern
To complete the going concern assessment, the Directors have modelled a base case with sensitivities and a reverse stress test
for the period to June 2025. In modelling the base case, the Directors have assumed Group financial performance is consistent
with the guidance given for 2024, followed by similar growth in the first half of 2025.
The proposed combination with TechTarget which is subject to approval by TechTarget’s shareholders and other customary
conditions has been included in the financial plan for going concern assessment as completion would reduce the Group’s
financial headroom. Under the financial plan the Group maintains liquidity headroom of more than £1.1bn. To consider a
downside scenario, the Directors applied the three scenarios used in viability modelling to the financial plan. In the scenario
where all risks were combined the Group maintains liquidity headroom of around £0.7bn.
The reverse stress test shows that the Group can afford to lose 54% of its revenue from 1 April 2024 to the end of June 2025
and maintain positive liquidity headroom. This extremely remote scenario assumes no indirect cost savings and customer
receipts are refunded with no further receipts collected in the period.
Based on these results, the Directors believe the Group is well placed to manage its financing and other business risks in a
satisfactory way. The Directors have been able to form a reasonable expectation that the Group has adequate resources to
continue in operation for at least 12 months from the signing date of this Annual Report and Accounts and consider it
appropriate to adopt the going concern basis of accounting in preparing the Consolidated Financial Statements. Further detail
is contained in the Strategic Report on page 2.
The Consolidated Financial Statements have been prepared on the historical cost basis, except for certain financial
instruments, pension assets and investments which are measured at fair value. The principal accounting policies adopted are
set out below, all of which have been consistently applied to all periods presented in the Consolidated Financial Statements.
The Group has taken advantage of the audit exemption set out within section 479A of the Companies Act 2006 for the year
ended 31 December 2023 for UK subsidiaries listed on page 235.
Basis of consolidation
The Consolidated Financial Statements incorporate the accounts of the Company and all its subsidiaries. The Group controls
an investee when it is exposed, or has rights, to variable returns from its involvement with the investee and has the ability to
affect those returns through its power over the investee. The results of subsidiaries acquired or sold are included in the
Consolidated Financial Statements from the effective date of acquisition or up to the effective date of disposal, as appropriate.
Where necessary, adjustments are made to the results of acquired subsidiaries to bring their accounting policies into line with
those used by other members of the Group.
All intra-Group transactions, balances, income and expenses are eliminated on consolidation. Non-controlling interests in the
net assets of consolidated subsidiaries are identified separately from the Group’s equity and consist of the net assets of those
interests at the date of the original business combination plus their share of changes in equity since that date.
Joint ventures are joint arrangements in which the Group has the rights to the net assets through joint control with a third
party. Joint operations arise where there is the contractually agreed sharing of control of an arrangement, which exists only
when decisions about the relevant activities require the unanimous consent of the parties sharing control and where the joint
operators have rights to the assets and obligations for the liabilities relating to the arrangement. Associates are undertakings
over which the Group exercises significant influence, usually from 20–50% of the equity voting rights, in respect of the financial
and operating policies and is neither a subsidiary nor an interest in a joint venture.
Financial Statements
Str Gov Inf
157
Notes to the Consolidated Financial Statements
for the year ended 31 December 2023
continued
2. Significant accounting policies continued
The Group accounts for its interests in joint ventures and associates using the equity method. Under the equity method, the
investment in the joint venture or associate is initially measured at cost. The carrying amount is adjusted to recognise changes
in the Group’s share of profit or loss of the joint venture or associate since the acquisition date. The Consolidated Income
Statement reflects the Group’s share of the results of operations of the entity. The Consolidated Statement of Comprehensive
Income includes the Group’s share of any other comprehensive income recognised by the joint venture or associate.
Dividend income is recognised when the right to receive the payment is established. Where an associate or joint venture has
net liabilities, full provision is made for the Group’s share of liabilities where there is a constructive or legal obligation to
provide additional funding to the associate or joint venture.
Foreign currencies
Transactions in currencies other than the entity’s functional currency are recorded at the rates of exchange prevailing on
the dates of the transactions. Monetary assets and liabilities denominated in foreign currencies at the reporting date are
retranslated at the rates ruling at that date. These translation differences are included in net operating expenses in the
Consolidated Income Statement.
Non-monetary items carried at fair value that are denominated in foreign currencies are translated at the rates prevailing
at the date when the fair value was determined. Where a gain or loss on a non-monetary item is recognised in other
comprehensive income, any exchange component of that gain or loss is recognised in other comprehensive income. When a
gain or loss on a non-monetary item is recognised in profit or loss, any exchange component of that gain or loss is recognised
in profit or loss. Non-monetary items that are measured in terms of historical cost in a foreign currency are not retranslated.
The balance sheet of foreign subsidiaries is translated into pounds sterling at the closing rates of exchange. The Consolidated
Income Statement results are translated at an average exchange rate, recalculated for each month at that month’s closing rate
from the equivalent for the preceding month.
Foreign exchange differences arising from the translation of opening net investments in foreign subsidiaries at the closing rate
are taken directly to the translation reserve. In addition, foreign exchange differences arising from retranslation of the foreign
subsidiaries’ results from monthly average rate to closing rate are also taken directly to the Group’s translation reserve.
Where a disposal of a foreign subsidiary occurs the translation differences are recognised in the Consolidated Income
Statement in the financial year that the disposal occurs.
The translation movements on matched long-term foreign currency borrowings, and derivative financial instruments
qualifying as hedging instruments under IFRS 9 Financial Instruments, are also taken to the translation reserve, to the extent
the hedge is effective. The Group treats specific inter company loan balances, which are not intended to be repaid in the
foreseeable future, as part of its net investment. The gain or loss relating to the ineffective portion is recognised immediately
in profit or loss and is included in the finance costs line item. Gains and losses on the hedging instrument accumulated in the
translation reserve are reclassified to profit or loss on the disposal or partial disposal of the foreign operation.
Goodwill and fair value adjustments arising on the acquisition of a foreign entity are treated as assets and liabilities of the
foreign entity and translated at the acquisition closing rate. This is then revalued at the year end rate with any foreign exchange
difference taken directly to the translation reserve.
Business combinations
The acquisition of subsidiaries and other asset purchases that are assessed as meeting the definition of a business under the
rules of IFRS 3 Business Combinations are accounted for using the acquisition method. The consideration for each acquisition is
measured at the aggregate of fair values of assets given, liabilities incurred or assumed, and equity instruments issued by the
Group in exchange for control of the acquiree. If the accounting for business combinations involves provisional amounts,
which are finalised in a subsequent reporting period during the 12-month measurement period as permitted under IFRS 3,
restatement of these provisional amounts may be required in the subsequent reporting period. Acquisitions by the Group
could be subject to post-acquisition adjustments; therefore, as permitted by IFRS 3, acquisitions have been accounted for using
a provisional accounting basis. Acquisition and integration costs incurred are expensed and included in adjusting items in the
Consolidated Income Statement.
If the business combination is achieved in stages, the acquisition-date fair value of the acquirer’s previously held equity interest
in the acquiree is remeasured to fair value at the acquisition date through the Consolidated Income Statement. If the business
combination is achieved with less than 100% control, non-controlling interest is valued at fair value within equity.
Any contingent consideration to be transferred by the acquirer will be recognised at fair value at the acquisition date.
Subsequent changes to the fair value of the contingent consideration, which is classified as a financial liability that is within
the scope of IFRS 9, will be recognised in the Consolidated Income Statement.
Goodwill is initially measured at cost, being the excess of the aggregate of the consideration transferred and the amount
recognised for non-controlling interests over the net identifiable assets acquired and liabilities assumed. If this consideration
is lower than the fair value of the net assets of the subsidiary acquired, the difference is recognised in the Consolidated Income
Annual Report and Accounts 2023
158
Statement. The Group recognises any non-controlling interest at the proportionate share of the acquiree’s identifiable
net assets.
Discontinued operations
A discontinued operation is a component of the entity that either has been disposed of (or is classified as held for sale) and
represents a separate major line of business or geographic area of operations, is part of a single co-ordinated plan to dispose
of such a line of business or area of operations, or is a subsidiary acquired exclusively with a view to resale. The results of
discontinued operations are presented separately in the Consolidated Income Statement. Discontinued operations in 2022
related to the disposal of Pharma Intelligence, EPFR and Maritime Intelligence.
Disposals
At the date of a disposal, or loss of control, joint control or significant influence over a subsidiary, joint venture or associate, the
Group derecognises the assets and liabilities of the entity, with the carrying amount of any non-controlling interest and any
cumulative translation differences recorded in equity. The fair value of consideration including the fair value of any investment
retained is recognised. The consequent profit or loss on disposal that is not disclosed as a discontinued operation is recognised
in profit and loss within ‘profit or loss on disposal of subsidiaries and operations’.
Revenue
IFRS 15 Revenue from Contracts with Customers provides a single, principles-based, five-step model to be applied to all sales
contracts. It is based on the transfer of control of goods and services to customers and requires the identification and
assessment of the satisfaction of delivery of each performance obligation in contracts in order to recognise revenue.
Where separate performance obligations are identified in a single contract, total revenue is allocated on the basis of relative
stand-alone selling prices to each performance obligation, or management’s best estimate of relative value where stand-alone
selling prices do not exist.
Revenue is measured at the fair value of consideration received or receivable and represents amounts receivable for goods
and services provided in the normal course of business, net of discounts, VAT and other sales-related taxes, and provisions for
returns and cancellations. Revenue for each category type of revenue is typically fixed at the date of the order and is not variable.
Payments received in advance of the satisfaction of a performance obligation are held as deferred income until the point at
which the performance obligation is satisfied. Aside from an immaterial amount which is separately disclosed on the face
of the Consolidated Balance Sheet under non-current liabilities and relates to payment in advance received for biennial
and triennial events and exhibitions, deferred income balances included in current liabilities at the year end reporting date
will be recognised as revenue within 12 months. Therefore, the aggregate amount of the transaction price in respect of
performance obligations that are unsatisfied at the year end reporting date is the deferred income balance which will be
satisfied within one year.
Revenue type
Performance obligations
Revenue recognition accounting policy
Timing of customer payments
Exhibitor Provision of services Performance obligations are satisfied at the point of Payments for events are normally received
and related associated with exhibition time that services are provided to the customer with in advance of the event dates, which are
services and conference events, revenue recognised when the event has taken place. typically up to 12 months in advance of the
including virtual events. event date, and are held as deferred income
until the event date.
Subscriptions
Provision of journals and
Performance obligations are satisfied both at a point Subscription payments are normally
online information services in time, with revenue recognised at that point and received in advance of the commencement
that are provided on a over time, with revenue recognised straight line over of the subscription period, which is typically
periodic basis or updated on the period of the subscription. a 12-month period, and are held as deferred
a real-time basis. income.
Transactional Provision of books and Revenue is recognised at the point of time when Transactional sales to customers are
sales specific publications in control of the product is passed to the customer or typically on credit terms and customers pay
print or digital format. the information service has been provided. Control is according to these terms.
passed to the customer when the goods have been
delivered to them.
Attendee Provision of exhibition or Performance obligations are satisfied at the point of Payments by attendees are normally
revenue conference events. time that the event is held, with attendee revenue received either in advance of the event date
recognised at this date. and are held as deferred income until the
event date, or at the event.
Marketing and Provision of advertising and Performance obligations are satisfied over the period Payment for such services are normally
advertising marketing services. of the advertising subscription or over the period received in advance of the marketing
services when the marketing services are provided. Revenue is or advertising period and are held
recognised on a straight-line basis over the as deferred income until the services
subscription period. are provided.
Sponsorship Provision of event Revenue relating to sponsorship at events Payments for such services are normally
revenue sponsorship. is recognised on a point of time basis at the received in advance of the sponsorship
event date. period and are held as deferred income
until the services are provided.
Financial Statements
Str Gov Inf
159
Notes to the Consolidated Financial Statements
for the year ended 31 December 2023
continued
2. Significant accounting policies continued
Revenue relating to barter transactions is recorded at the fair value of the goods or services received from the customer, and
the timing of recognition is in line with the above. Expenses from barter transactions are also recorded at their fair value and
recognised as incurred. Barter transactions typically involve the trading of show space or conference places in exchange for
services provided at events or media advertising.
There are no material contract assets arising on work performed in order to deliver performance obligations. Where there are
incremental costs of obtaining a contract, the Company has elected to apply the practical expedient in IFRS 15 which permits
those costs to be expensed when incurred. See Notes 4 and 5 for further details of revenue by type, business segment and
geographic location.
Pension costs and pension scheme arrangements
Certain Group companies operate defined contribution pension schemes for colleagues. The assets of the schemes are held
separately from the individual companies. The pension cost charge associated with these schemes represents contributions
payable and is charged as an expense when incurred.
The Group also operates funded defined benefit schemes for colleagues. The cost of providing these benefits is determined
using the Projected Unit Credit Method, with actuarial valuations being carried out at regular intervals. There is no service cost
due to the fact that these schemes are closed to future accruals. Net interest is calculated by applying a discount rate to the
opening net defined benefit liability or asset and is shown in finance costs, and the administration costs are shown as a
component of operating expenses. Actuarial gains and losses are recognised in full in the period in which they occur, outside
of the Consolidated Income Statement and in the Consolidated Statement of Comprehensive Income.
The retirement benefit obligation recognised in the Consolidated Balance Sheet represents the actual deficit or surplus in the
Group’s defined benefit plans under IAS 19. Any surplus resulting from this calculation is limited to the present value of any
economic benefits available in the form of refunds from the plans or reductions in future contributions to the plans.
Share-based payments
The Group issues equity-settled share-based payment awards to certain colleagues. These are measured at fair value at date
of grant. An expense is recognised to spread the fair value of each award over the vesting period on a straight-line basis, after
allowing for an estimate of awards that will not vest. At each balance sheet date, the Group revises its estimate of the number
of equity instruments expected to vest. The impact of the revision on the original estimates, if any, is recognised in the
Consolidated Income Statement such that the cumulative expense reflects the revised estimate. Non-market vesting
conditions are taken into account by adjusting the number of awards expected to vest at each reporting date so that the
cumulative amount recognised over the vesting period uses the number of awards that eventually vest. Market vesting
conditions are factored into the fair value of awards at grant date. As long as all other vesting conditions are satisfied, a charge
is made irrespective of whether the market vesting conditions are satisfied and there is not an adjustment for failure to achieve
a market vesting condition.
Own shares are deducted in arriving at total equity and represent the cost of the Company’s ordinary shares acquired by the
Employee Share Trust and ShareMatch in connection with certain of the Group’s colleague share schemes.
Interest income
Interest income is recognised on an accruals basis, by reference to the principal outstanding and at the effective
interest rate applicable. Cash flows from interest income are included as part of investing activities in the Consolidated
Cash Flow Statement.
Taxation
The tax expense represents the sum of the current tax payable and deferred tax. Current tax is based on taxable profit for
the year. Taxable profit differs from profit before tax as reported in the Consolidated Income Statement because it excludes
items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable
or deductible. The Group’s liability for current tax is calculated using tax rates that have been enacted or substantively
enacted by the reporting date.
A current tax provision is recognised when the Group has a present obligation as a result of a past event and it is probable that
the Group will be required to settle that obligation. The provision is the best estimate of the consideration required to settle
the present obligation at the balance sheet date, taking into account the risks and uncertainties surrounding the obligation.
Deferred tax is the tax expected to be payable or recoverable on differences between the carrying amounts of assets and
liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit, and is
accounted for using the balance sheet liability method. Deferred tax liabilities are generally recognised for all taxable
Annual Report and Accounts 2023
160
temporary differences and deferred tax assets are recognised to the extent that it is probable that taxable profits will be
available against which deductible temporary differences can be utilised. Such assets and liabilities are not recognised if the
temporary difference arises from the initial recognition of goodwill or from the initial recognition of other assets and liabilities
(other than in a business combination) in a transaction that affects neither the tax nor accounting profit. To the extent that
goodwill is tax deductible, where a taxable temporary difference arises from the subsequent tax deductible amounts, the
associated deferred tax liability is recognised.
Deferred tax is calculated for all business combinations in respect of intangible assets and other assets that are part of the
fair value exercise. A deferred tax liability is recognised to the extent that the fair value of the assets for accounting purposes
exceeds the value of those assets for tax purposes and will form part of the associated goodwill on acquisition. Deferred tax
liabilities are recognised for taxable temporary differences arising on investments in subsidiaries and associates except where
the Group is able to control the reversal of the temporary difference and it is probable that the temporary difference will not
reverse in the foreseeable future.
The carrying amount of deferred tax assets is reviewed at each reporting date and reduced to the extent that it is no longer
probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is
calculated at the tax rates that are substantively enacted at the reporting date in relation to the period when the liability is
expected to be settled or the asset is expected to be realised.
Deferred tax assets and liabilities are offset when there is a legally enforceable right to set off current tax assets against
current tax liabilities and when they relate to income taxes levied by the same taxation authority and the Group intends to
settle its current tax assets and liabilities on a net basis.
Current and deferred tax are recognised in the Consolidated Income Statement, except when they relate to items that are
recognised in other comprehensive income or directly in equity, in which case the current and deferred tax are also recognised
in other comprehensive income or directly in equity respectively. Where current tax or deferred tax arises from the initial
accounting for a business combination, the tax effect is included in the accounting for the business combination.
The Group is a multinational group with tax liabilities arising in many geographic locations. This inherently leads to complexity
in the Group’s tax structure. Therefore, the calculation of the Group’s current tax liabilities and tax expense necessarily
involves a degree of estimation and judgement in respect of items whose tax treatment cannot be finally determined until
resolution has been reached with the relevant tax authority or, as appropriate, through a formal legal process. The resolution
of issues is not always within the control of the Group and issues can, and often do, take many years to resolve.
Payments in respect of tax liabilities for an accounting period result from payments on account and on the final resolution
of open items. As a result, there can be differences between the tax charge in the Consolidated Income Statement and tax
payments. The final resolution of certain of these items may give rise to profit and loss and/or cash flow variances.
Any difference between expectations and the actual future liability is accounted for in the period identified.
Goodwill
Goodwill arises from the acquisition of a subsidiary or business and is calculated as the excess of the purchase consideration
over the fair value of identifiable assets and liabilities acquired at the date of acquisition. Goodwill also includes amounts
corresponding to deferred tax liabilities recognised in respect of acquired intangible assets. It is recognised as an asset at cost,
assessed for impairment at least annually and subsequently measured at cost less any accumulated impairment losses.
Any impairment is recognised immediately in the Consolidated Income Statement and is not subsequently reversed.
On disposal of a subsidiary or business, the attributable goodwill is included in the determination of the profit or loss on
disposal. Fair value measurements are based on provisional estimates and may be subject to amendment within one year
of the acquisition in line with IFRS 3 Business Combinations, resulting in an adjustment to goodwill.
Goodwill is tested for impairment annually, or more frequently when there is an indication that it may be impaired, at the
segment level. This represents an aggregation of the cash generating units (CGUs) and reflects the level at which goodwill is
monitored in the business. At each reporting date, the Group reviews the composition of its CGUs to reflect the impact of
changes to cash inflows associated with reorganisations of its management and reporting structure.
Where an impairment test is performed, the carrying value is compared with the recoverable amount which is the higher of the
value in use and the fair value less costs to sell. Value in use is the present value of future cash flows and is calculated using a
discounted cash flow analysis based on the cash flows of the CGU compared with the carrying value of that CGU, including
goodwill. The Group estimates the discount rates as the risk-adjusted cost of capital for the particular CGU. Fair value less costs
to sell is the amount that a market participant would pay for the asset or CGU less the costs of sale and uses an income-based
approach calculated using a discounted cash flow analysis based on the cash flows of the CGU on a post-tax basis. If the
recoverable amount of the CGU or group of CGUs is less than the carrying amount of the unit, the impairment loss is allocated
first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the
basis of the carrying amount of each asset in the unit.
Financial Statements
Str Gov Inf
161
Notes to the Consolidated Financial Statements
for the year ended 31 December 2023
continued
2. Significant accounting policies continued
In undertaking the impairment testing at 31 December 2023 management considered its view on the likely outcome from
potential climate change scenarios, and after taking account of the materiality of the expected impact, did not view there to be
any adjustment needed to the cash flow forecasts or long-term growth rates used in the testing.
Intangible assets
Intangible assets are initially measured at cost. For intangible assets acquired in business combinations, cost is calculated
based on the Group’s valuation methodologies. These assets are amortised over their estimated useful lives on a straight line
basis, as follows:
Book lists 20 years
1
Journal titles 20 years
1
Brands and trademarks 5 – 30 years
Customer relationship databases 5 – 30 years
Intellectual property 5 – 30 years
Software 3 – 10 years
Product development 3 – 5 years
1. Or licence period if shorter
Software which is not integral to a related item of hardware is included in intangible assets. Capitalised internal-use software
costs include external direct costs of materials and services consumed in developing or obtaining the software, and payroll and
other direct costs for employees who devote substantial time to the project. Capitalisation of these costs ceases when the
project is substantially complete and available for use. These costs are amortised on a straight line basis over their expected
useful lives.
Product development expenditure is capitalised as an intangible asset only if all of the certain conditions are met, with all
research costs and other development expenditure being expensed when incurred. The capitalisation criteria are as follows:
• An asset is created that can be separately identified, and which the Group intends to use or sell
• It is technically feasible to complete the development of the asset for use or sale
• It is probable that the asset will generate future economic benefit
• The development cost of the asset can be measured reliably
Software and product development expenditure that is part of a Software-as-a-Service (SaaS) arrangement that conveys to
the Group only the right to receive access to the supplier’s application software in the future is a service contract and is not
shown as an intangible asset. Similarly, the costs of configuring or customising the supplier’s application software in a SaaS
arrangement that is determined to be a service contract is not shown as an intangible asset with such costs being expensed
as incurred; the exception being if the spend resulted in an ‘identifiable’ asset that meets the recognition criteria in IAS 38
Intangible Assets.
The expected useful lives of intangible assets are reviewed annually. The Group does not have any intangible assets with
indefinite useful lives (excluding goodwill).
Property and equipment
Property and equipment is recorded at cost less accumulated depreciation and provision for impairment. Depreciation is
provided to write off the cost less the estimated residual value of property and equipment on a straight-line basis over the
estimated useful lives of the assets.
Freehold land is not depreciated. The rates of depreciation on other assets are as follows:
Freehold buildings 50 years
Leasehold land and buildings including right-of-use assets Shorter of useful economic life or life of the lease
Equipment, fixtures and fittings 3–5 years
The gain or loss arising on the disposal or retirement of an asset is determined as the difference between the net sale proceeds
and the carrying amount of the asset and is recognised in the Consolidated Income Statement.
Annual Report and Accounts 2023
162
Leases
The Group as lessee
The Group assesses whether a contract is or contains a lease at inception of the contract. The Group recognises a right-of-use
asset and a corresponding lease liability with respect to all lease arrangements in which it is the lessee, except for short-term
leases (defined as leases with a lease term of 12 months or less) and leases of low value assets (such as tablets and personal
computers, small items of office furniture and telephones). For these leases, the Group recognises the lease payments directly
in the Consolidated Income Statement as expenses.
The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date,
using the discount rate implicit within the lease. Where a discount rate is not implicit in the lease, an incremental borrowing
rate reflecting the risk profile of the underlying asset and the term of the lease length is calculated. The lease liability is
presented as a separate line in the Consolidated Balance Sheet. The lease liability is subsequently measured by increasing the
carrying amount to reflect interest on the lease liability (using the discount rate used at commencement) and by reducing the
carrying amount to reflect the lease payments made.
The Group remeasures the lease liability (and makes a corresponding adjustment to the related right-of-use asset) whenever:
• A lease contract is modified and the lease modification is not accounted for as a separate lease, in which case the lease
liability is remeasured based on the lease term of the modified lease by discounting the revised lease payments using
a revised discount rate at the effective date of the modification
• The lease payments change due to changes in an index, rate or expected payments, in which case the lease liability
is remeasured by discounting the revised lease payments using an unchanged discount rate at the effective date of the
modification. If the change in lease payments arises from a change in floating interest rates, then a revised discount rate
is used
Right-of-use assets comprise the initial measurement of the corresponding lease liability and any lease payments made at or
before the commencement date, less any lease incentives received and vacant property provisions. They are subsequently
measured at cost less accumulated depreciation and impairment losses. Right-of-use assets are depreciated over the expected
lease term of the underlying asset. The depreciation starts at the commencement date of the lease. Right-of-use assets are
presented as a separate line in the Consolidated Balance Sheet. The Group applies IAS 36 to assess whether a right-of-use
asset is impaired and accounts for any identified impairment loss against the right-of-use asset.
IFRS 16 requires certain judgements and estimates to be made. The most significant of these relate to the discount rates
used and the term of the lease life. However, these are not considered a critical accounting judgement or key source of
estimation uncertainty.
Discount rates are calculated on a lease-by-lease basis. For most leases, the rate used is a portfolio rate, based on estimates
of incremental borrowing costs. The portfolio of rates depends on the territory of the relevant lease, hence the currency used,
and the weighted average lease term. As a result, reflecting the breadth of the Group’s lease portfolio, a level of judgement is
required in selecting the most appropriate discount rate. The standard permits the adoption of a portfolio approach whereby
a single group guarantee discount rate can be used for leases of a similar nature; therefore, this practical expedient has been
used where appropriate.
IFRS 16 defines the lease term as the non-cancellable period of a lease together with the options to extend or terminate a lease
if the lessee were reasonably certain to exercise that option. Where a lease includes the option for the Group to extend the
lease term, the Group makes a judgement as to whether it is reasonably certain that the option will be taken, and an assumed
expiry date is determined. Where there are extension options on specific leases and the assumed expiry date is determined to
have changed, the lease term is reassessed. This reassessment of the remaining life of the lease could result in a recalculation
of the lease liability and the right-of-use asset and potentially result in a material adjustment to the associated balances
of depreciation and lease interest.
The Group as lessor
Leases for which the Group is a lessor are classified as finance or operating leases. Whenever the terms of the lease transfer
substantially all the risks and rewards of ownership to the lessee, the contract is classified as a finance lease. All other leases
are classified as operating leases.
When the Group is an intermediate lessor, it accounts for the head lease and the sub-lease as two separate contracts.
The sub-lease is classified as a finance or operating lease by reference to the right-of-use asset arising from the head lease.
Rental income from operating leases is recognised directly in the Consolidated Income Statement. The Group acts as a lessor
only when office properties leased by the Group have been vacated and subsequently sub-let to third parties.
Financial Statements
Str Gov Inf
163
Notes to the Consolidated Financial Statements
for the year ended 31 December 2023
continued
2. Significant accounting policies continued
Amounts due from lessees under finance leases are recognised as finance lease receivables at the amount of the Group’s
present value of the lease receipts. The finance lease receivable is subsequently measured by increasing the carrying amount
to reflect interest on the finance lease receivable (using the discount rate used at commencement) and by reducing the
carrying amount to reflect the lease payments received.
Impairment of tangible and intangible assets
At each reporting date, the Group reviews the carrying amounts of its tangible and intangible assets to determine whether
there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable
amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where the asset does not
generate cash flows that are independent from other assets, the Group estimates the recoverable amount of the CGU to which
the asset belongs.
The recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated
future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments
of the time value of money and the risks specific to the asset, for which the estimates of future cash flows have not been
adjusted. Fair value less costs to sell uses an income-based approach to calculate a value.
If the recoverable amount of an asset (or CGU) is estimated to be less than its carrying amount, the carrying amount of the
asset (or CGU) is reduced to its recoverable amount. An impairment loss is recognised as an expense immediately, unless the
relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Other investments
Other investments are entities over which the Group does not have significant influence (typically where the Group holds less
than 20% interest in the voting interests of the entity). Other investments are classified as assets held at fair value through
profit and loss under IFRS 9, with changes in fair value reported in the Consolidated Income Statement.
Inventory
Inventory is stated at the lower of cost and net realisable value. Cost comprises direct materials and expenses incurred in
bringing the inventory to its present location and condition. Net realisable value represents the estimated selling price less
marketing and distribution costs expected to be incurred. Pre-publication costs are included in inventory, representing costs
incurred in the origination of content prior to publication. These are expensed systematically, reflecting the expected sales
profile over the estimated economic lives of the related products (typically over four years).
Financial assets
Financial assets are recognised in the Group’s Consolidated Balance Sheet when the Group becomes a party to the contractual
provisions of the instrument.
Trade and other receivables
Trade and other receivables without a significant financing component are initially measured at the transaction price and are
subsequently measured at amortised cost using the effective interest rate method, less any impairment. Further details on the
Group’s loss allowance considerations can be found in Note 31(f).
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and balances with banks and similar institutions. Cash equivalents comprise
bank deposits and money market funds, which are readily convertible to known amounts of cash and have a maturity of three
months or less, are subject to an insignificant risk of changes in value and there is a reasonable expectation that these funds
will be used for meeting the short-term cash commitments of the Group.
Impairment of financial assets
The Group recognises lifetime expected credit losses (ECL) for trade receivables and lease receivables. The ECL on these
financial assets are estimated based on the Group’s historical credit loss experience, adjusted for factors that are specific to
the debtors, general economic conditions and an assessment of both the current as well as the forecast direction of conditions
at the reporting date, including time value of money where appropriate. The carrying amount is reduced by the ECL through
the use of a provision account. When a trade receivable is considered uncollectible, it is written off against the
provision account.
Annual Report and Accounts 2023
164
Subsequent recoveries of amounts previously written off are credited against the provision account. Changes in the carrying
amount of the provision are recognised in the Consolidated Income Statement.
For all other financial instruments, the Group recognises lifetime ECL when there has been a significant increase in credit risk
since initial recognition. However, if the credit risk on the financial instrument has not increased significantly since initial
recognition, the Group measures the loss allowance for that financial instrument at an amount equal to 12-month ECL.
Lifetime ECL represents the expected credit losses that will result from all possible default events over the expected life of a
financial instrument. In contrast, 12-month ECL represents the portion of lifetime ECL that is expected to result from default
events on a financial instrument that are possible within 12 months after the reporting date.
Financial liabilities and equity instruments issued by the Group
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements
entered into.
An equity instrument is any contract that evidences a residual interest in the assets of the Group after deducting all of its
liabilities. Equity instruments issued by the Group are recorded at the proceeds received, net of direct issue costs.
Borrowings
Interest-bearing loans are recorded at the proceeds received, net of direct issue costs and stated at amortised cost using the
effective interest rate method. The amortised cost calculation is revised when necessary to reflect changes in the expected
cash flows and the expected life of the borrowings, including the effects of the exercise of any prepayment, call or similar
options. Any resulting adjustment to the carrying amount of the borrowings is recognised as finance costs in the Consolidated
Income Statement. Cash flows relating to finance costs are included in operating activities in the Consolidated Cash
Flow Statement.
Net debt
Net debt consists of cash and cash equivalents and includes bank overdrafts, borrowings, derivatives associated with debt
instruments, finance leases, lease liabilities, deferred borrowing fees and other loan receivables or loan payables, excluding in
either case fair value through profit and loss items and amounts in escrow, where these are interest bearing and do not relate
to deferred consideration arrangements for acquisitions or disposals.
Debt issue costs
Debt issue costs, including premium payable on settlement or redemption, are accounted for on an accrual basis in the
Consolidated Income Statement using the effective interest rate method. These costs are added to the carrying amount
of the instrument to the extent that they are not settled in the period in which they arise.
Trade and other payables
Trade payables and other payables are initially measured at fair value, and are subsequently measured at amortised cost,
using the effective interest rate method.
Other financial liabilities
Other financial liabilities are initially measured at fair value, net of transaction costs. Other financial liabilities are subsequently
measured at amortised cost using the effective interest rate method, as set out above, with interest expense recognised on
an effective yield basis.
Derivative financial instruments and hedge accounting
The Group’s activities expose it primarily to the financial risks of changes in foreign currency exchange rates and interest rates.
The derivative instruments utilised by the Group to hedge these exposures are cross currency interest rate swaps. The Group
does not use derivative contracts for speculative purposes.
Derivatives are initially recognised at fair value at the date a derivative contract is entered into and are subsequently
remeasured to their fair value at each reporting date. The resulting gain or loss is recognised in profit or loss immediately
unless the derivative is designated and effective as a hedging instrument, in which event the timing of the recognition in profit
or loss depends on the nature of the hedge relationship. A derivative with a positive fair value is recognised as a financial asset
whereas a derivative with a negative fair value is recognised as a financial liability. Derivatives are not offset in the Consolidated
Financial Statements unless the Group has both a legally enforceable right and intention to offset.
The Group designates certain derivatives as either:
• Hedges of a particular risk associated with a recognised asset or liability or a highly probable forecast transaction
(cash flow hedge)
• Hedges of a net investment in a foreign operation (net investment hedge)
Financial Statements
Str Gov Inf
165
Notes to the Consolidated Financial Statements
for the year ended 31 December 2023
continued
2. Significant accounting policies continued
The Group designates and documents at the inception of the transaction the relationship between hedging instruments and
hedged items, as well as its risk management objectives and strategy for undertaking various hedging transactions.
Furthermore, at the inception of the hedge and on an ongoing basis, the Group documents whether the hedging instrument
is highly effective in offsetting changes in fair values or cash flows of the hedged item attributable to the hedged risk, which
is when the hedging relationship meets all of the following hedge effectiveness requirements:
• There is an economic relationship between the hedged item and the hedging instrument
• The effect of credit risk does not dominate the value changes that result from that economic relationship
• The hedge ratio of the hedging relationship is the same as that resulting from the quantity of the hedged item that the
Group actually hedges and the quantity of the hedging instrument that the Group actually uses to hedge that quantity
of hedged item
If a hedging relationship ceases to meet the hedge effectiveness requirement relating to the hedge ratio but the risk
management objective for that designated hedging relationship remains the same, the Group adjusts the hedge ratio
of the hedging relationship (i.e. rebalances the hedge) so that it meets the qualifying criteria again.
The Group elects to exclude foreign currency basis from the designation of the financial instrument, applying the cost of
hedging approach. The amounts accumulated in the cost of hedging reserve is reclassified to profit or loss in line with the
aligned hedged item.
Cash flow hedge
Changes in fair value of derivative financial instruments that are designated, and effective, cash flow hedges of forecast
transactions are recognised in other comprehensive income and accumulated under the heading of cash flow hedging reserve,
limited to the cumulative change in fair value of the hedged item from inception of the hedge. The gain or loss relating to the
ineffective portion is recognised immediately in profit or loss.
The cumulative amount recognised in other comprehensive income and accumulated in equity is reclassified into the
Consolidated Income Statement out of other comprehensive income in the same period when the hedged item is recognised
in profit or loss.
Hedges of net investment in foreign operations
Hedges of net investment in foreign operations are accounted for similarly to cash flow hedges. Any gain or loss on the hedging
instrument in relation to the effective portion of the hedge is recognised in other comprehensive income and accumulated in
the foreign currency translation reserve. The gain or loss relating to the ineffective portion is recognised immediately in the
Consolidated Income Statement. Gains and losses on the hedging instrument relating to the effective portion of the hedge
accumulated in the foreign currency translation reserve are reclassified to profit or loss when the hedged item is disposed of.
