Informa share price rallies as group posts revenue growth
Shares in Informa (LON:INF) have surged in London this morning as the blue-chip events group updated investors on its recent trading, reporting a rise in revenue for the first 10 months of the year and reiterating its full-year targets. The FTSE 100 company, which agreed the takeover of rival UBM earlier this year, further noted that the combination phase of its integration plan had completed on schedule.
As of 10:20 GMT, Informa’s share price had added 2.77 percent to 711.40p, outperforming the broader UK market, with the benchmark FTSE 100 index currently standing 0.57 percent lower at 7,100.28 points. The group’s shares have lost nearly three percent of their value over the past year, as compared with about a five-percent drop in the Footsie.
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Informa shares in demand after update
Informa announced in a statement this morning that its trading had been in line with expectations and on track for the full year, with underlying revenue growth of 3.9 percent for the 10 months to October 31. The company further noted that the combination phase of its accelerated integration plan for UBM had completed on schedule.
“With more than 60 percent of our revenue forward booked and recurring, we have good forward visibility,” Informa’s chief executive officer Stephen A. Carter commented in the statement, adding that the group remained “confident of delivering a further year of growth in revenue, profit, earnings, dividends and cashflow”.
Analysts on blue-chip events group
Shore Capital and Liberum Capital both reaffirmed Informa as a ‘buy’ today, without specifying price targets on the shares, while Peel Hunt continues to see the company as an ‘add’. According to MarketBeat, the blue-chip group currently has a consensus ‘buy’ rating and an average price target of 875.25p.
As of 10:39 GMT, Friday, 09 November, INFORMA PLC share price is 706.60p.