(Reuters) -Informa raised its earnings forecast for this year on Friday, after its 2023 profit more than doubled, as the British events organiser benefited from the return of live events post a pandemic-led slump and strong performance across its markets.
The world's largest exhibition group raised its adjusted operating profit forecast for 2024 to a range of 950-970 million pounds ($1.22 billion-$1.24 billion), higher than its January forecast of between 945 million pounds and 965 million pounds.
Informa said that it would continue to deliver shareholder returns in 2024, with dividend growth and minimum share buybacks of 340 million pounds.
The London-listed company had hiked prices over the past year and branched into new markets including healthcare and luxury, presenting it with new avenues to boost revenue, while a revival of the events industry post the pandemic has also contributed to its growth significantly.
"Strong growth in IMEA, (India, Middle East & Africa), which is emerging as a material geographic growth engine alongside the Americas, China, ASEAN, and Europe, leads to updated 2024 guidance," Group CEO Stephen Carter said in statement.
Its adjusted operating profit for the year ended Dec. 31 was up 59.1% on an underlying basis at 853.8 million pounds.
The company added that it expected revenue for the current financial year to be about 3.45 billion pounds and 3.50 billion pounds, up from 3.19 billion pounds it reported in 2023.
($1 = 0.7809 pounds)