Discontinuation of hedge accounting
Hedge accounting is discontinued when the hedge instrument expires or is sold, terminated or exercised, or no longer qualifies
for hedge accounting; the discontinuation is accounted for prospectively. At that time, any cumulative gain or loss on the
hedging instrument recognised in equity is retained in equity until the forecast transaction occurs. If a hedged transaction is no
longer expected to occur, the net cumulative gain or loss recognised in equity is transferred to the Consolidated Income
Statement in the period.
A derivative is presented as a non-current asset or a non-current liability if the remaining maturity of the instrument is more
than 12 months and it is not expected to be realised or settled within 12 months. Other derivatives are presented as current
assets or current liabilities. Further details of derivative financial instruments are disclosed in Notes 22 and 31.
Provisions
Provisions are recognised when the Group has a present obligation (legal or constructive) as a result of a past event, and it is
probable that the Group will be required to settle that obligation. Provisions are measured at management’s best estimate of
the expenditure required to settle the obligation at the reporting date, and are discounted to present value where the effect
is material. Any difference between the amounts previously recognised and the current estimates is recognised immediately
in the Consolidated Income Statement.
Restructuring provisions are recognised when the Group has a detailed formal plan for the restructuring that has been
communicated to the affected parties. Acquisition and integration provisions are recognised when there is a commitment to
settle an obligation relating to expenditure incurred on acquisition-related items or integration items of spend that relate to an
acquisition. Onerous contract provisions are recognised when it is determined that the cost to fulfil the contract is higher than
the economic benefit to be obtained from it.
Annual Report and Accounts 2023
166
Alternative performance measures
In addition to the statutory results, adjusted results are prepared for the Consolidated Income Statement, including adjusted
operating profit and adjusted diluted earnings per share, as the Board considers these non-GAAP measures to be a useful and
alternative way to measure the Group’s performance in a way that is comparable to the prior year. See the Glossary on page
237 for definitions of non-GAAP measures, which includes adjusted measures shown in Notes 7 and 14.
Adoption of new and revised International Financial Reporting Standards (IFRSs)
Standards and interpretations adopted in the current year
The following new standards and interpretations have been adopted in the current year, effective as of 1 January 2023:
• IFRS 17 (including the June 2020 and December 2021 Amendments to IFRS 17) – Insurance Contracts
• Amendments to IFRS 10 and IAS 28 – Sale or Contribution of Assets between an Investor and its Associate or Joint Venture
• Amendments to IAS 1 – Classification of Liabilities as Current or Non-current
• Amendments to IAS 1 and IFRS Practice Statement 2 – Disclosure of Accounting Policies
• Amendments to IAS 8 – Definition of Accounting Estimates
• Amendments to IAS 12 – Deferred Tax related to Assets and Liabilities arising from a Single Transaction, and International Tax
Reform – Pillar Two Model Rules. The Group has applied the temporary exception under IAS 12 Deferred Tax related to the
accounting for deferred taxes arising from the implementation of the Pillar two rules.
The adoption of the above standards and interpretations is not expected to lead to any changes to the Group’s accounting
policies or have any material impact on the financial position or performance of the Group.
All other amendments of IFRSs have not led to any changes to the Group’s accounting policies or had any material impact on
the financial position or performance of the Group. Other amendments and interpretations to IFRSs effective for the period
ended 31 December 2023 have had no impact on the Group.
Standards and interpretations in issue, but not yet effective
At the date of authorisation of these financial statements, the following standards and interpretations which have not been
applied in these financial statements were in issue but have not yet come into effect:
• Amendments to IFRS 16 – Leases on Sale and Leaseback
The adoption of the above standards and interpretations is not expected to lead to any changes to the Company’s accounting
policies or have any material impact on the financial position or performance of the Company.
3. Critical accounting judgements and key sources of estimation uncertainty
In the application of the Group’s accounting policies, which are described in Note 2, the Directors are required to make
judgements and estimates about the carrying amounts of assets and liabilities that are not readily apparent from other
sources. The estimates and associated assumptions are based on historical experience and other relevant factors.
Actual results may differ from these estimates.
Critical accounting judgements
In addition to the judgement taken by the Group in selecting and applying the accounting policies set out above, the Directors
have made the following judgements concerning the amounts recognised in the Consolidated Financial Statements. There are
no additional critical accounting judgements and key sources of estimation uncertainty relating to climate-related risks.
Financial Statements
Str Gov Inf
167
Notes to the Consolidated Financial Statements
for the year ended 31 December 2023
continued
3. Critical accounting judgements and key sources of estimation uncertainty continued
Identification of adjusting items
The Group provides adjusted results and underlying measures in addition to statutory measures, in order to provide additional
useful information on business performance trends to shareholders. The Board considers these non-GAAP measures as an
appropriate way to measure the Group’s performance because it aids comparability to the prior year, to other companies that
treat specific items as adjusting items and given the size of these items and variability from one year to the next.
The terms ‘adjusted’ and ‘underlying’ are not defined terms under IFRS and may not therefore be comparable with similarly
titled measurements reported by other companies. Management is therefore required to exercise its judgement in
appropriately identifying and describing these items. These measures are not intended to be a substitute for, or superior to,
IFRS measurements.
The Financial Review provides reconciliations of alternative performance measures (APMs) to statutory measures and provides
the basis of calculation for certain APM metrics. These APMs are provided on a consistent basis with the prior year.
Estimation uncertainty
As at the year ended 31 December 2023, the Group noted three key sources of estimation uncertainty. As set out in Note 15, no
reasonably possible change in assumptions for the goodwill impairment assessment would give rise to an impairment, and
therefore the cash flow forecasts for the impairment assessment of goodwill are no longer assessed to be a key source of
estimation uncertainty at 31 December 2023.
Details of the three key sources of estimation uncertainty are outlined below.
Measurement of retirement benefit obligations
The measurement of the retirement benefit obligation and surplus involve the use of a number of assumptions. The most
significant of these relate to the discount rate and mortality assumptions where reasonable changes to these estimates could
result in a material adjustment to the retirement benefit obligations within the next financial year. The most significant scheme
is the UBM Pension Scheme (UBMPS). Note 33 details the principal assumptions which have been adopted following advice
received from independent actuaries and also provides sensitivity analysis with regard to changes to these assumptions.
Valuation of the acquisition intangible assets
The valuation of the acquisition intangibles relies on management’s estimate of both royalty rates and attrition rates for Tarsus
and royalty rates for Winsight. A reasonable change to these estimates could cause a material adjustment to the provisional
fair value of these intangibles within the measurement period. Note 17 provides sensitivity analysis for these estimates.
Measurement of retained stake in Pharma Intelligence
As part of the disposal of Pharma Intelligence in 2022 the Group retained an investment of 15%. Pharma Intelligence was
subsequently merged with Norstella leaving Informa with an effective stake of 6.7% which is held at fair value of £154.4m as
at 31 December 2023. The valuation of the investment involves a number of unobservable inputs with the most significant
of these being the discount rate, where a reasonable change to the rate could cause a material adjustment to the fair value
of the investment within the next financial year. The discount rate was calculated using the weighted average cost of capital.
The £154.4m fair value is based on a discount rate of 9.5%. Sensitivities have been run on the discount rate, with a 0.5% change
being considered a reasonable possible change for the purposes of sensitivity analysis. A 10.0% discount rate would result in
fair value of £138.1m while a discount rate of 9.0% would result in a fair value of £173.1m.
Annual Report and Accounts 2023
168
4. Revenue
An analysis of the Group’s revenue by type is set out below; refer to the accounting policy in note 2 on revenue for an
explanation of the nature of revenue types, their timing and related expected cash flows, and any uncertainties and significant
payment terms.
Year ended 31 December 2023
Informa Informa Informa Taylor &
Markets Tech Connect Francis Total
£m £m £m £m £m
Continuing operations
Exhibitor
1,309.4
85.1
103.8
–
1,498.3
Subscriptions
34.8
58.7
144.0
346.1
583.6
Transactional sales
4.3
26.5
45.6
272.0
348.4
Attendee
74.8
54.4
164.8
–
294.0
Marketing and advertising services
91.0
116.3
36.0
0.9
244.2
Sponsorship
79.0
55.7
86.4
–
221.1
Total
1,593.3
396.7
580.6
619.0
3,189.6
Year ended 31 December 2022 (re-presented)
Informa Informa Informa Taylor &
Markets Tech Connect Francis Total
£m £m £m £m £m
Continuing operations
Exhibitor
708.7
63.5
48.0
–
820.2
Subscriptions
27.7
57.2
121.9
325.9
532.7
Transactional sales
5.4
27.5
37.8
266.8
337.5
Attendee
55.4
51.5
114.4
–
221.3
Marketing and advertising services
74.4
85.2
23.6
0.9
184.1
Sponsorship
61.7
35.9
69.0
–
166.6
Total
933.3
320.8
414.7
593.6
2,262.4
1
1
1 As a result of the Aesthetic Medicine business transferring from Informa Markets to Informa Connect, these figures have been re-presented.
Aesthetic Medicine generated £18.8m in revenue in 2022. No other figures have been re-presented
Financial Statements
Str Gov Inf
169
Notes to the Consolidated Financial Statements
for the year ended 31 December 2023
continued
5. Business segments
The Group has identified reportable segments based on financial information used by the Directors in allocating resources and
making strategic decisions. We consider the chief operating decision maker to be the Executive Directors.
The Group’s four identified reportable segments under IFRS 8 Operating Segments as described in the Strategic Report are
Informa Markets, Informa Tech, Informa Connect and Taylor & Francis. There is no difference between the Group’s operating
segments and the Group’s reportable segments as at year end. Tarsus was presented as a separate segment for the
six-month period ended 30 June 2023 as the business was not fully integrated into the existing Informa segments. As at
31 December 2023, Tarsus has been integrated within Informa Markets and Informa Connect.
Segment revenue and results
The Group’s primary internal income statement performance measures for continuing business segments are revenue and
adjusted operating profit. A reconciliation of adjusted operating profit to statutory operating profit and profit before tax is
provided below:
Year ended 31 December 2023
Informa Informa Informa Taylor &
Markets Tech Connect Francis Total
£m £m £m £m £m
Revenue
1,593.3
396.7
580.6
619.0
3,189.6
Adjusted operating profit before joint ventures and associates
454.7
72.9
102.5
217.9
848.0
Share of adjusted results of joint ventures and associates
5.8
–
–
–
5.8
Adjusted operating profit
460.5
72.9
102.5
217.9
853.8
Intangible asset amortisation (Note 16)
(179.0)
(37.5)
(43.4)
(52.9)
(312.8)
Impairment – acquisition-related and other intangibles
(24.5)
(0.3)
(0.3)
–
(25.1)
Reversal of impairment/(impairment) – IFRS 16 right-of-use assets
0.1
(0.3)
0.8
–
0.6
Acquisition costs (Note 7)
(15.7)
(17.0)
(19.7)
(0.9)
(53.3)
Integration costs (Note 7)
(8.3)
(2.9)
(8.5)
–
(19.7)
Restructuring and reorganisation costs (Note 7)
1.8
1.1
(0.5)
(13.4)
(11.0)
Fair value (loss)/gain on contingent consideration (Note 7)
(7.3)
82.4
0.7
(0.2)
75.6
Foreign exchange loss on swap settlement
(2.8)
(0.7)
(1.0)
(1.1)
(5.6)
Credit in respect of unallocated cash
3.3
0.8
1.2
–
5.3
Operating profit
228.1
98.5
31.8
149.4
507.8
Fair value gain on investments
1.3
Profit on disposal of subsidiaries and operations (Note 19)
3.0
Finance income (Note 10)
47.4
Finance costs (Note 11)
(67.4)
Profit before tax
492.1
1
2
1 Adjusted operating profit before joint ventures and associates included the following amounts for depreciation and other amortisation: £33.7m
for Informa Markets, £22.1m for Informa Connect, £6.9m for Informa Tech and £18.2m for Taylor & Francis
2 Excludes intangible product development and software amortisation
Annual Report and Accounts 2023
170
Year ended 31 December 2022 (re-presented)
The business segment results for the year ended 31 December 2022 have been re-presented, with no impact on the reported
Consolidated Income Statement, to reflect:
• A change in central cost allocation methodology between business segments which was revised in 2023
• A transfer of the Aesthetics Medicine business from the Informa Markets segment to the Informa Connect segment
For further details on the re-presentation as well as a reconciliation of the continuing business segments, refer to the 2023
Half-Year Results.
Informa Informa Informa Taylor &
Markets Tech Connect Francis Total
£m £m £m £m £m
Revenue
933.3
320.8
414.7
593.6
2,262.4
Adjusted operating profit before joint ventures and associates
172.7
55.5
57.2
208.8
494.2
Share of adjusted results of joint ventures and associates
2.1
–
–
–
2.1
Adjusted operating profit
174.8
55.5
57.2
208.8
496.3
Intangible asset amortisation (Note 16)
(168.6)
(27.0)
(26.8)
(52.9)
(275.3)
Impairment – acquisition-related and other intangibles
(6.7)
–
(0.2)
–
(6.9)
Reversal of impairment/(impairment) – IFRS 16 right-of-use assets
2.6
0.1
(3.8)
1.2
0.1
Reversal of impairment/(impairment) – property and equipment
0.4
0.1
(0.1)
0.3
0.7
Acquisition costs (Note 7)
(0.1)
(11.1)
(0.3)
(0.3)
(11.8)
Integration costs (Note 7)
(0.3)
(1.7)
(8.4)
0.2
(10.2)
Restructuring and reorganisation costs (Note 7)
2.0
0.7
(2.4)
1.3
1.6
Onerous contracts associated with COVID-19 (Note 7)
(5.0)
0.5
(0.2)
–
(4.7)
Fair value loss on contingent consideration (Note 7)
(0.1)
(3.7)
–
(1.9)
(5.7)
Operating (loss)/profit
(1.0)
13.4
15.0
156.7
184.1
Fair value loss on investments
(0.9)
Profit on disposal of subsidiaries and operations
11.6
Distributions received from investments
20.6
Finance income (Note 10)
27.5
Finance costs (Note 11)
(74.1)
Profit before tax
168.8
3
3
1
2
1 Adjusted operating profit before joint ventures and associates included the following amounts for depreciation and other amortisation: £31.7m
for Informa Markets, £18.6m for Informa Connect, £5.1m for Informa Tech and £16.3m for Taylor & Francis
2 Excludes intangible product development and software amortisation
3 As a result of the Aesthetic Medicine business transferring from Informa Markets to Informa Connect, these figures have been re-presented.
Aesthetic Medicine generated £18.8m in revenue which translated to £6.2m in adjusted operating profit before joint ventures and associate.
No other figures have been re-presented
The accounting policies of the reportable segments are the same as the Group’s accounting policies described in Note 2.
Adjusted operating results by operating segment is the measure reported to the Directors for the purpose of resource
allocation and assessment of segment performance. Finance costs and finance income are not allocated to segments, as this
type of activity is driven by the central Treasury function, which manages the cash positions of the Group.
Financial Statements
Str Gov Inf
171
Notes to the Consolidated Financial Statements
for the year ended 31 December 2023
continued
5. Business segments continued
Segment assets
31 December 31 December
2023 2022
£m £m
Informa Markets
6,838.7
6,306.0
Informa Connect
1,632.1
998.3
Informa Tech
1,368.2
1,419.6
Taylor & Francis
968.5
959.0
Total segment assets
10,807.5
9,682.9
Unallocated assets
716.7
2,462.8
Total assets
11,524.2
12,145.7
1
1 As a result of the Aesthetic Medicine business transferring from Informa Markets to Informa Connect, these figures have been re-presented.
Aesthetic Medicine held assets worth £35.9m as at 31 December 2022
For the purpose of monitoring segment performance and allocating resources between segments, the Group monitors the
non-current tangible, intangible and financial assets attributable to each segment. All assets are allocated to reportable
segments except for certain centrally held balances, including cash, some intangible software assets relating to Group
infrastructure, balances receivable from businesses sold and taxation (current and deferred). Assets used jointly by reportable
segments are allocated on the basis of the revenues earned by individual reportable segments.
Geographic information
The Group’s revenue by location of customer and information about its segment assets by geographic location are
detailed below:
Revenue
Segment non-current assets
2023 2022 2023 2022
£m £m £m £m
UK
188.8
127.8
2,278.3
1,826.4
Continental Europe
355.1
304.9
945.0
950.4
North America
1,541.4
1,267.4
4,927.2
4,461.5
China
449.0
99.2
1,767.4
1,818.4
Rest of World
655.3
463.1
224.3
142.5
3,189.6
2,262.4
10,142.2
9,199.2
1
1 Non-current amounts exclude other investments, derivative financial instruments, deferred tax assets and retirement benefit surplus
No individual customer contributed more than 10% of the Group’s revenue in either 2023 or 2022.
Annual Report and Accounts 2023
172
6. Operating expenses and other operating income
Operating profit for continuing operations has been arrived at after charging/(crediting):
Adjusted Adjusting Statutory Adjusted Adjusting Statutory
results items results results items results
2023 2023 2023 2022 2022 2022
Notes £m £m £m £m £m £m
Cost of sales (excluding staff costs,
depreciation and COVID-19 adjusting items)
1,123.7
–
1,123.7
778.3
–
778.3
Staff costs
8
900.6
–
900.6
745.8
–
745.8
Auditor’s remuneration for audit services
6.3
–
6.3
3.9
–
3.9
Depreciation – property and equipment
18
13.5
–
13.5
11.7
–
11.7
Depreciation – IFRS 16 right-of-use assets
37
26.3
–
26.3
24.8
–
24.8
Amortisation of other intangible assets
16
41.1
312.8
353.9
35.2
275.3
310.5
Impairment – acquisition-related and
other intangibles
7
–
25.1
25.1
–
6.9
6.9
Reversal of impairment – IFRS 16
right-of-use assets
7
–
(0.6)
(0.6)
–
(0.1)
(0.1)
Reversal of impairment – property
and equipment
18
–
–
–
–
(0.7)
(0.7)
Acquisition costs
7
–
53.3
53.3
–
11.8
11.8
Integration costs
7
–
18.2
18.2
–
10.2
10.2
Restructuring and reorganisation costs
7
–
11.0
11.0
–
(1.6)
(1.6)
Onerous contracts associated
with COVID-19
7
–
–
–
–
4.6
4.6
Fair value gain on contingent consideration
7
–
(87.6)
(87.6)
–
–
–
Fair value loss on contingent consideration
7
–
12.0
12.0
–
5.7
5.7
Net foreign exchange loss
7
7.6
5.6
13.2
5.0
–
5.0
Credit in respect of unallocated cash
7
–
(5.3)
(5.3)
–
–
–
Other operating expenses
222.5
–
222.5
163.5
–
163.5
Total net operating expenses and other
operating income before share of joint
ventures and associates
2,341.6
344.5
2,686.1
1,768.2
312.1
2,080.3
Amounts payable to the auditor, PwC LLP (2022: Deloitte LLP) and its associates by the Company and its subsidiary
undertakings are provided below:
2023 2022
£m £m
Fees payable to the Company’s auditor for the audit of the Company’s annual financial statements
5.0
3.2
Fees payable to the Company’s auditor and its associates for other services to the Group:
Audit of the Company’s subsidiaries
1.3
0.7
Total audit fees
6.3
3.9
Fees payable to the Company’s auditor for non-audit services comprises:
Half-year review
0.3
0.2
Other services
0.1
0.9
Total non-audit fees
0.4
1.1
Fees payable to PwC LLP (2022: Deloitte LLP) and its associates for non-audit services to the Company are included in the
consolidated disclosures above.
Financial Statements
Str Gov Inf
173
Notes to the Consolidated Financial Statements
for the year ended 31 December 2023
continued
6. Operating expenses and other operating income continued
The Audit Committee approves all non-audit services within the Company’s policy. The Committee considers that certain
non-audit services should be provided by the external auditor, because its existing knowledge of the business makes this the
most efficient and effective way for those non-audit services to be carried out, and does not consider the provision of such
services to impact the independence of the external auditor in accordance with the FRC’s ‘Revised Ethical Standard 2019’.
In 2023 the non-audit fees paid to PwC LLP totalled £0.4m (2022: £1.1m to Deloitte LLP), which represented 6% (2022: 28%) of
the 2023 audit fee, with £0.3m (2022: £0.2m) relating to the half-year review. £0.9m of the 2022 other services relates to the
divestment of the Intelligence division.
A description of the work of the Audit Committee is set out in the Corporate Governance Statement on pages 111 to 120 and
includes an explanation of how auditor objectivity and independence is safeguarded when non-audit services are provided by
the auditor. No services were provided under contingent fee arrangements.
7. Adjusting items
The Board considers certain items should be recognised as adjusting items (see Glossary on page 237) since, due to their size,
nature or infrequency, such presentation is relevant to an understanding of the Group’s performance. These items do not
relate to the Group’s underlying trading and are adjusted from the Group’s adjusted operating profit measure for the reasons
outlined below the table.
The following charges/(credits) in respect of continuing operations are presented as adjusting items:
2023 2022
Notes £m £m
Continuing operations
Intangible asset amortisation
16
312.8
275.3
Impairment – acquisition-related and other intangible assets
16
25.1
6.9
Reversal of impairment – IFRS 16 right-of-use assets
37
(0.6)
(0.1)
Reversal of impairment – property and equipment
–
(0.7)
Acquisition costs
53.3
11.8
Integration costs
19.7
10.2
Restructuring and reorganisation costs
11.0
(1.6)
Onerous contracts associated with COVID-19
–
4.7
Fair value gain on contingent consideration
(87.6)
–
Fair value loss on contingent consideration
12.0
5.7
Foreign exchange loss on swap settlement
5.6
–
Credit in respect of unallocated cash
(5.3)
–
Adjusting items in operating profit/loss from continuing operations
346.0
312.2
Fair value (gain)/loss on investments
(1.3)
0.9
Profit on disposal of subsidiaries and operations
(3.0)
(11.6)
Distributions received from investments
–
(20.6)
Finance costs
11
0.8
1.3
Adjusting items in profit before tax from continuing operations
342.5
282.2
Tax related to adjusting items
12
(127.0)
(54.5)
Adjusting items in profit for the year from continuing operations
215.5
227.7
1
2
1 Intangible asset amortisation is in respect of acquired intangibles and excludes amortisation of software and product development of £41.1m
(2022: £35.2m)
2 Includes £1.5m (2022: £0.1m) relating to joint ventures and associates
Annual Report and Accounts 2023
174
The principal adjusting items are in respect of the following:
• Intangible asset amortisation is the amortisation charged in respect of intangible assets 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
disposed. It is noted that the revenue and results from the related business combinations have been included within the
adjusted results.
• Impairment of acquisition-related intangible assets – the Group tests for impairment on an annual basis or more frequently
when an indicator exists. Impairment charges are separately disclosed and excluded from adjusted results. Impairment charges
have been classified as adjusting items based on them being one-off in nature and not considered to be part of the usual
underlying costs of the Group and to provide comparability of underlying results to prior periods.
• Reversal of impairment of right-of-use assets mainly relate to the reopening of previously impaired office properties.
These have been classified as adjusting items based on being infrequent in nature and therefore not being considered
to be part of the usual underlying costs of the Group and to provide comparability of underlying results to prior periods.
• Acquisition and integration costs are costs incurred in acquiring and integrating share and asset acquisitions. These are
classified as adjusting items as these costs relate to M&A activity which is not considered to be part of the usual underlying
activities of the Group.
• Restructuring and reorganisation costs are costs incurred by the Group in business restructuring and operating model
changes and specific and non-recurring legal costs. These have been classified as adjusting items when they relate to specific
initiatives following reviews of our organisational operations during the period and are therefore adjusted to provide
comparability to prior periods.
• Onerous contracts associated with COVID-19 relate to onerous contract costs for events which have been cancelled or
postponed and where such costs cannot be recovered. The costs largely relate to venue, marketing and event set-up costs.
These costs are infrequent and fluctuate from period to period and therefore they are adjusted to provide comparability to
prior periods.
• Fair value (gains)/losses on contingent consideration are recognised in the period as charges or credits to the Consolidated
Income Statement unless these qualify as measurement period adjustments arising within one year from the acquisition
date. These are classified as adjusting items as these costs arise as a result of acquisitions and are not part of the underlying
operations of the business and are therefore adjusted to provide comparability of underlying results to prior periods. It is
noted that the revenue and results from the related acquisitions have been included within the adjusted results.
• Foreign exchange losses on swap settlements are one-off and infrequent in nature and are therefore not considered to be
part of the Group’s underlying operations and are adjusted to provide comparability to prior periods.
• Credit in respect of unallocated cash relates to a change to the period that unapplied and unallocated cash receipts will be
held on the Consolidated Balance Sheet in certain territories before being released to the Consolidated Income Statement.
The balance recognised in adjusting items is comprises of balances that would have been released in prior periods under the
revised methodology and is not expected to recur as an adjusting item.
• Fair value (gain)/loss on investments is the loss, or gain, as a result of a decline, or increase, in the fair value of investments
held. This is classified as an adjusting item as it does not relate to the underlying trading operations and performance of the
Group. Hence, results are adjusted to provide comparability to prior periods.
• Profit on disposal of subsidiaries and operations relates to disposals in the current period or subsequent costs or credits
relating to prior disposals. This is classified as an adjusting item as it does not relate to the underlying trading operations
and performance of the Group. Hence, results are adjusted to provide comparability to prior periods.
• Distributions from investments are considered to be one-off in nature and are not considered to be part of the underlying
operations of the Group and are adjusted to provide comparability to prior periods.
• The tax items relate to the tax effect on the items above and adjusting tax items which are analysed in Note 12.
Financial Statements
Str Gov Inf
175
Notes to the Consolidated Financial Statements
for the year ended 31 December 2023
continued
8. Staff numbers and costs
The monthly average number of persons employed by the Group (including Directors) during the year, analysed by segment,
was as follows:
Average number of
employees
2023
2022
Informa Markets
4,982
4,383
Informa Connect
2,206
1,661
Informa Tech
2,053
1,308
Taylor & Francis
3,054
2,866
Continuing operations
12,295
10,218
Discontinued operations
–
563
Total
12,295
10,781
Their aggregate remuneration comprised:
Year ended 31 December 2023
Year ended 31 December 2022
Continuing Discontinued Continuing Discontinued
operations operations Total operations operations Total
£m £m £m £m £m £m
Wages and salaries
782.8
–
782.8
648.4
38.6
687.0
Social security costs
70.6
–
70.6
58.6
6.0
64.6
Pension costs associated with staff charged to operating
profit (Note 33)
26.4
–
26.4
21.7
2.3
24.0
Share-based payments (Note 9)
20.8
–
20.8
17.1
1.0
18.1
Staff costs (excluding adjusting items)
900.6
–
900.6
745.8
47.9
793.7
Redundancy costs
15.5
–
15.5
(0.6)
0.5
(0.1)
916.1
–
916.1
745.2
48.4
793.6
1
1 Included within restructuring and reorganisation costs (see Note 7)
The remuneration of the Directors, who are the key management personnel of the Group, is set out below in aggregate for
each of the categories specified in IAS 24 Related Party Disclosures (Note 38). Further information about the remuneration
of individual Directors is provided in the audited part of the Remuneration Report on pages 132 to 136.
2023 2022
£m £m
Short-term employee benefits
2.9
2.9
Post-employment benefits
0.2
0.4
Share-based payments
3.2
3.1
6.3
6.4
9. Share-based payments
The Group recognised total expenses of £20.8m (2022: £18.1m) relating to share-based payment costs in the year ended
31 December 2023 with £14.6m (2022: £12.9m) relating to equity-settled LTIP awards, £1.6m (2022: £1.8m) relating to equity-
settled Curinos Management Incentive Plan share awards, £4.1m (2022: £2.9m) relating to equity-settled ShareMatch and
£0.5m (2022: £0.5m) relating to Employee Share Purchase Plan (ESPP) awards.
Long-Term Incentive Plan
The Group’s Long-Term Incentive Plan (LTIP) awards granted in January 2023 are part of the Equity Revitalisation Plan (ERP)
restricted share awards which have a three-year vesting period. These awards are subject to a shareholder value underpin: if,
when an award vests, the Informa share price is not above £5.454 for the ERP award, the award will not vest until the share
price exceeds that price for a period of at least three months. If this has not been achieved within two years from the original
vesting date, no shares will vest and the award will lapse. The grant price used for the valuation of the awards is the closing
share price from the day prior to the allocation grant date. Allocations are equity-settled and will lapse if the colleague leaves
the Group before a grant is exercisable, unless the employee meets certain eligibility criteria.
Annual Report and Accounts 2023
176
The movement in the number of awards during the year is as follows:
2023 2022
Number of Number of
options options
Outstanding as at 1 January
8,202,790
9,349,726
LTIPs granted in the year
2,798,314
2,548,150
LTIPs exercised in the year
(1,826,371)
(3,448,832)
LTIPs lapsed in the year
(295,988)
(246,254)
Outstanding as at 31 December
8,878,745
8,202,790
Exercisable awards included in outstanding number of options as at 31 December
1,468,521
580,324
In order to satisfy outstanding share awards granted under the LTIP, the share capital would need to be increased at
31 December 2023 by 8,074,700 shares (2022: 5,541,101 shares) taking account of the 804,045 (2022: 2,661,689) shares held in
the Employee Share Trust (Note 35). The Company will satisfy the awards either through the issue of additional share capital or
the purchase of shares as needed on the open market. The weighted average exercise price for LTIPs exercised during the year
was £6.91 (2022: £6.02). The exercise price for the majority of LTIP awards is 0.1p per share award and the average period to
exercise was 5.7 years (2022: 5.4 years) for awards exercisable at 31 December 2023.
The expected life used in the model has been adjusted, based on the Group’s best estimate, for the effects of
non-transferability, exercise restrictions and behavioural considerations.
Curinos Management Incentive Plan (MIP) share awards
Following the acquisition of Novantas Inc. on 28 May 2021 and its combination with the Informa FBX business to form the
Curinos business, incentive unit share (MIP) awards were agreed to be issued to Curinos colleagues for the equivalent of
up to 10% of the share capital of the Curinos business.
MIP awards provide holders a payment following a performance event based on the increase in the value of the Curinos
business relative to the initial investment price, as adjusted for the percentage vested for the performance-based element of
the awards. MIP awards are dependent on continued employment during the vesting period, with one third vesting equally
over time and two thirds being subject to a performance criterion related to the level of increase in value of the Curinos
business. Payment is subject to meeting these vesting conditions and follows a performance event, being a sale of the
Curinos business or a sale of the Inflexion ownership in Curinos. MIP awards have been valued for IFRS 2 purposes using a
stochastic Option Pricing modelling approach, using comparable companies to estimate volatility and assuming an expected
life of three years. MIP awards were granted to Curinos colleagues on 9 September 2021. During the year, 2,950,000 awards
were issued, 8,192,233 awards were forfeited and 462,181 awards were repurchased from terminated employees and removed
from the shares which are available for subsequent issuance. The number of awards outstanding under the MIP scheme as at
31 December 2023 was 40,617,205 (2022: 46,321,619). The share-based payment expense in the year ended 31 December 2023
was £1.6m (2022: £1.8m). The awards have an expected weighted average remaining life of 3.0 years (2022: 1.5 years) as at
31 December 2023.
ShareMatch (Share Incentive Plan)
In June 2014, the Company launched ShareMatch, a global Share Incentive Plan, under which eligible colleagues can invest up to
the limit of £1,800 per annum in the Company’s shares. For every one share purchased by the colleague, the Company awards
the participant two matching shares after a three-year period.
Matching shares are subject to forfeiture if the purchased shares are withdrawn from the scheme within three years of
purchase or if the colleague leaves the Group, unless the reason for leaving is due to restructuring or retirement. In addition,
both the purchased and matching shares are eligible to receive any dividends payable by the Company, which are reinvested
in more shares. Employee subscriptions can be made on a monthly or one-off lump sum basis and matching shares are
purchased on a monthly basis, through a UK Trust. Further details are set out in the remuneration section of the
financial statements.
2023 2022
ShareMatch ShareMatch
Number of Number of
share awards share awards
Outstanding as at 1 January
1,354,338
1,078,742
Purchased in the year
840,329
597,446
Transferred to participants in the year
(304,901)
(321,850)
Outstanding as at 31 December
1,889,766
1,354,338
Financial Statements
Str Gov Inf
177
Notes to the Consolidated Financial Statements
for the year ended 31 December 2023
continued
10. Finance income
2023 2022
£m £m
Interest income on bank deposits
46.7
25.3
Interest income from loans receivable
–
1.7
Interest income from finance lessor leases
0.4
0.3
Fair value gain on financial instruments through the Income Statement
0.3
0.2
Total finance income
47.4
27.5
11. Finance costs
2023 2022
Notes £m £m
Interest expense on borrowings and loans
58.2
61.1
Interest on lease liabilities
37
11.2
11.0
Interest (income)/cost on pension scheme net surplus
33
(1.8)
0.7
Total interest expense
67.6
72.8
Non-income taxes in relation to intra-Group financing
0.1
0.2
Fair value gain on financial instruments through the Income Statement
(1.1)
(0.2)
Financing costs before adjusting items
66.6
72.8
Adjusting items
0.8
1.3
Total finance costs
67.4
74.1
1
2
1 Included in interest expense above is the amortisation of debt issue costs of £2.7m (2022: £4.0m)
2 The adjusting item for finance costs in 2023 relates to the revaluation of the BolognaFiere convertible bond (see Note 19). The adjusting item for
finance costs in 2022 relates to the finance fees associated with the early repayment of debt
12. Taxation
The tax charge/(credit) comprises:
2023 2022
£m £m
Current tax:
Current year
UK
33.2
17.6
Continental Europe
26.0
14.7
US
(10.5)
202.3
China
25.6
2.9
Rest of world
25.1
10.2
Prior years
(25.1)
(2.9)
Total current tax
74.3
244.8
Deferred tax:
Current year
(36.3)
71.7
Prior years
(6.6)
(3.6)
Credit arising from tax rate changes
(2.0)
(1.3)
Total deferred tax
(44.9)
66.8
Total tax charge
29.4
311.6
Tax charge relating to continuing operations
29.4
26.7
Tax charge relating to discontinued operations
–
284.9
Tax charge on profit on ordinary activities from continuing and discontinued operations
29.4
311.6
Annual Report and Accounts 2023
178
The tax on adjusting items within the Consolidated Income Statement relates to the following:
Gross Tax Gross Tax
2023 2023 2022 2022
Notes £m £m £m £m
Intangible assets amortisation
7
(312.8)
76.8
(275.3)
63.4
Benefit of goodwill amortisation for tax purposes only
–
(14.5)
–
(13.1)
Impairment – acquisition-related and other intangible assets
7
(25.1)
6.4
(6.9)
1.5
Reversal of impairment – IFRS 16 right-of-use assets
7
0.6
(0.1)
0.1
0.3
Reversal of impairment – property and equipment
7
–
–
0.7
(0.1)
Acquisition and integration-related costs
7
(73.0)
22.5
(22.0)
3.7
Restructuring and reorganisation costs
7
(11.0)
2.7
1.6
(0.1)
Onerous contracts associated with COVID-19
7
–
–
(4.7)
1.1
Fair value gain on contingent consideration
87.6
–
–
–
Fair value loss on contingent consideration
7
(12.0)
–
(5.7)
–
Foreign exchange loss on swap settlement
7
(5.6)
1.3
–
–
Credit in respect of unallocated cash
7
5.3
(1.2)
–
–
Fair value gain/(loss) on investments
1.3
1.5
(0.9)
–
Profit on disposal of subsidiaries and operations
3.0
–
11.6
–
Distributions received from investments
7
–
–
20.6
(2.5)
Finance costs
7
(0.8)
0.2
(1.3)
0.3
Movement in deferred tax asset on Luxembourg losses
–
15.9
–
–
Adjustments for prior years
–
15.5
–
–
Total tax on adjusting items from continuing operations
(342.5)
127.0
(282.2)
54.5
The current and deferred tax are calculated on the estimated assessable profit for the year. Taxation is calculated in each
jurisdiction based on the prevailing rates of that jurisdiction. A reconciliation of the actual tax expense to the expected tax
expense at the applicable statutory rate is shown below:
2023
2022
£m
%
£m
%
Profit before tax from continuing operations
492.1
168.8
Profit before tax from discontinued operations
–
1,778.1
Total profit before tax
492.1
1,946.9
Tax charge at effective UK statutory rate of 23.5% (2022: 19.0%)
115.6
23.5
369.9
19.0
Different tax rates on overseas profits
4.4
0.9
80.1
4.0
Disposal-related items
(1.0)
(0.2)
(128.9)
(6.6)
Acquisition-related items
(5.2)
(1.1)
–
–
Non-deductible expenditure
10.7
2.1
5.4
0.3
Non-taxable income
(27.8)
(5.6)
(2.9)
(0.1)
Benefits from financing structures
(8.1)
(1.6)
(8.1)
(0.4)
Tax incentives
(1.4)
(0.3)
(2.1)
(0.1)
Adjustments for prior years
(31.7)
(6.4)
(6.5)
(0.3)
Net movement in provisions for uncertain tax positions
(11.6)
(2.4)
6.5
0.3
Impact of changes in tax rates
(2.0)
(0.4)
(1.3)
(0.1)
Recognition of deferred tax asset on Luxembourg losses
(15.9)
(3.2)
–
–
Movements in other deferred tax not recognised
3.4
0.7
(0.5)
–
Tax charge and effective rate for the year
29.4
6.0
311.6
16.0
1
2
3
1 Non-taxable income includes income in relation to the remeasurement of contingent consideration as set out in Note 29
2 Adjustments for prior years incorporate refinements to tax computations made on submission and agreement with tax authorities
3 The net movement in provisions for uncertain tax positions reflects management’s reassessment of the provisions required in relation to
historical tax exposures
In addition to the income tax charge in the Consolidated Income Statement, a tax charge of £1.2m (2022: £6.7m) has been
recognised directly in the Consolidated Statement of Comprehensive Income during the year.
