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Informa YTD Underlying Revenue Ahead Of FY Guidance; Slight Credit Positive

COMMUNICATIONS

Rating: Baa2/BBB/BBB-


  • Five-month underlying revenue growth of 10.1% (vs. FY guidance of high single digit).
  • Total revenues of GBP 1.4bn YTD with a further GBP ~1bn committed and visible in 2024 (vs. FY guidance of GBP 3.45-3.5bn and FY BBG consensus of GBP 3.475bn). Taken together, this amounts to ~75% of FY23 revenue.
  • All guidance confirmed.
  • Spreads have performed well since reporting strong Q1 results in early May which was followed by upgrades at both Moody’s and S&P though the latter noted that further changes are unlikely in the near-term.

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