Informa plc

Okay, well, good morning, everybody, and welcome. For those people who are in the room, it looks like the bride had more family than the groom. But thank you very much for coming. Someone told me this morning that there are, I think, somewhere around 27 to 30 companies reporting this morning. So for those of you who are here with us physically, we now really know who our friends are. So thank you for making the time to come in person. And I think we have a few hundred people on the webcast, and it's a live stream link, so we'll be taking questions both in the room and from the webcast. So welcome to the Informa Group. This is our half year results for 2023. And as you may well have seen in the release that we published today, it's really a story of international scale growth and expansion. And we'll expand on that as we go through the presentation today. But before we get into Informa, worth stepping back because all of us in any business operate in the world in which we live. And the world in which we live is a really very difficult to read environment. Volatility, uncertainty, change. some geopolitical tensions. Depending on where you are in the world, a sense of continuing heightened inflation in some parts of the world. Is there a sense that inflation is stabilizing and beginning to taper off either because of reductions in input prices and in particular energy prices? We're having this conversation today on the back of another rate rise from the Fed. There's an ECB meeting today. There are experts from our Treasury team and our advisors in the room who will have a better view on forward rates, or here's hoping they've got a better view on forward rates than I do. But nevertheless, it's certainly a very different world on the cost of money than it was three or four years ago. And then depending on where you are in the world, you really have a very different view of growth. Fortunately, if you do what I do for a living, most of the markets in which we are operating at scale are growth markets with a real sense of forward momentum. and forward growth. We are obviously a UK listed business and we're having this conversation here in London. But actually, if you look at our portfolio where our revenues are and you plot them by scale, really they start in North America, they go to mainland China, they go to the Middle East, they go to Southeast Asia, they go to Brazil and South America and They go to Europe and they go to the United Kingdom in that order of importance. And that level of reach and range and scale is, I think, allowing us to navigate our way through this level of global uncertainty with some confidence about what the future brings. As you know, we're very committed to sustainability and recycling at Informa, so I present this slide at every meeting. We operate in the knowledge and information economy. We are focused on servicing at scale the B2B customers that we service in probably 20 or 25 markets, and driving depth in our specialism and in our knowledge, and similarly in our academic business. We are subject matter experts in a range of subject areas, and similarly driving depth and scale of knowledge and expertise. And really, those are the twin themes of the business, though I think what have always underpinned the strength of the informal proposition, increasing international reach and scale and depth in market specialisms. And that combination, if you can fund it and if you can successfully acquire further market positions, It's really a very powerful combination. And one of the things you will hopefully notice in my presentation and Gareth's today is I suspect we will use the C word a couple of times. But this isn't a presentation about are we pre-COVID or in COVID or post-COVID. This is really the first time in a long time. that we can have a conversation with our shareholders and with the market about the fundamental strength of the commercial proposition that is the Informa company. And it really is that combination of reach, scale, depth, and specialism. And that will be the drumbeat that we can now get back to delivering, and I think today's results more than underpin. I beg your pardon. Yeah, no, sorry, I'm in the right place. And so in the midst of that macro change, what really are we doing on a macro level? We're trying to drive greater use of technology in our business, whether at a simple level, although it's not so simple to deploy, digitally enabling the services that surround our event product or our research product. We are driving further and further specialization. You see that again today in the two additions in the group. The Canalis research analytics business in TMT further enhancing our Omdia research proposition. The emerging partnership with HIMSS. adding the single largest U.S. healthcare technology trade show to our already existing healthcare portfolio. And that drive to more and more specialization really goes with the grain of where our customers are. We are biased, and hopefully our shareholders share that bias, that in a world of increased technology and data, there is actually an increasing value in live experiences and interactions. They are enhanced by a better experience and customer experience through the use of digital service technology around the event experience. And they're accompanied by a greater level of accuracy on lead qualification and lead generation. It's not an either or. It's an and also. And that combination we're well positioned to take advantage of. And in a world of universally available instantaneous knowledge and expertise, there is equally an increasing value in research, validation, original research, and authentication. And those really are the markets that we've chosen to play in. This is the way to think about the group now. We have a very simple mission statement, which I think increasingly has resonance externally. For some time it's had resonance internally in that our role is to champion the specialist. That specialist might be an author or a researcher or a digital marketer or a B2B buyer or a provider of specialist services or components or products in a particular market. We connect people with knowledge and ideas, and through that, we either enhance people's knowledge or we make more efficient transactions and more accurate partnerships. In our B2B business, it's a combination of market trading environments, buyers