Current tax liabilities include £43.6m (2022: £48.6m) in respect of provisions for uncertain tax positions.
On 11 July 2023, the UK Government enacted the Pillar Two income taxes legislation, effective for the financial year beginning
1 January 2024. Under the legislation, Informa PLC will be required to pay, in the UK, top-up tax on profits of its subsidiaries
and permanent establishments that are taxed at a Pillar Two effective tax rate of less than 15%.
Financial Statements
Str Gov Inf
179
Notes to the Consolidated Financial Statements
for the year ended 31 December 2023
continued
12. Taxation continued
The Group has performed an assessment of the potential exposure to Pillar Two income taxes. The assessment is based on the
most recent tax filings, country-by-country reporting, and financial statements for the constituent entities in the Group
although it is not based on a full Global Anti-Base Erosion calculation. Based on this assessment, the majority of entities fall
within the transitional safe harbours or have a simplified effective tax rate of more than 15%. However, there are a limited
number of jurisdictions where the transitional safe harbour relief may not apply and the Pillar Two effective tax rate is below
15%. The legislation is not expected to have a material impact on the Group.
In future periods, part of this top-up tax may be payable instead in the relevant jurisdiction, if that jurisdiction implements a
Qualifying Domestic Minimum Top Up Tax. This is expected in some of the jurisdictions in which Informa operate, although a
detailed review of this has not yet been performed.
13. Dividends
2023 2022
Pence per 2023 Pence per 2022
share £m share £m
Amounts recognised as distributions to equity holders in the year:
Interim dividend for the year ended 31 December 2022
–
–
3.0
43.3
Final dividend for the year ended 31 December 2022
–
–
6.8
95.7
Interim dividend for the year ended 31 December 2023
5.8
80.9
–
–
Proposed final dividend for the year ended 31 December 2023
12.2
166.9
–
–
Total dividend for the year
18.0
247.8
9.8
139.0
As at 31 December 2023 £0.3m (2022: £0.2m) of dividends were still to be paid, and total dividend payments in the year were
£176.6m (2022: £43.3m). The proposed final dividend for the year ended 31 December 2023 of 12.2p (2022: 6.8p) per share
is subject to approval of shareholders at the Annual General Meeting and has not been included as a liability in these
Consolidated Financial Statements. The payment of this dividend will not have any tax consequences for the Group.
In the year ended 31 December 2023 there were dividend payments of £16.0m (2022: £9.5m) to non-controlling interests.
14. Earnings per share
Basic
The basic earnings per share (EPS) calculation is based on the profit/(loss) attributable to the equity holders of the Parent
Company divided by the weighted average number of shares in issue less those shares held by the Employee Share Trust
and ShareMatch.
Diluted
The diluted EPS calculation is based on the basic EPS calculation above except that the weighted average number of shares
includes all potentially dilutive options granted by the reporting date as if those options had been exercised on the first day of
the accounting period or the date of the grant, if later. In 2023 there were no (2022: nil) potential ordinary shares which were
anti-dilutive and therefore excluded from the weighted average number of ordinary shares for the purpose of calculating
diluted EPS.
Annual Report and Accounts 2023
180
Weighted average number of shares
The table below sets out the adjustment in respect of dilutive potential ordinary shares for use in the calculation of diluted EPS
and diluted adjusted EPS:
2023
2022
Weighted average number of shares used in basic and adjusted basic earnings per share
1,394,051,260
1,456,167,252
Effect of dilutive potential ordinary shares
8,670,882
8,117,003
Weighted average number of shares used in diluted and adjusted diluted earnings per share
1,402,722,142
1,464,284,255
Per share Per share
Earnings amount Earnings amount
2023 2023 2022 2022
Statutory earnings per share from continuing operations £m Pence £m Pence
Profit for the year
462.7
1,635.3
Adjustments to exclude profit for the period from discontinued operations
–
(1,493.2)
Earnings from continuing operations and EPS for the purpose of basic EPS
462.7
142.1
Non-controlling interests
(43.7)
(3.8)
Earnings from continuing operations and EPS for the purpose of statutory
basic EPS
419.0
30.1
138.3
9.5
Effect of dilutive potential ordinary shares (p)
–
(0.2)
–
(0.1)
Earnings from continuing operations and EPS for the purpose of statutory
diluted EPS
419.0
29.9
138.3
9.4
Per share Per share
Earnings amount Earnings amount
2023 2023 2022 2022
Statutory earnings per share from discontinued operations £m Pence £m Pence
Profit for the year
–
1,493.2
Non-controlling interests
–
–
Earnings from discontinued operations and EPS for the purpose of statutory
basic EPS
–
–
1,493.2
102.5
Effect of dilutive potential ordinary shares (p)
–
–
–
(0.5)
Earnings from discontinued operations and EPS for the purpose of statutory
diluted EPS
–
–
1,493.2
102.0
Per share Per share
Earnings amount Earnings amount
2023 2023 2022 2022
Statutory earnings per share from continuing and discontinued operations £m Pence £m Pence
Profit for the year
462.7
1,635.3
Non-controlling interests
(43.7)
(3.8)
Earnings and EPS for the purpose of statutory basic EPS
419.0
30.1
1,631.5
112.0
Effect of dilutive potential ordinary shares (p)
–
(0.2)
–
(0.6)
Earnings from continuing and discontinued operations and EPS for the purpose of
statutory diluted EPS
419.0
29.9
1,631.5
111.4
Financial Statements
Str Gov Inf
181
Notes to the Consolidated Financial Statements
for the year ended 31 December 2023
continued
14. Earnings per share continued
Adjusted earnings per share
In addition to basic EPS, adjusted diluted EPS has been calculated to provide useful additional information on underlying
earnings performance. Adjusted diluted EPS is based on profit attributable to equity shareholders which has been adjusted
to exclude items that, in the opinion of the Directors, would distort underlying results (see Note 7).
Per share Per share
Earnings amount Earnings amount
2023 2023 2022 2022
Adjusted earnings per share from continuing operations £m Pence £m Pence
Earnings for the purpose of statutory basic EPS/statutory basic EPS (p)
419.0
30.1
138.3
9.5
Intangible asset amortisation
312.8
22.4
275.3
18.9
Impairment – acquisition-related and other intangible assets
25.1
1.8
6.9
0.5
Reversal of impairment – IFRS 16 right-of-use assets
(0.6)
–
(0.1)
–
Reversal of impairment – property and equipment
–
–
(0.7)
(0.1)
Acquisition costs
53.3
3.8
11.8
0.8
Integration costs
19.7
1.4
10.2
0.7
Restructuring and reorganisation costs
11.0
0.8
(1.6)
(0.1)
Onerous contracts associated with COVID-19
–
–
4.7
0.3
Fair value gain on contingent consideration
(87.6)
(6.3)
–
–
Fair value loss on contingent consideration
12.0
0.9
5.7
0.4
Foreign exchange loss on swap settlement
5.6
0.4
–
–
Credit in respect of unallocated cash
(5.3)
(0.4)
–
–
Fair value (gain)/loss on investments
(1.3)
(0.1)
0.9
0.1
Profit on disposal of subsidiaries and operations
(3.0)
(0.2)
(11.6)
(0.8)
Distributions received from investments
–
–
(20.6)
(1.4)
Finance costs
0.8
0.1
1.3
0.1
Tax related to adjusting items
(127.0)
(9.1)
(54.5)
(3.7)
Non-controlling interest adjusting items
0.6
–
(9.5)
(0.7)
Earnings and EPS for the purpose of adjusted basic EPS from continuing operations
635.1
45.6
356.5
24.5
Effect of dilutive potential ordinary shares (p)
–
(0.3)
–
(0.1)
Earnings and EPS for the purpose of adjusted diluted EPS from continuing
operations
635.1
45.3
356.5
24.4
Per share Per share
Earnings amount Earnings amount
2023 2023 2022 2022
Adjusted earnings per share from discontinued operations £m Pence £m Pence
Earnings for the purpose of statutory basic EPS/statutory basic EPS (p)
–
–
1,493.2
102.5
Adjusting items
–
–
(1,463.7)
(100.5)
Earnings and EPS for the purpose of adjusted basic EPS from discontinued
operations
–
–
29.5
2.0
Effect of dilutive potential ordinary shares (p)
–
–
–
–
Earnings and EPS for the purpose of adjusted diluted EPS from discontinued
operations
–
–
29.5
2.0
Per share Per share
Earnings amount Earnings amount
2023 2023 2022 2022
Adjusted earnings per share from continuing and discontinued operations £m Pence £m Pence
Earnings and EPS for the purpose of adjusted basic EPS
635.1
45.6
386.0
26.5
Effect of dilutive potential ordinary shares (p)
–
(0.3)
–
(0.1)
Earnings and EPS for the purpose of adjusted diluted EPS
635.1
45.3
386.0
26.4
Annual Report and Accounts 2023
182
15. Goodwill
£m
Cost
At 1 January 2022
6,378.7
Additions in the year
321.4
Disposals
(593.9)
Exchange difference
453.0
At 1 January 2023
6,559.2
Additions in the year (Note 17)
998.1
Exchange differences
(275.7)
At 31 December 2023
7,281.6
Accumulated impairment losses
At 1 January 2022
(661.7)
Disposals
37.5
Exchange differences
(54.7)
At 1 January 2023
(678.9)
Exchange differences
27.1
At 31 December 2023
(651.8)
Carrying amount
At 31 December 2023
6,629.8
At 31 December 2022
5,880.3
The Group tests for impairment of goodwill at the business segment level (see Note 5) representing an aggregation of CGUs
reflecting the level at which goodwill is monitored. The impairment testing of goodwill involved testing for impairment at a
segment level by aggregating the carrying value of assets across CGUs in each division and comparing the higher of the value
in use or fair value less costs to sell calculations derived from the latest Group cash flow projections.
There were four groups of CGUs for goodwill impairment testing in 2023 and these were identical to the business segment
reporting detailed in Note 5 (2022: four CGU groups).
Goodwill Goodwill
carrying carrying
amount amount
31 December 31 December Number of Number of
2023 2022 CGUs CGUs
CGU groups £m £m 2023 2022
Informa Markets
4,211.5
3,869.2
5
6
Informa Connect
1,023.3
620.5
4
3
Informa Tech
824.6
825.9
1
1
Taylor & Francis
570.4
564.7
1
1
6,629.8
5,880.3
11
11
Impairment review
As goodwill is not amortised, it is tested for impairment at least annually, or more frequently if there are indicators of
impairment. At half-year 2023, we concluded that there were no indicators of impairment except for the Informa Tech segment.
Testing involved comparing the carrying value of assets with value in use calculations, derived from the latest Group cash flow
projections. The impairment review confirmed that there was sufficient headroom and therefore no impairment was required.
The key inputs and assumptions used in the impairment analysis were the projected cash flows, long-term growth rate and
discount rate. A reasonably possible change to assumptions would not give rise to an impairment.
In line with our accounting policy, an annual impairment review was performed as at 31 December 2023. For Informa Markets,
Informa Connect and Taylor & Francis testing involved comparing the carrying value of assets in each CGU group with value in
use calculations, derived from the latest Group cash flow projections as in FY22. For Informa Tech, the goodwill impairment
testing involved comparing the carrying value of assets in each CGU group with an income-based fair value less cost to sell
(FVLCTS) calculation, derived from the latest Group cash flow projections. As a result of the proposed combination of
TechTarget and Informa Tech’s digital businesses, a FVLCTS approach was deemed to be the most appropriate reflection
of the value of the ongoing business rather than a value in use approach.
Financial Statements
Str Gov Inf
183
Notes to the Consolidated Financial Statements
for the year ended 31 December 2023
continued
15. Goodwill continued
Management has used the following key assumptions in its impairment analysis as at 31 December 2023:
Informa Markets, Informa Connect
and Taylor & Francis
Informa Tech
Projected cash flows
For 2024 projected cash flows, management has used the annual budget. For 2025 and 2026 management
has used the three-year plan forecast. A review of all forecast revenue streams has been undertaken. These
forecasts include management expectations of the business’s future performance and represent the Directors’
best estimate of the future performance of these businesses. Management has considered the quantitative
impact of unmitigated climate-related risks on asset recoverable amounts and concluded that this would not
cause a material impact to annual cash flows. In its forecasts management has considered recent trading
performance, including in the Middle East, and current market conditions when determining these estimates.
Assumptions in relation to tax
All cash flows used are pre tax.
All cash flows are post tax. Income tax has been applied
at a blended rate of 25.4%.
Long-term growth rate
For the Group’s value in use calculation, a perpetual growth rate has been applied to the 2026 operating
cash flows.
Long-term growth rates are based on external reports on long-term GDP growth rates for the main geographic
markets in which each CGU group operates and therefore are not considered to exceed the long-term average
growth prospects for the individual markets. Long-term growth rates have not been risk adjusted to reflect any
of the uncertainties noted above, as these uncertainties are already reflected in the forecasts.
Discount rate applied
We have calculated the pre-tax discount rate for
We have calculated the post-tax discount rate for each
each of the CGUs and CGU groups. For the cost of of the CGUs and CGU groups. For the cost of debt, we
debt, we have considered market rates, based on have considered market rates, based on entities with
entities with a comparable credit rating. The cost of a comparable credit rating. The cost of equity is
equity is calculated using the Capital Asset Pricing calculated using the CAPM. Discount rates have not
Model (CAPM). Discount rates have not been risk been risk adjusted to reflect any of the uncertainties
adjusted to reflect any of the uncertainties noted noted above, as these uncertainties are already
above, as these uncertainties are already reflected reflected in the forecasts.
in the forecasts.
Management has concluded that there was no impairment indicated in the impairment tests conducted as at 31 December
2023, noting headroom as follows:
Long-term market
Headroom on CGU groups
growth rates
Pre-tax discount rates
Post-tax discount rates
Key assumptions 2023 2022
and headroom £m
£m
2023
2022
2023
2022
2023
2022
Informa Markets
4,559.3
1,990.8
2.4%
2.2%
11.2%
11.6%
n/a
n/a
Informa Connect
889.8
281.0
2.1%
1.7%
12.1%
13.0%
n/a
n/a
Informa Tech
215.0
282.9
2.1%
1.8%
n/a
13.3%
10.2%
n/a
Taylor & Francis
2,562.4
1,822.9
2.1%
1.6%
11.0%
11.3%
n/a
n/a
The headroom shown above represents the excess of the recoverable amount over the carrying value.
Sensitivity analysis
Key uncertainties relate to the continued growth of both the events and publishing businesses, and the variability in the impact
of high interest rates across the geographies in which the Group operates, which may impact the future cash flows, discount
rates and long-term market growth rates (LTGR). The cash flow sensitivity analysis scenario considered a 10% cash flow
reduction in the period 2024 to 2026 including the perpetuity year, reflecting an estimation of the impact of a reduction in the
number or profitability of physical events or of a reduction in the digital revenue numbers. The sensitivity analysis scenarios
considered changes to the key assumptions on the discount rates by increasing rates by 100bps and for the LTGR by reducing
rates by 50bps.
The above sensitivities indicate management’s assessment of reasonably plausible, material changes to assumptions.
The results of the sensitivity analysis showed there remained headroom in each CGU group under all three scenarios tested.
Annual Report and Accounts 2023
184
16. Other intangible assets
Database and Exhibitions
intellectual and
property, conferences,
Publishing brand and brand and Intangible
book lists and customer customer software Product
journal titles relationships relationships Sub-total assets development Total
£m £m £m £m £m £m £m
Cost
At 1 January 2022
877.2
682.2
3,372.8
4,932.2
282.2
71.9
5,286.3
Reclassification
–
–
–
–
(6.7)
6.9
0.2
Arising on acquisition of subsidiaries and
operations
–
188.2
–
188.2
0.5
–
188.7
Additions
5.8
–
29.8
35.6
39.3
22.8
97.7
Disposals
–
(228.3)
(4.2)
(232.5)
(46.6)
(61.2)
(340.3)
Exchange differences
55.5
51.6
264.6
371.7
10.2
5.1
387.0
At 1 January 2023
938.5
693.7
3,663.0
5,295.2
278.9
45.5
5,619.6
Arising on acquisition of subsidiaries
and operations
6.8
40.5
529.8
577.1
–
1.5
578.6
Additions
8.4
2.2
22.2
32.8
52.9
14.9
100.6
Disposals
–
(22.6)
(19.4)
(42.0)
(10.7)
(11.2)
(63.9)
Exchange differences
(28.5)
(35.9)
(170.4)
(234.8)
(4.2)
(0.7)
(239.7)
At 31 December 2023
925.2
677.9
4,025.2
5,628.3
316.9
50.0
5,995.2
Amortisation
At 1 January 2022
(630.0)
(450.0)
(1,102.0)
(2,182.0)
(176.9)
(43.8)
(2,402.7)
Reclassification
–
–
–
–
0.3
0.2
0.5
Charge for the year
(52.8)
(24.6)
(198.4)
(275.8)
(32.5)
(5.7)
(314.0)
Impairment losses
–
–
(6.0)
(6.0)
(0.9)
–
(6.9)
Disposals
–
182.1
0.8
182.9
39.3
38.5
260.7
Exchange differences
(41.5)
(35.9)
(97.0)
(174.4)
(7.0)
(3.1)
(184.5)
At 1 January 2023
(724.3)
(328.4)
(1,402.6)
(2,455.3)
(177.7)
(13.9)
(2,646.9)
Charge for the year
(52.7)
(36.5)
(223.6)
(312.8)
(35.1)
(6.0)
(353.9)
Impairment losses
(0.2)
–
(23.5)
(23.7)
–
(1.4)
(25.1)
Disposals
–
22.6
19.4
42.0
13.8
7.2
63.0
Exchange differences
23.0
16.9
65.5
105.4
2.7
0.5
108.6
At 31 December 2023
(754.2)
(325.4)
(1,564.8)
(2,644.4)
(196.3)
(13.6)
(2,854.3)
Carrying amount
At 31 December 2023
171.0
352.5
2,460.4
2,983.9
120.6
36.4
3,140.9
At 31 December 2022
214.2
365.3
2,260.4
2,839.9
101.2
31.6
2,972.7
1
1
2
1 Additions includes business asset acquisitions and product development. The Consolidated Cash Flow Statement shows £89.1m (2022: £62.8m)
for these items, with £22.8m (2022: £9.8m) for titles, brands and customer relationships, £55.1m (2022: £37.9m) for intangible software assets and
£11.2m (2022: £15.1m) of product development in relation to continuing operations
2 Amortisation is included within the Net operating expenses line within the Consolidated Income Statement
Intangible software assets include a gross carrying amount of £287.8m (2022: £247.3m) and accumulated amortisation of
£170.7m (2022: £151.2m) which relates to software that has been internally generated. There were additions of £50.0m
(2022: £37.6m) related to internally generated intangible assets. The Group does not have any of its intangible assets pledged
as security over bank loans. In 2023, £nil (2022: £nil) was recognised as research and development expenditure in the period.
In addition to the impairment review of goodwill a review of intangible assets identified an impairment of £23.7m (2022: £6.0m)
relating to brands and customer relationships where the recoverable amount did not support the carrying amount, and this
included selected individual events which have been discontinued.
Financial Statements
Str Gov Inf
185
Notes to the Consolidated Financial Statements
for the year ended 31 December 2023
continued
17. Business combinations
2023 2022
Cash paid on acquisitions, net of cash acquired £m £m
Current year acquisitions
Tarsus
144.3
–
Winsight
296.8
–
HIMSS Global Health Conference & Exhibition
84.0
–
Canalys
37.7
–
LSX
7.5
–
Future Science Group
22.4
–
Prior year acquisitions including deferred and contingent payments
Black Arts
2.2
1.4
Other
1.8
–
Industry Dive
–
302.2
Skipta
–
4.9
China Bakery
–
1.5
Clinerion AG
–
2.3
Premiere Shows
–
0.4
NetLine Corporation
–
2.4
Total cash paid in year, net of cash acquired
596.7
315.1
1
1 Includes £5.3m of contingent consideration settled post acquisition
Acquisitions
To determine the value of separately identifiable intangible assets of a business combination, and deferred tax on these
intangibles, the Group is required to make estimates when utilising valuation methodologies. These methodologies include
the use of discounted cash flows, revenue forecasts and the estimates for the useful economic lives of intangible assets.
There are estimates involved in assessing what amounts are recognised as the estimated fair value of assets and liabilities
acquired through business combinations, particularly the amounts attributed to separate intangible assets such as titles,
brands, acquired customer lists and associated customer relationships. These estimates impact the amount of goodwill
recognised on acquisitions. Any provisional amounts are subsequently finalised within the 12-month measurement period, as
permitted by IFRS 3. The Group has built considerable knowledge of these valuation techniques, and for major acquisitions the
Group also considers the advice of third party independent valuers to identify and support the valuation of intangible assets
arising on acquisition.
If all material business combinations had completed on the first day of the reporting period, the total revenue of the Group
would have been £3,273.4m and profit after tax of £467.8m for the year ended 31 December 2023.
Acquisition of Tarsus
On 17 April 2023, the Group acquired 100% of the issued share capital of Tiger Acquisitions (Jersey) Limited, parent company of
Tarsus Group Limited, and its subsidiaries (collectively Tarsus Group). Tarsus owns and operates a portfolio of over 160 live and
on-demand B2B event brands across a number of markets.
Total consideration was £359.4m, of which £168.1m was paid in cash, £169.8m was settled by the issue of 26.0m shares in
Informa PLC at a price of £6.56 per share, and the remainder represented by deferred Informa equity, determined to have a fair
value of £21.5m at acquisition date, which is contingent upon the Informa PLC share price reaching £8.50 for two consecutive
trading days by 1 June 2025. The contingent equity was fair valued using an Option Pricing model and the estimated range of
volatility is £16.9m to £24.0m. The maximum payment is capped at £35.3m ($45.0m) and there is no link between the
contingent equity and ongoing employment. Subsequent remeasurement of the contingent consideration will be recorded
in the Consolidated Income Statement.
Annual Report and Accounts 2023
186
The provisional fair values of the identifiable assets acquired and liabilities assumed at the acquisition date are shown below:
Provisional Provisional
fair value Adjustments fair value
£m £m £m
Acquisition intangible assets
361.1
–
361.1
Property and equipment
2.7
0.2
2.9
Investments in joint ventures
22.3
–
22.3
Trade and other receivables
45.9
0.6
46.5
Cash and cash equivalents
29.6
(0.5)
29.1
Trade and other payables
(81.9)
5.3
(76.6)
Borrowings
(443.9)
–
(443.9)
Deferred income
(90.1)
–
(90.1)
Provisions
(5.7)
–
(5.7)
Current tax liabilities
(7.7)
–
(7.7)
Deferred tax liabilities
(55.9)
–
(55.9)
Total identifiable net liabilities assumed
(223.6)
5.6
(218.0)
Non-controlling interest
(87.2)
–
(87.2)
Provisional goodwill
670.2
(5.6)
664.6
Total consideration
359.4
–
359.4
1
1 Trade and other receivables includes trade receivables that represent the gross contractual amounts and the amounts that are expected to be
collected in full
Included in net liabilities are £443.9m of external borrowings comprising an interest-bearing loan. This loan was settled by the
Group on 17 April 2023 immediately following acquisition.
The £87.2m fair value of non-controlling interest has been valued through the income approach using a discounted cash flow
analysis. The non-controlling interest relates to subsidiaries of Tiger Acquisitions (Jersey) Limited.
Acquisition intangible assets of £361.1m consist of £236.3m of trade names fair valued using the relief from royalty method,
£122.2m of customer relationships fair valued using the excess earnings income method, and £2.6m of content library fair
valued using the cost approach. A deferred tax liability has been recognised as a result of the recognition of these acquisition
intangible assets.
To determine the value of separately identifiable intangible assets several estimates have been made. Three estimates have
been identified where a reasonable change could cause a materially different value of intangible assets to be recognised.
The most significant of these estimates is the royalty rate used within the relief from royalty valuation method for trade names.
A 2.5% increase or decrease in royalty rate would result in a circa £40m increase or decrease in trade names valuation.
The second significant estimate is the attrition rate used in the customer relationships valuation. A 5% decrease in attrition rate
would result in a £16.7m increase in customer relationships valuation and a 5% decrease in attrition rate would result in a
£22.5m increase in customer relationships valuation. The final significant estimate is the estimates of initial useful economic
life. A two-year increase in estimate would result in a £24.6m increase in trade name valuations and a two-year decrease would
result in a £29.2m decrease in trade name valuations. Ongoing amortisation is not considered a significant estimate.
The provisional goodwill arising from the acquisition has initially been identified as relating to the following factors:
• Increased depth in growing business-to-business markets
• Access to new markets where Informa had less presence, with the benefit of global reach of the highly complementary
geographic and commercial fit of the combined portfolios
• Synergy opportunities from cost savings and incremental revenue opportunities
• Enhanced quality of earnings as increased scale and international breadth provide resilience and greater
revenue predictability
Goodwill recognised is included in the Informa Markets and Informa Connect group of CGUs for 31 December 2023. None of
the goodwill recognised is expected to be deductible for tax purposes.
Total acquisition-related costs of £20.3m were recognised within adjusting items in the Consolidated Income Statement.
The Tarsus business generated revenue of £152.2m and profit after tax of £37.2m for the period from the date of acquisition to
31 December 2023.
Financial Statements
Str Gov Inf
187
Notes to the Consolidated Financial Statements
for the year ended 31 December 2023
continued
17. Business combinations continued
Acquisition of Winsight
On 16 May 2023, the Group acquired 100% of the issued share capital of LOE Holdings LLC, parent company of Winsight, LLC,
and its subsidiaries (collectively Winsight). Winsight is the leading specialist B2B events, data and media group for the
Foodservice market.
Total consideration was £324.4m, of which £314.7m was paid in cash and £9.7m was contingent cash consideration.
The contingent consideration is based on 2023 revenue and EBITDA performance. There is no link between the contingent
consideration and ongoing employment.
The fair value of contingent consideration was calculated using a probability-weighted scenario approach and reflects the
discounted value of estimated payments based on estimates of 2023 performance of Winsight as at date of acquisition.
The estimated range of undiscounted payment is £8.3m to £11.8m. The maximum payment is capped at £16.1m.
Subsequent remeasurement of the contingent consideration will be recorded in the Consolidated Income Statement.
The provisional fair values of the identifiable assets acquired and liabilities assumed at the acquisition date are shown below:
Provisional
fair value
£m
Acquisition intangible assets
163.4
Other intangible assets
1.5
Property and equipment
1.8
Trade and other receivables 6.9
Cash and cash equivalents
17.9
Right-of-use assets
3.9
Finance lease receivables
0.3
Other receivables
0.3
Finance lease liabilities
(4.2)
Trade and other payables
(2.3)
Deferred income
(36.2)
Provisions
(1.2)
Current tax liabilities
(1.5)
Deferred tax liabilities
(8.9)
Total identifiable net assets acquired
141.7
Provisional goodwill
182.7
Total consideration
324.4
1
1 Trade and other receivables includes trade receivables that represent the gross contractual amounts and the amounts that are expected to be
collected in full
Acquisition intangible assets of £163.4m consists of £91.1m of trade names fair valued using the relief from royalty method,
£65.8m of customer relationships fair valued using the excess earnings income method and £6.5m of content library fair valued
using the relief from royalty method. A deferred tax liability has been recognised as a result of the recognition of these
acquisition intangible assets. To determine the value of separately identifiable intangible assets several estimates have been
made, the most significant of these estimates being the royalty rate used within the relief from royalty valuation method for
trade names where it has been determined that a reasonable change in the estimate could cause a material change in the
provisional value of the intangibles. A 2.5% increase or decrease to the royalty rate would cause a £17.0m increase or decrease
to the valuation of trade names.
Provisional goodwill arising from the acquisition was £182.7m and represents the total consideration of £324.4m less the fair
value of the net assets acquired of £141.7m. The value of goodwill arising from the acquisition has been identified as relating to
the following factors:
• Enhancing Informa’s position in a large, growing and fragmented Foodservice market
• Access to Winsight’s close relationships with exhibitors, attendees and subscribers
• Cost synergy opportunities and access to an experienced and skilled workforce
Goodwill recognised will be included in the Informa Connect group of CGUs. £110.8m of the goodwill recognised is expected to
be deductible for tax purposes.
Total acquisition-related costs of £13.3m were recognised within adjusting items in the Consolidated Income Statement.
Annual Report and Accounts 2023
188
The Winsight business generated revenue of £59.7m and profit after tax of £15.4m for the period from the date of acquisition
to 31 December 2023.
Acquisition of HIMSS
On 1 August 2023 the Group completed the acquisition of the HIMSS Global Health Conference & Exhibition (HIMSS) assets.
The transaction was structured as an asset purchase but constitutes a business combination. HIMSS is the largest US event
focusing on information systems and information technology for the healthcare sector. Total consideration was £84.0m, all of
which was paid in cash.
The provisional fair values of the identifiable assets acquired and liabilities assumed at the acquisition date are shown below:
Provisional
fair value
£m
Acquisition intangible assets
25.7
Trade and other receivables
0.4
Trade and other payables
(3.8)
Deferred income
(6.4)
Total identifiable net assets acquired
15.9
Provisional goodwill
68.1
Total consideration
84.0
Acquisition intangible assets of £25.7m consists of £17.1m of customer relationships fair valued using the income method and
£8.6m for a trademark licence agreement valued using the relief from royalty method. No deferred tax liability has been
recognised as a result of the recognition of these acquisition intangible assets.
Provisional goodwill arising from the acquisition was £68.1m and represents the total consideration of £84.0m less the fair
value of the net assets acquired of £15.9m.
The value of goodwill arising from the acquisition has been identified as relating to the following factors:
• Access to the healthcare information industry in North America
• Synergy opportunities from cost savings
Goodwill recognised will be included in the Informa Connect group of CGUs. All of the goodwill recognised is expected to be
deductible for tax purposes.
Total acquisition-related costs of £1.2m were recognised within adjusting items in the Consolidated Income Statement.
The HIMSS business generated revenue of £0.1m and loss after tax of £1.1m for the period from the date of acquisition to
31 December 2023.
Acquisition of Canalys
On 1 September 2023 Informa acquired 100% of the issued share capital of Canalys Pte Ltd and its subsidiaries (collectively
Canalys). Canalys is a specialist market research and analysis business that serves two sub-segments of the Tech market:
channel and mobility.
Total consideration was £48.6m, of which £41.5m was settled in cash, £3.9m in ordinary shares in Informa PLC and £3.2m
contingent consideration. The contingent consideration is based on revenue and cost performance in the period 1 April 2023 to
31 March 2024. The fair value of contingent consideration at acquisition was calculated using a probability-weighted scenario
approach and reflects the discounted value of the estimated payment. The maximum earn-out payable is £3.9m.
Financial Statements
Str Gov Inf
189
Notes to the Consolidated Financial Statements
for the year ended 31 December 2023
continued
17. Business combinations continued
The provisional fair values of the identifiable assets acquired and liabilities assumed at the acquisition date are shown below:
Provisional
fair value
£m
Acquisition intangible assets
11.0
Trade and other receivables
4.1
Cash and cash equivalents
3.8
Property and equipment
0.1
Right-of-use assets
0.6
Trade and other payables
(1.2)
Deferred income
(5.5)
Lease liabilities
(0.6)
Current tax liabilities
(0.2)
Deferred tax liabilities
(2.8)
Total identifiable net assets acquired
9.3
Provisional goodwill
39.3
Total consideration
48.6
Acquisition intangible assets of £11.0m consist of £8.0m of customer relationships, fair valued using the excess earnings
method, and £3.0m of content, fair valued using the relief from royalty method. A deferred tax liability has been recognised
as a result of the recognition of these acquisition intangible assets.
Provisional goodwill arising from the acquisition was £39.3m and represents the total consideration of £48.6m less the fair
value of the net assets acquired of £9.3m.
The value of goodwill arising from the acquisition has been identified as relating to the following factors:
• Enhancing Informa’s position in the channel sub-segment through an increased product offering and expanded
geographic footprint
• Enhancing Informa’s position in consumer and business devices through improved ability to win across the supply chain
• Synergy opportunities through cost savings
Goodwill recognised will be included in the Informa Tech CGU. None of the goodwill recognised is expected to be deductible for
tax purposes.
Total acquisition-related costs of £0.9m were recognised within adjusting items in the Consolidated Income Statement.
The Canalys business generated revenue of £9.9m and profit after tax of £2.4m for the period from the date of acquisition to
31 December 2023.
Acquisition of LSX
On 3 July 2023, the Group acquired 100% of the issued share capital of LSX Limited (LSX) for cash and contingent consideration.
LSX is an organiser of partnering and strategy events in the US, UK and Europe, pairing life science company leaders with
partners and investors for the Biotech, Medtech and Healthtech sectors.
