Informa Reports Double-Digit Revenue Growth in 2023 and Merger With TechTarget
January 19, 2024
Informa, the international B2B events, digital services and academic markets company (owner of TSNN, ENN and Corporate Event News), reported a 30% increase in underlying revenue for the full-year 2023 and the merger of Informa Tech’s digital businesses with U.S.-based TechTarget.
During an investor presentation on Jan. 10, Informa Group Chief Executive Stephen A. Carter said the company’s 2024 guidance targets high single-digit underlying revenue growth, with reported revenue of £3,425m-£3,475m ($4,332m-$4,395m) and adjusted operating profit of £945m-£965m ($1,195m-$1,220m).
By the numbers: Subject to audit, Informa expects to report 2023 underlying revenue growth of about 30%, with reported revenue of £3,165m+ ($4,030m), adjusted operating profit of approx. £845m ($1,076m) and free cash flow of £600m+ ($764m).
Looking back: In 2023, Informa acquired Winsight, Tarsus, HIMMS and Canalys. In July, Events Investment Fund (EIF) acquired a stake in Tahaluf, the Saudi Arabian live events company created through a strategic joint venture between the Saudi Federation for Cybersecurity, Programming and Drones (SAFCSP) and Informa.
Why it matters: After COVID shut down the in-person events in 2020, Informa has rebounded and reported higher revenues than 2019.
Related: THREE GLOBAL TRADE SHOW PRODUCERS POST DOUBLE-DIGIT REVENUE GROWTH
Trade shows and event growth: Major live and on-demand brands, rich specialist B2B content and additional digital services are delivering volume and value growth across Informa Markets, Informa Connect and Informa Tech, leading to about 40% aggregate underlying revenue growth in 2023 and a target of high single-digit growth in 2024.
Looking ahead: 2024 guidance targets high single-digit underlying revenue growth, with reported revenue of £3,425m-£3,475m ($4,330m-$4,393m) and adjusted operating profit of £945m-£965m ($1,194m-$1,220m), excluding any effect of the proposed combination with TechTarget. High-growth B2B markets in 2024 include: pharma, healthcare, technology, health and nutrition, beauty and aviation, Carter said.
Read the full Informa release here.
Merger with TechTarget
During the investor presentation, Carter also announced Informa Tech’s digital businesses — which includes Industry Dive, Omdia (including Canalys), NetLine and its Digital Media Brands such as Information Week, Light Reading, AI Business — will combine with U.S.-listed TechTarget to create New TechTarget with annual sales of about $500m.
Deeper Dive: Headquartered and listed in the U.S.,TechTarget is a provider of data-driven B2B products to enterprise technology customers. It delivers new customers, influences purchasing decisions and drives revenue, based on buyer intelligence derived from its first-party B2B data. TechTarget estimates it will generate 2024 Revenues of about $235m and adjusted EBITDA of about $73m.
What they are saying: “Over the last three years, Informa has built a proprietary first-party data platform, IIRIS, and expanded our position in the B2B Digital Services market,” Carter said. “Now, through a majority shareholding in U.S.-listed TechTarget, we are positioning this business firmly where the customers and the value are.”
Looking ahead: New TechTarget will be U.S.-listed on Nasdaq (Ticker: TTGT) and led by Gary Nugent as CEO, who is also the current Informa Tech CEO. The New TechTarget will scale in segmented B2B audiences through a portfolio of more than 220 specialist B2B tech content brands and tech research business, Omdia.
Want to know more? Watch the full investor presentation here.
Partner Voices
MGM Resorts is committed to fostering an inclusive and diverse culture, not just among employees and guests but also within its supply chain. The company prioritizes procuring goods and services from businesses owned by minorities, women, veterans, people with disabilities, LGBTQ individuals and those facing economic disadvantages. This commitment is integral to MGM Resorts' global procurement strategy.
Through its voluntary supplier diversity program, MGM Resorts actively identifies and connects certified diverse-owned suppliers to opportunities within its supply chain. The company is on track to spend at least 15% of its biddable procurement with diverse-owned businesses by 2025, demonstrating that supplier diversity is not only a social responsibility but also a strategic business imperative.
Supplier diversity isn’t just the right thing to do – it’s good for business. A diverse supply chain allows access to a broader range of perspectives and experience, helping to drive innovation, entrepreneurship and resilience, while strengthening communities. At MGM Resorts, engaging diverse suppliers ensures best-in-class experiences for guests and clients. Supplier diversity ensures a more resilient supply chain while supporting economic development in the communities in which it operates.
The impact of MGM Resorts' supplier diversity initiatives is significant. In 2023, these efforts supported over 3,500 jobs across more than 30 states, contributed over $214 million in income for diverse-owned businesses and generated more than $62 million in tax revenue. The story extends beyond the numbers – it reflects the tangible benefits brought to small and diverse-owned businesses, fostering economic empowerment in their communities.
MGM Resorts also supports the development and business skills of diverse-owned businesses through investment, mentorship and education. Through the MGM Resorts Supplier Diversity Mentorship Program, the company identifies, mentors and develops diverse-owned businesses to fill its future pipeline, while providing businesses with tools and resources to empower and uplift. Since 2017, the program has successfully graduated 105 diverse-owned businesses and is on track to achieve its goal of 150 graduates by 2025.
MGM Resorts’ commitment to supplier diversity not only enhances its business operations but also plays a crucial role in uplifting communities and fostering economic development. This approach reinforces the idea that diversity is a powerful driver of innovation and resilience, benefiting both the company and the wider community.
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