meet sellers, combined with an increasing range of digital services to enhance that buyer-seller interaction, underpinned by an increasingly effective first-party data source, which is collected, collated, enhanced, and increasingly enriched and improved in order that we can both market our own products and services and, indeed, produce some additional products and services. Operationally, we run through at the moment through four divisions in our B2B business. The biggest by size in former markets, what people understandably call the trade show business. Really, buyers meet sellers, a transaction-led showcase environment for specialists in industries to connect with their customers and indeed to review their competitors and increasingly to meet with their colleagues. and their industry peers. And we are now, by some margin, the leading and largest operator of live and on-demand events. I said on a call earlier this morning that if there are, in round numbers, about 200 working days in every year, although I have to tell you this year it doesn't feel quite that small, we are probably running a scale event three or four times a day somewhere in the world. Informa Connect, which people used to call our old conference business, now Informa Connect is actually a business focused on producing curated high-value content events in specialist markets. We operate in five verticals now in that market with increasing scale in each of them. Informatech, our breakout sector business, which is a fully integrated service offering, research, analytics, data, media, live events, and digital and on-demand and lead qualification services. And then Tarsus, which currently we're running as a standalone business. Now, by the time we get to the end of the year and we go into next year, that Tarsus division will fall away. We're going through a process of intelligent combination at the moment, and you will see the assets, the brands, the portfolios, and the talent that we were fortunate to acquire with that business become an integrated part of our three operational divisions. In our academic markets business, known for its imprints, if you want an old world publishing term, which probably actually the most famous is not Taylor & Francis, it's Routledge. But there are many others, F1000 in the open market, open science market. Dove in the open access market. And then a series of market positions by subjects where if you are a subject matter expert, a researcher, an author, an institution for whom sociology or psychology or economics or behavioral science are your area of academic expertise. We are one of, if not in a number of our subject areas, the leading provider of original research and validated independent research. And all of that is underpinned by a commitment to sustainability, which we started recognizing was going to be a requirement for any business probably seven, eight years ago. Our Faster Forward program speaks to basic things like how do we source energy. It speaks to important things like the building, the built environment. We indeed have a relationship inside our markets business with the built environment. But it also speaks to practical things like specification for stand construction or stand destruction after large-scale events. And we've got a very, very clear set of commitments through our Faster Forward program, which we'll see is, I think, at the top end of any sustainability or ESG ranking or rating. We've worked our way over four or five years to a point whereby we are now ranked in the DGSI index as the leading player in our category globally. We take this very seriously, and we devote both time, resources, and management attention not just to building a sustainable revenue growth business, profit growth business, margin growth business, and earnings growth business, but a sustainable business in areas that matter to all of us as individuals. Like all companies, we've been on a journey. We were on a great journey for six or seven years, which we framed around a gap program. How do you become a growth business? How do you accelerate that growth? And then how do you make that a programmatic reality inside an operating company? And it was all going jolly well. And then COVID came along. And because nearly half of our business was predicated upon COVID, meeting in person. That business came to a grinding shrink, not a halt, but a shrink. And we then had a challenging two to three years. And I was saying again on a call earlier this morning, it's worth remembering that mainland China only reopened in March of this year. And there's a line in our release today, which you may notice, that says China will probably exceed 2019's revenues this year. But actually, it only opened three months ago, three, four months ago. The pace of that return has really been quite remarkable by comparison to the return rates of other countries and other geographies. So understandably, we went through a period of stabilizing the business, securitizing our finances, not in a technical sense, but in a practical sense, reducing our costs, changing our debt structures, and husbanding our resources. We began to see that coming to an end, or we knew it would take some time. Really, at the end of 2021, when we had a capital markets day to try and lift people's eyes out of the understandable human and commercial concern for COVID impacts, to think about the future of this business and where we could go. And inherent in that were a series of pillars around what we called Gap 2, which probably the most counterintuitive at the time and striking was our decision to exit from our Informer Intelligence portfolio. which of course during COVID had in part been paying the bills because it was a pure play subscription business. But we had always been open with ourselves and indeed with our shareholders that we were going to turn those into valuable performing businesses, but we were always a third or fourth or fifth player in those markets. And the cost to scale for us in that market really would have been stretching. And because multiples in that market were somewhere between 15 to 20 times earnings, depending on what you were acquiring, it would have challenged even our investor relations charm skills to have persuaded shareholders that there was a long-term or even medium-term route to return and growth. So we exited that market at actually 29 times