(Reuters) -Informa increased its full-year revenue and profit expectations on Tuesday, as the British specialist data and events group expects to benefit from sustained demand in its academic and events businesses.
The London-listed company has logged strong growth recently as its efforts to expand into newer markets like healthcare and luxury have paid off and the events industry has recovered from a pandemic-led slump.
Its academic business, home to journal publisher Taylor & Francis, has also benefited from demand for its pay-to-read and pay-to-publish services.
“Full-year revenues will be ahead of 2019 levels in all major geographies, including North America, South America, ASEAN, Europe and China,” the company said in a statement.
China has seen significant acceleration through the year following the removal of COVID-19 restrictions, it added.
Informa now expects 2023 adjusted operating profit of more than 840 million pounds ($1.03 billion) on revenue of over 3.15 billion pounds, compared with an earlier forecast for a profit of 790 million pounds on revenue of 3.05 billion pounds.
The company, which organises fast-growing cybersecurity event Black Hat, also increased its share buybacks to 1.15 billion pounds, citing strong cash flow.
Shares in the company were up 4.1% in early trading on Tuesday.
($1 = 0.8139 pounds)
(Reporting by Eva Mathews in Bengaluru; Editing by Sonia Cheema and Subhranshu Sahu)
