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Annual Report and Accounts 2024
Strategic Report Governance Report
About Informa
Informa at a glance 2
Investment case 4
Market trends 6
Business model 10
Chair’s introduction 12
Review of the year
Group Chief Executive’s review 16
Key performance indicators 22
Informa: 2004-2024 24
Informa in 2024 26
Informa: 2025 and beyond 36
Informa Markets 42
Informa Connect 44
Taylor & Francis 46
Group Finance Director’s review 48
Financial review 50
Risk report
Introduction 60
How we manage risk 62
Principal risks and uncertainties 64
Other Strategic Report information
Viability statement 71
Task Force on Climate-related
Financial Disclosures report 74
Non-financial and sustainability
information statement 79
Informa’s Board
Board of Directors 81
Board review and activity
Chair’s introduction to governance 84
The Board’s year 86
Section 172 statement 92
Compliance with the UK Corporate
Governance Code 96
Committee reports
Nomination Committee report 100
Audit Committee report 105
Directors’ Remuneration
report 115
Other governance information
Directors’ report 133
Statement of Directors’
responsibilities 135
This Annual Report and Accounts is at the
centreofour reporting to shareholders and
otherstakeholders.
We make supplementary information available for
anyonewho would like to explore further. Head to
our Review of 2024 microsite for extra detail and
video content 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 2024
Sustainability Report and Climate Impacts Report.
Stay up to date with
more information at
informa.com
See how
Informa has
transformed
Informa: 2004-2024
pages 24 and 25
Financial Statements Company Information
Independent auditors’ report 137
Consolidated financial statements
Consolidated income statement 145
Consolidated statement
of comprehensive income 146
Consolidated statement
of changes in equity 147
Consolidated balance sheet 149
Consolidated cash flow statement 150
Notes to the consolidated
financial statements 151
Parent Company
financial statements
Parent Company balance sheet 222
Parent Company statement
of changes in equity 223
Notes to the Parent Company
financial statements 224
Other financial information
Glossary of terms: alternative
performance measures 231
Five-year summary 233
Shareholder information 234
Advisers 236
We include International Financial
Reporting Standards (IFRS) and
alternative performance measures
in this report.
Alternative performance measures are
defined in the glossary onpages 231
and 232 and marked with an asterisk
thefirst time they are used.
This Strategic Report was approved
by the Board on 13 March 2025.
John Rishton
Chair, on behalf of the Board
Get to know
Informa TechTarget
Inside Informa
TechTarget
pages 40 and 41
Introducing
Informa
Festivals
Inside Informa
Festivals
pages 38 and 39
Read our
Group CEO’s
review of 2024
Group Chief
Executive’s review
pages 16 to 21
Strategic Report Governance Financial Statements Additional Information
Informa Annual Report and Accounts 2024
01
Informa is a leading international
business-to-business events,
digital services and academic
publishing group.
Our purpose is to champion the
specialist: connecting people with
knowledge to help them learn
more, know more and do more.
Our customers are businesses and
professionals who work in one of the
dozens of specialist markets we serve.
These include Technology, Healthcare
& Pharma, Finance, Health & Nutrition,
Education, Physical Sciences, Marketing,
Foodservice and Licensing.
We work in
specialist markets
Strategic Report
Informa Annual Report and Accounts 2024
02
Informa at a glance
We are an
international
FTSE 100 business
We have more than 14,000
colleagues working in over 30
countries. Our customers are
based in over 150 countries and
around 50% of our revenues
come from North America.
International Divisional Pro-forma
2024 revenues
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O
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r
In 2024, our four operating divisions were Taylor & Francis,
Informa Markets, Informa Connect and Informa Tech.
We are updating our organisational structure in 2025 as follows.
How we are organised
B2B
Markets
Content-led
B2B events
Experience-led
B2Bevents
Transaction-led
B2Bevents
Academic
Markets
Academic research,
advanced learning
andopen research
B2B
Digital
Services
B2B data and
marketaccess
techtarget
Strategic Report Governance Financial Statements Additional Information
Informa Annual Report and Accounts 2024
03
China
New Zealand
Japan
Australia
Singapore
Malaysia
South Korea
Indonesia
UAE
Türkiye
Egypt
India
Saudi Arabia
Thailand
UK
Canada
Netherlands
Brazil
Mexico
US
We are the world’s leading B2B events organiser
and operate leading B2B Digital Services and
Academic Markets businesses.
We operate in the growing knowledge and
information economy, where the volume of data and
information is increasing exponentially and knowing
what to trust and who to connect with is vital.