earnings and used that income flow both to return some capital to shareholders, retire some debt, rebalance the balance sheet, and then provide ourselves with capital for further investment in the two markets in which we had strong market positions, if not leading market positions. And as Gareth will outline in detail later, you see now we've done five of those acquisitions at about an average acquisition price of nine times earnings. That's a very efficient recycling of capital and a compounding of our market position and our strength. And you will see us continue to do more of that. Beyond that, we were investing in our digital capabilities, which we continue to do, our focus on market categories and areas of specialization, and seeking to improve returns to shareholders. These slides give you a sense of the progress, the stop point, the restart, and then when we're heading back to. And the pleasing thing, if you just take your eyes to the right of these slides, we're now firmly back and beyond. We're a bigger business, we're a broader business, we're a better business, and we're a stable business. And you see that, I think, very firmly in the results that are posted today, underlying growth rates. of significant proportions in actually all of our businesses, including even the businesses that were not destabilized, in fact, might even have been beneficiaries of COVID. Strong performance from the Tarsus business post our acquisition of it. Strong performance from our tech business, despite headwinds in that market in digital media expenditure and in some of the audience businesses that we've added to the portfolio. And overall, that tumbles down to an underlying growth rate of just over 30%, significant profit growth, significant earnings growth, a strong free cash flow performance, which you can see I was recycling some of. And if you do the maths, at the half year, a dividend growth of over 90%. And if you blend that out, that probably means a dividend growth in the year of about 70%, because last year we didn't pay a dividend in the first half. So at this half year point in 2023, where do you find us? We're back to growth. You know, the clues in the name, the growth acceleration plan. We're a growth business. That's what we're here to do and deliver. And it's a pleasure to get back to that. Our margins got compressed during COVID for a number of reasons, most obviously because our revenues came significantly down, but less obviously because we didn't destroy the long-term value in the company by taking a knife to our operating costs. We took a very forensic approach to where we could reduce costs where we could, but we held our talent, we held our brands, we held our customer relationships so that we could come back post-COVID fast. And you're seeing that. And therefore, as a consequence, you're seeing our margins rebuild 22% to 26% to 28% back to circa 30%. So significant margin growth in the half year. It'll phase out a bit for the year end, but overall a return of very attractive margins. Our balance sheet is in a strong position. We're recycling some of it, and you will see us continue to do that, albeit probably with a moderated view of what our leverage ceilings would be by comparison to where we were, and indeed the world was, pre-COVID. A significant shift in our attitude, our application, and our aggregation of our data. If you were being harsh, you would say that eight years ago, data was a waste product in our business. If you were being, I think, objective, I think we've now universally accepted as an operating set of businesses that data is an asset. to enhance the way in which we operate our existing business. If you're being optimistic, you would say we can actually see that data is a valuable asset that we can monetize separately as another business. And we're on that journey. And that, I think, is a hidden underpinning benefit of the company. We've always believed there was an advantage in specialization. Championing the specialist may not resonate quite alongside, I had a dream, but the world is going to specialisms. Serving up depth of knowledge, expertise, connectivity, market access, customer connection, and lead qualification is a highly valuable thing to do and deliver in both research and in the B2B markets. And we're very focused on doing and delivering that. We, I think, are supported by a significant range of shareholders who have been with us for some time, and our job is to deliver consistent, recurring, and compounding returns. And it's good to be back in the business of doing that. And on that note, I'll pass you over to Gareth.

Gareth. Cheers. Thank you, Stephen. Good morning, everyone. Good morning, and thank you for coming along to the half-year results presentation here this morning in Blackfriars or on demand if you're watching this on the website later. As you'll hopefully have seen from the results and the announcement, we're announcing a strong set of results for the first half of 2023, including good growth in revenues, profits, and cash flows. And those results for the first half of 2023, together with our forward visibility into the second half of the year, are what giving us the confidence to upgrade our full year guidance to a meet or beat of the top end of the range from the AGM trading statement. So both evidencing our confidence in the business and evidencing further proof points in our execution of the Gap 2 strategy. If I look at the specific results for the half year at a group level overall, in terms of the headlines, we point to the half year revenue at 1520 roughly, which is up over 50% year on year. And as you can see, that's tracking to kind of near 3050 for the full year on a run rate basis. Hence our meet or beat on the full year guidance at 3050. In the half year, we've delivered underlying revenue growth of 32%, reflecting strong growth in the B2B markets and digital services businesses, underpinned by a further acceleration of the revenue growth at Taylor & Francis. Our adjusted operating profit doubles versus the first half of last year to $4.14 million, and that in turn drives an improvement with the operating leverage from the revenue numbers in our operating profit margin for the first half of the year. Earnings are up 134% year on year, driven by that strong OP performance and also assisted by the benefit from the ongoing share buyback program that was