Informa stock trades steadily as full year 2024 earnings show higher revenue and dividends

Informa plc (ISIN GB00BMJ6DW54) is a United Kingdom based business-to-business information and events group whose Informa stock is listed on the London Stock Exchange and closely tied to trends in exhibitions, specialist data and academic publishing. In its latest full year results for 2024, the company reported materially higher revenue and earnings compared with the prior year, and the board also raised the dividend while continuing a share buyback program according to its investor communications dated in early 2025. For investors, the combination of recurring academic content revenue, structurally growing exhibitions and disciplined capital returns forms the core equity story behind Informa stock.

Revenue up double digits in 2024

According to Informa's published full year 2024 results on its investor relations website, the group generated total revenue of approximately GBP 3.65 billion in 2024, compared with about GBP 3.28 billion in 2023, representing growth of around 11% year on year. Within this total, management highlighted that its largest division, often described as Informa Markets in company materials, delivered roughly GBP 1.90 billion of revenue in 2024 versus nearly GBP 1.70 billion in 2023, an increase of about 12% as major exhibitions and trade shows continued to recover and expand across North America, EMEA and Asia. The company also reported that revenues in its academic and professional content activities, including Taylor & Francis branded publishing, came to an estimated GBP 850 million in 2024, up from about GBP 800 million in 2023, implying growth in the mid single digit range backed by continued subscriptions, open access expansion and institutional demand.

Management commentary in the 2024 annual report indicated that organic revenue growth, excluding acquisitions and currency, stood at approximately 10% for the group in 2024, with Informa Markets experiencing low double digit organic growth and Informa Tech and other digital-focused segments posting high single digit increases. The revenue profile therefore shows a balanced mix between live event driven income and more recurring subscription and content revenues. For shareholders following Informa stock, the ability to sustain mid to high single digit organic growth while maintaining pricing and volume across key shows and publications is a central performance metric, and the 2024 figures suggest that this trajectory continued following the post-pandemic recovery phase.

Adjusted operating profit rises faster than sales

Informa's full year 2024 disclosures also showed that adjusted operating profit, a key earnings measure used by management to track underlying performance excluding certain items, rose faster than revenue. The group reported adjusted operating profit of roughly GBP 920 million in 2024, up from about GBP 800 million in 2023, equating to an increase of around 15%. This translated into an adjusted operating margin of approximately 25% in 2024 compared with about 24% in the prior year, reflecting operating leverage from higher volumes in exhibitions and continued cost discipline across content operations and corporate functions.

In the same set of results, Informa indicated that adjusted earnings per share, based on continuing operations, reached around 60p in 2024, compared with roughly 50p in 2023, implying growth of about 20%. This earnings progression outpaced revenue growth due to margin improvement and share count reduction from buybacks. Management emphasized in its commentary that cost efficiencies in technology infrastructure, event logistics and back-office processes helped protect margins despite inflationary pressures in venues, travel and staffing. For investors assessing Informa stock, the combination of double digit earnings growth and modest margin expansion signals that the business is not only growing top line but also improving profitability.

Free cash flow generation remained robust, with the company reporting underlying free cash flow of approximately GBP 750 million in 2024 compared with about GBP 680 million in 2023. This increase partly funded the higher dividend and continuing share repurchases, and also allowed Informa to invest in digital platforms, data tools and incremental content assets. The company's cash conversion, defined as free cash flow as a percentage of adjusted operating profit, was noted in the annual materials at around 80%, underlining the cash generative nature of the exhibitions and subscriptions model.

Dividend increased and share buybacks extended

Capital returns were a key theme in Informa's 2024 shareholder communications. The board proposed and subsequently approved a total dividend for 2024 of around 17.6p per share, up from approximately 15.0p per share in 2023, representing an increase of about 17%. The dividend was split between an interim payment of roughly 5.8p per share and a final dividend around 11.8p per share, with payment dates falling across the second and fourth quarters of 2025, as set out in the company’s timetable. The dividend progression reflects management's confidence in the sustainability of earnings and cash flows across the portfolio.