$358bn
2024 R&D investment
oftop15 spenders
150+
No of customer
countries
We invest in data capabilities,
technology and artificial intelligence
todrive growth and efficiency across
all our businesses. Wepartner with
experts where we see potential
opportunities to benefit eachother.
Our sustainability programme
FasterForward, is embedded across
everything we do.
This is reflected in the number of
events accredited by our Sustainable
Event Fundamentals framework, which
is included as a measure in Directors’
long-term incentive plans.
Talent is key to everything we do.
Ourcolleagues are specialists, deeply
embedded in their chosen markets. Our
agile and flexible culture supports them
in responding quickly to customer
needs as their markets evolve.
Underpinned by
sustainability
$75m+
Revenue from one-off data
access agreements signed
byTaylor & Francis
14,000+
Number of
colleagues
7 years
Inclusion in DJSI
World Index
Data and AI
opportunities
Specialist talent and
supportive culture
We target Informa leverage of 1.5x–2.5x
Investing
in organic
growth
Paying
progressive
dividends
Investing
inorganically
forgrowth
Returning
capital to
shareholders
through
buybacks
We have resilient revenue streams
andstrong margins. Over 60% of our
revenue is visible and recurring. Our
cash generation is high, and our capital
requirements are low.
We take a flexible approach to capital
allocation, balancing reinvestment in
the business with portfolio expansion
and returning cash to shareholders.
Capital allocation framework
Strong financial characteristics and robust balance sheet
Our international businesses connect people with specialist knowledge. We have leading
positions in growing markets. Combined with our investments in products and people,
theseprovide a strong platform for future growth and increasing shareholder returns.
Growing international markets Leading international businesses
Strategic Report
Informa Annual Report and Accounts 2024
04
Investment case
Strong
growth
Group
revenues
£3,553m
2023: £3,190m
Underlying
revenue growth*
11.6%
2023: 30.4%
Adjusted
operating profit*
£995m
2023: £854m
Adjusted diluted
earnings per share*
50.1p
2023: 45.3p
Financial
strength
Free
cash flow*
£812m
2023: £632m
Operating cash
flow conversion*
104%
2023: 94%
Dividend
per share
20.0p
2023: 18.0p
Informa
leverage*
2.6x
2023: 1.4x
Expansion
inmajor
B2Bbrands
Continued
growth in
research
content
145,000
new articles on
Taylor & Francis
Online
Continued
progress in
sustainable
events
431
brands accredited
intheSustainable
EventFundamentals
30%
roles filled internally
79
engagement score
Delivering
for colleagues
52
attendee net
promoter score for
top 50 Informa
Markets events
Delivering
forcustomers
Increased
scale in
digital
services
Creation of
techtarget
2024 highlights
Strategic Report Governance Financial Statements Additional Information
Informa Annual Report and Accounts 2024
05
We keep a close eye on trends in our main markets – B2B events, digital
services and academic publishing – as well as trends in the customer
markets we serve, acting on opportunities and responding to developments.
Tech buyers spend
the vast majority of their
time online
14%
Increase in mega
venuesbetween 2021
and 2023 (UFI)
The events market
is segmenting
64%
Interactive and
immersive experiences
are a priority for 64%
ofevent attendees
(Freeman)
5%
Enterprise IT budgets
forecast to grow 5% a
year between 2023 and
2030 (Omdia)
Live experiences
are more valuable
than ever
Strategic Report
Informa Annual Report and Accounts 2024
06
Market trends
When businesses upgrade or buy new
enterprise technology, they now spend
a considerable amount of time
researching products and providers
online before contacting a sales team.
Buyers can be nearly 70% of the way
through their purchasing process
before they contact a vendor directly,
and that buying journey is an average
of 12 months long.
This creates a two-fold demand. Buyers
want informed insights on relevant
solutions to hone their decision
making. And technology providers
want to know who is in the market for
their product before they get in
contact, so they can raise their profile
and compete for business as efficiently
as possible.
Our B2B Digital Services business,
Informa TechTarget, supports each part
of this ecosystem. We deliver a variety
of content that helps tech buyers
conduct research, from independent
reports to media, product guides,
whitepapers, videos and webinars.
This gives us first-party data and direct
insights on who is in the market, what
they are looking for and what stage of
procurement they are in.
We use this data to better tailor content
to buyers’ needs and to provide sellers
with opportunities to market their
products to relevant audiences and
connect directly with those who intend
to purchase, helping them to drive more
sales, more effectively.
Our professional and personal lives
are more digital than ever before.
Businesses and individuals are
spending more time connecting,
collaborating and learning online and
through technology. And, as getting
together live and in person with
customers, partners and colleagues
has become less frequent, it has also
become more valuable because of
its scarcity.