running through the whole of the first half of the year. And taking that earnings growth together with our dividend commitment. delivers the increase in the interim dividend at the half year of 93% year-on-year. That's all enabled by strong cash performance, strong cash conversion, and free cash generation, which together with our balance sheet strength, with leverage around 1.2 times at the year-end and tracking to a year-end leverage of 1.3 times, gives us the ability to fund over £650 million worth of shareholder returns in the full year for 2023. So those are the headlines. Turning to the income statement and starting to unpick some of the financial results in the numbers. And this income statement is all on a continuing basis. It doesn't include any of the assets that we sold in 2022. And as I said in the headlines, the strong revenue performance and the operating leverage characteristics of the business produce a strong drop through into OP and an increase in the OP margin from around about 20.5 percentage points to to 27.2 for the first half of 2023. Our half-year financing costs were effectively zero. If you remember back to the year end, we started the year end with effectively zero leverage as our cash balances were equal to our borrowings. And then the Treasury team did a great job in securing deposits at good rates, which meant that our cash interest at times in the first half was well in excess of the 3% that we were paying on our borrowings. And that, as a net result, meant that we ended the first half with a net income on the interest line. On a full-year basis, we will have an interest charge because we started to spend some of those cash balances, investing them in acquisitions. And therefore, the cash balances will be substantially lower in the second half of the year. And we'll probably have a circa £30 million full-year interest charge as a result. Our effective tax rate increases to 19% in 2023 compared to circa 18% in the first half of 2022. That's really a reflection of our taxable profits increasing in the business and the fact that many of our tax deductions are relatively fixed in nature. And therefore, as the profitability grows, the tax rate goes up. Looking forward, you should expect to see the tax rate increase to 21% in 2024 and then 22% thereafter, really a function of increasing tax rates in the UK and also the OECD Pillar 1 programmes coming into effect on a global basis. Our non-controlling interests increase substantially year on year. Again, really a reflection of the informal markets business in China, where a lot of our joint ventures are located, starting to trade again at scale. As Stephen said, that came out very strongly in the first half of the year. and therefore the non-controlling interest deduction increases in 2023 versus 2022. But that still allows us to more than double earnings to 22 and a half P per share in the first half of the year. And these strong results for the half year together with the rest of the guidance and the outlook gives us good confidence for the second half of the year. If I look at the results by divisions, I'll start to unpick those on division by division basis. Starting with the former markets, our largest single business there, we delivered underlying revenue growth of 64% in the first half of the year, driven by that strong performance in China, but really underpinned by a consistently strong position in the rest of the portfolio as well, by region, by brand, by end markets, all performing strongly. We operate more tier one shows in the first half of the year. And mainland China has relatively strong margins in terms of how it was delivered in the first half. So that does mean the first half margins are likely to be stronger than the second half margins in this business. But overall, as you can see there on the slide, growth of over 10 percentage points year on year in the margin for that business. Connect also had a strong first half of the year, delivering almost 20% underlying revenue growth there. Again, fueled by the tier one events that ran in the first half of the year, but a consistently strong performance across finance, life sciences, fan expo events. a number of the areas that they work in. They also benefited a bit, as we'll talk about in a minute, from the wind site acquisition and that effect on the margin. And therefore, we'd expect the second half of the year margin to be lower than the 20% that they achieved in the full year, but still developing year on year. Informa Tech delivered underlying revenue growth around about 7.5% of the first half of the year. comprising double-digit growth in our events businesses, supported by solid performance from the research brands, things like Omdia, and then a year-on-year decline in some of the other revenues around media marketing services. We are seeing some choppiness in the short-term outlook for the technology market, and you'll see that in other announcements that companies make. have made to the market in the last couple of months. But we're consistently confident about the view out into the medium term for this business and expected to return to high levels of growth over time. The margin is broadly consistent year on year at the half year, which reflects the fact that we invested a bit in the first half of the year. And we expect to tick up in the second half of the year as we operate more of the tier one events in this division. And also some of the recently adopted cost measures take effect in terms of the business. Iris continues to expand and is already benefiting our B2B markets businesses in many ways, particularly in how they market to their customers. And we talked a bit about the Lead Insight product in the press release this morning, which is a new area where it's using data and synthesizing it to provide a different and enhanced customer offering. Tarsus has delivered strong year-on-year growth. And in terms of the upgrade to the guidance that we've delivered over the course of this year, really for Tarsus, that's the earlier completion of the acquisition than we originally thought it might complete at the time of the year end. The actual trading in the business is showing good year-on-year growth and a bit ahead of our original expectations. But as we acquire that business in March, as you'd expect, you're pretty much tracking towards that plan. And then finally, Taylor & Francis showing improved revenue growth, accelerating 3.3% year-on-year growth from the 3.0 that we delivered in the full year 2022 numbers. In the mix, the operating profit margin is down a bit in the first half. That's just phasing, though. We think for the full year, we'll be back to comparable margins. to where we were in FY22. The phasing really coming from investment a bit wagered towards the first half. And also, if you look traditionally, this business has always delivered a stronger revenue performance and a stronger operating profit margin performance in the second half of the year. And we expect that to play out again in 2023. So you look at the growth in terms of underlying growth versus reported growth, underlying growth and revenues around about 32 percent for the first half of the year and just over 56 percent in terms of operating profit. If you then track that into the reported growth, you get a bit of an extra benefit in the reported numbers from phasing where we operated events in the first half of 2023. that operated in the second half of 2022. And we normalize for that in our underlying numbers. You're definitely getting a bit of a benefit in the reported numbers from both Tarsus and Windsight in terms of those acquisitions. Again, we normalize for that in our underlying growth, but that comes through in the reported growth as an upside. And finally, currency, where the U.S. dollar is stronger in the first half of 2023 than it was in the first half of 2022. Again, we normalize for that in our underlying growth, but you get the benefit of that coming through in the reported growth. So that's how the numbers move underlying to reported. If you then look at the operating profit margin and how that moves forward, from HY22 to HY2023. And the largest single driver there is performance. It's trading delivery in the business and the operating leverage from that dropping through into the operating margin and improving that by almost five percentage points half year on half year. In terms of phasing of biennials, we get a bit of an upside from that as some of the biennials are stronger margins, you know, from the longstanding guidance around biennials where they run in the odd years. That has a beneficial effect on our margins. Acquisitions, mainly that's talking to Winsight rather than Tarsus. In Winsight, as I say, we had this structural dynamic where we only own the business here. for six weeks, really, in the first half for 23. But we ran the main trade show of the year in that period. And so it has a disproportionately upside effect on our operating profit margin in Connect in the first half. And that's worth noting, because I'm sure this time next year, we'll be standing here talking about the tough comp Connect had from last year. So we'll need to bear that in mind at that point in time. And the final currency adds a benefit from the stronger U.S. dollar. We generate more of our revenues in dollar than we have proportionally in costs. And then when the dollar strengthens, therefore, you get an upside on the operating profit margin as outlined there on the slide. But overall, around about 670 basis points increase in the margin first half. of 22 to first half of 23. And if you kind of start taking that into the full year dynamic and how it grows across the years, as Stephen talked about in his slides, we're really looking at a growth trajectory going from sort of 22% for full year 22 margins through 26, 28% to return to circa 30% adjusted operating profit margins in 2025. Our FY23 guidance implies a full year margin of around about 26% to a 4% increase on the margin that we delivered in 2022. In 2024, we're targeting a further improvement of circa two percentage points. That's a biennial down year, which you'll get a bit of a drag from in the margin. But we think that'll be more than offset by the growth in the business and also by a full year benefit of Tarsus coming in at a above group average margin. And then in 2025, we'll be targeting a further two percentage point increase that then will be assisted by the fact that's a biennial up year and the higher margins from those events will help us in that year. It's worth saying, as we're talking here about margin expansion and targeting margin expansion, we are always a group that targets underlying revenue growth on a sustainable basis as much as we target margin expansion. So we'll be looking to hit these margin targets, but we'll also be looking to continue targeted investment in the business in the sort of areas we've talked about through our Gap 2 strategy, continue to drive and engineer future growth on a sustainable basis in the business. If you look at the balance sheet then, how that stands at the first half of the year, the first thing to say is that we're seeing a good cash generation from cash conversion of that operating profit growth. And you're seeing that in the first half of the year, and we see that continuing to the second half, which should enable us to live around about £550 million plus a free cash flow for the full year 2023. There's a bit of a working capital outflow in the first half of the year. When you pick through the results, you'll see the cash conversion was about 60% in the first half. Actually, if you go back to pre-COVID years, 2017, 2018, you'll see that's entirely consistent with what we've always done in the first half as some events have operated where we've had cash received in the prior year. And also we receive a lot of Taylor & Francis subscriptions and cash for the next year and events in the second half of the year. So you always tend to have a first half outflow and then a correction in the second half for the full year. And that's what we'd expect to see happen in 2023. So we're much closer to or at around 100% cash conversion for the full year on the whole. In terms of the balance sheet, we have leverage at the half year of 1.2 times and are tracking to 1.3 times, including the acquisitions and the cash flows that we're announcing in terms of July. We have substantial liquidity of 1.6 billion as we stand here today. So that number includes the dividend payment that we made a couple of weeks ago for the final 2022 dividend. And it also includes the maturity of the EMTN debt, which we repaid in the first week of July. So 1.6 billion in maturity now. And our next maturity is not until October 2025. So