Informa FY13 Pre-tax Profit Climbs - Update

(RTTNews) - Publishing firm Informa Plc (INF.L, INFMF.PK) Friday reported a sharp increase in pre-tax profit for full-year 2013, as revenues improved with organic growth.

Academic Publishing division's revenue grew 7.9 percent to 367.1 million pounds. The firm expects another good performance from the division in 2014.

Stephen Carter, Group Chief Executive said, "The robust platform that Academic Publishing provides and the strength of Global Events, combined with a more stable macro backdrop, give us confidence we can deliver a positive outcome in the year."

For the full year, pre-tax profit climbed to 115.7 million pounds from 70.4 million pounds in the prior year. On an adjusted basis, profit before tax was 307.6 million pounds, while it totaled 298.2 million pounds reported last year.

Meanwhile, the firm posted loss attributable to equityholders of the parent of 6.4 million pounds or 1.1 pence per share, compared to a profit of 90.7 million pounds or 15.0 pence per share last year.

The results reflected loss from discontinued operations of 109.5 million pounds. Profit from continuing operations increased to 103.1 million pounds from 93.7 million pounds last year.

Adjusted earnings were 40.1 pence, while the company posted 38.2 pence per share a year earlier.

Annual revenues improved 2 percent to 1.13 billion pounds from 1.11 billion pounds in the prior year. Organic revenue growth was 1.5 percent.

The board has also proposed a second interim dividend of 12.50 pence per share, flat with last year, to shareholders of record on May 2, 2014, payable on May 27. This will result in a total dividend for the year of 18.90 pence per share, compared to 18.50 pence per share last year.

Stating that its businesses are currently trading in line with expectations, the firm said despite the negative translation impact from recent currency movements, it would focus on both growth and operational fitness to deliver continued growth in adjusted earnings per share.

INF.L is currently trading at 530 pence, up 8 pence or 1.53 percent, on a volume of 407,063 shares.