Acquisition of Future Science Group
On 30 November 2023, the Group acquired 100% of the issued share capital of the Future Science Group (FSG) for cash
consideration. FSG is a London-based, global scientific publisher of journals, ebooks and digital hubs focused on medical,
biotechnological and scientific research. The portfolio is made up of 33 journals, five digital hubs and a Plain Language
Summaries microsite.
Annual Report and Accounts 2023
190
18. Property and equipment
Freehold Leasehold Equipment,
land and land and fixtures and Total property
buildings buildings fittings and
£m £m £m equipment £m
Cost
At 1 January 2022
3.1
55.3
43.7
102.1
Additions
–
1.1
13.2
14.3
Acquisitions
–
0.5
–
0.5
Disposals
–
(8.6)
(12.9)
(21.5)
Exchange differences
0.1
4.2
5.6
9.9
At 1 January 2023
3.2
52.5
49.6
105.3
Additions
0.2
14.7
16.5
31.4
Acquisitions
0.2
–
4.6
4.8
Disposals
(0.1)
(20.6)
(8.7)
(29.4)
Exchange differences
(0.1)
(2.2)
(6.0)
(8.3)
At 31 December 2023
3.4
44.4
56.0
103.8
Depreciation
At 1 January 2022
(0.7)
(25.2)
(34.7)
(60.6)
Charge for the year
–
(4.5)
(7.2)
(11.7)
Disposals
–
8.5
12.2
20.7
Impairment reversal
–
0.7
0.1
0.8
Exchange differences
–
(2.4)
(4.2)
(6.6)
At 1 January 2023
(0.7)
(22.9)
(33.8)
(57.4)
Charge for the year
(0.2)
(4.3)
(9.0)
(13.5)
Disposals
0.1
16.0
8.0
24.1
Exchange differences
–
1.5
2.3
3.8
At 31 December 2023
(0.8)
(9.7)
(32.5)
(43.0)
Carrying amount
At 31 December 2023
2.6
34.7
23.5
60.8
At 31 December 2022
2.5
29.6
15.8
47.9
1
1
1 Cash paid in relation to additions was £27.5m (2022: £14.5m)
The Group does not have any of its property and equipment pledged as security over bank loans.
19. Other investments and investments in joint ventures and associates
Investments in joint ventures and associates
The carrying value of investments in joint ventures and associates is set out below:
2023 2022
£m £m
At 1 January
35.5
29.1
Arising on acquisition of associates
–
2.0
Arising on acquisition of joint ventures
22.3
–
Arising on transfer from other investments
–
3.9
Arising on transfer to subsidiaries
(1.8)
–
Dividends received from associates
(1.4)
(1.8)
Share of profit of associates
2.5
2.0
Share of profit of joint ventures
1.8
–
Foreign exchange (loss)/gain
(0.1)
0.3
At 31 December
58.8
35.5
1
2
1 2022: Founders Forum LLP
2 2023: Zhongshan Guzhen Lighting Expo Co., Ltd
Financial Statements
Str Gov Inf
191
Notes to the Consolidated Financial Statements
for the year ended 31 December 2023
continued
19. Other investments and investments in joint ventures and associates continued
There was no comprehensive income from joint ventures and associates. All amounts in 2023 and 2022 relate to
continuing operations.
The Group’s investments in joint ventures at 31 December 2023 were as follows:
Country of
incorporation Shareholding
and Class of or share of Registered
Company
Divisions
operation shares held operation office
Independent Materials Handling Exhibitions Limited
Informa Markets
UK
Ordinary
50%
UK1
GML Exhibition (Thailand) Co. Ltd
Informa Markets
Thailand
Ordinary
49%
TH1
Cosmoprof India Private Limited
Informa Markets
India
Ordinary
50%
IN1
Lloyd's Maritime Information Services Ltd
Informa Connect
UK
Ordinary
50%
UK2
Shanghai Intex Exhibition Co., Ltd
Informa Markets
China
Ordinary
50%
CH1
Tarsus Asia Exhibitions Pte. Ltd
Informa Markets
Singapore
Ordinary
50%
SG1
Tak Mexico Holdings, LLC
Informa Markets
US
Ordinary
50%
US1
Tarsus RAI Events, LLC
Informa Markets
US
Ordinary
50%
US1
No joint venture is considered individually material to the Group.
The Group’s investments in associates at 31 December 2023 were as follows:
Country of
incorporation Shareholding
and or share of Accounting Registered
Company
Divisions
operation
Class of shares held
operation year end office
Maritime Insights & Intelligence Limited
Informa Markets
UK
Ordinary
20.0%
31 December
UK3
Independent Television News Limited
Informa Markets
UK
Ordinary
20.0%
31 December
UK4
PA Media Group Ltd
Informa Markets
UK
Ordinary
18.2%
31 December
UK5
Guangdong International Exhibitions Ltd
Informa Markets
China
Ordinary
27.5%
31 December
CH2
Bridge Events Technologies Limited
Informa Connect
UK
Ordinary
14.9%
31 December
UK6
Founders Forum LLP
Informa Tech
UK
Membership Interest
22.3%
31 December
UK7
1
1 The Group also holds 23.5% of the preference shares in Maritime Insights & Intelligence Limited. See below for further detail
No associate is considered individually material to the Group.
Registered office
Registered office address
CH1
Floor 11, New Town Mansion, 55 Lou Shan Guan Road, Shanghai 200336, China
CH2
5th Floor, Building A121, Guang Yuan Road (West), Guangzhou 510400, China
IN1
Solitaire-XIV Building, B-Wing, 1st Floor, Unit No. 3 & 4, Guru Hargovindji Marg, Chakala, Andheri (East),
Mu
mbai 400093
, India
SG1
9 Raffles Place, #26-01, Republic Plaza, Singapore 048619
TH1
428
Ari Hills Building, 18th Floor, Phahonyothin Road, Samsen Nai, Phaya Thai, Bangkok 10400, Thailand
UK1
5 Howick Place, London, SW1P 1WG, United Kingdom
UK2
71 Fenchurch Street, London, EC3M 4BS, United Kingdom
UK3
5th Floor, 10 St. Bride Street, London, EC4A 4AD, United Kingdom
UK4
200
Grays Inn Road, London, WC1X 8XZ, United Kingdom
UK5
37 North Wharf Road, London, W2 1AF, United Kingdom
UK6
4th Floor, 4 Tabernacle Street, London, EC2A 4LU, United Kingdom
UK7
6th Floor, 180 Strand, 2 Arundel Street, London, WC2R 3DA, United Kingdom
US1
c/o The Corporation Trust Company, Corporation Trust Center, 1209 Orange Street, Wilmington DE, 19801, USA
Annual Report and Accounts 2023
192
Other investments
The Group’s other investments at 31 December 2023 are as follows:
2023 2022
£m £m
At 1 January
262.7
6.1
Additions of unlisted equity securities in year
–
166.5
Additions of listed equity securities in year
24.9
–
Conversion of convertible bonds to investments
(20.6)
–
Addition of preference shares
–
72.9
Addition of convertible bond
–
22.2
Transfer to associates
–
(3.9)
Fair value gain/(loss)
2.5
(8.4)
Foreign exchange (loss)/gain
(8.7)
7.3
At 31 December
260.8
262.7
1
1 2022: Founders Forum LLP
Other investments consist of investments in listed and unlisted equity securities and preference shares.
The preference shares relate to the disposal of Maritime Intelligence which accrue a 12% cumulative dividend that is repayable on
a future event. On initial recognition the preference shares were valued at £72.9m. The initial fair value of the preference shares
was calculated using a probability-weighted scenario approach given judgement in the time period for which these preference
shares may be held (Level 3 instrument). The fair value of the preference shares as at 31 December 2023 was £76.7m
(2022: £72.9m). The valuation of the preference shares involves unobservable assumptions with the most significant of these
being the discount rate. The £76.7m fair value is based on a discount rate of 12.61%. Sensitivities have been run on the discount
rate, with a 0.5% change being considered a reasonable possible change for the purposes of sensitivity analysis. A 12.11% discount
rate would result in a fair value of £77.6m while a discount rate of 13.11% would result in a fair value of £75.6m.
Additions of listed equity securities (£24.9m) relates to the conversion of the BolognaFiere bond that was initially acquired in
December 2022. On listing on 19 December 2023, the bond was converted into 22.2m BolognaFiere shares that were fair
valued at £20.6m. On IPO, the shares were valued at €1.25 and we therefore recognised an initial value of €27.8m (£24.1m) for
our investment. In addition, we purchased a further 4m of BolognaFiere shares at a total value of €5m (£4.3m). At 31 December
2023, we were required to recalculate the fair value of our investment. As the share price of BolognaFiere was €1.25 at year end
the fair value remained €32.8m (£28.5m). The calculation of the fair value was not considered to be a key source of estimation
uncertainty as the key input is an observable, independent price.
20. Deferred tax
Consolidated Consolidated Income
Balance Sheet at Statement year ended
31 December 31 December
2023 2022 2023 2022
£m £m £m £m
Accelerated tax depreciation
(6.1)
3.3
(10.0)
0.7
Intangibles
647.4
633.4
(40.8)
(39.9)
Pensions
(1.6)
(1.7)
–
0.7
Losses
(69.4)
(71.7)
3.7
100.3
Other
(47.0)
(32.2)
2.2
5.0
523.3
531.1
(44.9)
66.8
1
1 Other relates predominantly to interest carried forward and provisions
Financial Statements
Str Gov Inf
193
20. Deferred tax continued
The movement in the deferred tax balance during the year is:
2023 2022
£m £m
Net deferred tax liability at 1 January
531.1
421.8
Credit to other comprehensive income for the year
–
(2.6)
Acquisitions and additions
62.5
35.7
Disposals
–
(20.3)
(Credit)/charge to profit or loss for the year
(44.9)
66.8
Foreign exchange and other movements
(25.4)
29.7
Net deferred tax liability at 31 December
523.3
531.1
Certain deferred tax assets and liabilities have been offset. The analysis of deferred tax balances for the Consolidated Balance
Sheet is set out below:
2023 2022
£m £m
Deferred tax liability
540.9
532.9
Deferred tax asset
(17.6)
(1.8)
523.3
531.1
Deferred tax assets have been recognised because, based on the Group’s current forecasts, it is expected that there will be
taxable profits against which these assets can be utilised. A deferred tax asset of £15.9m has been recognised in respect of
Luxembourg tax losses. Notwithstanding the fact that the relevant company generated additional tax losses in 2022 and the
utilisation of the deferred tax asset is dependent on future taxable profits in excess of the profits arising from the reversal of
existing taxable temporary differences, we have recognised this deferred tax asset on the basis that our profit forecasts
demonstrate that sufficient taxable profits will be available to utilise these losses in the foreseeable future.
The Group has the following unused tax losses in respect of which no deferred tax assets have been recognised:
• £313.4m (2022: £264.8m) of UK tax losses
• £89.9m (2022: £95.7m) of US Federal tax losses which expire between 2024 and 2037
• £210.0m (2022: £202.1m) of US State tax losses which expire between 2024 and 2042
• £270.1m (2022: £268.2m) of UK capital losses which are only available for offset against future capital gains
• £6.5bn (2022 Restated: £6.6bn) of Luxembourg tax losses
• £30.6m (2022: £31.2m) of Brazilian tax losses
• £105.2m (2022: £72.0m) of tax losses in other countries
Other than as noted, none of the losses are due to expire.
No deferred tax has been recognised in respect of these tax losses as it is not considered probable that these losses will
be utilised. This assessment has been made on the basis of the latest financial forecasts for the Group which set out
management’s expectations of the profit before tax in each of the relevant jurisdictions.
In addition, the Group has other deductible temporary differences not recognised of £52.7m (2022: £1.5m). No deferred tax
assets have been recognised in respect of these amounts as it is not considered probable that they will be utilised.
No liability has been recognised in relation to withholding tax on undistributed earnings of subsidiaries because the Group,
being in a position to control the timing of the distribution of intra-Group dividends, has no intention to distribute intra-Group
dividends in the foreseeable future. The amount of withholding tax for which deferred tax liabilities have not been recognised
was £6.4m (2022: £3.8m). The gross temporary differences associated with investments in subsidiaries amount in aggregate to
£2.5bn (2022: £3.8bn).
Notes to the Consolidated Financial Statements
for the year ended 31 December 2023
continued
Annual Report and Accounts 2023
194
21. Trade and other receivables
2023 2022
£m £m
Current
Trade receivables
372.2
334.4
Less: provision
(30.5)
(45.0)
Trade receivables net
341.7
289.4
Other receivables
60.9
42.0
Accrued income
44.3
43.9
Prepayments
100.0
85.1
Total current
546.9
460.4
Non-current
Other receivables
32.7
50.3
Less: provision
(0.1)
(0.6)
Other receivables net
32.6
49.7
579.5
510.1
In 2022, as a result of the Pharma Intelligence disposal, an agreement with the Trustees of the UK pension schemes to
accelerate deficit repair contributions for the UK pension schemes was agreed. This resulted in a contribution of £28.2m into
an escrow fund, with payment from this fund to the pension schemes being dependent on the future financial strength of the
UK pension schemes. In 2023, this contribution is included within current other receivables £15.6m and non-current other
receivables £12.6m. In 2022, the full amount was included within non-current other receivables as well as operating cash flows
in the cash flow statement (see Note 32).
The average credit period taken on sales of goods is 56 days (2022: 54 days). Under the normal course of business, the Group
does not charge interest on its overdue receivables.
The Group’s exposures to credit risk and impairment losses related to trade and other receivables are disclosed in Note 31.
The Directors consider that the carrying amount of trade and other receivables approximates to their fair value.
22. Derivative financial instruments
2023 2022
£m £m
Financial assets – current
Currency forwards
0.6
–
0.6
–
Financial assets – non-current
Currency forwards
–
2.2
–
2.2
Financial liabilities – current
Currency forwards
–
(1.1)
–
(1.1)
Financial liabilities – non-current
Cross currency swaps designated in a hedging relationship
(77.9)
(168.1)
(77.9)
(168.1)
Cross currency swaps that are associated with debt instruments are included within net debt (see Note 25). £77.9m
(2022: £168.1m) of derivative financial liabilities are in hedging relationships (see Note 31). Currency forwards are also
included in net debt.
Financial Statements
Str Gov Inf
195
Notes to the Consolidated Financial Statements
for the year ended 31 December 2023
continued
23. Inventory
2023 2022
£m £m
Work in progress
15.0
6.6
Finished goods and goods for resale
21.2
22.2
36.2
28.8
The write-down of inventory during the year amounted to £nil (2022: £0.6m credit). The cost of inventories recognised as a cost
of sales expense during the year was £32.0m (2022: £31.8m).
24. Reconciliation of movement in net debt
2023 2022
£m £m
(Decrease)/increase in cash and cash equivalents in the year (including cash acquired)
(1,689.2)
1,158.4
Cash flows from net drawdown of borrowings, derivatives and lease liabilities associated with debt
879.7
244.8
Change in net debt resulting from cash flows
(809.5)
1,403.2
Non-cash movements including foreign exchange
(365.2)
(201.4)
Movement in net debt in the period
(1,174.7)
1,201.8
Net debt at beginning of the year
(244.6)
(1,434.6)
Net lease additions in the year
(37.1)
(11.8)
Net debt at end of the year
(1,456.4)
(244.6)
25. Movements in net debt
Net debt consists of cash and cash equivalents and includes bank overdrafts when applicable, borrowings, derivatives
associated with debt instruments, finance leases, lease liabilities, deferred borrowing fees and other loan note receivables
(excluding fair value through profit and loss items and amounts held in escrow) where these are interest bearing and do not
relate to deferred contingent arrangements.
At At
1 January Non-cash Exchange 31 December
2023
Movements
Cash flow
movements 2023
£m
£m
£m
£m
£m
Cash and cash equivalents
2,125.8
–
(1,689.2)
(47.3)
389.3
Other financing assets
Derivative assets associated with borrowings
2.2
(2.2)
–
–
–
Finance lease receivables
6.7
5.9
(1.3)
(0.8)
10.5
Total other financing assets
8.9
3.7
(1.3)
(0.8)
10.5
Other financing liabilities
Bond borrowings due in more than one year
(1,512.3)
–
–
19.7
(1,492.6)
Bank loans due in more than one year
(41.3)
0.5
7.9
2.5
(30.4)
Bond borrowing fees
8.8
(2.7)
–
0.1
6.2
Bank loan fees due in more than one year
2.4
(1.6)
1.2
0.3
2.3
Derivative liabilities associated with borrowings
(168.1)
82.0
8.2
–
(77.9)
Lease liabilities
(270.4)
(43.0)
33.8
15.8
(263.8)
Acquired debt (Note 17)
–
(443.9)
443.9
–
–
Bond borrowings due in less than one year
(398.4)
–
386.0
12.4
–
Total other financing liabilities
(2,379.3)
(408.7)
881.0
50.8
(1,856.2)
Total net financing liabilities
(2,370.4)
(405.0)
879.7
50.0
(1,845.7)
Net debt
(244.6)
(405.0)
(809.5)
2.7
(1,456.4)
Annual Report and Accounts 2023
196
At At
1 January Non-cash Exchange 31 December
2022
Movements
Cash flow
movements 2022
£m
£m
£m
£m
£m
Cash and cash equivalents
884.8
–
1,158.4
82.6
2,125.8
Other financing assets
Derivative assets associated with borrowings
3.4
(1.2)
–
–
2.2
Finance lease receivables
6.4
1.9
(1.5)
(0.1)
6.7
Total other financing assets
9.8
0.7
(1.5)
(0.1)
8.9
Other financing liabilities
Bond borrowings due in more than one year
(2,001.3)
398.4
177.2
(86.6)
(1,512.3)
Bank loans due in more than one year
(36.8)
–
0.4
(4.9)
(41.3)
Bond borrowing fees
12.1
(3.3)
–
–
8.8
Bank loan fees due in more than one year
3.4
(1.1)
–
0.1
2.4
Derivative liabilities associated with borrowings
(40.7)
(127.4)
–
–
(168.1)
Lease liabilities
(265.9)
(13.7)
32.1
(22.9)
(270.4)
Acquired debt (Note 17)
–
(36.6)
36.6
–
–
Bond borrowings due in less than one year
–
(398.4)
–
–
(398.4)
Total other financing liabilities
(2,329.2)
(182.1)
246.3
(114.3)
(2,379.3)
Total net financing liabilities
(2,319.4)
(181.4)
244.8
(114.4)
(2,370.4)
Net debt
(1,434.6)
(181.4)
1,403.2
(31.8)
(244.6)
Included within the net cash outflow of £809.5m (2022: inflow of £1,403.2m) is £7.9m (2022: £0.4m) of loan repayments.
Bank loans include the Curinos debt acquired as part of the Novantas transaction in 2021, representing £30.4m ($38.8m)
of a drawn loan facility less finance fees of £0.6m ($0.8m). There are total loan facilities available relating to Curinos of up to
$60.0m, of which $50.0m has a maturity date no later than 28 May 2024 should this remain undrawn and $10.0m has a
maturity date no later than 28 May 2027.
26. Cash and cash equivalents
2023 2022
£m £m
Cash and cash equivalents
389.3
2,125.8
1
1 Cash and cash equivalents comprises balances valued at amortised cost of £248.3m (2022: £800.8m) and those at fair value of £141.0m
(2022: £1,325.0m)
The Group’s exposure to interest rate risks and a sensitivity analysis for financial assets and liabilities are disclosed in Note 31.
Financial Statements
Str Gov Inf
197
Notes to the Consolidated Financial Statements
for the year ended 31 December 2023
continued
27. Borrowings
Total borrowings, excluding derivative assets and liabilities associated with borrowings, are as follows:
2023 2022
Notes £m £m
Current
Euro Medium Term Note (€450.0m) – due July 2023
–
398.4
Total current borrowings
25
–
398.4
Non-current
Bank borrowings – other
30.4
41.3
Bank debt issue costs
(2.3)
(2.4)
Bank borrowings – non-current
25
28.1
38.9
Euro Medium Term Note (€700.0m) – due October 2025
608.2
619.7
Euro Medium Term Note (£450.0m) – due July 2026
450.0
450.0
Euro Medium Term Note (€500.0m) – due April 2028
434.4
442.6
Euro Medium Term Note issue costs
(6.2)
(8.8)
Euro Medium Term Note borrowings – non-current
25
1,486.4
1,503.5
Total non-current borrowings
1,514.5
1,542.4
Total borrowings
1,514.5
1,940.8
Group-level borrowings do not have any financial covenants and do not contain any pledge of its property and equipment and
other intangible assets as security over loans.
The average debt maturity on our drawn borrowings is currently 2.7 years (2022: 3.1 years). The Group maintains the following
lines of credit:
• £1,050.0m (2022: £1,020.0m) non-current revolving credit facility, of which £nil (2022: £nil) was drawn down at 31 December
2023. Interest is payable at SONIA or SOFR plus a margin.
• £77.5m (2022: £91.2m) of Curinos bank borrowings, of which £30.4m (2022: £41.3m) was drawn at 31 December 2023.
Interest is payable at other offering rates plus a margin.
• £23.2m (2022: £31.7m) comprising a number of bilateral uncommitted bank facilities that can be drawn down to meet
short-term financing needs, of which £nil (2022: £nil) was drawn at 31 December 2023. These facilities consist of £10.0m
(2022: £10.0m), USD 12.8m (2022: USD 22.3m), AUD 1.0m (2022: AUD 1.0m), CAD 2.0m (2022: CAD 2.0m) and SGD 2.3m
(2022: SGD 2.3m). Interest is payable at the local base rate plus a margin.
• Three bank guarantee facilities comprising in aggregate up to USD 10.0m (2022: USD 10.0m), €0.9m (2022: €0.9m) and
£14.0m (2022: £14.1m).
The effective interest rate on total borrowing for the year ended 31 December 2023 was 3.4% (2022: 3.0%).
The Group’s exposure to liquidity risk is disclosed in Note 31(g).
Annual Report and Accounts 2023
198
28. Provisions
Acquisition Onerous
and Property Restructuring contract Other
integration leases provision provision provision Total
£m £m £m £m £m £m
At 1 January 2022
0.3
30.5
0.8
1.6
18.5
51.7
Increase in year
25.8
4.1
0.8
18.7
9.8
59.2
Acquisitions of subsidiaries
–
–
–
–
9.7
9.7
Utilisation
(22.9)
(5.5)
(0.4)
(3.5)
(5.7)
(38.0)
Release
(3.2)
(11.1)
(0.9)
(0.8)
(4.0)
(20.0)
At 1 January 2023
–
18.0
0.3
16.0
28.3
62.6
Increase in year
75.1
12.2
24.8
0.5
7.2
119.8
Acquisitions of subsidiaries
–
0.1
0.2
–
7.4
7.7
Utilisation
(47.5)
(4.5)
(16.7)
(16.0)
(5.0)
(89.7)
Release
(11.7)
(15.7)
–
–
(1.4)
(28.8)
At 31 December 2023
15.9
10.1
8.6
0.5
36.5
71.6
2023
Current liabilities
15.9
0.5
8.5
0.5
12.7
38.1
Non-current liabilities
–
9.6
0.1
–
23.8
33.5
2022
Current liabilities
–
4.7
0.3
16.0
9.1
30.1
Non-current liabilities
–
13.3
–
–
19.2
32.5
Acquisition and integration provisions relate to the costs and fees incurred in acquiring businesses and subsequently
integrating these into the Group. Within the £15.9m balance as at year end, £15.0m relates to the proposed combination
of TechTarget and Informa Tech’s digital businesses.
The balance of £10.1m in property leases relates to provisions for the future costs, excluding rental costs, of a number of office
properties that have been permanently vacated. These provisions will be utilised over the course of the remaining leases.
The majority of the provisions are expected to be utilised as follows: £0.5m within one year, £9.2m in two to five years and
£0.4m after five years.
The movement within onerous contract provisions primarily relates to the costs incurred in carrying out the transitional
services agreements that were signed upon disposal of the Intelligence businesses in the previous reporting period.
The remaining £0.5m balance relates to onerous contracts for events which have been cancelled or postponed and for
which the costs cannot be recovered.
Other provisions primarily consist of legal and various other claims. Of the £23.8m non-current provision, £18.5m is expected
to be utilised within three years with the remaining £5.3m within five years. Of the £18.5m provision to be utilised within three
years, £8.4m relates to US sales tax.
Financial Statements
Str Gov Inf
199
Notes to the Consolidated Financial Statements
for the year ended 31 December 2023
continued
29. Contingent consideration and put call options
Contingent
consideration
£m
At 1 January 2022
14.7
Fair value loss through profit/loss
5.7
Acquisitions of subsidiaries
126.1
Utilisation
(9.3)
Currency translation
(3.9)
At 1 January 2023
133.3
Fair value gain through profit or loss
(87.6)
Fair value loss through profit or loss
12.0
Fair value gain through equity on put call options
(1.5)
Acquisitions of subsidiaries (Note 17)
45.4
Acquisitions of assets
5.0
Amounts assumed at acquisition date (Note 17)
56.5
Transfers (13.1)
Utilisation
(9.3)
Currency translation
(2.8)
At 31 December 2023
137.9
2023
Current liabilities
28.6
Non-current liabilities
109.3
2022
Current liabilities
4.1
Non-current liabilities
129.2
1
1 The transfers relate to amendments to agreements during 2023, finalising fixed amounts to be paid in 2024. As such, these contracts have been
reclassified as deferred consideration
The contingent consideration is based on future business valuations, revenue growth and profit multiples (Level 3 fair value
measurements) and has been estimated on an acquisition-by-acquisition basis using available forecasts (a significant
unobservable input). The higher the forecast, the higher the fair value of any contingent consideration (subject to any
maximum payout clauses).
30. Trade and other payables and deferred income
Trade and other payables
2023 2022
£m £m
Current
Trade payables
108.2
139.2
Other payables
53.8
74.4
Deferred consideration
3.7
0.6
Accruals
379.1
372.7
Share buyback liability
90.9
75.0
Total current
635.7
661.9
Non-current
Other payables
13.6
15.8
Deferred consideration
11.3
0.5
Total non-current
24.9
16.3
660.6
678.2
1
1 The share buyback liability of £90.9m reflects the remaining liability for the purchase of the Company’s own shares through to the conclusion of
the Group’s share buyback programme in 2024. The share buyback liability of £75.0m in 2022 reflected the maximum liability for the purchase of
the Company’s own shares through to the conclusion of the Group’s closed period on 8 March 2023, following an irrevocable instruction to the
Group’s broker in connection with the share buyback programme
Annual Report and Accounts 2023
200
Trade payables and accruals principally comprise amounts outstanding for trade purchases and ongoing costs. The average
credit period taken for trade purchases is 52 days (2022: 45 days). There are no suppliers who represent more than 10% of the
total balance of trade payables in either 2023 or 2022. The Group has financial risk management policies in place to ensure that
all payables are paid within the credit timeframe. Therefore, under the normal course of business, the Group is not charged
interest on overdue payables. The Directors consider that the carrying amount of trade payables is approximate to their
fair value.
Deferred income
2023 2022
£m £m
Total current
972.8
834.5
Total non-current
7.6
2.3
Total
980.4
836.8
Deferred income relates to payments received in advance of the satisfaction of a performance obligation. Non-current
amounts relate to payments in advance received for biennial and triennial events and exhibitions.
31. Financial instruments
(a) Financial risk management
The Group has exposure to the following risks from its use of financial instruments:
• Market risk
• Credit risk
• Liquidity risk
This note presents information about the Group’s exposure to each of the above risks, the Group’s management of capital, and
the Group’s objectives, policies and procedures for measuring and managing risk.
The Board of Directors has overall responsibility for the establishment and oversight of the Group’s risk management framework.
The Board has established a Treasury Committee which is responsible for developing and monitoring the Group’s financial risk
management policies. The Treasury Committee meets regularly and reports to the Audit Committee on its activities.
The Group Treasury function provides services to the Group’s businesses, co-ordinates access to domestic and international
financial markets, and monitors and manages the financial risks relating to the operations of the Group. These risks include
market risk (including currency risk, interest risk and price risk), credit risk and liquidity risk.
The Treasury Committee has put in place policies to identify and analyse the financial risks faced by the Group and has set
appropriate limits and controls. These policies provide written principles on funding investments, credit risk, foreign
exchange risk and interest rate risk. Compliance with policies and exposure limits is reviewed by the Treasury Committee.
This Committee is assisted in its oversight role by the Internal Audit function, which undertakes both regular and ad hoc
reviews of risk management controls and procedures, the results of which are reported to the Audit Committee.
Capital risk management
The Group manages its capital to ensure that the Group is able to continue as a going concern while maximising the return to
stakeholders and supporting the future development of the business. In order to maintain or adjust the capital structure, the
Group may suspend or adjust the amount of dividends paid to shareholders, return capital to shareholders, issue new shares
or sell assets to reduce debt.
The capital structure of the Group consists of net debt, which includes cash and cash equivalents (see Note 26), borrowings
(see Note 27), and equity attributable to equity holders of the parent, comprising issued capital (see Note 34), reserves and
retained earnings.
Cost of capital
The Group’s Treasury Committee reviews the Group’s capital structure on a regular basis and, as part of this review, the
Committee considers the weighted average cost of capital and the risks associated with each class of capital.
Financial Statements
Str Gov Inf
201
Notes to the Consolidated Financial Statements
for the year ended 31 December 2023
continued
31. Financial instruments continued
Informa Leverage ratio
There are no financial covenants on our Group-level debt facilities in issue at 31 December 2023. There are financial covenants
over £30.4m ($38.8m) of drawn borrowings in the Curinos business and at 31 December 2023 all financial covenants were met.
(b) Categories of financial instruments
Details of the significant accounting policies and methods adopted, including the criteria for recognition, the basis of
measurement and the basis on which income and expenses are recognised in respect of each class of financial asset, financial
liability and equity instrument, are disclosed in Note 2.
2023 2022
Notes £m £m
Financial assets
Trade receivables
21
341.7
289.4
Other receivables
21
93.5
91.7
Finance lease receivables
37
10.5
6.7
Cash and cash equivalents – at amortised cost
26
248.3
800.8
Cash and cash equivalents – at fair value
26
141.0
1,325.0
Derivative assets
22
0.6
2.2
Other investments
19
260.8
262.7
Total financial assets
1,096.4
2,778.5
Financial liabilities
Bank borrowings
27
28.1
38.9
Bond borrowings
27
1,486.4
1,901.9
Lease liabilities
37
263.8
270.4
Derivative liabilities
22
77.9
169.2
Trade payables
30
108.2
139.2
Accruals
30
260.7
215.7
Other payables
30
67.4
90.2
Share buyback liability
30
90.9
75.0
Deferred consideration
30
15.0
1.1
Contingent consideration
29
137.9
133.3
Total financial liabilities
2,536.3
3,034.9
1
1 Comprises money market funds which are measured at fair value – no change in valuation compared to held at amortised cost
(c) Market risk
Market risk is the risk that changes in market prices, such as foreign exchange and interest rates, will affect the Group’s income
or the value of its holdings of financial instruments.
The Group manages these risks by maintaining a mix of fixed and floating rate debt and currency borrowings using derivatives
where necessary. The Group does not use derivative contracts for speculative purposes.
The Group’s overall risk management programme focuses on the unpredictability of financial markets and seeks to minimise
adverse effects on the Group’s financial performance. Risk management is carried out by a central Treasury function under
policies approved by the Board of Directors. There has been no change to the Group’s exposure to market risks or the manner
in which these risks are managed and measured.
(d) Interest rate risk
The Group has no significant interest-bearing assets at floating rates, except cash, but is exposed to interest rate risk as entities
in the Group borrow funds at both fixed and floating interest rates. Borrowings issued at variable rates expose the Group to
cash flow interest rate risk. Borrowings issued at or converted to fixed rates expose the Group to fair value interest rate risk.
The interest rate risk is managed by maintaining an appropriate mix of fixed and floating rate borrowings and by the use of
interest rate swap contracts. The Group’s exposures to interest rates on financial assets and financial liabilities are detailed
in the liquidity risk section of this note.
Annual Report and Accounts 2023
202
The following table details financial liabilities by interest category:
2023
2022
Non-interest Non-interest
Fixed rate Floating rate bearing Total Fixed rate Floating rate bearing Total
£m £m £m £m £m £m £m £m
Bank borrowings
–
28.1
–
28.1
–
38.9
–
38.9
Bond borrowings
1,486.4
–
–
1,486.4
1,901.9
–
–
1,901.9
Lease liabilities
263.8
–
–
263.8
270.4
–
–
270.4
Derivatives liabilities
77.9
–
–
77.9
169.2
–
–
169.2
Trade payables
–
–
108.2
108.2
–
–
139.2
139.2
Accruals
–
–
260.7
260.7
–
–
215.7
215.7
Other payables
–
–
67.4
67.4
–
–
90.2
90.2
Share buyback liability
–
–
90.9
90.9
–
–
75.0
75.0
Deferred consideration
–
–
15.0
15.0
–
–
1.1
1.1
Contingent consideration
–
–
137.9
137.9
–
–
133.3
133.3
1,828.1
28.1
680.1
2,536.3
2,341.5
38.9
654.5
3,034.9
Interest rate sensitivity analysis
98% (2022: 98%) of total borrowings are at fixed interest rates; hence the Group’s interest rate sensitivity would only be
affected by the exposure to variable rate debt.
If interest rates had been 100bps higher or lower and all other variables were held constant, the Group’s profit for the year
would have decreased or increased by £0.3m (2022: £0.4m).
Financial assets are both fixed and floating interest rate bearing but any interest received on these amounts is immaterial to
the Group.
Should interest rates fluctuate by a different rate to those disclosed, the impact can be linearly interpolated.
(e) Foreign currency risk
The Group is a business with significant net USD or currencies pegged to USD transactions; hence exposures to exchange rate
fluctuations arise.
Allied to the Group’s policy on the hedging of surplus foreign currency cash inflows, the Group will usually seek to finance its
net investment in its principal overseas subsidiaries by borrowing in those subsidiaries’ functional currencies, primarily USD.
This policy has the effect of partially protecting the Group’s Consolidated Balance Sheet from movements in those currencies
to the extent that the associated net assets are hedged by derivatives.
The carrying amounts of the Group’s foreign currency denominated assets and liabilities at the reporting date are as follows:
Assets
Liabilities
2023 2022 2023 2022
£m £m £m £m
USD
645.8
1,421.1
(823.1)
(1,074.1)
EUR
68.8
37.4
(1,166.5)
(1,989.8)
CNY
139.2
104.4
(138.5)
(89.3)
Other
271.4
1,144.8
(1,153.8)
(520.5)
1,125.2
2,707.7
(3,281.9)
(3,673.7)
This table excludes the Group’s derivatives.
Cross currency swaps are used to hedge the Group’s net investments in foreign subsidiaries which resulted in a gain of £92.5m
(2022: £173.4m) being recognised through other comprehensive income.