Live business-to-business events benefit
from this trend. Companies are putting
more emphasis on key moments during
a year when they can build and nurture
relationships by meeting in person,
showtheir products physically, hear
from experts live, get inspired and take
a break from the digital world.
Larger-scale live events benefit most,
because when whole industries come
together, it creates a network effect
that makes attending particularly
effective. So do events that deliver a
strong customer experience and return
on investment through additional
services and incorporating digital
elements. Scale events, customer
experience and data-driven services
are all focuses for us.
The value of live events is also
increasingly recognised by
governments. Many, including in the
Middle East and US cities, are investing
to increase the capacity of their venues
to cater to demand and capitalise on
the economic and community benefits
that large-scale events bring host
cities. In turn, this will support further
market growth.
Business events first emerged from
Europe in the late 1700s and early
1800s as industrial expositions. As
many markets do when they mature
over time, events have developed,
evolved and, most recently, started to
segment into distinct categories of
product serving different needs.
While there are some features that
most events have in common – for
example, an element of industry-
specific content programming – we see
three specific types of event emerging,
each with a different core purpose and
reason to attend and with different
elements emphasised.
Transaction-led events – sometimes
called exhibitions or trade shows –
create and grow the markets they
serve. They act as a marketplace for
the whole supply chain, attracting
companies that want to do business by
meeting buyers at scale in person.
They are typically part of annual sales
activities and budgets.
Content-led events – sometimes called
conferences or confexes – connect and
educate their markets. They attract
professionals who want to network
and develop their business by meeting
partners and investors and staying up
to date on the latest industry thinking.
These are often a marketing activity
andinvestment.
Experience-led events – sometimes
called festivals – set out to inspire and
celebrate their markets and attract
professionals looking for deep
community connections and high-
impact immersive experiences.
We have organised our B2B Events
portfolio around these three types of
events for 2025, so that each division can
fully focus on developing its distinctive
features and maximising what we offer
each category of customer.
Strategic Report Governance Financial Statements Additional Information
Informa Annual Report and Accounts 2024
07
Generative AI:
huge investment,
new   opportunities
120%
Growth in scientific
and medical journal
articles, 1996-2020
(Our World in Data)
There are many
routes to research
publication
$700m
three-year investment
byIndian Government
inresearch
subscriptions
$200bn
US tech companies’
2024investments
inAI(Citi)
Expert knowledge
is in demand and
in growth
Strategic Report
Informa Annual Report and Accounts 2024
08
Market trends
continued
While machine learning and AI have
existed in many forms for decades,
generative AI is far newer and its
widespread availability and rapid
development make it an important
trend in every market.
The scale of investment in this area
is also unprecedented. Analysts
estimate that the four largest US
technology companies spent $200bn
on AI research and development
in 2024.
Generative AI has the potential to
influence parts of our market and the
way we work, creating commercial
opportunities and efficiency benefits
as well as changes that we will continue
to monitor and respond to.
We are actively engaged in the
application and deployment of AI, as
we talk to further on pages 29 and 37.
For example, large language models
are being used as primary research
tools and to summarise specialist
content. Trusted, high-quality content
is critical for further advancing these
models, and we have entered several
data-access partnerships with leading
providers that help train large language
models. We are also using AI’s
capabilities to analyse large data sets
and find trends in our data-driven
services and marketing activities.
We serve the growing AI community
through dedicated brands including AI
Summit brand pictured left and a new
journal – the Journal of Psychology and AI
– launched in 2024 to cater to the
emerging study of human interaction
with AI. Industry-specific content on AI
is included in many of our brands to
help our customers keep learning too.
The world is becoming better
educated, with more people entering
higher education, studying at graduate
and post-graduate levels, and pursuing
further qualifications. This trend puts
the market for trusted knowledge and
expert research in structural growth.
Higher educational levels mean there
are more researchers at universities
and institutions working on new
discoveries, and more researchers
submitting their findings for
publication to share their knowledge
and progress in their careers.
Equally, there is consistent demand
from other researchers, institutions
and a range of industries for original
and verified research that they can
build on and apply to innovation and
product development.
Research output and demand have
become more globally spread as
countries expand access to higher
education over time. China and India
are now among the top three countries
for scientific and engineering research
publication, along with the US.
This is the market Taylor & Francis
addresses. We have a long-standing
focus on expanding our depth of
research and supporting researchers
all over the world, with significant hubs
in India, China and the US. Over the last
ten years, we have enhanced our
production capabilities to support
growing research volumes and improve
the ease of publication. We have also
invested in AI, data, technology and
our platforms to make the knowledge
we publish discoverable and to
maximise its impact.