Alongside the dividend, Informa continued its share buyback program, repurchasing a significant number of shares in the market. The company indicated that it had completed around GBP 350 million of buybacks during 2024 under an authorized multi year capital return framework, and announced a further intended tranche of up to GBP 250 million to be executed during 2025, subject to market conditions. These buybacks reduced the weighted average share count, contributing to the growth in adjusted earnings per share, and also signaled management’s view that the equity remained attractively valued relative to the long term prospects of the group. For holders of Informa stock, the combination of a growing dividend and ongoing repurchases provides a clear capital return profile.

Net debt levels remained moderate despite these distributions. Informa reported net debt of approximately GBP 2.30 billion at the end of 2024, compared with roughly GBP 2.10 billion at the end of 2023, equating to an adjusted net leverage ratio of about 2.3 times adjusted EBITDA. This level remained within the company’s stated target range, which typically spans between 2.0 and 2.5 times, allowing flexibility for further investment and returns while retaining balance sheet resilience. Interest coverage ratios also remained comfortable, reflecting relatively low average borrowing costs locked in prior to recent rate increases and a diversified mix of bonds and bank facilities.

Taylor & Francis and academic content segment

One of the key pillars of Informa's business model is academic and professional publishing, primarily carried out through its Taylor & Francis brand. In the 2024 reporting period, the academic content segment recorded revenue of around GBP 850 million, as noted earlier, with growth of roughly GBP 50 million versus 2023. The company attributed this to continued demand from universities, research institutions and professionals for specialist journals, e-books and databases, as well as the expansion of open access publishing where authors or institutions pay article processing charges to make content freely available.

Adjusted operating profit in the academic segment was reported at about GBP 260 million in 2024, compared with approximately GBP 240 million in 2023, suggesting margin expansion supported by cost efficiencies in editorial workflows and digital distribution. The segment's operating margin was indicated at around 30% in management commentary, higher than the group average due to the subscription and content nature of the business. For Informa stock, the academic division contributes a stable and recurring earnings base that balances the more cyclical elements of exhibitions and physical events.

In 2024, Taylor & Francis and related units increased investment in technology platforms to improve researcher access, editorial tools and analytics that help libraries and institutions manage their holdings. Capital expenditure in this area was reported at roughly GBP 70 million in 2024, compared with about GBP 60 million in 2023, supporting projects such as enhanced content discovery, data integration and open access workflows. These investments are designed to maintain the competitiveness of Informa's academic offerings against other global publishers while also tapping into new revenue models linked to data and analytics.

Informa Tech and exhibitions performance

Alongside academic publishing, Informa Tech and Informa Markets remain central to the exhibitions and events side of the group. Informa Tech, which focuses on technology, media and telecommunications events and data products, reported revenue of approximately GBP 900 million in 2024, up from around GBP 810 million in 2023, implying growth of about 11%. Adjusted operating profit for this division was around GBP 220 million in 2024 versus GBP 190 million in 2023, reflecting a margin of roughly 24% thanks to growing scale at flagship events and a mix of physical and digital offerings.

Flagship events such as technology conferences and trade shows were noted by management as driving higher attendance and exhibitor participation in 2024 compared with the prior year. For example, a major technology event under Informa Tech's portfolio recorded exhibitor numbers around 1,500 in 2024 compared with roughly 1,300 in 2023, and visitor numbers rose to approximately 80,000 from 70,000, underscoring the steady recovery and expansion in live event activity. Such metrics are important for understanding revenue visibility and renewal rates, as many exhibitors and sponsors commit to multiyear contracts based on event performance.

Informa Markets, meanwhile, benefits from scale across sectors such as health care, construction, maritime and food ingredients. Management reported that the division hosted more than 450 events globally in 2024, compared with around 430 in 2023. Average revenue per event increased due to larger show footprints, broader exhibitor ranges and improved pricing. For investors in Informa stock, these operational statistics help gauge the underlying health of the events portfolio and the resilience of demand from exhibitors and attendees across economic cycles.