Average rate
Closing rate
2023
2022
2023
2022
USD
1.24
1.24
1.27
1.21
Euro
1.15
1.17
1.15
1.13
Financial Statements
Str Gov Inf
203
Notes to the Consolidated Financial Statements
for the year ended 31 December 2023
continued
31. Financial instruments continued
Foreign currency sensitivity analysis
In 2023 approximately 62% (2022: 65%) of Group revenue was received in USD or currencies pegged to USD. Similarly, the
Group incurred approximately 54% (2022: 54%) of its costs in USD or currencies pegged to USD. Each one cent ($0.01)
movement in the USD to GBP exchange rate has a circa £16m (2022: circa £13m) impact on annual revenue, a circa £6m (2022:
circa £5m) impact on annual adjusted operating profit and a circa £12m (2022: circa £15m) impact on the net investment hedge
reserve. Should exchange rates fluctuate by a different rate to those disclosed, the impact can be linearly interpolated.
Derivatives designated in hedge relationships
2023 2022
£m £m
Cross currency swaps – derivative financial assets
–
–
Cross currency swaps – derivative financial liabilities
(77.9)
(168.1)
There are cross currency swaps over the Euro Medium Term Note (EMTN) borrowings where the Company receives the
following:
• A fixed rate of interest for £450.0m of EMTN borrowings with a maturity of July 2026 and pays a fixed rate of interest for $588.9m
• A fixed rate of interest on €500m of EMTN borrowings with a maturity of April 2028 and pays a fixed rate of interest for $551.6m
• A fixed rate of interest on €700.0m of EMTN borrowings with a maturity of October 2025 and pays a fixed rate of interest
for $821.6m
At 31 December 2023, the fair value of these swaps was a net financial liability of £77.9m (2022: liability of £168.1m); of these
amounts a £58.1m liability (2022: £167.5m liability) was designated in a net investment hedge relationship and a £19.8m
(2022: £0.6m) liability was designated in a cash flow hedge relationship.
The cross currency swaps in place are used to hedge against foreign exchange movements in relation to translation of foreign
net investments and for future cash flow repayments of EUR debt. As such, the Receive EUR Pay USD cross currency swaps
have been separated into synthetic cross currency swaps, whereby the EUR to GBP legs are hedging the cash flow risk on the
EUR debt and GBP to USD legs are hedging foreign currency risk relating to net investments. The Receive GBP Pay USD cross
currency swaps are hedging foreign currency risk related to net investments.
The result of the synthetic cross currency swaps has been to swap €1,200.0m to £1,067.4m to hedge the cash flow risk at an average
foreign exchange rate of €1.12:£1 and additionally £1,067.4m to $1,373.1m to hedge the foreign currency risk at an average foreign
exchange rate of $1.29:£1.
The net investment hedge reserve at 31 December 2023 was £55.3m (2022: £155.2m). The gain during the year was £99.8m
(2022: £173.4m gain) in respect of the hedging instruments.
The cash flow hedge reserve at 31 December 2023 was £32.1m (2022: £26.1m). The fair value loss during the year was £28.2m
(2022: £33.3m gain) in respect of the hedged instruments, and a gain of £34.2m (2022: £63.1m loss) in respect of the hedged
items which has been reclassified to finance costs in profit or loss. Interest of £10.6m has been reclassified to profit or loss.
The main source of ineffectiveness in the above hedging relationships is the effect of the Group’s own and counterparty
credit risk on the fair value of the cross currency swaps, which is not reflected in the fair value of the hedged item that is
exposed to change in foreign exchange rates, the change in value of the hedged item used as the basis for recognising hedge
ineffectiveness for the period. No other significant sources of ineffectiveness have emerged from these hedging relationships.
These hedges were assessed to be highly effective at 31 December 2023 with no ineffectiveness recognised in the
Consolidated Income Statement.
(f) Credit risk
The Group’s principal financial assets are trade and other receivables (see Note 21) and cash and cash equivalents (see Note
26), which represent the Group’s maximum exposure to credit risk in relation to financial assets.
Credit risk refers to the risk that a counterparty will default on its contractual obligations resulting in financial loss to the
Group. The Group has adopted a policy of assessing creditworthiness of counterparties as a means of mitigating the risk of
financial loss from defaults.
The Group’s exposure and the creditworthiness of its counterparties are continuously monitored, and the aggregate value of
transactions concluded is spread among approved financial institutions. Credit exposure is controlled by counterparty limits
that are reviewed and approved as part of the Group’s treasury policies.
Predominantly all of the Group’s cash and cash equivalents are held in investment grade counterparties; where this is not the
case approval is required by the Group Treasury Committee.
Annual Report and Accounts 2023
204
The carrying amount of financial assets recorded in the financial statements, which is net of impairment losses, represents the
Group’s maximum exposure to credit risk.
Trade receivables
The Group’s credit risk is primarily attributable to its trade receivables and the amounts presented in the Consolidated Balance
Sheet are net of the expected credit loss (ECL). Trade receivables consist of a large number of customers, spread across diverse
industries and geographic areas, and the Group’s exposure to credit risk is influenced mainly by the individual characteristics
of each customer. The Group does not have significant credit risk exposure to any single counterparty or any group of
counterparties having similar characteristics. Concentration of credit risk did not exceed 5% of gross trade receivables at
any time during the year.
All customers have credit limits set by credit managers and are subject to the standard terms of payment of each division.
As Informa Markets, Informa Connect, Omdia and the journals subscriptions part of the Taylor & Francis division operate
predominantly on a prepaid basis they have a low bad debt history. The Group is exposed to normal credit risk and potential
losses are mitigated as the Group does not have significant exposure to any single customer.
The Group recognises lifetime ECL for trade receivables using a provisioning matrix. The ECL is estimated based on the Group’s
historical credit loss experience where for non-event receivables a 50% provision is made over 180 days based on due date and
100% provision is made over 270 days, and a 100% provision is made for events receivables 3 months post event date. This is
then adjusted for factors that are specific to the debtors, general economic conditions and an assessment of both the current
as well as the forecast direction of conditions at the reporting date, including time value of money where appropriate.
The carrying amount is reduced by the ECL through the use of a provision account. The Group writes off a trade receivable
against the provision account when the receivable is considered uncollectible. This occurs when the debtor is in severe financial
difficulty and there is no realistic prospect of recovery, e.g. when the debtor has been placed under liquidation or has entered
into bankruptcy proceedings. None of the trade receivables that have been written off are subject to enforcement activities.
Subsequent recoveries of amounts previously written off are credited against the provision account. Changes in the carrying
amount of the provision are recognised in the Consolidated Income Statement.
The Directors consider that the carrying amount of trade and other receivables approximates to their fair value.
Ageing of trade receivables:
Gross Provision Gross Provision
2023 2023 2022 2022
£m £m £m £m
Not past due
151.0
–
152.6
–
Past due 0–30 days
96.9
–
85.0
–
Past due over 31 days
124.3
(21.2)
96.8
(29.0)
372.2
(21.2)
334.4
(29.0)
Books return provision (see below)
–
(9.3)
–
(16.0)
Total
372.2
(30.5)
334.4
(45.0)
Trade receivables that are less than three months past the date due for payment are generally not considered impaired. Of the
gross trade receivables balance of £372.2m (2022: £334.4m), £30.6m (2022: £17.2m) was more than three months past the due
date for payment. The Group believes there has not been a significant change in the credit quality and the amounts are
considered recoverable. The Group does not hold any collateral over these balances.
A provision relating to returns on books which are yet to be paid for of £9.3m (2022: £16.0m) has been disclosed separately in
the table above. This is based on the Group’s best estimate of returns for future periods, taking account of returns trends, and
the amount is included as part of the overall provision balance of £30.5m (2022: £45.0m).
Movement in the provision:
2023 2022
£m £m
1 January
45.0
49.1
Provision recognised
5.4
18.3
Receivables written off as uncollectible
(5.6)
(9.6)
Amounts recovered during the year
(14.3)
(12.8)
31 December
30.5
45.0
There are no customers who represent more than 5% of the total gross balance of trade receivables in either 2023 or 2022.
Financial Statements
Str Gov Inf
205
Notes to the Consolidated Financial Statements
for the year ended 31 December 2023
continued
31. Financial instruments continued
Non-current other receivables
Non-current other receivables mainly arise from disposals made in the current and prior years. The movement in the provision
representing the ECL on non-current other receivables is as follows:
2023 2022
£m £m
1 January
0.6
6.8
Provision released
(0.5)
(6.2)
31 December
0.1
0.6
We have considered the credit risk of non-current other receivables and do not consider there to be any additional risk.
(g) Liquidity risk
Liquidity risk is the risk that the Group will not be able to meet its financial obligations as they fall due. Ultimate responsibility
for liquidity risk management rests with the Board of Directors, though operationally it is managed by Group Treasury with
oversight by the Treasury Committee. Group Treasury has built an appropriate liquidity risk management framework for the
management of the Group’s short-, medium- and long-term funding. The Group manages liquidity risk by maintaining
adequate reserves and debt facilities, together with continuously monitoring forecast and actual cash flows and matching the
maturity profiles of financial assets and liabilities. Included in note 27 is a summary of additional undrawn facilities that the
Group has at its disposal.
Historically and for the foreseeable future the Group has been, and is expected to continue to be, in a net borrowing position.
The Group’s policy is to fulfil its borrowing requirements by borrowing in the currencies in which it operates, principally USD
and EUR, thereby providing a natural hedge against projected future surplus USD cash inflows.
(h) Liquidity and interest risk tables
The following tables detail the Group’s remaining contractual maturities for its financial assets and liabilities.
The table below presents the contractual maturities of the financial assets, including interest that will be earned on those
assets except where the Group anticipates that the cash flow will occur in a different period.
Carrying Contractual Less than Greater than
amount cash flows 1 year
1
–2 years
2–5 years 5 years
£m £m £m £m £m £m
31 December 2023
Non-derivative financial assets
Finance lease receivable
10.5
10.7
2.2
2.0
6.5
–
Non-interest bearing
1,008.6
1,008.6
960.4
48.2
–
–
Maritime preference shares
76.7
109.8
–
–
109.8
–
1,095.8
1,129.1
962.6
50.2
116.3
–
Derivative financial assets
Currency forwards
0.6
0.6
0.6
–
–
–
Total financial assets
1,096.4
1,129.7
963.2
50.2
116.3
–
31 December 2022
Non-derivative financial assets
Finance lease receivable
6.7
7.5
1.9
1.2
3.6
0.8
Non-interest bearing
2,674.5
2,674.5
2,647.5
49.8
–
–
Maritime preference shares
72.9
109.8
–
–
109.8
–
Convertible bond
22.2
29.7
1.3
1.3
3.9
23.2
2,776.3
2,821.5
2,627.9
52.3
117.3
24.0
Derivative financial assets
Currency forwards
2.2
2.2
2.2
–
–
–
Total financial assets
2,778.5
2,823.7
2,630.1
52.3
117.3
24.0
1
2
1 Under IFRS 7 contractual cash flows are undiscounted and therefore may not agree with the carrying amounts in the Consolidated Balance Sheet
2 Cross currency swap receipts and payments were incorrectly classified in derivative financial assets in 2022 so have been moved to derivative
financial liabilities to show the comparative correctly
Annual Report and Accounts 2023
206
The following tables present the earliest date on which the Group can settle its financial liabilities. The table includes both
interest and principal cash flows.
Carrying Contractual Less than Greater than
amount cash flows 1 year
1
–2 years
2–5 years 5 years
£m £m £m £m £m £m
31 December 2023
Non-derivative financial liabilities
Bank borrowings
(28.1)
(40.0)
(3.5)
(3.5)
(33.0)
–
Bond borrowings
(1,486.4)
(1,574.3)
(32.4)
(638.0)
(903.9)
–
Lease liabilities
(263.8)
(386.5)
(38.9)
(37.9)
(92.5)
(217.2)
Trade and other payables
(527.2)
(527.2)
(513.6)
(13.6)
–
–
Deferred consideration
(15.0)
(15.0)
(3.7)
–
(11.3)
–
Contingent consideration
(137.9)
(111.9)
(28.6)
(8.8)
(74.5)
–
(2,458.4)
(2,654.9)
(620.7)
(701.8)
(1,115.2)
(217.2)
Derivative financial liabilities
Cross currency swaps – receipts
(77.9)
1,574.7
32.4
638.2
904.1
–
Cross currency swaps – payments
(1,695.8)
(57.4)
(698.3)
(940.1)
–
(77.9)
(121.1)
(25.0)
(60.1)
(36.0)
–
Total financial liabilities
(2,536.3)
(2,776.0)
(645.7)
(761.9)
(1,151.2)
(217.2)
31 December 2022
Non-derivative financial liabilities
Bank borrowings
(38.9)
(56.0)
(3.9)
(4.4)
(47.7)
–
Bond borrowings
(1,901.9)
(2,029.2)
(434.2)
(32.8)
(1,117.9)
(444.3)
Lease liabilities
(270.4)
(381.3)
(40.4)
(33.2)
(81.6)
(226.1)
Trade and other payables
(520.1)
(520.1)
(502.4)
(17.7)
–
–
Deferred consideration
(1.1)
(1.1)
(0.6)
–
(0.5)
–
Contingent consideration
(133.3)
(133.3)
(4.1)
(3.8)
(125.4)
–
(2,865.7)
(3,121.0)
(985.6)
(91.9)
(1,373.1)
(670.4)
Derivative financial liabilities
Currency forwards
(1.1)
(1.1)
(1.1)
–
–
–
Cross currency swaps – receipts (168.1)
1,761.6
166.6
32.8
1,117.7
444.5
Cross currency swaps – payments
(1,998.2)
(208.0)
(60.3)
(1,267.9)
(462.0)
(169.2)
(237.7)
(42.5)
(27.5)
(150.2)
(17.5)
Total financial liabilities
(3,034.9)
(3,358.7)
(1,028.1)
(119.4)
(1,523.3)
(687.9)
1
2
3
3
1 Under IFRS 7 contractual cash flows are undiscounted and therefore may not agree with the carrying amounts in the Consolidated Balance Sheet
2 31 December 2022 comparative has been updated to remove duplicated cash flow from the greater than 5 years bucket
3 31 December 2022 comparative cross currency swaps receipts and payments have been updated for the cash flows that had been incorrectly
included in derivative financial assets in 2022
(i) Fair values and fair value hierarchy
Valuation techniques use observable market data where it is available and rely as little as possible on entity-specific estimates.
The fair values of interest rate swaps and forward exchange contracts are measured using discounted cash flows. Future cash
flows are based on forward interest/exchange rates (from observable yield curves/forward exchange rates at the end of the
reporting period) and contract interest/forward rates, discounted at a rate that reflects the credit risk of the counterparties.
Financial instruments that are measured subsequently to initial recognition at fair value are grouped into Levels 1 to 3, based
on the degree to which the fair value is observable, as follows:
Level 1 fair value measurements are those derived from unadjusted quoted prices in active markets for identical assets or liabilities.
Level 2 fair value measurements are those derived from inputs, other than quoted prices included within Level 1, that are
observable for the asset or liability, either directly (as prices) or indirectly (derived from prices).
Financial Statements
Str Gov Inf
207
Notes to the Consolidated Financial Statements
for the year ended 31 December 2023
continued
31. Financial instruments continued
Level 3 fair value measurements are those derived from valuation techniques that include inputs for the asset or liability that
are not based on observable market data (unobservable inputs), such as internal models or other valuation methods. Level 3
balances for contingent consideration, other investments and convertible bonds use future cash flow forecasts to determine
the fair value, with the fair value of deferred consideration balances taken as the receivable amount less any provision.
Financial assets and liabilities measured at fair value in the Consolidated Balance Sheet and their categorisation in the fair value
hierarchy 31 December 2023 and 31 December 2022:
Level 1 Level 2 Level 3 Total
2023 2023 2023 2023
£m £m £m £m
Financial assets
Unhedged derivative financial instruments
–
0.6
–
0.6
Cash and cash equivalents measured at fair value
141.0
–
–
141.0
Other investments (Note 19)
–
28.3
232.5
260.8
141.0
28.9
232.5
402.4
Financial liabilities at fair value through profit or loss and through equity
Derivative financial instruments in designated hedge accounting relationships
–
77.9
–
77.9
Deferred consideration on acquisitions
–
–
15.0
15.0
Contingent consideration on acquisitions (Note 29)
–
–
137.9
137.9
–
77.9
152.9
230.8
1
1 Amounts relate to cross currency interest rate swaps associated with Euro Medium Term Notes (see Note 27)
Level 1 Level 2 Level 3 Total
2022 2022 2022 2022
£m £m £m £m
Financial assets
Unhedged derivative financial instruments
–
2.2
–
2.2
Cash and cash equivalents measured at fair value
1,325.0
–
–
1.325.0
Other investments (Note 19)
–
–
262.7
262.7
1,325.0
2.2
262.7
1,589.9
Financial liabilities at fair value through profit or loss
Derivative financial instruments in designated hedge accounting relationships
–
168.1
–
168.1
Unhedged derivative financial instruments
–
1.1
–
1.1
Deferred consideration on acquisitions
–
–
1.1
1.1
Contingent consideration on acquisitions (Note 29)
–
–
133.3
133.3
–
169.2
134.4
303.6
1
Fair value of other financial instruments (unrecognised)
The Group also has a number of financial instruments which are not measured at fair value in the balance sheet. For the
majority of these instruments, the fair values are not materially different to their carrying amounts, since the interest
receivable/payable is either close to current market rates or the instruments are short-term in nature. Significant differences
were identified for the following instruments at 31 December 2023 and 31 December 2022:
Carrying Estimated Carrying Estimated fair
amount fair value amount value
31 December 31 December 31 December 31 December
2023 2023 2022 2022
£m £m £m £m
Financial liabilities
Bond borrowings
1,486.4
1,417.1
1,901.9
1,759.1
Total
1,486.4
1,417.1
1,901.9
1,759.1
Annual Report and Accounts 2023
208
32. Notes to the Cash Flow Statement
2023 2022
Notes £m £m
Continuing operations
Profit before tax
492.1
168.8
Adjustments for:
Depreciation of property and equipment
18
13.5
11.7
Depreciation of right-of-use assets
37
26.3
24.8
Amortisation of other intangible assets
16
353.9
310.5
Impairment – acquisition-related and other intangible assets
16
25.1
6.9
Reversal of impairment – IFRS 16 right-of-use assets
37
(0.6)
(0.1)
Reversal of impairment – property and equipment
7
–
(0.7)
Share-based payments
9
20.8
17.5
Fair value gain on contingent consideration
7
(87.6)
–
Fair value loss on contingent consideration
7
12.0
5.7
Lease modifications
(5.1)
(3.0)
Profit on disposal of businesses
7
(3.0)
(11.6)
Distributions received from investments
7
–
(20.6)
Loss on disposal of property, equipment and software
2.4
0.3
Fair value (gain)/loss on investment
7
(1.3)
0.9
Finance income
10
(47.4)
(27.5)
Finance costs
11
67.4
74.1
Share of adjusted results of joint ventures and associates
19
(5.8)
(2.1)
Operating cash inflow before movements in working capital
862.7
555.6
(Increase)/decrease in inventories
(7.4)
0.1
Increase in receivables
(16.1)
(141.7)
(Decrease)/increase in payables
(16.0)
197.2
Movements in working capital
(39.5)
55.6
Pension deficit recovery contributions
33
(3.5)
(6.9)
Additional pension payment
–
(16.1)
Pension payment into escrow
–
(28.2)
Cash generated by continuing operations
819.7
560.0
Cash generated by discontinued operations
–
54.7
Cash generated by operations
819.7
614.7
Reconciliation of total net financing liabilities
Total net
financing Share buyback
liabilities liability Total financing
(Note 25) (Note 30) cash flows
£m £m £m
At 1 January 2022
(2,319.4)
–
(2,319.4)
Non-cash movements
(181.4)
(75.0)
(256.4)
Cash flow
244.8
–
244.8
Exchange movements
(114.4)
–
(114.4)
At 1 January 2023
(2,370.4)
(75.0)
(2,445.4)
Non-cash movements
(405.0)
(90.9)
(495.9)
Cash flow
879.7
75.0
954.7
Exchange movements
50.0
–
50.0
At 31 December 2023
(1,845.7)
(90.9)
(1,936.6)
Financial Statements
Str Gov Inf
209
Notes to the Consolidated Financial Statements
for the year ended 31 December 2023
continued
33. Retirement benefit schemes
(a) Charge to operating profit
The charge to operating profit for the year in respect of pensions, including both defined benefit and defined contribution
schemes, was £26.4m (2022: £24.0m).
(b) Defined benefit schemes – strategy
The Group operates four defined benefit pension schemes in the UK (the UK Schemes): the Informa Final Salary Scheme
(Informa FSS), the Taylor & Francis Group Pension and Life Assurance Scheme (T&F GPS), the UBM Pension Scheme (UBMPS)
and the United Newspapers Executive Pension Scheme (UNEPS). These are for qualifying UK colleagues and provide benefits
based on final pensionable pay. The Group also has a defined benefit scheme in the US, the Penton, Inc. Retirement Plan (the
US Scheme). The Penton Media, Inc. Supplemental Executive Retirement Plan was settled in the year, having paid a lump-sum
benefit to the final participant. All schemes (the Group Schemes) are closed to future accruals. Contributions to the UK
Schemes are determined following triennial valuations undertaken by a qualified actuary using the Projected Unit Credit
Method. Contributions to the US Scheme are assessed annually following valuations undertaken by a qualified actuary.
For the UK Schemes, the defined benefit schemes are administered by separate funds that are legally separated from the
Company. The Trustees are responsible for running the UK Schemes in accordance with the Group Schemes’ Trust Deed and
Rules, which sets out their powers. The Trustees of the UK Schemes are required to act in the best interests of the beneficiaries
of the Group Schemes. There is a requirement that one third of the Trustees are nominated by the members of the UK
Schemes. The Trustees of the pension funds are responsible for the investment policy with regard to the assets of the fund.
None of the Schemes have any reimbursement rights.
The Group’s pension funding policy is to provide sufficient funding, as agreed with the Trustees, to ensure any pension deficit
will be addressed to ensure pension payments made to current and future pensioners will be met.
For the US Scheme, the defined benefit scheme is administered by Informa Media, Inc. and is subject to the provisions of the
Employee Retirement Income Security Act 1974 (ERISA). The Company is responsible for the investment policy with regard to
the assets of the fund. The defined benefit scheme has no reimbursement rights.
The investment strategies adopted by the Trustees of the UK Schemes include some exposure to index-linked gilts and
corporate bonds. The investment objectives of the US Scheme are to maximise plan assets within designated risk and
return profiles.
The current asset allocation of all schemes consists primarily of bespoke funds, bonds, property, diversified growth funds,
credit funds, equities, annuity contracts and other offering rate funds. All assets are managed by a third-party investment
manager according to guidelines established by the Company.
(c) Defined benefit schemes – risk
Through the Group Schemes the Company is exposed to a number of potential risks as described below:
• Asset volatility: The Group Schemes’ defined benefit obligation is calculated using a discount rate set with reference to
corporate bond yields; however, the Group Schemes invest in other asset classes as stated above. The mix of assets is
expected to outperform corporate bonds in the long term, but provide volatility and risk in the short term
• Changes in bond yields: A decrease in corporate bond yields would increase the Group Schemes’ defined benefit obligation;
however, this would be partially offset by an increase in the value of the Schemes’ bond holdings
• Inflation risk: A significant proportion of the Group Schemes’ defined benefit obligation is linked to inflation; therefore
higher inflation will result in a higher defined benefit obligation (subject to caps for the UK Schemes). The majority of the
UK Schemes’ assets target being fully hedged against inflation, therefore an increase in inflation is not expected to impact
the deficit
• Life expectancy: If the Group Schemes’ members live longer than expected, the Group Schemes’ benefits will need to be
paid for longer, increasing the Group Schemes’ defined benefit obligations
The Trustees and the Company manage risks in the Group Schemes through the following strategies:
• Diversification: Investments are well diversified, such that the failure of any single investment would not have a material
impact on the overall level of assets
• Investment strategy: The Trustees are required to review their investment strategy on a regular basis
There are three categories of pension scheme members:
• Employed deferred members: Currently employed by the Company
• Deferred members: Former colleagues of the Company
• Pensioner members: In receipt of pension
Annual Report and Accounts 2023
210
The defined benefit obligation is valued by projecting the best estimate of future benefit payments (allowing for future salary
increases for UK employed deferred members, revaluation to retirement for deferred members and annual pension increases
for UK members) and then discounting to the balance sheet date. UK members receive increases to their benefits linked to
inflation (subject to caps for the UK Schemes). There are no caps on benefits in the US Scheme as benefits are not linked to
inflation in this Scheme. The valuation method used for all Schemes is known as the Projected Unit Credit Method.
The approximate overall duration of the Group Schemes’ defined benefit obligation as at 31 December 2023 was as follows:
2023
2022
Informa FSS UBMPS and Informa FSS UBMPS and
and T&F UNEPS Penton and T&F UNEPS Penton
Schemes Schemes Scheme Schemes Schemes Schemes
Overall duration (years)
15
11
11
16
11
11
The assumptions which have the most significant effect on the results of the IAS 19 valuation for the Schemes are those
relating to the discount rate, the rates of price inflation, salaries, and pensions and life expectancy. The main assumptions
adopted are:
2023
2022
Informa FSS UBMPS and Informa FSS UBMPS and
and T&F UNEPS Penton and T&F UNEPS Penton
Schemes Schemes Scheme Schemes Schemes Schemes
Discount rate
4.60%
4.60%
4.75%
4.95%
4.95%
4.95%
Rate of price inflation
2.45% (CPI)
2.45% (CPI)
n/a
2.45% (CPI)
2.45% (CPI)
n/a
3.05% (RPI)
3.05% (RPI)
n/a
3.15% (RPI)
3.15% (RPI)
n/a
Rate of increase for deferred pensions
2.00%
2.00%
n/a
1.90%
1.90%
n/a
Rate of increase for pensions in payment
2.00–2.90%
2.00–2.90%
n/a
1.90–2.90%
1.90–2.90%
n/a
Life expectancy:
For an individual aged 65 – male (years)
86
86
85
86
87
85
For an individual aged 65 – female (years)
88
88
87
89
89
87
For the UK Schemes, mortality assumptions used in the IAS 19 valuations are taken from tables published by Continuous
Mortality Investigation (CMI). The UBMPS uses 100%/108% (male/female) of the ‘SAPS’ S3 Normal tables (2022: 101%/105%)
based on the year of birth, the Informa FSS Scheme uses ‘SAPS’ S3 Pensioner tables with a scaling factor of 100% (2022: no
change since previous year end), the T&F GPS Scheme use ‘SAPS’ S3 Middle tables with a scaling factor of 100% (2022: no
change since previous year end) and the UNEPS Scheme uses the ‘SAPS’ S3 Normal tables with a scaling factor of 100% (2022:
no change since previous year end). All UK Schemes use life expectancy improvements taken from CMI 2022 (2022: CMI 2021)
with an initial addition parameter of 0% (2022: 0.25%), a weighting of 35% to 2022 mortality data, a weighting of 10% to
2021 mortality data (2022: 10%), a weighting of 10% to 2020 mortality data (2022: 10%) and the long-term rate of improvement
of 1.00% (2022: 1.25%).
(d) Defined benefit schemes – individual defined benefit scheme details
Informa FSS
T&F GPS
UBMPS
UNEPS
Latest valuation date
31.3.2020
30.9.2020
31.3.2020
5.4.2020
Funding (shortfall)/surplus at valuation date and agreed recovery plan amounts for
UK Schemes
(£24.6m)
(£3.7m)
(£56.0m)
£3.8m
£0.25m per £2.5m per
£2m per year year to 30 year to 30
to 30 June September September
2026 2026
2025
n/a
1
1 The triennial valuations conducted in the year are expected to be finalised in 2024
Financial Statements
Str Gov Inf
211
Notes to the Consolidated Financial Statements
for the year ended 31 December 2023
continued
33. Retirement benefit schemes continued
The sensitivities regarding the principal assumptions used to measure the IAS 19 pension scheme liabilities are set out below:
Impact on Scheme liabilities: Increase amounts
Informa FSS T&F GPS UBMPS UNEPS Penton
Sensitivity analysis at 31 December 2023 £m £m £m £m £m
Discount rate – Decrease by 1.00%
10.9
2.8
36.4
0.7
2.1
Rate of price inflation pre-retirement – Increase by 1.00%
7.1
1.8
11.5
0.8
n/a
Life expectancy – Increase by 1 year
2.0
0.5
13.3
1.5
0.5
Sensitivities have been prepared using the same approach as 2022. The above sensitivity analyses are based on a change in an
assumption while holding all other assumptions constant, although in practice this is unlikely to occur and changes in some
assumptions may be correlated. Should discount and inflation rates fluctuate by a different rate to those disclosed, the impact
can be linearly interpolated.
Amounts recognised in respect of these defined benefit schemes are as follows:
2023 2022
£m £m
Recognised in profit before tax
Past service credit and administrative expenses
0.1
0.1
Interest (income)/cost on net pension surplus (Note 11)
(1.8)
0.7
2023 2022
£m £m
Recognised in the Consolidated Statement of Comprehensive Income
Actuarial loss on scheme assets
(2.3)
(188.7)
Experience loss
(17.4)
(22.8)
Change in irrecoverable element of pension surplus
5.9
(22.1)
Change in demographic actuarial assumptions
18.0
15.7
Change in financial actuarial assumptions
(16.0)
244.8
Total recognised in the Consolidated Statement of Comprehensive Income
(11.8)
26.9
2023 2022
£m £m
Movement in net surplus during the year
Net surplus in Schemes at beginning of the year (before irrecoverable element of pension surplus)
80.6
11.4
Past service credit and administrative expenses
(0.1)
(0.1)
Net finance income/(cost)
3.3
(0.7)
Actuarial (loss)/gain
(17.8)
48.9
Deficit recovery contributions from the employer to the Schemes
2.5
22.3
Effect of movement in foreign currencies
0.4
(1.2)
Net surplus in Schemes at end of the year (before irrecoverable element of pension surplus)
68.9
80.6
Irrecoverable element of pension surplus
(27.2)
(31.5)
Net surplus in Schemes at end of the year after irrecoverable element of pension surplus
41.7
49.1
Annual Report and Accounts 2023
212
Amounts recognised in the Consolidated Balance Sheet in respect of the Group Schemes are as follows:
2023 2022
£m £m
Present value of defined benefit obligations
(478.2)
(477.3)
Fair value of Scheme assets
547.1
557.9
Irrecoverable element of pension surplus
(27.2)
(31.5)
Net surplus
41.7
49.1
Reported as:
Retirement benefit surplus recognised in the Consolidated Balance Sheet
48.1
55.8
Deficit in scheme and liability recognised in the Consolidated Balance Sheet
(6.4)
(6.7)
Net surplus
41.7
49.1
Changes in the present value of defined benefit obligations are as follows:
2023 2022
£m £m
Opening present value of defined benefit obligation at 1 January
(477.3)
(735.2)
Interest cost
(22.7)
(13.9)
Benefits paid
35.4
39.2
Actuarial (loss)/gain
(15.4)
237.6
Effect of movement in foreign currencies
1.8
(5.0)
Closing present value of defined benefit obligation at 31 December
(478.2)
(477.3)
Changes in the fair value of Scheme assets are as follows:
2023 2022
£m £m
Opening fair value of Scheme assets at 1 January
557.9
746.6
Return on Scheme assets
26.0
13.2
Actuarial loss
(2.4)
(188.7)
Benefits paid
(35.4)
(39.2)
Other payments from the Schemes
(0.1)
(0.1)
Contributions from the employer to the Schemes
2.5
22.3
Effect of movement in foreign currencies
(1.4)
3.8
Closing fair value of Scheme assets at 31 December
547.1
557.9
The assets of the Informa FSS and T&F GPS include assets held in managed funds, liability driven investment (LDI) funds and cash
funds operated by Legal & General Investment Management Limited (LGIM), Partners Group (UK) Limited, Zurich Assurance
Limited, BlackRock, Inc and Baillie Gifford International.
The assets of the UBMPS assets are held in equity funds, absolute return bonds and bespoke LDI funds with LGIM, real return
funds with Newton Investment Management Limited, property funds with Aviva Investors Jersey Unit Trusts and M&G
Investment Management Limited (M&G), an illiquid credit fund with M&G annuities to cover a small number of pension
members and cash.
The assets of the UNEPS assets are held in an insurance buy-in policy with Aviva Life & Pensions UK Limited and a Sterling
Liquidity Fund with LGIM.
Financial Statements
Str Gov Inf
213
Notes to the Consolidated Financial Statements
for the year ended 31 December 2023
continued
33. Retirement benefit schemes continued
The assets of the Penton Scheme are primarily invested in collective investment trust funds operated by Aon with various
investment managers serving as sub-managers within each fund.
The fair values of the assets held are as follows:
Informa FSS T&F GPS UBMPS UNEPS Penton Total
31 December 2023 £m £m £m £m £m £m
Equities
9.9
2.3
–
–
7.9
20.1
Bonds and gilts
23.1
5.4
107.2
–
12.2
147.9
Property
9.0
2.2
62.1
–
2.5
75.8
Diversified growth fund
9.9
2.3
41.1
–
–
53.3
Illiquid credit funds
1.1
0.3
48.0
–
–
49.4
Bespoke funds (LDI and hedge funds)
34.5
8.3
133.5
–
1.4
177.7
Annuity contracts
–
–
3.8
11.9
–
15.7
Cash
0.8
0.3
4.6
1.3
0.2
7.2
Total
88.3
21.1
400.3
13.2
24.2
547.1
Informa FSS T&F GPS UBMPS UNEPS Penton Total
31 December 2022 £m £m £m £m £m £m
Equities
15.1
3.8
43.6
–
8.4
70.9
Bonds and gilts
7.2
1.6
72.4
–
11.0
92.2
Property
8.9
2.1
66.1
–
5.0
82.1
Diversified growth fund
15.6
3.9
59.2
–
–
78.7
Illiquid credit funds
1.3
0.4
47.7
–
–
49.4
Bespoke funds (LDI and hedge funds)
27.7
6.9
112.0
–
2.0
148.6
Annuity contracts
–
–
4.3
12.6
–
16.9
Cash
13.0
2.5
1.9
1.4
0.3
19.1
Total
88.8
21.2
407.2
14.0
26.7
557.9
All the assets listed above have a quoted market price in an active market, with the exception of illiquid credit funds, annuities,
property and cash. The Group Schemes’ assets do not include any of the Group’s own financial instruments, nor any property
occupied by, or other assets used by, the Group.
34. Share capital and share premium
Share capital
Share capital as at 31 December 2023 amounted to £1.4m (2022: £1.4m). For details of options issued over the Company’s
shares see Note 9.
2023 2022
£m £m
Issued, authorised and fully paid
1,368,029,699
(2022: 1,418,525,746) ordinary shares of 0.1p each
1.4
1.4
2023 2022
Number of Number of
shares shares
At 1 January
1,418,525,746
1,503,112,804
Issue of new shares to Employee Share Trust
–
5,000,000
Issue of shares
26,492,800
–
Share buyback
(76,988,847)
(89,587,058)
At 31 December
1,368,029,699
1,418,525,746
On 17 April 2023, the Company issued 25,957,663 ordinary shares at the nominal value of 0.1p to Tiger Acquisitions (Jersey)
Limited in relation to the acquisition of Tarsus (see Note 17).
On 1 September 2023, the Company issued 535,137 ordinary shares at the nominal value of 0.1p to Canalys Pte Limited in
relation to the acquisition of Canalys (see Note 17).