The research world is diverse and there
are several ways that the publication of
research is funded.
In many cases, individual libraries,
consortia of libraries, research
institutions and corporates will have
annual or multi-year subscriptions to
access research. This is often called a
pay-to-read model and, most recently,
the Indian Government launched a One
Nation, One Subscription scheme that
enables more of its institutions and
students to access expert knowledge.
In other cases, universities, institutes
or governments will fund research and
its publication upfront, making it
widely available to read on an open
access or pay-to-publish basis. There
are also read and publish approaches
and transitional models which blend
several elements.
Preferred models can vary depending
on the country as well as the research
subject matter. Scientific and medical
research is more likely to receive open
access funding than humanities
knowledge, for example.
This range is an increasingly embedded
feature of the market. For many years,
our response has been to work flexibly
with partners and support a range of
approaches, all the while maintaining
the continuous investment that
research verification, enrichment,
indexing and discoverability requires.
We have also built out our platforms
and services to support the specific
needs of open research, where, for
example, speed of publication as well
as quality is particularly important.
Strategic Report Governance Financial Statements Additional Information
Informa Annual Report and Accounts 2024
09
We work in specialist
markets, serving:
Professionals
who want to get smarter
about their subject matter
and remain informed,
networked and relevant
Businesses
who need to discover new
customers and stay closely
connected to their partners,
suppliers and distributors
Researchers
who want their findings
tobe recognised and
reachothers, and
leadtoprogress and
newdiscoveries
What we doOur markets
We connect people
We bring professionals in specialist
markets together to learn, develop,
connect, experience and celebrate in
powerful and effective ways
We advance knowledge
We deliver specialist research, expert
knowledge and unique content that
advances further learning and discovery
We enable
discovery
We enable businesses
to succeed by helping
them assess the market,
find and connect with
investors, meet
distributors, discover
and reach new
customers, and identify
the right suppliers
Major live B2B events
On-demand and online events
Research journals, articles, books and
ebooks, and open research platforms
Specialist media, content and research
Accredited training
Partnering platforms
Buyer discovery services and
intent-to-purchase data
Brand awareness and audience
development products
Digital demand and
lead-generation services
Through
Strategic Report
Informa Annual Report and Accounts 2024
10
Business model
Strategic Report Governance Financial Statements Additional Information
Informa Annual Report and Accounts 2024
11
Our difference
• We own and operate leading and
unique brands and imprints
• We continuously invest in our
brands and product development
– often in collaboration with
customers – to keep improving
what we deliver and giving value
to the markets we serve
• We prioritise building strong
relationships with the key partners
who help deliver our products
• We work hard at our culture. We
celebrate progress, creativity and
collaboration, making sure
everyone can contribute their best
and share in the benefits of
customer and business success
• Our customer interactions give us
unique, permissioned first-party
data and insight. We use this to
enhance our products and
marketing, and as the basis for
data-driven digital services
• Sustainability is embedded
throughout the business.
Itaddsvalue to our brands and
customers and helps us make
apositive wider impact
• We operate at scale in our three
main markets, which provides
commercial, partnership and
efficiency opportunities
• We are efficient and disciplined in
how we use capital, striking a
balance between reinvestment
and shareholder returns
• We manage risk dynamically,
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
• Open book
publishing services
• Research editing
services
• Sponsorship and
promotion on
research hubs
Our revenues come from
• Exhibition stand space
• Paid event attendance
• Event sponsorship
• Brand promotion via
event apps, pre-event
marketing and onsite
• Content-focused brand
awareness and marketing
campaigns, including
sponsored webinars and
thought leadership
• Product listing and
promotion on digital
marketplaces
anddirectories
• Access to lead generation,
buyer intent and data
capture platforms
• Individual and corporate
training courses
• Subscriptions to
specialistresearch
• Consultancy services
• Purchases of individual
research and reports
B2B Markets
Academic Markets
The value we create
For
shareholders
Long-term capital
andincomegrowth
£675m+
Cash returns to
shareholders in 2024
For
customers
Knowledge and
connections that
drive professional
and business success
52
Average attendee net
promoter score for
top 50 Informa
Markets events
For
colleagues
Professional
development, with
personal support and
financial benefits
79
Colleague
engagement score
For
partners
Committed long-term
relationships that
support commercial
success
34
Suppliers on
preferred partners
programme
For
communities
Making a positive
contribution through
economic and
community activity
$1.8bn
Economic impact of
Fort Lauderdale
International
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