 |
 |
 |
 |
Interim Results
08/09/2004
|
 |
 |
 |
 |
ACQUISITIONS AND ORGANIC GROWTH DRIVE TURNOVER AND PROFITS MERGER INTEGRATION WELL ADVANCED
| 6 months to | 6 months to | Growth at | ||
| 30 June | 30 June | Reported | Constant | |
| 2004 | 2003 | Growth | Currency | |
| Turnover | £246.3m | £209.5m | +18% | +21% |
| Normalised Operating Profit1 | £46.6m | £36.0m | +29% | +38% |
| Operating Profit | £27.0m | £24.1m | +12% | |
| Normalised Pre-tax Profit2 | £38.0m | £31.7m | +20% | |
| Profit Before Tax Normalised Diluted | £0.2m | £19.8m | - | |
| Earnings Per Share2 Diluted (Loss)/Earnings | 9.2 | 8.2 | +12% | |
| Per Share | (2.4) | 3.9 | - |
1 Excludes goodwill amortisation of £17.6m (2003: £9.8m) and exceptional items of £2.0m (2003: £2.1m)
2 Excludes goodwill amortisation of £17.6m (2003: £9.8m), exceptional items of £2.0m (2003: £2.1m), merger costs of £15.7m and bank facility fees expensed on merger of £2.4m
- Businesses acquired in 2003 and 2004 performing ahead of expectations
- Merger integration well advanced
Revenue synergies quantified - £9m in 2005
Greater cost savings identified - 2005 expectations nearly doubled to £9m - Enlarged Group provides platform to drive further profitable growth
- Balanced product portfolio ideally positioned for recovery in key markets
- Good momentum into second half of 2004
Commenting on the Group's performance and prospects, David Smith, Chairman of T&F Informa said:
"This was a strong performance during what was a busy period of integrating acquisitions and the merger. It confirms both the strength of the Group's portfolio of businesses and its staff as well as the rationale for the creation of T&F Informa. We are also well placed for the rest of the year and into 2005.
"Although the merger is just four months old, we have already established new revenue streams of £9 million for next year and nearly doubled our expectations for cost savings. Central to this is the excellent cultural fit of the integration teams as they seek to exploit new opportunities within the enlarged Group. There is good momentum in the business and we look forward to 2005."
Enquiries:
| T&F Informa plc | Tel: 020 7017 5000 |
| David Smith, Chairman | |
| Peter Rigby, Chief Executive | |
| David Gilbertson, Managing Director | |
| Tony Foye, Finance Director | |
| Financial Dynamics | Tel: 020 7831 3113 |
| Tim Spratt / Charles Palmer |
View the full press release in pdf (247 kb)