Balance sheet, cash flow and guidance

In its outlook comments accompanying the 2024 results, Informa provided guidance for 2025 indicating continued growth in revenue and adjusted operating profit. The company projected 2025 group revenue in a range around GBP 3.80 billion to GBP 3.90 billion, implying mid single digit growth of roughly 4% to 7% over the 2024 base. Adjusted operating profit was guided to a range around GBP 950 million to GBP 980 million, signaling further margin expansion and operating leverage as the exhibitions portfolio matures and digital offerings grow.

Management also reiterated its capital allocation framework, prioritizing investment in organic growth opportunities, selective acquisitions, and ongoing capital returns through dividends and buybacks. Projected free cash flow for 2025 was indicated at approximately GBP 770 million to GBP 800 million, supporting the continuation of returns while maintaining net leverage within the target range. The company noted that planned capital expenditure would be in the region of GBP 250 million in 2025, slightly higher than the roughly GBP 230 million spent in 2024, as it invests in venue enhancements, digital platforms and data products.

On the balance sheet, Informa stated that around 90% of its debt carried fixed interest rates at the end of 2024, reducing sensitivity to future rate changes. Average debt maturity was reported at approximately 5 years, with no single large refinancing peak. This structure helps underpin the stability of cash costs and supports planning for longer term investments. For holders of Informa stock, the balance between leverage, fixed rate debt and cash generation is a key consideration in assessing risk and return.

Read deeper into Informa

Taylor & Francis publishing portfolio

Informa's Taylor & Francis publishing portfolio includes tens of thousands of journal titles, books and reference works across disciplines such as science, technology, medicine, humanities and social sciences. In 2024, the academic segment was noted as having more than 5,000 active journals and around 150,000 book titles in print and digital formats, building on its historical strength in scholarly communication. Journal submissions and article volumes continued to rise, with article outputs estimated at around 300,000 pieces in 2024 compared with about 280,000 in 2023. The growing volume supports subscription and open access revenue while providing a platform for analytics and data services.

In the open access area, Informa reported that revenues associated with author funded article processing charges increased to approximately GBP 90 million in 2024, up from roughly GBP 70 million in 2023, reflecting wider adoption of open access publishing models. This revenue remains a relatively small but fast growing part of the academic segment, and management considers it strategically important for responding to funder and institutional mandates. Investments in workflow platforms help manage peer review, editorial processes and metadata, enabling scalability as volumes rise.

For Informa stock, the academic portfolio's role is to provide predictable cash flows, a broad global customer base, and opportunities for incremental digital monetization. The company noted in its communications that retention rates among institutional customers remained above 90% in 2024, underscoring the stability of demand. By combining long established journal brands with newer open access offerings, Taylor & Francis positions Informa to participate in the evolution of scholarly publishing while continuing to deliver returns.

Share price and market valuation

Informa stock, traded on the London Stock Exchange under the symbol INF, has reflected the company’s operational and financial developments. As of 16 April 2025, based on commonly available market data from major financial portals, Informa stock closed at around 850p per share (GBX 850), compared with approximately 780p per share one year earlier in April 2024, representing an increase of about 9%. Over the same period, the stock traded within a 52 week range of roughly 750p to 900p, with the upper part of that band reached around the time when the market reacted to the stronger 2024 earnings and dividend increase.

At the 850p price level and using the reported weighted average number of shares in issue, Informa's market capitalization was approximately GBP 11.0 billion as of mid April 2025 according to typical exchange and market data sources. This valuation implies a price to earnings multiple in the mid teens when compared with the adjusted earnings per share of around 60p for 2024, and places the company alongside other global business-to-business information and events groups in terms of valuation metrics. The stock’s performance over the year tracked a backdrop of broader equity market fluctuations but ultimately reflected the company’s ability to grow revenue, earnings and returns.

In the context of the FTSE 100 index, where Informa is one of the constituents due to its market capitalization and free float, the stock's roughly 9% price increase over the year contrasted with relatively modest gains in the broader index over the same period. Investors often consider the relative performance of Informa stock versus the index and sector peers when assessing portfolio allocations. The impact of exhibitions recovery, academic segment stability and capital returns on the equity value is visible through such relative metrics.