good forward visibility in terms of the balance sheet. And we have no group that group level financial covenants in the debt stack as we stand. Our borrowings are almost entirely fixed rate, just over 3%, which obviously in the current market is looking like a good piece of balance sheet planning. And we're running a pension surplus of around about £50 million at the moment on a IS-19 basis, which together gives us a good inorganic opportunity for capital allocation going forward in terms of how we want to invest in the business and also a good opportunity for further shareholder returns. And I think finally, just to conclude on this slide, the strength of the balance sheet really underscored by the fact that the three credit rating agencies that cover us have all issued notes in the last month or two reconfirming their investment grade rating status for the business overall. So I touched on capital allocation, and the first thing I want to really talk about around our capital allocation discipline is the allocation for shareholder returns, which has been a key part of our GAP2 strategy, as Stephen outlined in his slides. And we've made further progress with the delivery of this in the first half of 2023. Our buyback program is committed at £1 billion, which we committed to in March of this year, and we're delivering almost £500 million of that in FY23, with the balance having been delivered in FY22. On current course and speed, we're tracking to complete that program around about November at the end of this year, and that will deliver on our commitment to return around half the post-tax disposal proceeds from the divestments to shareholders. We're also announcing today a 90% growth in ordinary dividends at the half year, driven by the year-on-year increase in the earnings and delivering on our commitment for a 40% payout ratio. And as you look at our earnings projections for the full year, you'll expect to see a similar sort of, or a double-digit increase certainly, in the dividend going forward into the full year. And the other element of our capital allocation discipline has been our inorganic investment, which has been driven by that. As Stephen mentioned, the three 2022 divestments crystallized value around about two and a half billion pounds. And after retained investments and on a post-tax basis, delivered proceeds around about 1.9 billion pounds. So far in the four acquisitions we've announced so far, we're reinvesting around 1.2 billion of those proceeds. And you can see what we've done. We've added about 300 million pounds worth of revenue from those investments, replacing the 200 million pounds worth of revenue we divested. So we always say with Gap 2, although there was a divestment element to it, it was fundamentally a growth strategy. And what you can see from this slide is through the disciplined capital allocation, we are getting the scale back. We've gotten the scale back in the business. And therefore, that is delivering revenue. on the growth strategy element of the investments and investments in the business. I touched on forward visibility when I talked about the upgrade of the guidance. What we're really talking about here is if you look at our live and on-demand events bookings for the second half of the year, they're running at kind of 85% plus of what we need to deliver the forecast. And as always, we've got a strong foundation that we're building off in terms of our subscription revenues, which are at 90% plus of the full year 2023 numbers. And we're beginning to get good visibility into the 2024 numbers where we're around about 70% booked in terms of the events that we'd expect to see rebooking at this stage of the cycle. So what does that all mean overall? I think what it means is that the forward-looking indicators across various elements of the business are all strong and give us confidence about delivery in 2023 and into 2024. And I also think to the kind of COVID recovery comments that Stephen was making, it really underscores that I think rather than people being worried about returning to 2019 levels as a ceiling of our ambitions, that's really now a floor that we're building off as a foundation. And, you know, we'll talk about how we see our forward outlook in a couple of slides time as Stephen goes through his deck again. So to wrap up on the numbers, in summary, I think we're reporting a strong set of half year results for 2023 with a strengthening outlook into the full year, guiding to a meet or beat at the top end of the previous guidance. We're seeing strong underlying revenue growth across the divisions. and a significant improvement in the operating profit margin year-on-year from the operating leverage. The strong growth in earnings per share is driving good growth in dividend per share, delivered by the OAP increase and the share buyback program. And the disciplined capital allocation, both to shareholders and in terms of inorganic investment, to date at around nine times EBITDA, I think will deliver further benefits for shareholders in the future. And just to confirm again, full-year revenue and operating profit guidance are the top end of the range we reported previously. I'll pass you back to Stephen.

Thanks, Gareth. Okay, just a few final slides and then we'll get into questions. What I want to try and do in this section is just give you a sense of how you should think about the company on a going forward basis and why you might choose on a good day to be optimistic about that view of the company. This is the way we're looking at it. From the top down, increasingly the B2B business further in improving its scale, its international reach, and its depth in specialist markets. Led in size by our informal markets business, transaction-led B2B events with a range of digital services around some of those events, not all but some, and increasingly underpinned by better service experience at or before or after the event. targeting an ongoing 5% plus underlying revenue growth rate and margins north of 30%. Our Informa Connect business, really growing in size and scale. Content-led events, more highly curated, more specified, a significant proportion of delegate-based revenue and sponsorship revenue as well as exhibitor revenue in some part. with actually a significant range of digital and data services, and partly because they're richer in originated and curated content, actually