Annual Report and Accounts 2023
214
During 2023, the Company bought back 76,988,847 ordinary shares (2022: 89,587,058) at the nominal value of 0.1p for a total
consideration of £548.3m (2022: £517.0m) and cancelled 76,476,666 (2022: 88,987,197) of these shares. 512,181 shares
(2022: 599,861 shares) for consideration of £4.0m (2022: £3.7m) were settled and cancelled subsequent to year end.
Share premium
2023 2022
£m £m
At 1 January
1,878.6
1,878.6
Issued in the year
–
–
At 31 December
1,878.6
1,878.6
35. Other reserves
This note provides further explanation for the ‘Other reserves’ listed in the Consolidated Statement of Changes in Equity.
Employee
Share Trust
Reserves for and Cash flow Cost of
shares to be Merger Other ShareMatch hedging hedging
Issued reserve reserve shares reserve reserve Total
£m £m £m £m £m £m £m
At 1 January 2022
24.8
4,125.4
(2,157.6)
(20.9)
55.9
0.4
2,028.0
Share award expense (equity-settled)
17.5
–
–
–
–
–
17.5
Shares for Trust purchase
(3.3)
–
–
–
–
–
(3.3)
Transfer of vested LTIPs
(11.1)
–
–
–
–
–
(11.1)
Fair value movements on derivatives in
hedging relationships
–
–
–
–
(29.8)
1.8
(28.0)
Share buyback (Note 30)
–
–
(74.9)
–
–
–
(74.9)
At 31 December 2022
27.9
4,125.4
(2,232.5)
(20.9)
26.1
2.2
1,928.2
Share award expense (equity-settled)
19.6
–
–
–
–
–
19.6
Shares for Trust purchase
(4.8)
–
–
–
–
–
(4.8)
Transfer of vested LTIPs
(11.1)
–
–
–
–
–
(11.1)
Fair value movements on derivatives in
hedging relationships
–
–
–
–
6.0
(6.7)
(0.7)
Issue of share capital
–
173.7
–
–
–
–
173.7
Remeasurement of put call options
–
–
1.5
–
–
–
1.5
Share buyback (Note 30)
–
–
(15.8)
–
–
–
(15.8)
At 31 December 2023
31.6
4,299.1
(2,246.8)
(20.9)
32.1
(4.5)
2,090.6
1
1 The total increase in the share buyback liability of £15.9m is represented within other reserves (£15.8m) and share capital (£0.1m)
Reserve for shares to be issued
This reserve relates to LTIP and Curinos share awards granted to colleagues and reduced by the transferred and vested awards.
Further information is set out in Note 9.
Merger reserve
In 2004 the merger of Informa PLC and Taylor & Francis Group plc resulted in a merger reserve amount of £496.4m
being recorded.
On 2 November 2016, the Group acquired Penton Information Services and the £82.2m share premium on the shares issued to
the vendors was recorded as an increase in the merger reserve in accordance with the merger relief rules of the Companies
Act 2006.
There were 427,536,794 shares issued on 18 June 2018 in connection with the acquisition of UBM plc, which at the
acquisition‑date closing share price of 829p resulted in an increase in the merger reserve of £3,544.6m. From 19 July 2018 to
13 December 2018 there were 256,689 shares issued in connection with the satisfaction of Save As You Earn (SAYE) awards in
the UBM business which resulted in an increase in the merger reserve of £2.2m.
On 17 April 2023, the Group issued 25,957,663 shares in relation to the acquisition of Tarsus, resulting in an increase in the
merger reserve of £169.8m. Refer to Note 17 for further details.
On 1 September 2023, the Company issued 535,137 ordinary shares at the nominal value of 0.1p to Canalys Pte Limited in relation
to the acquisition of Canalys, resulting in an increase to the merger reserve of £3.9m. Refer to Note 17 for further details.
Financial Statements
Str Gov Inf
215
Notes to the Consolidated Financial Statements
for the year ended 31 December 2023
continued
35. Other reserves continued
Other reserve
The other reserve includes the inversion accounting reserve of £2,189.9m which was created from an issue of shares under
a Scheme of Arrangement in May 2014.
Employee Share Trust and ShareMatch shares
As at 31 December 2023, the Informa Employee Share Trust held 804,045 (2022: 2,661,689) ordinary shares in the Company at a
market value of £6.3m (2022: £16.5m). As at 31 December 2023, the ShareMatch scheme held 1,889,766 (2022: 1,354,338)
matching ordinary shares in the Company at a market value of £14.8m (2022: £8.4m). At 31 December 2023, the Group held
0.2% (2022: 0.3%) of its own called-up share capital.
Cost of hedging reserves
The cash flow hedging reserves and cost of hedging reserve arise from the Group’s hedging arrangements, as described in Note 31.
36. Non-controlling interests
The Group has subsidiary undertakings where there are non-controlling interests. At 31 December 2023, these non-controlling
interests were composed entirely of equity interests and represented the following holding of minority shares by
non-controlling interests:
• APLF Ltd (40%, 2022: 40%) • ITF2 Limited (45%, 2022: 45%)
• China International Exhibitions Co., Ltd (30%, 2022: 30%) • Monaco Yacht Show SAM (10%, 2022: 10%)
• Connect Biz Canada Limited¹ (10%, 2022: n/a) • PEP Tarsus Corporation (49%, 2022: n/a)
• Connect Biz, LLC¹ (10%, 2022: n/a) • Piattaforma LLC (40%, 2022: 40%)
• Cosmoprof Asia Limited (50%, 2022: 50%) • PT Tarsus Indonesia SEA (33%, 2022: n/a)
• Curinos Australia Pty Limited (43.76%, 2022: 43.76%) • PT UBM Pameran Niaga Indonesia (33%, 2022: 33%)
• Curinos Inc. (Canada) (43.76%, 2022: 43.76%) • Sada Uzmanlik Fuarlari A.S (40%, 2022: n/a)
• Curinos, Inc. (USA) (43.76%, 2022: 43.76%) • SCBE Exhibitions (Shenzhen) Co., Ltd. (42.2%, 2022: n/a)
• Curinos International Limited (43.76%, 2022: 43.76%) • Sea Asia Singapore Pte Limited (10%, 2022: 10%)
• Curinos Limited (43.76%, 2022: 43.76%) • Shanghai Baiwen Exhibitions Co., Ltd (15%, 2022: 15%)
• Curinos LLC (43.76%, 2022: 43.76%) • Shanghai IMsinoexpo Digital Services Co., Ltd. (30%, 2022: 30%)
• Evolve OP, LLC (15%, 2022: n/a)
• FBX Novantas Holdings Inc. (43.76%, 2022: 43.76%)
• Shanghai Informa Markets ShowStar Exhibition Co., Limited
(30%, 2022: 30%)
• Fort Lauderdale Convention Services, Inc. (10%, 2022: 10%)
• Foshan Huaxia Home Textile Development Co., Ltd.
(35%, 2022: n/a)
• Shanghai Meisheng Culture Broadcasting Co., Ltd (15%, 2022: 15%)
• Shanghai Sinoexpo Informa Markets International Exhibitions Co., Ltd
(30%, 2022: 30%)
• Foundermade LLC (35%, 2022: n/a) • Shanghai Yingye Exhibitions Co., Ltd (40%, 2022: 40%)
• GKT Events LLC (25%, 2022: n/a) • Shenzhen Bo Ao Exhibition Co., Ltd (35%, 2022: n/a)
• Guangzhou CitiExpo Jianke Exhibition Co., Ltd. (40%, 2022: 40%) • Shenzhen HKPCA Show Company Limited (49%, 2022: n/a)
• Guangzhou Sinobake International Exhibition Co., Ltd
(65%, 2022: 65%)
• Shenzhen Informa Markets Creativity Exhibition Co., Limited
(35%, 2022: 35%)
• Health Connect Partners Inc. (40%, 2022: n/a) • Shenzhen Shengshi Jiuzhou Exhibition Co., Ltd (25%, 2022: n/a)
• Hong Kong Sinoexpo Informa Markets Limited (30%, 2022: 30%) • Shenzhen UBM Herong Exhibition Co., Ltd. (30%, 2022: 30%)
• Ibis JV, LP (43.76%, 2022: 43.76%) • Shenzhen Zhongxincai Exhibition Company Limited (30%, 2022: n/a)
• Informa and Tharawat Limited (51%, 2022: 51%) • Southern Convention Services, Inc. (10%, 2022: 10%)
• Informa Baiwen Exhibitions (Hangzhou) Co., Ltd (40.5%, 2022: n/a) • Tahaluf Events Limited (49%, 2022: 0%)
• Informa Ibis Holdings Inc. (43.76%, 2022: 43.76%) • Tarsus Bodysite LLC (40%, 2022: n/a)
• Informa Ibis Inc. (43.76%, 2022: 43.76%) • Tarsus Map LLC (30%, 2022: n/a)
• Informa Marine Holdings, Inc. (10%, 2022: 10%) • Times Aerospace Publishing Holdings Limited (49%, 2022: n/a)
• Informa Markets Art, LLC (10%, 2022: 10%) • Times Aerospace Publishing Limited (49%, 2022: n/a)
• Informa Markets BN Co Ltd (40%, 2022: 40%) • UBM Asia (Thailand) Co., Ltd (51%, 2022: 51%)
• Informa Tech (Shanghai) Co., Ltd. (49%, 2022: n/a) • USA Beauty LLC (55%, 2022: 55%)
• Informa Tech Founders Limited (45%, 2022: n/a) • Yachting Promotions, Inc. (10%, 2022: 10%)
• Informa Tianyi Exhibitions (Chengdu) Co., Ltd (40%, 2022: 40%) • Zhongshan Guzhen Lighting Expo Co., Ltd (64.3%, 2022: 64.3%)
• Informa Wiener Exhibitions (Chengdu) Co., Ltd (40%, 2022: 40%)
• International Electronics Circuit Exhibition (Shenzhen) Company
Limited (49%, 2022: n/a)
1 The Group acquired the remaining 10% stake in Connect Biz, LLC on 3 January 2024. This also increases the Group’s stake in its wholly owned
subsidiary Connect Biz Canada Limited to 100%
Annual Report and Accounts 2023
216
None of the non-controlling interests are considered individually material to the Group. During the year there were non-
controlling interest additions of £92.3m relating to the acquisition of Tarsus, the incorporations of Informa Baiwen Exhibitions
(Hangzhou) Co., Ltd, Informa Tech (Shanghai) Co., Ltd and SCBE Exhibitions (Shenzhen) Co., Ltd., and the sale of a 49% stake in
Tahaluf Events Limited (formerly Informa Saudi Arabia Limited) (2022: £25.9m).
37. Leases
(a) Leases where the Group is a lessee
The Group’s right-of-use assets and lease liabilities at 31 December are as follows:
Right-of-use assets
Property Other
leases leases Total
£m £m £m
1 January 2022
83.4
115.9
199.3
Depreciation
(20.4)
(4.4)
(24.8)
Additions
17.0
–
17.0
Impairment reversal (Note 7)
0.6
–
0.6
Disposals
(2.8)
–
(2.8)
Foreign exchange movement
4.8
13.9
18.7
1 January 2023
82.6
125.4
208.0
Depreciation
(21.9)
(4.4)
(26.3)
Additions
46.8
–
46.8
Impairment reversal (Note 7)
0.6
–
0.6
Disposals
(6.9)
–
(6.9)
Foreign exchange movement
(4.6)
(6.5)
(11.1)
At 31 December 2023
96.6
114.5
211.1
1
1 Other leases relate to event venue-related leases
Lease liabilities
Property Other
leases leases Total
£m £m £m
1 January 2022
(143.6)
(122.3)
(265.9)
Repayment of lease liabilities
37.3
5.8
43.1
Interest on lease liabilities
(5.9)
(5.1)
(11.0)
Additions
(17.0)
–
(17.0)
Disposals
3.3
–
3.3
Foreign exchange movement
(8.1)
(14.8)
(22.9)
1 January 2023
(134.0)
(136.4)
(270.4)
Repayment of lease liabilities
39.3
5.7
45.0
Interest on lease liabilities
(6.1)
(5.1)
(11.2)
Additions
(46.8)
–
(46.8)
Disposals
3.8
–
3.8
Foreign exchange movement
8.5
7.3
15.8
At 31 December 2023
(135.3)
(128.5)
(263.8)
2023
Current lease liabilities
(27.5)
(0.9)
(28.4)
Non-current lease liabilities
(107.8)
(127.6)
(235.4)
At 31 December 2023
(135.3)
(128.5)
(263.8)
2022
Current lease liabilities
(29.5)
(0.7)
(30.2)
Non-current lease liabilities
(104.5)
(135.7)
(240.2)
At 31 December 2022
(134.0)
(136.4)
(270.4)
1
1 Other leases relate to event venue-related leases
Financial Statements
Str Gov Inf
217
Notes to the Consolidated Financial Statements
for the year ended 31 December 2023
continued
37. Leases continued
(b) Leases where the Group is a lessor
The Group is a lessor in relation to property leases which are sub-let. These sub-lease arrangements are classified as finance
leases. The Group’s finance lease receivable at 31 December 2023 is £10.5m (2022: £6.7m).
(c) Low value and short-term lease expense for the year ended 31 December
Total
£m
2022
Low value lease expense
–
Short-term lease expense (85.4)
2023
Low value lease expense –
Short-term lease expense (152.9)
1
1
1 Includes event venue-related leases
38. Related party transactions
All transactions with related parties are conducted on an arm’s-length basis and in accordance with normal business terms.
Transactions between related parties that are Group subsidiaries are eliminated on consolidation. The related parties,
identified by the Directors, include joint ventures, associates and key management personnel.
Transactions with joint ventures and associates
All transactions with joint ventures and associates are in the normal course of business. Transactions between the Group and
its joint ventures and associates are disclosed below:
Year ended Year ended
31 December 31 December
2023 2022
£m £m
Sales to joint ventures
(0.1)
(0.8)
Sales to associates
(1.7)
–
Purchases from associates
2.2
2.4
Trade receivables owed by joint ventures
0.1
–
Trade receivables owed by associates
0.5
–
Trade payables owed to joint ventures
–
0.2
Trade payables owed to joint ventures are settled net of trade receivables due from joint ventures 60 days after the delivery of
goods or services. There are no loans to or from joint ventures.
Transactions with key management personnel
There were no material transactions with Directors of the Company during the period, except for those relating to
remuneration and shareholdings. Refer to the Directors’ Remuneration Report on page 121 for disclosure on remuneration.
For the purposes of IAS 24 Related Party Disclosures, Executives below the level of the Company’s Board are not regarded
as related parties.
Other related party disclosures
At 31 December 2023, Informa Group companies have guaranteed the UK pension scheme liabilities of the Taylor & Francis
Group Pension and Life Assurance Scheme, the Informa Final Salary Scheme and the UBM Pension Scheme.
Annual Report and Accounts 2023
218
39. Subsidiaries
The listing below shows the subsidiary undertakings as at 31 December 2023:
Registered
Company name
Country
Ownership
office
Centre for Asia Pacific
Australia
100.00%
AU1
Aviation Pty. Limited
Centre for Aviation
Australia
100.00%
AU1
Pty Limited
Informa Holdings
Australia
100.00%
AU1
(Australia) Pty Limited
Datamonitor Pty Limited
Australia
100.00%
AU2
Informa Australia
Australia
100.00%
AU2
Pty Limtied
Ovum Pty Limited
Australia
100.00%
AU2
Curinos Australia
Australia
56.24%
AU3
Pty Limited
Arabian Exhibition
Bahrain
100.00%
BA1
Management W.L.L.
Informa Middle
Bermuda
100.00%
BM1
East Limited
Informa Markets Ltda
Brazil
100.00%
BR1
AMB Tarsus Exhibitions
Cambodia
100.00%
CB1
(Cambodia) Pte. Ltd.
iNet Interactive
Canada
100.00%
CA1
Canada Inc.
Informa Canada Inc.
Canada
100.00%
CA2
Informa Tech Canada Inc. Canada
100.00%
CA2
Curinos Inc.
Canada
56.24%
CA3
Connect Biz Canada
Canada
90.00%
CA4
Limited¹
Afterhurst (Beijing)
China
100.00%
CH1
Information Consulting
Co., Ltd.
Canalys Economic
China
100.00%
CH2
Information Consulting
(Shanghai) Co., Ltd.
China International
China
70.00%
CH3
Exhibitions Co., Ltd.
Foshan Huaxia
China
65.00%
CH4
Home Textile
Development Co., Ltd.
Guangzhou CitiExpo
China
60.00%
CH5
Jianke Exhibition Co., Ltd.
Guangzhou Sinobake
China
35.00%
CH6
International Exhibition
Co., Ltd.³
IBC Conferences
China
100.00%
CH7
and Event Management
Services (Shanghai)
Co., Ltd.
Informa Baiwen
China
59.50%
CH8
Exhibitions (Hangzhou)
Co., Ltd.
Informa Data Service
China
100.00%
CH9
(Shanghai) Co., Ltd.
Informa Enterprise
China
100.00%
CH10
Management (Shanghai)
Co., Ltd.
Informa Exhibitions
China
100.00%
CH11
(Beijing) Co., Ltd.
Informa Information
China
100.00%
CH12
Technology (Shanghai)
Co., Ltd.
Informa Markets China
China
100.00%
CH13
(Chengdu) Co., Ltd.
Registered
Company name
Country
Ownership
office
Informa Markets China
China
100.00%
CH14
(Guangzhou) Co., Ltd.
Informa Markets China
China
100.00%
CH15
(Hangzhou) Co., Ltd.
Informa Markets China
China
100.00%
CH16
(Shanghai) Co., Ltd.
Informa Markets China
China
100.00%
CH17
(Shenzhen) Co., Ltd.
Informa Tech (Shanghai)
China
51.00%
CH18
Co., Ltd.
Informa Tianyi
China
60.00%
CH19
Exhibitions (Chengdu)
Co., Ltd.
Informa Weiner
China
60.00%
CH20
Exhibitions (Chengdu)
Co., Ltd.
SCBE Exhibitions
China
57.80%
CH21
(Shenzhen) Co., Ltd.
Shanghai Baiwen
China
85.00%
CH22
Exhibitions Co., Ltd.
Shanghai IMsinoexpo
China
70.00%
CH23
Digital Services Co., Ltd.
Shanghai Informa
China
70.00%
CH24
Markets ShowStar
Exhibition Co., Ltd.
Shanghai Meisheng
China
85.00%
CH25
Culture Broadcasting
Co., Ltd.
Shanghai SinoExpo
China
70.00%
CH26
Informa Markets
International Exhibitions
Co., Ltd.
Shanghai Yingye
China
60.00%
CH27
Exhibitions Co., Ltd.
Shenzhen Bo Ao
China
65.00%
CH28
Exhibition Co., Ltd.
Shenzhen HKPCA Show
China
51.00%
CH29
Co., Ltd.
Shenzhen Informa
China
65.00%
CH30
Markets Creativity
Exhibition Co., Ltd.
Shenzhen Shengshi
China
75.00%
CH31
Jiuzhou Exhibition
Co., Ltd.
Shenzhen UBM Herong
China
70.00%
CH32
Exhibition Co., Ltd.
Shenzhen Zhongxincai
China
70.00%
CH33
Exhibition Co., Ltd.
Tarsus Exhibition
China
100.00%
CH34
(Shanghai) Co., Ltd.
Tarsus Exhibition
China
100.00%
CH35
(Shenzhen) Co., Ltd.
Tarsus Hope Exhibition
China
100.00%
CH36
Co., Ltd.
Zhengzhou Tarsus Hope
China
100.00%
CH37
Exhibition Co., Ltd.
Zhongshan Guzhen
China
35.70%
CH38
Lighting Expo Co., Ltd¹
Stormcliff Limited
Cyprus
100.00%
CY1
Informa Egypt LLC
Egypt
100.00%
EG1
Euromedicom SAS
France
100.00%
FR1
Eurovir SAS
France
100.00%
FR1
Financial Statements
Str Gov Inf
219
Notes to the Consolidated Financial Statements
for the year ended 31 December 2023
continued
39. Subsidiaries continued
Registered
Company name
Country
Ownership
office
New AG International
France
100.00%
FR1
S.à.r.l.
EBD Group GmbH
Germany
100.00%
DE1
Informa Holding
Germany
100.00%
DE1
Germany GmbH
Informa Tech
Germany
100.00%
DE1
Germany GmbH
UBM Canon Deutschland
Germany
100.00%
DE1
GmbH
Taylor & Francis
Germany
100.00%
DE2
Verlag GmbH
APLF Limited
Hong Kong
60.00%
HK1
Cosmoprof Asia Limited¹
Hong Kong
50.00%
HK1
Great Tactic Limited
Hong Kong
100.00%
HK1
Hong Kong Sinoexpo
Hong Kong
70.00%
HK1
Informa Markets Limited
Informa Global Markets
Hong Kong
100.00%
HK1
(Hong Kong) Limited
Informa Limited
Hong Kong
100.00%
HK1
Informa Markets Asia
Hong Kong
100.00%
HK1
Group Limited
Informa Markets Asia
Hong Kong
100.00%
HK1
Holdings (HK) Limited
Informa Markets
Hong Kong
100.00%
HK1
Asia Limited
Informa Markets Asia
Hong Kong
100.00%
HK1
Partnership
Informa Markets South
Hong Kong
100.00%
HK1
China Limited
MAI Brokers
Hong Kong
100.00%
HK1
(Asia & Pacific) Limited
Mills & Allen Holdings
Hong Kong
100.00%
HK1
(Far East) Limited
Penton Media
Hong Kong
100.00%
HK1
Asia Limited
International Electronics
Hong Kong
51.00%
HK2
Circuit Exhibition
(Shenzhen) Company
Limited
Informa Markets India
India
100.00%
IN1
Private Limited
UBM Exhibitions India
India
100.00%
IN1
LLP
Taylor & Francis Books
India
100.00%
IN2
India Private Limited
Taylor & Francis
India
100.00%
IN3
Technology Services LLP
Canalys Solutions
India
100.00%
IN4
and Experiences
Private Limited
Tarsus Exhibitions India
India
99.99%
IN5
Private Limited
PT Pamerindo Indonesia
Indonesia
100.00%
ID1
PT Tarsus Indonesia SEA
Indonesia
67.00%
ID3
PT UBM Pameran
Indonesia
67.00%
ID2
Niaga Indonesia
Donytel Unlimited
Ireland
100.00%
IR1
Uncompany
F1000
Open Science
Ireland
100.00%
IR1
Platforms Limited
Registered
Company name
Country
Ownership
office
Maypond Holdings
Ireland
100.00%
IR1
Limited
Maypond Limited
Ireland
100.00%
IR1
Tanahol Unlimited
Ireland
100.00%
IR1
Company
Colwiz Limited
Ireland
100.00%
IR2
UNM International
Isle of Man
100.00%
IM1
Holdings Limited
UNM Overseas Holdings
Isle of Man
100.00%
IM1
Limited
Informa Global Markets
Japan
100.00%
JP1
(Japan) Co., Ltd
Informa Intelligence
Japan
100.00%
JP1
Godo Kaisha
Informa Markets Japan
Japan
100.00%
JP2
Co., Ltd
Taylor & Francis
Japan
100.00%
JP3
Japan Godo Kaisha
Informa Jersey Limited
Jersey
100.00%
JE1
Tarsus Group Limited
Jersey
100.00%
JE2
UBM (Jersey) Limited
Jersey
100.00%
JE2
UBM Limited
Jersey
100.00%
JE2
CMP Holdings S.à.r.l.
Luxembourg
100.00%
LX1
CMP Intermediate
Luxembourg
100.00%
LX1
Holdings S.à.r.l.
UBM Finance S.à r.l.
Luxembourg
100.00%
LX1
UBM IP Luxembourg
Luxembourg
100.00%
LX1
S.à.r.l.
United Brazil Holdings
Luxembourg
100.00%
LX1
S.à.r.l.
United Commonwealth
Luxembourg
100.00%
LX1
Holdings S.à.r.l.
United CP Holdings
Luxembourg
100.00%
LX1
S.à.r.l.
United News Distribution
Luxembourg
100.00%
LX1
S.à.r.l.
United Professional
Luxembourg
100.00%
LX1
Media S.à.r.l.
UNM Holdings S.à.r.l.
Luxembourg
100.00%
LX1
Vavasseur International
Luxembourg
100.00%
LX1
Holdings S.à.r.l.
Informa Markets
Malaysia
100.00%
MA1
Malaysia Sdn Bhd
Malaysian Exhibition
Malaysia
100.00%
MA1
Services Sdn Bhd
UBM Tech Research
Malaysia
100.00%
MA1
Malaysia Sdn Bhd
UBMMG Holdings
Malaysia
100.00%
MA1
Sdn Bhd
AMB Tarsus Exhibitions
Malaysia
100.00%
MA2
Sdn Bhd
UBM Mexico
Mexico
100.00%
ME1
Exposiciones, S.A.P.I.
Tarsus Services,
S. de R.L. de C.V.
Mexico
100.00%
ME2
Informa Monaco SAM
Monaco
100.00%
MC1
Monaco Yacht Show SAM
Monaco
90.00%
MC1
Myanmar Trade Fair
Myanmar
100.00%
MY1
Management
Company Limited
Annual Report and Accounts 2023
220
Registered
Company name
Country
Ownership
office
AMB Tarsus Exhibitions
Myanmar
100.00%
MY2
(Myanmar) Pte. Ltd.
IIR South Africa B.V.
Netherlands
100.00%
NL1
Informa Europe B.V.
Netherlands
100.00%
NL1
Informa Finance B.V.
Netherlands
100.00%
NL1
Informa Markets B.V.
Netherlands
100.00%
NL1
UBM Asia B.V.
Netherlands
100.00%
NL2
Dove Medical Press (NZ)
New Zealand
100.00%
NZ1
Limited
Informa Healthcare A.S.
Norway
100.00%
NO1
Colwiz Pakistan
Pakistan
99.98%
PK1
Private Limited
UBM Exhibitions
Philippines
100.00%
PH1
Philippines Inc
AMB Tarsus Exhibitions
Philippines
100.00%
PH2
(Philippines) Corporation
PEP Tarsus Corporation
Philippines
51.00%
PH3
Informa and Tharawat
Qatar
49.00%
QA1
Limited¹
Informa Markets BN Republic of
60.00%
RK1
Co Ltd. Korea
Informa Markets Korea Republic of
100.00%
RK1
Corporation Korea
Informa Tech Korea Republic of
100.00%
RK2
Co., Ltd. Korea
Tahaluf Events Limited
Saudi Arabia
51.00%
SU1
Informa Saudi Arabia
Saudi Arabia
100.00%
SU2
LLC²
IBC Asia (S) Pte Ltd.
Singapore
100.00%
SG1
Taylor & Francis (S)
Singapore
100.00%
SG1
Pte Ltd
Informa Global Markets
Singapore
100.00%
SG1
(Singapore) Pte Limited
Informa Exhibitions
Singapore
100.00%
SG2
Pte Limited
Sea Asia Singapore Pte
Singapore
90.00%
SG2
Limited
Singapore Exhibition
Singapore
100.00%
SG2
Services (Pte) Limited
Tarsus (Singapore)
Singapore
100.00%
SG3
Pte Ltd
Canalys Pte. Ltd.
Singapore
100.00%
SG4
Marketworks
South Africa
100.00%
SA1
Datamonitor (Pty) Ltd
Institute for International
Spain
100.00%
SP1
Research Espana S.L.
Co-Action Publishing AB
Sweden
100.00%
SE1
Taylor & Francis AB
Sweden
100.00%
SE1
Informa IP GmbH
Switzerland
100.00%
SW1
Informa Tech Taiwan
Taiwan
100.00%
TA1
Limited
Bangkok Exhibition
Thailand
100.00%
TH1
Services Ltd.
UBM Asia (Thailand)
Thailand
49.00%
TH1
Co. Ltd³
UBM Istanbul Fuarcılık
Turkey
100.00%
TU1
ve Gösteri Hizmetleri A.Ş.
Sada Uzmanlik
Turkey
60.00%
TU2
Fuarlari A.S
Registered
Company name
Country
Ownership
office
Tarsus Turkey Fuarcılık
Turkey
100.00%
TU3
Anonim Şirketi
ABI Building Data
UK
100.00%
UK1
Limited
Afterhurst Limited
UK
100.00%
UK1
Blessmyth Limited
UK
100.00%
UK1
Canrak Books Limited
UK
100.00%
UK1
CapRegen BioSciences
UK
100.00%
UK1
Limited
CapRegen Limited
UK
100.00%
UK1
CapRegen Magnum
UK
100.00%
UK1
Limited
CapRegen Natural
UK
100.00%
UK1
BioSciences Limited
CapRegen Nutraceuticals
UK
100.00%
UK1
Limited
Colonygrove Limited
UK
100.00%
UK1
Colwiz UK Limited
UK
100.00%
UK1
Crosswall Nominees
UK
100.00%
UK1
Limited
Curinos International
UK
56.24%
UK1
Limited
Curinos Limited
UK
56.24%
UK1
Datamonitor Limited
UK
100.00%
UK1
Design Junction Limited
UK
100.00%
UK1
DIVX Express Limited
UK
100.00%
UK1
Dove Medical Press
UK
100.00%
UK1
Limited
Expert Publishing
UK
100.00%
UK1
Medicine Ltd.
Expert Publishing
UK
100.00%
UK1
Science Ltd.
F1000
Research Limited
UK
100.00%
UK1
Fairs & Exhibitions (1992)
UK
100.00%
UK1
Limited
Fairs And Exhibitions
UK
100.00%
UK1
Limited
Futurum Media Limited
UK
100.00%
UK1
GNC Media Investments
UK
100.00%
UK1
Limited
Green Thinking (Services)
UK
100.00%
UK1
Limited
Hirecorp Limited
UK
100.00%
UK1
IBC (Ten) Limited
UK
100.00%
UK1
IBC (Twelve) Limited
UK
100.00%
UK1
IIR (UK Holdings)
UK
100.00%
UK1
Limited
IIR Management Limited
UK
100.00%
UK1
Industry Dive, Ltd.
UK
100.00%
UK1
Informa Connect
UK
100.00%
UK1
Limited
Informa Cosec Limited
UK
100.00%
UK1
Informa Exhibitions
UK
100.00%
UK1
Limited
Informa Final Salary
UK
100.00%
UK1
Pension Trustee Company
Limited
Informa Finance Australia
UK
100.00%
UK1
Limited
Financial Statements
Str Gov Inf
221
Notes to the Consolidated Financial Statements
for the year ended 31 December 2023
continued
Registered
Company name
Country
Ownership
office
Informa Finance Brazil
UK
100.00%
UK1
Limited
Informa Finance Egypt
UK
100.00%
UK1
Limited
Informa Finance Mexico
UK
100.00%
UK1
Limited
Informa Finance USA
UK
100.00%
UK1
Limited
Informa Global Markets
UK
100.00%
UK1
(Europe) Limited
Informa Group Holdings
UK
100.00%
UK1
Limited
Informa Group Limited
UK
100.00%
UK1
Informa Holdings
UK
100.00%
UK1
Limited
Informa Investment Plan
UK
100.00%
UK1
Trustees Limited
Informa Investments
UK
100.00%
UK1
Limited
Informa Manufacturing
UK
100.00%
UK1
Europe Holdings
Limited
Informa Manufacturing
UK
100.00%
UK1
Europe Limited
Informa Markets
UK
100.00%
UK1
(Europe) Limited
Informa Markets
UK
100.00%
UK1
(Maritime) Limited
Informa Markets (UK)
UK
100.00%
UK1
Limited
Informa Markets
UK
100.00%
UK1
Limited
Informa Overseas
UK
100.00%
UK1
Investments Limited
Informa Property
UK
100.00%
UK1
(Colchester) Limited
Informa Six Limited
UK
100.00%
UK1
Informa Tech Founders
UK
55.00%
UK1
Limited
Informa Tech Research
UK
100.00%
UK1
Limited
Informa Telecoms &
UK
100.00%
UK1
Media Limited
Informa Three Limited
UK
100.00%
UK1
Informa UK Limited
UK
100.00%
UK1
Informa United Finance
UK
100.00%
UK1
Limited
Informa US Holdings
UK
100.00%
UK1
Limited
ITF2 Limited
UK
55.00%
UK1
Light Reading UK Limited
UK
100.00%
UK1
London On-Water Ltd
UK
100.00%
UK1
LSX Limited
UK
100.00%
UK1
MAI Luxembourg UK
UK
100.00%
UK1
Societas
Miller Freeman
Worldwide Limited
UK 100.00% UK1
Registered
Company name
Country
Ownership
office
MRO Exhibitions Limited
UK
100.00%
UK1
MRO Publications
UK
100.00%
UK1
Limited
Newlands Press Limited
UK
100.00%
UK1
Oes Exhibitions Limited
UK
100.00%
UK1
OTC Publications Limited
UK
100.00%
UK1
Penton Communications
UK
100.00%
UK1
Europe Limited
PNO Exhibition
UK
100.00%
UK1
Investment (Dubai)
Limited
Roamingtarget Limited
UK
100.00%
UK1
Routledge Books Limited
UK
100.00%
UK1
Tarsus AM Shows Ltd
UK
100.00%
UK1
Tarsus America Limited
UK
100.00%
UK1
Tarsus Atlantic Limited
UK
100.00%
UK1
Tarsus Cedar Limited
UK
100.00%
UK1
Tarsus China Limited
UK
100.00%
UK1
Tarsus Exhibitions &
UK
100.00%
UK1
Publishing Limited
Tarsus Group Limited
UK
100.00%
UK1
Tarsus Holdings Limited
UK
100.00%
UK1
Tarsus Investments
UK
100.00%
UK1
Limited
Tarsus Leeward Limited
UK
100.00%
UK1
Tarsus Luzhniki Limited
UK
100.00%
UK1
Tarsus Martex
UK
100.00%
UK1
Tarsus Medical Limited
UK
100.00%
UK1
Tarsus New Media
UK
100.00%
UK1
Limited
Tarsus Organex Limited
UK
100.00%
UK1
Tarsus Overseas Limited
UK
100.00%
UK1
Tarsus Publishing
UK
100.00%
UK1
Limited
Tarsus Touchstone
UK
100.00%
UK1
Limited
Tarsus UK Holdings
UK
100.00%
UK1
Limited
Tarsus US Limited
UK
100.00%
UK1
Tarsus Windward
UK
100.00%
UK1
Limited
Taylor & Francis Books
UK
100.00%
UK1
Limited
Taylor & Francis Group
UK
100.00%
UK1
Limited
Taylor & Francis Limited
UK
100.00%
UK1
Taylor & Francis
UK
100.00%
UK1
Publishing Services
Limited
The W.R. Kern
UK
100.00%
UK1
Organisation Limited
Tiger Acquisitions
UK
100.00%
UK1
Holding Limited
Tiger Acquisitions
UK
100.00%
UK1
Intermediate Holding
Limited
39. Subsidiaries continued
Annual Report and Accounts 2023
222
Registered
Company name
Country
Ownership
office
Tiger Acquisitions UK
UK
100.00%
UK1
Limited
TU-Automotive
UK
100.00%
UK1
Holdings Limited
TU-Automotive Limited
UK
100.00%
UK1
Turtle Diary Limited
UK
100.00%
UK1
UBM (GP) No1 Limited
UK
100.00%
UK1
UBM Aviation Worldwide
UK
100.00%
UK1
Limited
UBM International
UK
100.00%
UK1
Holdings UK Societas
UBM Property Services
UK
100.00%
UK1
Limited
UBM Shared Services
UK
100.00%
UK1
Limited
UBM Trustees Limited
UK
100.00%
UK1
UBMG Holdings
UK
100.00%
UK1
UBMG Services Limited
UK
100.00%
UK1
United Consumer Media
UK
100.00%
UK1
UK Societas
United Executive
UK
100.00%
UK1
Trustees Limited
United Newspapers
UK
100.00%
UK1
Publications Limited
United Trustees Limited
UK
100.00%
UK1
UNM Investments
UK
100.00%
UK1
Limited
Vavasseur Overseas
UK
100.00%
UK1
Holdings Limited
Canalys.com Ltd.