with a much more developed set of digital platform capabilities to deliver video content, matchmaking, curated meetings, and lead qualification. Slightly lower growth rate, but still 4% plus, and a slightly lower margin because there's a higher cost base in those businesses because you've got a more deployed capital in technology and more deployed cost on the people side because you're curating original content. Informatech, a specialist business offering the full range of services that any B2B marketer or sales or customer or product executive would be looking for. About 15 or 16 event brands, franchises, running about 40 to 50 actual physical events because we multi-locate some of those brands. underpinned by a very strong market research business now, Omdia, enhanced by the Canalis acquisition today, and a range of sales intelligence services, lead qualification, lead specification, and audience identification. Higher growth rate, notwithstanding the current squalls in the end market in technology, we see that over time being a 7% plus growth rate market, comparable margins to Informa Connect. That is our B2B events franchise operating in 30 or 40 geographic locations around the world. Our academic business, a scholarly research business, a reference business, and underpinned increasingly by a range of knowledge services, which I'll come on and talk about. Targeting a 4% plus growth rate. We've been building to that over time. You see us at the half year at 3.3%, with an ambition to get that to 4% next year and beyond. 4% plus thereafter, margins at or around the levelling out point of 35% plus post the investment period. That gives you a group tracking overall at about 5% plus with margins, as Gareth said, back to around 30%. So our ambition is to build a broader, bigger and more scalable business with depth and specialism in all those markets. So if you take the B2B business, what do you have to believe to think that that's a place where you'd want to deploy your capital and get further growth? Well, first of all, we have got brands in that market which have got visibility and reach, and in many instances, longevity. The market is shifting to specialists, and even in overall markets, there's subspecialisms within those markets. The increasing value of digitally enabled high-value live events underpinned by the increasing importance of qualified sales leads in competitive markets. And for most of our B2B customers, they're working in increasingly competitive markets. Within that, the key is increasingly becoming hosting buyers. Buyer identification and buyer qualification is really the kind of magic source of that business. Then there's a series of other, if you like, environmental circumstances that lead us to believe there is market expansion. This is our kind of geographic footprint. We're operating now in about 30 locations around the world and really, as I said in my opening, if you kind of look to the left and the right and the south of that chart, that's really where the drumbeat of expansion is coming from. And the availability of the core physical infrastructure that you need to deliver those live products is growing both in size and in quality. Not just the event location itself, but the environment and the logistics and the infrastructure around the event location. If you look at the key locations around the world in which we both operate and have now become a significant counterparty for the venue owners and, in many instances, the city-states and countries, you're seeing significant investment in quality venues, locations, accompanying infrastructure, transport, international hub airlines, smoothing of visa and access requirements for B2B customers in particular, and an increasing focus by key locations, city-states and governments on what is broadly called business tourism or MICE. Indeed, yesterday we were in this room, some of us who are here today were here yesterday, where we hosted the launch of our Tarlouf joint venture in the Kingdom of Saudi Arabia, which is a business that we've taken from zero, really, two years ago, and I'd predict that that business could be north of a $7,500 million business within another year, where we are developing new brands in that market and bringing our existing brands into that market in very, very specified categories. You're seeing new markets open up and investment in scale and capacity in existing markets. And then the airline industry, which a bit like us, had a pretty tough COVID. And you're seeing route return, capacity return, slight change in the mix of the fleet and the nature of fleet capacity. It's actually favoring primary routes, which is good for our business, actually. And whilst the prices are going up, if any of you have actually... bought a business class ticket rather than charged it, it's becoming an expensive thing. But that speaks to value. And if you're demonstrating the value of the trip, and indeed if you can offer a customer a single trip rather than 50 trips in order to see all of their customers identify what all of their competitors are doing and understand everything that's going on in their market, you've got a very, very high value proposition that you can sell to your customers. So those are the reasons why we have chosen this market. And I want to make a point here, which I've made before, so for those of you who have the misfortune to have listened to me regularly will forgive me. We have not ended up in the markets we're in by either accident or historical inheritance. So for good or for bad, we've made these choices. This is still a relatively young portfolio for us. This portfolio has been built in the last eight to nine years. And we've chosen markets that have a series of characteristics. Generally, they're markets that have very, very fragmented supply chains because then that means there are thousands of suppliers, there are many buyers, and there is a need, a market need, for a way of connecting those buyers and sellers. In the main, we've chosen to operate in high-value markets where the end margin for the manufacturer or the distributor is an attractive margin. So you're not dealing in a thin-margin, low-oxygen environment where, understandably, the buyer or the seller has to concentrate on every dime and every dollar. What they're looking for is value, not volume. We've looked at international markets because that