UK
100.00%
UK2
Smarter Shows (Tarsus)
UK
100.00%
UK3
Limited
Smarter Shows (No 2)
UK
100.00%
UK3
Limited
Times Aerospace
UK
51.00%
UK4
Publishing Limited
Times Aerospace
UK
51.00%
UK4
Publishing Holdings
Limited
Informa Middle East United Arab
100.00%
UAE1
Media FZ LLC Emirates
F&E LLC FZE
United Arab
100.00%
UAE2
Emirates
Curinos LLC
USA
56.24%
US1
FBX Novantas
USA
56.24%
US1
Holdings Inc.
Curinos, Inc.
USA
56.24%
US1
Farm Progress Limited
USA
100.00%
US1
Ibis JV, LP
USA
56.24%
US1
Informa Business
USA
100.00%
US1
Media Holdings, Inc.
Informa Business
USA
100.00%
US1
Media, Inc.
Informa Data
USA
100.00%
US1
Sources, Inc.
Informa Exhibitions
USA
100.00%
US1
Holding Corp.
Informa Exhibitions
USA
100.00%
US1
U.S. Construction & Real
Estate, Inc.
Registered
Company name
Country
Ownership
office
Informa Exhibitions,
LLC
USA
100.00%
US1
Informa Global Sales,
Inc.
USA
100.00%
US1
Informa Global Shared
USA
100.00%
US1
Services LLC
Informa Ibis GP, LLC
USA
100.00%
US1
Informa Ibis Holdings
USA
56.24%
US1
Inc.
Informa Ibis Inc.
USA
56.24%
US1
Informa Intrepid
USA
100.00%
US1
Holdings Inc.
Informa Life Sciences
USA
100.00%
US1
Exhibitions, Inc.
Informa Markets Fashion
USA
100.00%
US1
(East) LLC
Informa Markets
USA
100.00%
US1
France, Inc.
Informa Markets
USA
100.00%
US1
Holdings, Inc.
Informa Markets
USA
100.00%
US1
Investments, Inc
Informa Markets
USA
100.00%
US1
Manufacturing LLC
Informa Media, Inc.
USA
100.00%
US1
Informa Operating
USA
100.00%
US1
Holdings, Inc.
Informa Tech Holdings
USA
100.00%
US1
LLC
Informa Markets
USA
100.00%
US1
Medica LLC
Informa Tech LLC
USA
100.00%
US1
Informa US Beauty
USA
100.00%
US1
Holdings LLC
Internet World Media,
Inc.
USA
100.00%
US1
LOE Holdings, LLC
USA
100.00%
US1
Ludgate USA LLC
USA
100.00%
US1
Piattaforma LLC
USA
60.00%
US1
Roast LLC
USA
100.00%
US1
Spectrum ABM Corp.
USA
100.00%
US1
UBM Delaware LLC
USA
100.00%
US1
UBM Finance, Inc.
USA
100.00%
US1
UBM UK LLC
USA
100.00%
US1
USA Beauty LLC¹
USA
45.00%
US1
Winsight, LLC
USA
100.00%
US1
Taylor & Francis
USA
100.00%
US1
Group, LLC
Technomic, Inc.
USA
100.00%
US1
Brainweek, LLC
USA
100.00%
US2
Canalys.com, Inc.
USA
100.00%
US2
Caroo Development Inc.
USA
100.00%
US2
Caroo USA Inc.
USA
100.00%
US2
Connect Biz, LLC³
USA
90.00%
US2
Connect Travel, LLC
USA
100.00%
US2
Foundermade LLC
USA
65.00%
US2
Montana Street
USA
100.00%
US2
Consultants, Inc.
Natural Biosciences Inc.
USA
100.00%
US2
Financial Statements
Str Gov Inf
223
Notes to the Consolidated Financial Statements
for the year ended 31 December 2023
continued
Registered
Company name
Country
Ownership
office
Tarsus Partners, L.P.
USA
100.00%
US2
Scuba Holdings, Inc.
USA
100.00%
US2
Tarsus Atlantic
USA
100.00%
US2
Holdings LLC
Industry Dive, Inc.
USA
100.00%
US2
Tarsus Bodysite LLC
USA
60.00%
US2
MCI OPCO, LLC
USA
100.00%
US2
Tarsus Events, LLC
USA
100.00%
US2
Tarsus Exhibitions, LLC
USA
100.00%
US2
Tarsus Mexico Events,
LLC
USA
100.00%
US2
Tarsus GEP, Inc.
USA
100.00%
US2
Tarsus Map LLC
USA
70.00%
US2
Tarsus US Holdings
USA
100.00%
US2
Incorporated
Trade Show News
USA
100.00%
US3
Network, Inc.
UBM Community
USA
100.00%
US4
Connection Foundation
Netline Corporation
USA
100.00%
US5
Duke Investments, Inc.
USA
100.00%
US6
Informa Markets Art,
LLC
USA
90.00%
US7
Informa Support
USA
100.00%
US7
Services, Inc.
Informa Marine
USA
90.00%
US7
Holdings, Inc.
Fort Lauderdale
USA
90.00%
US7
Convention Services, Inc.
Yachting Promotions,
Inc.
USA
90.00%
US7
Southern Convention
USA
90.00%
US7
Services. Inc.
Registered
Company name
Country
Ownership
office
Advanstar
USA
100.00%
US8
Communications, Inc.
Informa Princeton LLC
USA
100.00%
US8
CMP Child Care
USA
100.00%
US8
Center, Inc
Knect365 US, Inc.
USA
100.00%
US8
Informa Business
USA
100.00%
US9
Intelligence, Inc.
Informa USA, Inc.
USA
100.00%
US9
Ovum, Inc.
USA
100.00%
US9
Metabolic Medical
USA
100.00%
US10
Institute, Inc.
Tarsus Advon
USA
100.00%
US10
Holdings, Inc.
Tarsus Cardio, Inc.
USA
100.00%
US10
Tarsus Medical
USA
100.00%
US10
Education LLC
Tarsus Direct LLC
USA
100.00%
US10
Medical Conferences
USA
100.00%
US11
International, Inc.
DMS Group, LLC
USA
100.00%
US12
Off-Price Specialists
USA
100.00%
US13
Center
Evolve OP, LLC
USA
85.00%
US14
GKT Events LLC
USA
75.00%
US15
Tarsus Expositions, Inc.
USA
100.00%
US16
Tarsus Publishing, Inc.
USA
100.00%
US17
Tarsus Connect, LLC
USA
100.00%
US18
Health Connect
USA
60.00%
US19
Partners Inc.
SES Vietnam Exhibition
Vietnam
100.00%
VE1
Services Company
Limited
4
1 The Group acquired the remaining 10% stake in Connect Biz, LLC on 3 January 2024. This also increases the Group’s stake in its wholly owned
subsidiary Connect Biz Canada Limited to 100%
2 Informa Saudi Arabia LLC was dissolved on 4 February 2024
3 This entity is included here as a subsidiary and in the Consolidated Financial Statements due to the circumstances of its ownership and
management, in line with the requirements of IFRS 10
4 Ovum, Inc. was dissolved on 29 February 2024
39. Subsidiaries continued
Annual Report and Accounts 2023
224
Company registered office addresses
Registered
office
Registered office address
AU1
c/o LBW & Partners, Level 3, 845 Pacific Highway,
Chatswood, NSW 2067, Australia
AU2
Level 4, 24 York Street, Sydney, NSW 2000, Australia
AU3
c/o Kelly Partners (Northern Beaches) Pty Ltd, Unit 15,
117 Old
Pittwater Road, Brookvale NSW 2100, Australia
BA1
Building 1, Road 22, Block 414, Al-Daih, PO Box 20200,
Jidhafs, Bahrain
BM1
Victoria Place, 5th Floor, 31 Victoria Street, Hamilton,
HM10, Bermuda
BR1
Avenida Doutora Ruth Cardoso, 7221, 22/C2301/B.A,
Pinheiros, São Paulo – SP, CEP 05425-902, Brazil
CA1
c/o McMillan LLP, 1500 Royal Centre, 1055 W. Georgia
Street, Vancouver, BC V6E 4N7, Canada
CA2
12th Floor, 20 Eglinton Avenue West, Yonge Eglinton
Centre, Toronto, ON M4R 1K8, Canada
CA3
181
University Avenue, Suite 1100, Toronto, ON M5H 3M7,
Canada
CA4
PO Box 49130,
2900-595 Burrard Street, Vancouver BC BC
V7X 1J5, Canada
CB1
Building #128, Office No. 103, 1st Floor, Russian Federation
Bvld (110), Sangkat Toek Laak 1, Khan Tuol Kork, Phnom
Penh, Cambodia
CH1
Unit 101, 1st Floor, Building 8, Yard 1, Gaolizhang Road,
Haidian District, Beijing, China
CH2
Room 310, Building 2, No. 98 Yan Ping Road, Jing An
District, Shanghai, China
CH3
Floor 7/8, Urban Development International Tower,
No. 355
Hong Qiao Road, Xu Hui District,
Shanghai, 200030,
China
CH4
Room 2602,
Financial Centre, 28 Haiwu Road, Guicheng Street, Nanhai
Building 1, South China International
District, Foshan, China
CH5
Room 902, No. 996 East Xingang Road, Haizhu District,
Guangzhou, China
CH6
Room 2807,
East Xingang Road, Haizhu District,
No. 1022
Guangzhou, China
CH7
Room 2072,
2nd Floor, 124 Building, No. 960 Zhong Xing
Road, Jing'an District, Shanghai, China
CH8
Room 537, No.857 of North Shixin Road, Xiaoshan District,
Hangzhou, China
CH9
Room 6396
No. 650
Dingxi Road, Changning District,
Shanghai, China
CH10
Room 2201
Hong Kong New Tower, No. 300 Huai Hai
Middle Road, Huang Pu District, Shanghai, China
CH11
Unit 802 Comfort Plaza, No. 4 of Worker's Stadium North
Road, Chaoyang District, Beijing 100027, China
CH12
West-South Area Fl. 3, No. 2123 Pudong Avenue,
Free Trade Zone, Shanghai, China
CH13
Ningbo Road, Zhengxing Street, Tianfu New District,
China (Sichuan) Pilot Free Trade Zone, East Section of
Chengdu, China
CH14
Room 1159-1164, China Hotel Office Tower, Liu Hua Road,
Guangzhou, China
CH15
Room 123, Floor 1, Building 1, No.108 Kangqiao Road,
Gongshu District, Hangzhou, China
CH16
Room 207, No. 453 Fahuazhen Road, Shanghai, China
CH17
V3 East, Level 17 Daqing Building, Tian'an Shatou Street,
Futian District, Shenzhen, China
CH18
Room 501-7, 1566 West Yan’an Road, Changning District,
Shanghai, China
Registered
office
Registered office address
CH19
No 502, 5th Floor, Building 4, 99 Guangfu Road, Wuhou
District, Chengdu, China
CH20
Room 1009,
Western Tower No. 19, Way 4, South People
Road, Chengdu City, China
CH21
8C-28E, Xinlikang Building, 3044 Xinghai Avenue, Nanshan
Street, Qianhai Shenzhen-Hong Kong Cooperation Zone,
Shenzhen 518966, China
CH22
Room 1010,
10F, No. 993 West Nanjing Road, Jingan
District, Shanghai, China
CH23
8/F UDIT, 355 Hong Qiao Road, Shanghai 200030, China
CH24
Unit 2901,
K11 Atelier, 300 Huai Hai Road Central,
Huangpu District, Shanghai 200021, China
CH25
Room 101‑75, No.15 Jia, No. 152 Alley, Yanchang Road,
Jing'an District, Shanghai, China
CH26
Room 608, Block A, No. 1 Building, No. 3000 Longdong
Avenue, Pilot Free Trade Zone, Shanghai, China
CH27
Room 234, 2nd Floor, M-Zone, 1st Building, No 3398 Hu
Qing Ping Road, Zhao Xiang Town, Qing Pu District,
Shanghai, China
CH28
Room 1405S, 14th Floor, Times Financial Center, No. 4001
Shennan Avenue, Fu'an Community, Futian Street, Futian
District, Shenzhen, China
CH29
Unit 2607B, 26/F, Huarong Building, 178 Mintian Road,
Futian District, Shenzhen, China
CH30
L28-02, Building No. 3, Zuoyue Financial Centre, No. 5033
of Menghai Avenue, Shenzhen, China
CH31
Room 1703,
Block C, Tairan Building, Futian District,
Shenzhen, China
CH32
Room 607, East Block, Coastal Building, Haide 3rd Road,
Nanshan District, Shenzhen, Guangdong 518054, China
CH33
Room 1303,
Building 3, Zhongkang Road 128, Meilin
Community, Meilin Street, Futian District, Shenzhen, China
CH34
Room V1134, 11F, No. 158 Shuanglian Road Qingpu
District, Shanghai, China
CH35
44AC-1229, Block A, NEO Lvjing Era Building, 6011
Shennan Avenue, Futian District, Shenzhen, China
CH36
Rm D326, No. 1 – 9 Clapping Hands Incubator, Tower A, Asia
Trade Plaza, No. 628 Wuluo Road, Zhongnan Road Street,
Wuchang District, Wuhan City, Hubei Province, China
CH37
Rm. 2106,
No.60, Zi Jinshan Road, Cheng District,
Zhengzhou, China
CH38
2F, Guzhen Convention & Exhibition Center,
Zhongshan, Guangdong, China
CY1
2nd Floor, Sotiri Tofini 4, Agios Athanasios,
Limassol, 4102, Cyprus
DE1
Kaufingerstraße 24, 80331 Munich, Germany
DE2
Knesebeckstraße 62/63, 10719 Berlin, Germany
EG1
7H Building, Street 263, New Maadj, Cairo, Egypt
FR1
37 avenue de Friedland, 75008, Paris, France
HK1
Room 812, Silvercord, Tower 1, 30 Canton Road,
Tsimshatsui, Kowloon, Hong Kong
HK2
Unit 1508,
15/F., Greenfield Tower, No. 1 Science
Museum Road, Tsimshatsui, Hong Kong
ID1
Menara Jamsostek Utara, Lanatai 12 Unit 12‑04, Jalan
Jendral Gatot Subroto No. 38, Jakarta 12710, Indonesia
ID2
Intiland Tower, 19th Floor, Jalan Jendral Sudirman No.32,
Jakarta Pusat, 10220, Indonesia
IM1
First Names House, Victoria Road, Douglas, Isle of Man,
IM2 4DF, Isle of Man
Financial Statements
Str Gov Inf
225
Notes to the Consolidated Financial Statements
for the year ended 31 December 2023
continued
Registered Registered
office
Registered office address
office
Registered office address
IN1
Solitaire-XIV Building, B-Wing, 1st Floor, Unit No. 3 & 4,
SA1
Broadacres Business Centre, Corner Cedar, 3rd Avenue
Guru Hargovindji Marg, Chakala, Andheri (East), Broadacres, Sandton Gauteng, Johannesburg, 2021,
Mumbai 400093,
India
South Africa
IN2
2nd & 3rd floor, The National Council of YMCAs of India, 1,
SE1
Box 3255,
103 65, Stockholm, Sweden
Jai Singh Road, New Delhi, 110001, India
SG1
230
Victoria Street, #04‑06/07/08, Bugis Junction Towers,
IN3
No. 143, 144 Hosur Main Road, Industrial Layout,
Singapore 188024
Koramangala, Bangalore 560 095, Karnataka, India
SG2
63 Robinson Road, #06-02, Afro-Asia, Singapore 068894
IN4
58 Bowring Hospital Road, Shivaji Nagar Bangalore,
SG3
9 Raffles Place, #26-01, Republic Plaza, Singapore 048619
Bangalore, Karnataka, 560051, India
SG4
133
Cecil Street, #13-02, Keck Seng Tower,
IN5
9 Mathura Road, Jangpura‑B, New Delhi, 110014, India
Singapore 069535
IR1
68 Merrion Square, Dublin 2, D02 W983, Ireland
SP1
Calle Azcona, 36, Bajo de Madrid, Madrid 28028, Spain
IR2
70 Sir John Rogerson's Quay, Dublin 2, Ireland
SU1
Office 109, 1st Floor, Aban Center, King Abdulaziz Road,
JE1
22 Grenville Street, St Helier JE4 8PX, Jersey
AlGhadir District, Riyadh, 13311, Saudi Arabia
JE2
44 The Esplanade, St Helier, JE4 9WG, Jersey
SU2
Marei bin Mahfouz Group Regional Office Building,
JP1
21F, Otemachi Financial City North Tower, 1-9-5 Otemachi,
Al aziziya intersection of Tahlia & Siteen Str nearby Ikea,
Chiyoda‑ku, Tokyo, 100‑0004, Japan PO Box 4100, Jeddah 21491, Saudi Arabia
JP2
Kanda 91 Building, 1-8-3 Kajicho, Chiyoda-ku, Tokyo,
SW1
Suurstoffi 37, 6343 Rotkreuz, Switzerland
101‑0044, Japan
TA1
Floor 10, No. 66, Second 1, Neihu Rd, Neiting District,
JP3
9th Floor, JHV Building 1‑54‑4, Kanda Jimbocho, Chiyoda‑
Taipei, Taiwan
ku, Tokyo, 101‑0051, Japan
TH1
428
Ari Hills Building, 18th Floor, Phahonyothin Road,
LX1
L-2520,
21 – 25 Allee Scheffer,
Luxembourg
Samsen Nai, Phaya Thai, Bangkok 10400, Thailand
MA1
Unit 30-01, Level 30, Tower A, Vertical Business Suite,
TU1
Rüzgarlıbaçe Mah. Kavak Sok, Smart Plaza B Blok,
Avenue 3, Bangsar South, No. 8, Jalan Kerinchi, 59200 No: 31/1 Kat: 8, 34805 Kavacik‑Beykoz, Istanbul, Turkey
Kuala Lumpur, Malaysia
TU2
Mustafa Kemal Mah 2143 Sok, Gokceoglu, Plaza No 7/4
MA2
41B Damai Complex, Jalan Datuk Haji Eusoff, Kuala
Cankaya, Ankara, Turkey
Lumpur, Wilayah Persekutuan, Malaysia
TU3
Esentepe Mah, Buyukdere Cad. No:124, Ozsezen Is
MC1
Le Suffren, 7 rue Suffren-Reymond, Monaco, 98000,
Merkezi B Blok Kat:6 Sisli, Istanbul, Turkey
Monaco
UAE1
17th & 18th Floor, Creative Tower, PO Box 422, Fujairah,
ME1
Lago Alberto 319, 901-A, Colonia Granada, Delegación
Miguel Hidalgo, Mexico City 11520, Mexico
UAE2
United Arab Emirates
Dubai Airport Free Zone, PO Box 371391, Building 7W,
ME2
Insurgentes Sur 664 piso 4, Col. Del Valle, C.P. 03100,
Suite 3103,
Dubai, United Arab Emirates
Mexico City, Mexico
UK1
5 Howick Place, London, SW1P 1WG, United Kingdom
MY1
No. 3/A, # 14‑00 Junction City Tower, Bogyoke Aung San
UK2
Cumberland Court, 80 Mount Street, Nottingham NG1
Road, Pabedan Township, Yangon Region, Myanmar 6HH, United Kingdom
MY2
No. 25 Pan Hlaing Housing, Pan Hliang Street (Hone
UK3
2nd Floor, 79-83, North Street, Brighton, BN1 1ZA,
Street), San Chaung Township, Yangon, Myanmar United Kingdom
NL1
WTC, Tower Ten, 7th Floor, Strawinskylaan 763,
UK4
3-4 Rumsey House, Locks Hill, Rochford, Essex, SS4 1BB,
Amsterdam 1077 XX, Netherlands United Kingdom
NL2
Coengebouw, Suite 8.04, Kabelweg 37, 1014 BA
US1
c/o Corporation Service Company, 251 Little Falls Drive,
Amsterdam, Netherlands Wilmington, DE 19808, USA
NO1
c/o Advokat Merete Bardsen, Wahl-Larson Advokatfirma
US2
c/o The Corporation Trust Company, Corporation Trust
AS, Fridtjof Nansens plass 5, Oslo, 0160, Norway Center, 1209 Orange Street, Wilmington DE 19801, USA
NZ1
HPCA Limited, 1 ihumata Road, Milford, Auckland, 0620,
US3
c/o United Corporate Services, Inc., 800 North State Street,
New Zealand Suite 304, Dover, DE 19901, USA
PH1
Unit I-121, Ground Floor, One E-com Center Ocean Drive,
US4
c/o The Prentice-Hall Corporation System Inc, 251 Little
Mall of Asia Complex, Pasay City, Philippines Falls Drive, Wilmington, DE 19808, USA
PH2
12F Times Plaza Bldg., United Nations Ave, Cor. Taft
US5
c/o Corporation Service Company, 2710 Gateway Oaks
Avenue, Ermita, Manila 100, Philippines Drive, Suite 150N, Sacramento, CA 95833, USA
PH3
72-C Esteban Abada Loyola Heights, Quezon City,
US6
c/o Corporation Service Company, 1900 W. Littleton
Metro Manila, Philippines Boulevart, Littleton, CO 80120, USA
PK1
6th Floor, Citi View, Block 3, Bahadur Yar Jung Cooperative
US7
c/o Corporation Service Company, 1201 Hays Street,
Housing Society, Shaheed-e-Millat Road, Karachi Sindh, Tallahassee, FL 32301, USA
Pakistan
US8
c/o Corporation Service Company, 80 State Street, Albany,
QA1
P.O. Box 545, Doha, Qatar
NY 12207-2543, USA
RK1
8F, Woodo Building, 214 Mangu‑ro, Jungnang‑gu, Seoul,
US9
c/o Corporation Service Company, 84 State Street, Boston,
02121,
Republic of Korea
MA 02109,
USA
RK2
S11002,
431
Teheran-ro, Gangnam-gu, Seoul, Republic
US10
c/o Mary T L und, 1200 Mayfair Road, Suite 430, Milwaukee,
of Korea WI 53226
39. Subsidiaries continued
Annual Report and Accounts 2023
226
Registered
office
Registered office address
US11
c/o CT Corporation System, 208 S. Lasalle Street, Suite 814,
Chicago, IL 60604, USA
US12
c/o CT Corporation System, 6300 N. River Road, Suite 300,
Rosemont, IL 60018, USA
US13
c/o CT Corporation System, 701 S. Carson Street, Suite 200,
Carson City, NV 89701, USA
US14
c/o CT Corporation System, 301 S. Bedford Street, Suite 1,
Madison, WI 53703, USA
US15
c/o Denasha A. Scott, 1200 N. Mayfair Road, Suite 430,
Milwaukee, WI 53226, USA
Registered
office
Registered office address
US16
c/o CT Corporation System, 4400 Easton Commons Way,
Suite 125, Columbus, OH 43219
US17
c/o CT Corporation System, 2 Office Park Court, Suite 103,
Columbia, SC 29233, USA
US18
c/o Northwest Agent Registered Services Inc., 300 Colonial
Center Parkway, Suite 100N, Roswell, GA 30076, USA
US19
65 Business Park Drive, Lebanon, TN 37090, USA
VE1
10th Floor., Ha Phan Building, 17-17A-19, Ton That Tung
Street, District 1, HCMC, Vietnam
40. Contingent liabilities and assets
At 31 December 2023 there were no contingent liabilities or contingent assets (2022: nil).
41. Post balance sheet events
On 10 January 2024 the Group announced an agreement to combine Informa Tech’s digital businesses with TechTarget to create
US-listed New TechTarget. Informa will contribute Informa Tech’s digital businesses and circa $350m of cash for a 57%
ownership of New TechTarget. The proposed transaction is expected to complete in the second half of 2024, subject to
TechTarget majority shareholder approval and customary regulatory approvals.
Financial Statements
Str Gov Inf
227
Parent Company Balance Sheet as at 31 December 2023
Notes
2023
£m
2022
£m
Fixed assets
Investments in subsidiary undertakings 3 8,166.6 7,897.0
8,166.6 7,897.0
Current assets
Debtors falling due within one year 5 3,843.0 3,014.2
Debtors falling due after one year 4 1,387.7 2,142.1
Cash and cash equivalents 89.6 1,136.6
5,320.3 6,292.9
Creditors: amounts falling due within one year 6 (280.7) (1,246.8)
Total assets less current liabilities 5,039.6 5,046.1
Creditors: amounts falling due after more than one year 7 (2,202.9) (1,976.0)
Net assets 11,003.3 10,967.1
Capital and reserves
Called-up share capital 8 1.4 1.4
Share premium 9 1,878.6 1,878.6
Reserve for shares to be issued 9 27.5 24.0
Merger reserve 9 4,675.6 4,501.9
Capital redemption reserve 9 (17.3) (17.3)
Other reserves 9 (90.7) (74.9)
Hedging reserve 9 (1.3) –
Profit and loss account 4,529.5 4,653.4
Total shareholders’ funds 11,003.3 10,967.1
Profit for the year ended 31 December 589.9 317.7
The financial statements on pages 228 to 234 of this Company, registration number 08860726, were approved by the Board
ofDirectors and authorised for issue on 7 March 2024 and were signed on its behalf by
Stephen A. Carter Gareth Wright
Group Chief Executive Group Finance Director
Annual Report and Accounts 2023
228
Parent Company Statement of Changes in Equity for the year ended
31 December 2023
Share capital
£m
Share
premium
account
£m
Reserve for
shares to
be issued
£m
Merger
reserve
£m
Capital
redemption
reserve
£m
Other
reserves
£m
Hedging
reserve
£m
Profit and
loss account
£m
Total
£m
At 1 January 2022 1.5 1,878.6 22.2 4,501.9 (17.4) – – 4,884.9 11,271.7
Profit for the year – – – – – – – 317.7 317.7
Total comprehensive
income for the year – – – – – – – 317.7 317.7
Share buyback (0.1) – – – 0.1 (74.9) – (517.0) (591.9)
Share award expense – – 12.9 – – – – – 12.9
Equity dividends – – – – – – – (43.3) (43.3)
Transfer of vested LTIPs – – (11.1) – – – – 11.1 –
At 31 December 2022 1.4 1,878.6 24.0 4,501.9 (17.3) (74.9) – 4,653.4 10,967.1
Profit for the year – – – – – – – 589.9 589.9
Total comprehensive
income for the year – – – – – – – 589.9 589.9
Issue of shares 0.1 – – 173.7 – – – – 173.8
Share buyback (0.1) – – – – (15.8) – (548.3) (564.2)
Share award expense – – 14.6 – – – – – 14.6
Equity dividends – – – – – – – (176.6) (176.6)
Transfer of vested LTIPs – – (11.1) – – – – 11.1 –
Reclassification of hedging
reserves to profit or loss – – – – – – (1.3) – (1.3)
At 31 December 2023 1.4 1,878.6 27.5 4,675.6 (17.3) (90.7) (1.3) 4,529.5 11,003.3
Financial Statements
Str Gov Inf
229
Notes to the Parent Company Financial Statements
for the year ended 31 December 2023
1. Corporate information
Informa PLC (the Company) is a company incorporated and domiciled in the United Kingdom under the Companies Act 2006
and is listed on the London Stock Exchange. The Company is a public company limited by shares and is registered in England
and Wales with registration number 08860726. The address of the registered office is 5 Howick Place, London SW1P 1WG.
Principal activity and business review
Informa PLC is the Parent Company of the Informa Group (the Group) and its principal activity is to act as the ultimate holding
company of the Group.
2. Accounting policies
Basis of accounting
The Company meets the definition of a qualifying entity under Financial Reporting Standard FRS 102 issued by the Financial
Reporting Council. The financial statements have therefore been prepared in accordance with FRS 102 The Financial Reporting
Standard applicable in the UK and Republic of Ireland as issued by the Financial Reporting Council, and the Companies Act2006.
As permitted by FRS 102, the Company has taken advantage of the disclosure exemptions available under that standard in
relation to share-based payments, financial instruments, presentation of a cash flow statement, standards not yet effective
and related party transactions. The Directors’ Report, Corporate Governance Statement and Directors’ Remuneration Report
disclosures are on pages 140 to 142, 94 to 105 and 121 to 139 of this report, respectively. The financial statements have been
prepared on the historical cost basisexcept for the remeasurement of certain financial instruments which are measured at fair
value at the end of each reporting period. Having assessed the principal risks and the other matters discussed in connection
with the Group viability statement, the Directors have considered it appropriate to adopt the going concern basis of accounting
in preparing the financial statements.
The principal accounting policies adopted are the same as those set out in Note 2 to the Consolidated Financial Statements and
have been applied consistently, with the exception of the merger reserve accounting treatment arising from the Scheme of
Arrangement in 2014 and the key source of estimation uncertainty (see Note 3). There are deemed to be no critical accounting
judgements and estimates. The Company’s financial statements are presented in pounds sterling, being the Company’s
functional currency.
Profit and loss account
As permitted by section 408 of the Companies Act 2006 the Company has elected not to present its own profit and loss account
or Statement of Comprehensive Income for the year. The Company’s revenue for the year is £nil (2022: £nil), and profit after tax
for the year is £589.9m (2022: £317.7m).
Share-based payment amounts that relate to employees of subsidiary Group companies are recorded as capital contributions
to the relevant Group company.
Investments in subsidiaries and impairment reviews
Investments in subsidiaries are stated at cost less provision for any impairment in value. At each reporting period, the
Company assesses the carrying amounts of its investments to determine whether there is any indication of impairment.
Where such an indication exists, the Company makes an estimate of the recoverable amount. If the recoverable amount of the
investment is less than its carrying amount, the investment is written down to its recoverable amount. Any impairment loss is
immediately recognised in the income statement.
Taxation
On 11 July 2023, the UK Government enacted the Pillar Two income taxes legislation, effective for the financial year beginning
1 January 2024. Under the legislation, Informa PLC will be required to pay, in the UK, top-up tax on profits of its subsidiaries
and permanent establishments that are taxed at a Pillar Two effective tax rate of less than 15%.
The Company has performed an assessment of the potential exposure to Pillar Two income taxes. The assessment is based on
the most recent tax filings, country-by-country reporting, and financial statements for the constituent entities in the Group
although it is not based on a full Global Anti-Base Erosion calculation. Based on this assessment, the majority of entities fall
within the transitional safe harbours or have a simplified effective tax rate of more than 15%. However, there are a limited
number of jurisdictions where the transitional safe harbour relief may not apply and the Pillar Two effective tax rate is below
15%. The legislation is not expected to have a material impact on the Company.
Annual Report and Accounts 2023
230
3. Investments in subsidiary undertakings
Cost
2023
£m
2022
£m
At 1 January 7,897.0 7,886.7
Additions – other
1
11.9 10.3
Additions
2
449.0 –
Disposals
3
(191.3) –
At 31 December 8,166.6 7,897.0
1 Additions – other includes £11.9m (2022: £10.3m) related to the fair value of share incentives issued to employees of subsidiary undertakings
during the year
2 During the year, the Company acquired the ordinary share capital of Tiger Acquisitions (Jersey) Limited at a value of £191.3m, The W.R.
Kern Organisation Limited at a value of £126.1m, and Canalys Pte Ltd at a value of £48.6m. The Company also increased its shareholding
in Informa Jersey Limited by £83.0m
3 During the year, the Company transferred its investment in Tiger Acquisitions ( Jersey) Limited within the Group at a value of £191.3m
Consideration was given to the market capitalisation of the Group, the results of the annual Group impairment assessment and
other facts and circumstances and no impairment indicators were identified in relation to the carrying value of investments in
subsidiary undertakings as at 31 December 2023.
The listing below shows the direct subsidiary undertakings as at 31 December 2023 which affected the profit or net assets of
the Company:
Company Country of registration Principal activity
Ordinary
shares held
Informa Jersey Limited Jersey Holding company 100%
Informa Global Sales, Inc. USA Domestic international sales corporation 100%
UBM Limited Jersey Holding company 100%
Canalys Pte Ltd Singapore Holding company 100%
The W.R. Kern Organisation Limited UK Holding company 100%
Details of subsidiaries controlled by the Company are disclosed in the Consolidated Financial Statements (see Note 39).
4. Debtors falling due after one year
2023
£m
2022
£m
Amounts owed from Group undertakings 1,387.7 2,142.1
Amounts due from Group undertakings falling due after one year are unsecured, non-interest bearing and repayable on
demand. The amounts owed by Group undertakings have been assessed for 12 month expected credit losses. Due to the
low credit risk, the expected credit loss is considered immaterial.
5. Debtors falling due within one year
2023
£m
2022
£m
Amounts owed from Group undertakings 3,842.6 3,010.7
Other debtors 0.4 3.5
3,843.0 3,014.2
Amounts owed from Group undertakings falling due within one year are unsecured, non-interest bearing and repayable on
demand. The amounts owed by Group undertakings have been assessed for 12 month expected credit losses. Due to the low
credit risk, the expected credit loss is considered immaterial.
Financial Statements
Str Gov Inf
231
6. Creditors: Amounts falling due within one year
2023
£m
2022
£m
Amounts owed to Group undertakings 154.0 736.8
Euro Medium Term Notes
1
– 398.1
Other payables
2
122.8 111.9
Contingent consideration
3
3.9 –
280.7 1,246.8
1 Stated net of arrangement fees of £nil (2022: £0.3m)
2 Other payables includes a share buyback liability of £90.9m which reflects the remaining liability for the purchase of the Company’s own shares
through to the conclusion of the Group’s share buyback programme in 2024. A share buyback liability of £75.0m in 2022 reflected the maximum
liability for the purchase of the Company’s own shares through to the conclusion of the Group’s closed period on 8 March 2023, following an
irrevocable instruction to the Group’s broker in connection with the share buyback programme
3 Contingent consideration of £3.9m relates to the acquisition of Canalys on 1 September 2023. Refer to Note 17 to the Consolidated Financial
Statements for further details
Amounts owed to Group undertakings falling due within one year are unsecured, non-interest bearing and repayable
ondemand.
7. Creditors: Amounts falling due after one year
2023
£m
2022
£m
Arrangement fees in respect of revolving credit facility (RCF) (1.7) (1.3)
Euro Medium Term Notes (EMTN)
1
1,486.4 1,503.5
Derivative financial instruments 77.9 168.1
Amounts owed to Group undertakings 614.3 305.7
Contingent consideration
2
26.0 –
2,202.9 1,976.0
1 Stated net of arrangement fees of £6.2m (2022: £8.8m)
2 Contingent consideration of £26.0m relates to deferred equity consideration on the acquisition of Tarsus on 17 April 2023. Refer to Note 17 to the
Consolidated Financial Statements for further details
Amounts owed to Group undertakings falling due after one year are unsecured, non-interest bearing and repayable
on demand.
The RCF was not drawn at 31 December 2023 and had a balance of £nil (2022: £nil) and is stated net of £1.7m (2022: £1.3m)
arrangement fees. Interest is payable at the rate of SONIA or SOFR plus a margin.
There are cross currency swaps over the EMTN borrowings where the Company receives the following:
• A fixed rate of interest for £450.0m of EMTN borrowings with a maturity of July 2026 and pays a fixed rate of interest
for $588.9m
• A fixed rate of interest on €500.0m of EMTN borrowings with a maturity of April 2028 and pays a fixed rate of interest
for $551.6m
• A fixed rate of interest on €700.0m of EMTN borrowings with a maturity of October 2025 and pays a fixed rate of interest
for $821.6m
At 31 December 2023, the fair value of these swaps was a net financial liability of £77.9m (2022: liability £165.9m).
Notes to the Parent Company Financial Statements
for the year ended 31 December 2023
continued
Annual Report and Accounts 2023
232
8. Called-up share capital
2023
£m
2022
£m
Issued, authorised and fully paid
1,368,029,699 (2022: 1,418,525,746) ordinary shares of 0.1p each 1.4 1.4
2023
Number of
shares
2022
Number of
shares
At 1 January 1,418,525,746 1,503,112,804
Issue of new shares to Employee Share Trust – 5,000,000
Issue of shares 26,492,800 –
Share buyback (76,988,847) (89,587,058)
At 31 December 1,368,029,699 1,418,525,746
Share capital
On 17 April 2023, the Company issued 25,957,663 ordinary shares at the nominal value of 0.1p to Tiger Acquisitions (Jersey)
Limited in relation to the acquisition of Tarsus.
On 1 September 2023, the Company issued 535,137 ordinary shares at the nominal value of 0.1p to Canalys Pte Limited in
relation to the acquisition of Canalys.
During 2023, the Company bought back 76,988,847 ordinary shares (2022: 89,587,058) at the nominal value of 0.1p for a total
consideration of £548.3m (2022: £517.0m) and cancelled 76,476,666 (2022: 88,987,197) of these shares. 512,181 shares
(2022: 599,861 shares) for consideration of £4.0m (2022: £3.7m) were settled and cancelled subsequent to year end.
9. Capital and reserves
Share premium
There have been no changes to share premium during the year (2022: no change).
Reserves for shares to be issued
This reserve relates to LTIP share awards granted to colleagues and reduced by the transferred and vested awards.
Merger reserve
On 30 May 2014, under a Scheme of Arrangement, the Company subscribed to shares in Informa Switzerland Limited, formerly
Old Informa, a subsidiary undertaking, which were valued at £3,500.0m. This resulted in new share capital of £2,627.1m from
the issue of 603,941,249 shares at a nominal value of 435p and the creation of a merger reserve of £872.9m.
On 2 November 2016, the Company acquired Penton Information Services and the Group issued 12,829,146 ordinary shares to
the vendors, with the £82.2m share premium on the shares issued recorded against the merger reserve in accordance with the
merger relief rules of the Companies Act 2006.
The Company acquired UBM plc on 15 June 2018 and issued 427,536,794 shares resulting in an increase in the merger reserve
of £3,544.6m. The Company also issued 256,689 shares in 2018 to satisfy UBM SAYE scheme awards maturing in the post-
acquisition period and there was an increase in the merger reserve of £2.2m in relation to the issue of these shares.
The Company acquired Tiger Acquisitions (Jersey) Limited, the parent company of Tarsus Group Limited, on 17 April 2023 and
issued 25,957,663 shares, resulting in an increase in the merger reserve of £169.8m.
The Company acquired Canalys Pte Ltd on 1 September 2023 and issued 535,137 shares, resulting in an increase in the merger
reserve of £3.9m.
Capital redemption reserve
The capital redemption reserve relates to the purchase of shares by the Employee Stock Ownership Plan (ESOP) in 2019
(£15.0m) and 2018 (£2.3m).
Other reserves
Other reserves reflect a share buyback liability for the remaining liability for the purchase of the Company’s own shares
through to the conclusion of the Group’s share buyback programme in 2024, following an extension to the Group’s share
buyback programme to £1.15bn.
Financial Statements
Str Gov Inf
233
10. Share-based payments
Details of the share-based payments are disclosed in the Consolidated Financial Statements (see Note 9).
11. Dividends
During the year total dividends of £176.6m (2022: £43.3m) were recognised as a distribution by the Company. As at
31 December 2023, £0.3m (2022: £0.2m) of dividends were still to be paid relating to prior periods. Details of dividends
are disclosed in the Consolidated Financial Statements (see Note 13).
12. Related party transactions
The Directors of Informa PLC had no material transactions with the Company or its subsidiaries during the year other than
service contracts and Directors’ liability insurance. Details of Directors’ remuneration are disclosed in the Remuneration
Report. The Company has taken advantage of the exemption that transactions with wholly owned subsidiaries do not need to
be disclosed.
Notes to the Parent Company Financial Statements
for the year ended 31 December 2023
continued
Annual Report and Accounts 2023
234
Audit exemption
The following UK subsidiaries will take advantage of the audit exemption set out within section 479A of the Companies Act2006
for the year ended 31 December 2023:
Audit exempt company
Registration
number
ABI Building Data Limited 02385277
Afterhurst Limited 01609566
Blessmyth Limited 03805559
Canalys.com Ltd 03631553
Canrak Books Limited 03194381
CapRegen BioSciences Limited 06695188
CapRegen Limited 06264929
CapRegen Magnum Limited 06460511
CapRegen Natural BioSciences Limited 06695529
CapRegen Nutraceuticals Limited 06695546
Colonygrove Limited 04109768
Colwiz UK Limited 08164609
Crosswall Nominees Limited 00950209
Curinos International Limited 04757016
Curinos Limited 04159695
Datamonitor Limited 02306113
Design Junction Limited 07634779
DIVX Express Limited 03212879
Dove Medical Press Limited 04967656
Expert Publishing Medicine Ltd 04059017
Expert Publishing Science Ltd 10134073
F1000 Research Limited 08322928
Fairs & Exhibitions (1992) Limited 02696019
Fairs and Exhibitions Limited 00635224
Futurum Media Limited 09813559
GNC Media Investments Limited 03085849
Green Thinking (Services) Limited 05803263
Hirecorp Limited 04790559
IBC (Ten) Limited 01844717
IBC (Twelve) Limited 03007085
IIR (U.K. Holdings) Limited 02748477
IIR Management Limited 02922734
Industry Dive, Limited 12786552
Informa Connect Limited 01835199
Informa Cosec Limited 03849195
Informa Exhibitions Limited 05202490
Informa Final Salary Pension Trustee Company Limited 03267900
Informa Finance Australia Limited 12008055
Informa Finance Brazil Limited 12007958
Informa Finance Egypt Limited 12008044
Informa Finance Mexico Limited 12008165
Informa Finance USA Limited 08940353
Informa Global Markets (Europe) Limited 03094797
Informa Group Limited 03099067
Informa Holdings Limited 03849198
Informa Investment Plan Trustees Limited 05557980
Informa Investments Limited 01693134
Informa Manufacturing Europe Holdings Limited 10025028
Informa Manufacturing Europe Limited 09893244
Informa Markets (Europe) Limited 08851438
Informa Markets (Maritime) Limited 00495334
Informa Markets (UK) Limited 00370721
Informa Markets Limited 02972059
Informa Overseas Investments Limited 05845568
Audit exempt company
Registration
number
Informa Property (Colchester) Limited 03610056
Informa Six Limited 04606229
Informa Tech Founders Limited 12302369
Informa Tech Research Limited 11971005
Informa Telecoms & Media Limited 00991704
Informa Three Limited 04595951
Informa UK Limited 01072954
Informa United Finance Limited 00948730
Informa US Holdings Limited 09319013
ITF2 Limited 12294578
Light Reading UK Limited 08823359
London on-Water Limited 10621549
LSX Limited 08982745
MAI Luxembourg UK Societas SE000010
Miller Freeman Worldwide Limited 01750865
MRO Exhibitions Limited 02737787
MRO Publications Limited 02732007
Newlands Press Limited 04982360
OES Exhibitions Limited 09958003
OTC Publications Limited 02765878
Penton Communications Europe Limited 02805376
PNO Exhibition Investment (Dubai) Limited 09993836
Roamingtarget Limited 05419444
Routledge Books Limited 03177762
Smarter Shows (No 2) Limited 12338608
Smarter Shows (Tarsus) Limited 12338170
Tarsus AM Shows Ltd 07910136
Tarsus America Limited 03528599
Tarsus Atlantic Limited 06445661
Tarsus Cedar Limited 07954429
Tarsus China Limited 05949339
Tarsus Exhibitions & Publishing Limited 01459268
Tarsus Group Limited 02000544
Tarsus Holdings Limited 05246843
Tarsus Investments Limited 03527715
Tarsus Leeward Limited 06620137
Tarsus Luzhniki Limited 06697908
Tarsus Martex 03109690
Tarsus Medical Limited 06004318
Tarsus New Media Limited 01332457
Tarsus Organex Limited 03280222
Tarsus Overseas Limited 03671643
Tarsus Publishing Limited 02438248
Tarsus Touchstone Limited 03891757
Tarsus UK Holdings Limited 06774643
Tarsus US Limited 05253899
Tarsus Windward Limited 06620149
Taylor & Francis Books Limited 03215483
Taylor & Francis Group Limited 02280993
Taylor & Francis Limited 00314578
Taylor & Francis Publishing Services Limited 03674840
Tiger Acquisitions Holding Limited 11987963
Tiger Acquisitions Intermediate Holding Limited 11996640
Tiger Acquisitions UK Limited 11988001
Financial Statements
Str Gov Inf
235
Audit exempt company
Registration
number
Times Aerospace Publishing Holdings Limited 13644712
Times Aerospace Publishing Limited 13645657
TU-Automotive Holdings Limited 09823826
TU-Automotive Limited 09798474
Turtle Diary Limited 01816342
UBM (GP) No1 Limited 03259390
UBM Aviation Worldwide Limited 04226716
UBM International Holdings UK Societas SE000009
UBM Property Services Limited 03212363
UBM Shared Services Limited 04957131
Audit exempt company
Registration
number
UBM Trustees Limited 02970035
UBMG Holdings 00152298
UBMG Services Limited 03666160
United Consumer Media UK Societas SE000008
United Executive Trustees Limited 01693088
United Newspapers Publications Limited 00235544
United Trustees Limited 02113253
UNM Investments Limited 01219152
Vavasseur Overseas Holdings Limited 00879102
W.R. Kern Organisation Limited(The) 00928594
Audit exemption continued
Annual Report and Accounts 2023
236
The Group provides adjusted results and underlying measures in addition to statutory measures, in order to provide additional
useful information on business performance trends to shareholders. The Board considers these non-GAAP measures to be a
useful and alternative way to measure the Group’s performance in a way that is comparable to the prior year.
The terms ‘adjusted’ and ‘underlying’ are not defined terms under IFRSs and may not therefore be comparable to similarly
titled measurements reported by other companies. These measures are not intended to be a substitute for, or superior to, IFRS
measurements. The Financial Review provides reconciliations of alternative performance measures (APMs) to statutory
measures and also provides the basis of calculation for certain APM metrics. These APMs are provided on a consistent basis
with the prior year.
Adjusted results and adjusting items
Adjusted results exclude items that are commonly excluded across the media sector: amortisation and impairment of goodwill
and intangible assets relating to businesses acquired and other intangible asset purchases of book lists, journal titles, acquired
databases and brands related to exhibitions and conferences, acquisition and integration costs, profit or loss on disposal of
businesses, restructuring costs and other items that in the opinion of the Directors would impact the comparability of
underlying results. Adjusting items are detailed in Note 7 to the Consolidated Financial Statements.
Adjusted results are prepared for the following measures which are provided in the Consolidated Income Statement on page
152: adjusted operating profit, adjusted net finance costs, adjusted profit before tax, adjusted tax charge, adjusted profit after
tax, adjusted earnings, and adjusted diluted earnings per share. Adjusted operating margin, effective tax rate on adjusted
profits and adjusted EBITDA are used in the Financial Review on pages 73, 76 and 79 respectively.
Adjusted EBITDA
• Adjusted EBITDA is earnings before interest, tax, depreciation, amortisation and other non-cash items such as share-based
payments and before adjusting items. The full reconciliation and definition of adjusted EBITDA is provided in the Financial Review
• Covenant-adjusted EBITDA for Informa interest cover purposes under the Group’s previous financial covenants on debt
facilities is earnings before interest, tax, depreciation and amortisation and adjusting items. It is adjusted to be on a
pre-IFRS 16 basis
• Covenant-adjusted EBITDA for Informa leverage purposes under the Group’s previous financial covenants on debt facilities is
earnings before interest, tax, depreciation and amortisation and adjusting items. It is adjusted to include a full year’s trading
for acquisitions and remove trading results for disposals, and adjusted to be on a pre-IFRS 16 basis
Adjusted effective tax rate
The adjusted effective tax rate is shown as a percentage and is calculated by dividing the adjusted tax charge by the adjusted
profit before tax. The Financial Review on page 76 shows the calculation of the adjusted effective tax rate, which is provided as
an additional useful metric for readers on the Group’s tax position.
Adjusted net debt
Adjusted net debt for Informa leverage purposes under the Group’s previous financial covenants on debt facilities is translated
using average exchange rates for the 12-month period and is adjusted to include deferred consideration payable, to exclude
derivatives associated with borrowings and to be on a pre-IFRS 16 basis.
Adjusted operating margin
The adjusted operating margin is shown as a percentage and is calculated by dividing adjusted operating profit by revenue.
The Financial Review on page 73 shows the calculation of the adjusted operating margin, which is provided as an additional
useful metric on underlying performance to readers.
Adjusted tax charge
The adjusted tax charge excludes the tax effects of adjusting items, deferred tax movements relating to tax losses in Luxembourg
as well as other significant one-off items. It includes the allowable tax benefit for goodwill amortisation in the US and elsewhere.
Dividend cover
Dividend cover is the ratio of adjusted diluted earnings per share to dividends per share for the year and is provided to enable
year-on-year comparability on the level at which dividends are covered by earnings. Dividends consist of the interim dividend
that has been paid for the year and the proposed final dividend for the year. Diluted earnings per share are adjusted to be
stated before adjusting items impacting earnings per share. The Financial Review on page 78 provides the calculation of
dividend cover.
Glossary of terms: alternative performance measures
Company Information
Str Gov Fin
237
Dividend payout ratio
This is the ratio of the total amount of dividends per share paid and proposed to shareholders relating to a financial year
relative to the adjusted diluted earnings per share on continuing operations for the year. The dividend payout ratio is shown
on page 78 of the Financial Review.
Free cash flow
Free cash flow is a key financial measure of cash generation and represents the cash flow generated by the business before
cash flows relating to acquisitions and disposals and their related costs, dividends, any new equity issuance or repurchases of
own shares and debt issues or repayments. Free cash flow is one of the Group’s key performance indicators, and is an indicator
of operational efficiency and financial discipline, illustrating the capacity to reinvest, fund future dividends and repay debt.
The Financial Review on page 80 provides a reconciliation of free cash flow to statutory measures.
Informa interest cover
Informa interest cover is calculated according to the Group’s previous financial covenants on debt facilities and is the ratio of
covenant-adjusted EBITDA for interest cover purposes to adjusted net finance costs and excluding finance fair value items. It is
provided to enable the assessment of our debt position together with our compliance with these previous specific debt
covenants. The Financial Review on page 82 provides the basis of the calculation of Informa interest cover.
Informa leverage ratio
The Informa leverage ratio is calculated according to the Group’s previous financial covenants on debt facilities and is the ratio
of net debt to covenant-adjusted EBITDA for Informa leverage information purposes, and is provided to enable the assessment
of our debt position together with compliance with these previous specific debt covenants. The Financial Review on page 82
provides the basis of the calculation of the Informa leverage ratio.
Net cash/debt
Net debt consists of cash and cash equivalents, and includes bank overdrafts (where applicable), borrowings, derivatives
associated with debt instruments, finance leases, lease liabilities, deferred borrowing fees and other loan receivables or loan
payables where these are interest bearing and do not relate to deferred consideration arrangements for acquisitions or disposals.
Operating cash flow and operating cash flow conversion
Operating cash flow is a financial measure used to determine the efficiency of cash flow generation in the business and is
measured by and represents free cash flow before interest, tax, restructuring and reorganisation costs. The Financial Review
on page 81 reconciles operating cash flow to statutory measures.
Operating cash flow conversion is a measure of the strength of cash generation in the business and is measured as a
percentage by dividing operating cash flow by adjusted operating profit in the reporting period. The Financial Review
on page81 provides the calculation of operating cash flow conversion.
Underlying revenue and underlying adjusted operating profit
Underlying revenue and underlying adjusted operating profit refer to results adjusted for acquisitions and disposals, the
phasing of events, including biennials, the impact of changes from implementing new accounting standards and accounting
policy changes and the effects of changes in foreign currency by adjusting the current year and prior year amounts to use
consistent currency exchange rates.
Phasing and biennial adjustments relate to the alignment of comparative period amounts to the usual scheduling cycle of
events in the current year. Where an event originally scheduled for 2022 or 2023 was either cancelled or postponed there
was an adverse impact on 2022 or 2023 underlying growth as no adjustment was made for these in the calculation.
The results from acquisitions are included on a pro-forma basis from the first day of ownership in the comparative period.
Disposals are similarly adjusted for on a pro-forma basis to exclude results in the comparative period from the date of disposal.
Underlying measures are provided to aid comparability of revenue and adjusted operating profit results against the prior year.
The Financial Review on page 74 provides the reconciliation of underlying measures of growth to reported measures of growth
in percentage terms.
Glossary of terms: alternative performance measures continued
Annual Report and Accounts 2023
238
Five-year summary
2023
£m
2022
£m
2021
£m
2020
£m
2019
£m
Results from continuing and discontinued operations
Revenue 3,189.6 2,389.3 1,798.7 1,660.8 2,890.3
Adjusted operating profit 853.8 535.0 388.4 266.6 933.1
Statutory operating profit/(loss) 507.8 221.9 93.8 (881.6) 538.1
Statutory profit/(loss) before tax 492.1 1,946.9 137.1 (1,140.9) 318.7
Profit/(loss) attributable to equity holders of the parent 419.0 1,631.5 77.9 (1,042.5) 225.5
Free cash flow 631.7 466.4 438.7 (153.9) 722.1
Net assets
Non-current assets 10,468.7 9,521.7 8,924.4 9,022.6 9,988.1
Current assets 1,055.5 2,624.0 1,273.2 695.2 721.9
Current liabilities (1,789.2) (2,008.8) (1,350.0) (1,200.6) (1,584.6)
Non-current liabilities (2,550.4) (2,670.6) (2,801.7) (2,889.2) (3,300.4)
Net assets 7,184.6 7,466.3 6,045.9 5,628.0 5,825.0
Key statistics (pence) continuing and discontinued operations
Earnings per share 30.1 112.0 5.2 (73.4) 17.9
Diluted earnings per share 29.9 111.4 5.2 (73.4) 17.8
Adjusted diluted earnings per share 45.3 26.4 16.7 9.8 51.0
Dividends per share 18.0 9.8 – – 7.5
Company Information
Str Gov Fin
239
Shareholder information
Registrars
All general enquiries about holdings of ordinary
shares in Informa PLC should be addressed to our
registrar, Computershare:
Computershare Investor Services PLC
The Pavilions
Bridgwater Road
Bristol BS99 6ZZ
+44 (0)370 707 1679
investorcentre.co.uk
The helpline is available Monday and Friday,
8.30am to 5.30pm.
To access shareholding details online, please visit
Computershare’s website at investorcentre.co.uk.
To register to use the website, you will need your
shareholder reference number, shown on share
certificates or dividend vouchers.
The website enables you to:
• View and manage all your shareholdings
• Register for electronic communications
• Buy and sell shares online with the dealing
service
• Deal with other matters such as a change
ofaddress, transferring shares or replacing
alostcertificate
Electronic shareholder
communications
As part of Informa’s commitment to the
responsible use of natural resources and reducing
our environmental impact, we offer all
shareholders the opportunity to elect to register
for electronic communications. To do so, please
visit investorcentre.co.uk.
Dividend and dividend reinvestment
Shareholders can have dividends paid directly into
a bank or building society account. To do this,
complete the dividend mandate instruction form
available at investorcentre.co.uk or contact
ourregistrar.
To receive dividends in a different currency, you
will need to register for the global payments
service provided by our registrar. Further
information is available at investorcentre.co.uk.
Informa offers a Dividend Reinvestment Plan, or
DRIP, where cash dividends can be automatically
reinvested in further Informa shares.
Further details and full terms and conditions,
including eligibility for shareholders based outside
of the UK, are available at investorcentre.co.uk.
Share dealing
Shareholders can buy or sell Informa PLC shares
using a share dealing facility operated by our
registrar. Dealing can be carried out online or by
telephone. Further information, including details
of eligibility and costs, can be found on
investorcentre.co.uk or by calling 44 (0)370 703
0084 between 8.00am and 4.30pm Monday to
Friday. Have your shareholder reference number
to hand when logging on or calling.
UK regulations require the registrar to check
thatyou have read and accepted the terms
andconditions before being able to trade,
whichcoulddelay your first telephone trade.
You may therefore wish to first register online
atcomputershare.trade.
ShareGift
ShareGift (registered charity no. 1052686)
isanindependent charity which takes unwanted
holdings of shares, aggregates those shares
andsells them for the benefit of thousands
ofcharities. If you have a small shareholding
inInforma and would like to support this
initiative,see the ShareGift website at Sharegift.
org. You can also contact ShareGiftvia email
athelp@sharegift.org or bytelephone on
+44(0)20 7930 3737.
Annual Report and Accounts 2023
240
ADR programme for US investors
Since 2013 Informa has maintained a Level I
American Depositary Receipt (ADR) programme
with BNY Mellon. Each Informa ADR represents
two ordinary shares and they trade on the
over-the-counter market in the US under
thesymbol IFJPY, ISIN: US45672B2060.
Information onInforma’s ADRs can be found
atbnymellon.com/dr.
Informa’s ordinary shares continue to trade on the
premium segment of the London Stock Exchange
under the symbol INF, ISIN: GB00BMJ6DW54.
Protecting your investment from
share fraud
UK law means that companies are required to
make their shareholder registers public, and it
isnot possible to control who inspects the register
and how that information is used.
There are reports that shareholders in other
companies have received unsolicited phone
callsor correspondence about investment
matters, andshareholders are recommended
tobe very wary of any approach that involve
unsolicited investment advice or offers to buy
orsell any shares.
If you receive any unsolicited phone calls or
correspondence:
• Do not give out or confirm any personal
information
• Make a note of the name of the person who
contacted you and their organisation
• Do not hand over any money without checking
that the organisation is properly authorised and
making your own enquiries. You can check
whether firms are authorised via the Financial
Conduct Authority (FCA) website at fca.org.uk
If you think you may have been targeted, report
the matter to the FCA as soon as possible.
Further information can be found on the FCA’s
website or by calling its helpline on 0800 111 6768
(freephone) or 0300 500 8082 from UK or +44
(0)20 7066 1000 from outside the UK. You should
also notify the registrar by calling 0370707 1679.
Tips on protecting your shareholding:
• Ensure all your certificates are kept in a safe
place or hold your shares electronically in CREST
via a nominee
• Keep all documentation containing personal
share information in a safe place and destroy
any correspondence you do not wish to keep by
shredding it
• Know when the dividends are paid and consider
having your dividend paid directly into your
bank rather by cheque
• If you change address or bank account,
informthe registrar immediately. If you
receivea letter from the registrar regarding
achange of address or bank details that you
didnot instigate, contact them immediately
on+44 (0)370 707 1679
• If you are buying or selling shares, only deal with
brokers registered in the UK or in your country
of residence
Company Information
Str Gov Fin
241
Advisers
Auditor
PwC
1 Embankment Place
London WC2N 6RH
UK
pwc.co.uk
Joint Stockbroker
BAML
2 King Edward Street
London EC1A 1HQ
UK
bofaml.com
Joint Stockbroker
Morgan Stanley
25 Cabot Square
London E14 5AB
UK
morganstanley.com
Depository Bank
BNY Mellon Depositary Receipts
101 Barclay Street
New York NY 10286
US
adrbnymellon.com
Principal Solicitors
Clifford Chance LLP
10 Upper Bank Street
London E14 5JJ
UK
cliffordchance.com
Strategic Financial Advisers
Goldman Sachs International
Plumtree Court 25 Shoe Lane
London EC4A 4AU
UK
goldmansachs.com
Communications Advisers
Teneo
The Carter Building, 11 Pilgrim Street
London EC4V 6RN
UK
teneo.com
Registrar
Computershare Investor Services PLC
The Pavilions Bridgwater Road
Bristol BS99 6ZZ
UK
computershare.com
Legal notices
Notice concerning forward-looking statements
This Annual Report contains forward-looking statements. Although the Group believes that the expectations reflected in such
forward-looking statements are reasonable, these statements are not guarantees of future performance and are subject to
anumber of risks and uncertainties and actual results and events could differ materially from those currently being anticipated
as reflected in such forward-looking statements. The terms ‘expect’, ‘estimate’, ‘forecast’, ‘target’, ‘believe’, ‘should be’, ‘will be’
and similar expressions are intended to 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, those identified under ‘Principal Risks
and Uncertainties’ on pages 60 to 66 of this Annual Report. The forward-looking statements contained in this Annual Report
speak only as of the date of publication of this Annual Report and the Group therefore cautions readers not to place undue
reliance on any forward-looking statements.
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.
Website
Informa’s website informa.com gives additional information on the Group. Information made available on the website does not
constitute part of this Annual Report.
Annual Report and Accounts 2023
242
Additional Information and Where to Find It
In connection with the proposed transaction (the ‘proposed transaction’) between Informa and TechTarget, Toro CombineCo,
Inc. (‘NewCo’ or, after the completion of the proposed transaction, ‘New TechTarget’) and TechTarget will prepare and file
relevant materials with the Securities and Exchange Commission (the ‘SEC’), including a registration statement on Form S-4 that
will contain a proxy statement of TechTarget that also constitutes a prospectus of NewCo (the ‘Proxy Statement/Prospectus’).
A definitive Proxy Statement/Prospectus will be mailed to stockholders of TechTarget. TechTarget and NewCo may also file
other documents with the SEC regarding the proposed transaction. This communication is not a substitute for any proxy
statement, registration statement or prospectus, or any other document that TechTarget or NewCo (as applicable) may file
withthe SEC in connection with the proposed transaction. BEFORE MAKING ANY VOTING OR INVESTMENT DECISION,
INVESTORS AND SECURITY HOLDERS OF TECHTARGET ARE URGED TO READ CAREFULLY AND IN THEIR ENTIRETY THE PROXY
STATEMENT/PROSPECTUS WHEN IT BECOMES AVAILABLE AND ANY OTHER RELEVANT DOCUMENTS THAT ARE FILED OR
WILLBE FILED BY TECHTARGET OR NEWCO WITH THE SEC, AS WELL AS ANY AMENDMENTS OR SUPPLEMENTS TO THESE
DOCUMENTS, IN CONNECTION WITH THE PROPOSED TRANSACTION, WHEN THEY BECOME AVAILABLE BECAUSE THESE
DOCUMENTS CONTAINOR WILL CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED TRANSACTION AND RELATED
MATTERS. TechTarget investors and security holders will be able to obtain free copies of the Proxy Statement/Prospectus
(when they become available), as well as other filings containing important information about TechTarget, NewCo, and other
parties to the proposed transaction (including Informa), without charge through the website maintained by the SEC at sec.gov.
Copies of the documents filed with the SEC by TechTarget will be available free of charge under the tab ‘Financials’ on the
‘Investor Relations’ page of TechTarget’s internet website at TechTarget.com or by contacting TechTarget’s Investor Relations
Department at investor@TechTarget.com.
Participants in the Solicitation
Informa, TechTarget, NewCo, and their respective directors and certain of their respective executive officers and employees
may be deemed to be participants in the solicitation of proxies from TechTarget’s stockholders in connection with the
proposedtransaction. Information regarding the directors of Informa is contained in Informa’s annual reports and accounts
available on Informa’s website at informa.com/investors and in the National Storage Mechanism at data.fca.org.uk/#/nsm/
nationalstoragemechanism. Information regarding the directors and executive officers of TechTarget is contained in
TechTarget’s proxy statement for its 2023 annual meeting of stockholders, filed with the SEC on April 19, 2023, and in other
documents subsequently filed with the SEC. Additional information regarding the participants in the proxy solicitations and
adescription of their direct or indirect interests, by security holdings or otherwise, will be contained in the Proxy Statement/
Prospectus and other relevant materials filed with the SEC (when they become available). These documents can be obtained
free of charge from the sources indicated above.
No Offer or Solicitation
This communication is for informational purposes only and is not intended to and does not constitute an offer to sell or the
solicitation of an offer to buy any securities, or a solicitation of any vote or approval, nor shall there be any offer, solicitation
orsale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of any such jurisdiction. No offer of securities shall be made except by means of
aprospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended.
Cautionary Note Regarding Forward-Looking Statements
This communication contains ‘forward-looking’ statements within the meaning of Section 27A of the Securities Act of 1933
andSection 21E of the Securities Exchange Act of 1934 that involve substantial risks and uncertainties. All statements, other
than historical facts, are forward-looking statements, including: statements regarding the expected timing and structure
oftheproposed transaction; the ability of the parties to complete the proposed transaction considering the various closing
conditions; the expected benefits of the proposed transaction, such as improved operations, enhanced revenues and cash
flow, synergies, growth potential, market profile, business plans, expanded portfolio and financial strength; the competitive
ability and position of NewCo following completion of the proposed transaction; legal, economic, and regulatory conditions;
and any assumptions underlying any of the foregoing. Forward-looking statements concern future circumstances and results
and other statements that are not historical facts and are sometimes identified by the words ‘may,’ ‘will,’ ‘should,’ ‘potential,’
‘intend,’ ‘expect,’ ‘endeavor,’ ‘seek,’ ‘anticipate,’ ‘estimate,’ ‘overestimate,’ ‘underestimate,’ ‘believe,’ ‘plan,’ ‘could,’ ‘would,’
‘project,’ ‘predict,’ ‘continue,’ ‘target,’ or the negatives of these words or other similar terms or expressions that concern
TechTarget’s or NewCo’s expectations, strategy, priorities, plans, or intentions. Forward-looking statements are based upon
current plans, estimates, and expectations that are subject to risks, uncertainties, and assumptions. Should one or more of
these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially
from those indicated or anticipated by such forward-looking statements. We can give no assurance that such plans, estimates,
or expectations will be achieved, and therefore, actual results may differ materially from any plans, estimates, or expectations
in such forward-looking statements.
Company Information
Str Gov Fin
Important factors that could cause actual results to differ materially from such plans, estimates, or expectations include,
among others: that one or more closing conditions to the proposed transaction, including certain regulatory approvals, may
not be satisfied or waived, on a timely basis or otherwise, including that a governmental entity may prohibit, delay, or refuse
togrant approval for the consummation of the proposed transaction, may require conditions, limitations, or restrictions in
connection with such approvals or that the required approval by the shareholders of TechTarget may not be obtained; the
riskthat the proposed transaction may not be completed in the time frame expected by Informa, TechTarget, or NewCo, or
atall; unexpected costs, charges, or expenses resulting from the proposed transaction; uncertainty of the expected financial
performance of NewCo following completion of the proposed transaction; failure to realize the anticipated benefits of the
proposed transaction, including as a result of delay in completing the proposed transaction or integrating the relevant
portionof the Informa Tech business with the business of TechTarget; the ability of NewCo to implement its business strategy;
difficulties and delays in achieving revenue and cost synergies of NewCo; the occurrence of any event that could give rise to
termination of the proposed transaction; potential litigation in connection with the proposed transaction or other settlements
or investigations that may affect the timing or occurrence of the proposed transaction or result in significant costs of defense,
indemnification, and liability; evolving legal, regulatory, and tax regimes; changes in economic, financial, political, and
regulatory conditions, in the United States and elsewhere, and other factors that contribute to uncertainty and volatility,
natural and man-made disasters, civil unrest, pandemics, geopolitical uncertainty, and conditions that may result from
legislative, regulatory, trade, and policy changes associated with the current or subsequent U.S. administration; risks related
todisruption of management time from ongoing business operations due to the proposed transaction; certain restrictions
during the pendency of the proposed transaction that may impact TechTarget’s ability to pursue certain business opportunities
or strategic transactions; Informa’s, TechTarget’s, and NewCo’s ability to meet expectations regarding the accounting and
taxtreatments of the proposed transaction; the risk that any announcements relating to the proposed transaction could
haveadverse effects on the market price of TechTarget’s common stock; the risk that the proposed transaction and its
announcement could have an adverse effect on the ability of TechTarget to retain customers and retain and hire key personnel
and maintain relationships with customers, suppliers, employees, stockholders, strategic partners and other business
relationships and on its operating results and business generally; market acceptance of TechTarget’s and the relevant portion
of the Informa Tech business’s products and services; the impact of pandemics and future health epidemics and any related
economic downturns, on TechTarget’s business and the markets in which it and its customers operate; changes in economic
orregulatory conditions or other trends affecting the internet, internet advertising and information technology industries;
data privacy and artificial intelligence laws, rules, and regulations; the impact of foreign currency exchange rates; certain
macroeconomic factors facing the global economy, including instability in the regional banking sector, disruptions in the
capitalmarkets, economic sanctions and economic slowdowns or recessions, rising inflation and interest rate fluctuations
onTechTarget’s and the relevant portion of the Informa Tech business’s results; and other matters included in TechTarget’s
filings with the SEC, including in Item 1A of its Annual Report on Form 10-K for the year ended December 31, 2022 and its
Quarterly Report on Form 10-Q for the quarter ended September 30, 2023. These risks, as well as other risks associated
withthe proposed transaction, will be more fully discussed in the Proxy Statement/Prospectus that will be included in the
registration statement on Form S-4 that will be filed with the SEC in connection with the proposed transaction. While the
listoffactors presented here is, and the list of factors to be presented in registration statement on Form S-4 will be,
consideredrepresentative, no such list should be considered to be a complete statement of all potential risks and
uncertainties. Unlisted factors may present significant additional obstacles to the realization of forward-looking statements.
We caution you not to place undue reliance on any of these forward-looking statements as they are not guarantees of future
performance or outcomes and that actual performance and outcomes, including, without limitation, our actual results of
operations, financial condition and liquidity, and the development of new markets or market segments in which we operate,
may differ materially from those made in or suggested by the forward-looking statements contained in this communication.
Any forward-looking statements speak only as of the date of this communication. None of Informa, TechTarget, or NewCo
undertakes any obligation to update any forward-looking statements, whether as a result of new information or developments,
future events, or otherwise, except as required by law. Neither future distribution of this communication nor the continued
availability of this communication in archive form on TechTarget’s website at TechTarget.com or Informa’s website at informa.
com/investors should be deemed to constitute an update or re-affirmation of these statements as of any future date.
Annual Report and Accounts 2023
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