allows us to use our international scale and our international reach. Markets that are offering structural long-term growth rather than high volatility. You'll see we're not really in any retail markets. We're in almost no B2C markets. None of these things are accidental. And markets where digital and data has a value and an increasing underpin. Those features have led us to a range of markets, healthcare, pharmaceuticals, technology, health, nutrition, engineering, maritime, beauty, finance, aviation, aerospace. But importantly, I could give you another 10 categories that it has led us not to go into. And so the choice of the markets where we're specializing is also part of what gives us confidence that the macro environment for this business is good, but the portfolio that we've built also has long-term value. And then underneath that, we're trying to build real specialism, real market knowledge. Be a citizen of the market which you are servicing. whether that is through research or analytics or a digital media presence or a learning product or a research product or an event product. All of those things serve to enable us to understand the trends in the markets that we're serving so that our products can be progressively more relevant to our customers. And at the increasing heart of all that is the data that allows us to look at trends, look at preferences, and look at our activities to enable us to be able to re-serve the product up the following year or the following cycle in a better form. The same is true in the academic market. What do you have to believe to see this as a market that you should choose to remain in? Is there an increase in research output? Yes. Is there an increase in investment in original R&D? Yes. Is this a market which is globalizing, where there is an increasing sharing of knowledge across geographic boundaries? Yes. Is there a shift to more specialisms? Definitely, yes. Subject matter specialisms, both at primary education, secondary and tertiary, and postgraduate education increase year on year. Is there a growth in further and advanced education globally, not just in the traditional markets of the United Kingdom and Europe and America? Yes, there is. Is there a shift in new products, open, open research, open science, formats, different product formats, electronic, digital, chapter versions, archive versions, subject matter cross-setting? Yes, there is. But all of that requires just product shift. It doesn't undermine the fundamental value of what you're doing or the underlying growth. The growth rates here are a little bit more moderated than in the B2B markets, near 3% to 4% rather than 5% plus, but nevertheless very attractive with a very clear underlying demand, which we see manifested most visibly in download volume growth and in submission growth, both of which have been growing over time. And a shift in the mix. Less print, more digital, less institutional, more individual, less intermediaries, more direct, less products, more services, less librarian, more non-librarian, and a mix inside the operating products of researcher services and advanced learning. But still an attractive market and one in which I think we're becoming an increasingly more relevant provider of services. There will be no results presentation in 2023 that will be complete without a slight touch on artificial intelligence. And so the point that really we would seek to make here is, like many of our peers in this market, artificial intelligence has long been an operating reality inside our business. most notably in our academic research business, where the use of artificial intelligence on authentication, validation, verification, plagiarism tests, sourcing has been going on for some time. We are increasingly using artificial intelligence in our content areas in our B2B business, whether it be on content generation in that market, We're not using it on content generation in our academic business, but we are definitely using it in our B2B business. We're using it on our websites. We're using it in our content. We're using it in our... content summaries that we're producing pre, post, and after events, and we're also using it in some of our service elements at the customer provisioning. This will continue. It will advance. The technology is definitely getting smarter. I don't know about you, but I find myself often using ChatGPT as a search engine now rather than other search engines that I won't name. And the technology is getting more and more accessible and more and more usable. Is it a threat or is it an additive capability? We are firmly in that this is an additive capability if you're in a knowledge-based business. So as Gareth said to finish, where are we? We're firmly beyond COVID. And I think that was clear even when we did our full year results in March and we laid out our guidance for the year. I think it was clear at our June AGM where by that point China was open and we could see the return of both mainland China and Southeast Asia. which back in January of this year, one did not know because the decision had not been made. Even then, we probably couldn't have predicted how fast that return would be. And you see that again in our half-year results, where we're now, I think, confident and comfortable that we'll be at the top end of our guidance for this year. And more importantly, we can see growth into 2024 and beyond. Next year, we will have the first full year of 12 months with no country in the world closed, God willing. We will have the first full year of ownership of the businesses that we have added in 2023. We will have an ability to speak to value to our customers given the investments we've made in technology and data and market effectiveness. We will be able to re-look at our pricing, given that really we entered 2023 on pricing, at least half of which was set in 2019. And we will have a full year of our ability to further extract value from our increasing pool of data expertise and market understanding. The company is in good shape. We're leaning into our markets with confidence, and we very much look forward to questions. So thank you very much for listening. I'll start by taking questions in the room for those who are on the live stream or on the webcast, but I will come back and move between both. So if we can start with those in the room who have hands up, let's go to the grooms guests.