Informa plc

One minute. Am I just talking in the room at this point? We're live. Okay. Good morning. Good morning, everybody. And for those of you who are in the room, thank you very much for coming. For those of you who are watching live on the livestream, thank you very much for tuning in, as they say. And welcome to the presentation. Today, it'll be myself and Gareth who have a few slides to take people through. And then we'll throw it open to questions both in the room and also questions on the live stream. I'd also like to say a particular welcome to Phil Thomas, the CEO of Essential, who's sitting in the front row. Phil and I, as you can imagine, have got to know each other a bit better over the last few weeks, and it's a real privilege to have him here. He has a busy day today, so it's kind of him to give up time. He actually has a tight schedule, so he has to leave. So if he gets up in the middle of either mine or Gareth's presentation and leaves, it's not because he disagrees. Or that's what he tells me, anyway. But anyway, let's get into it. This is the disclaimer and into the meat. Today, obviously, there are two pieces of news, if you like, our half-year results, which we're going to spend a bit of time on, and obviously the offer that we have made to essential shareholders, which actually we'll spend some time on but not much because... As you will all know, we're operating within some guardrails and guidelines. It's a takeover process, and therefore we will be slightly restrained, not constrained, but restrained. I'm working out how many lawyers there are in the audience, as to what we can and can't say, both in open session and in answer to questions. But to step out of us and to step out of the offer for essential, just a little bit of backdrop that is relevant to us. On the left-hand side of this chart, where's the world in which we operate? The Informa company operates in about 30 countries around the world now at reasonable scale. And so what happens in the world matters to us and for us. Actually, global growth overall is steady. It's not spectacular, but it's steady. Depending upon where you are in the world, certainly in my traveling life, there is optimism and ambition and aspiration, and in some places there are concerns and some caution. But in the blend, there is steady global growth. And in the markets that we serve, the markets of advanced education and specialist B2B services, actually I would say slightly more than steady growth for a variety of reasons we'll get into. Inflation seems to be slowing, and that is beneficial both for us as a business on input prices. It's also beneficial for our customers because it allows them to be a bit less focused on the cost line and a bit more focused on the growth line, the marketing line, the expansion line. Some rate cuts, not yet evidently from the Fed or yet from the Bank of England, but some rate cuts and some indication that there are more to come. And elections, elections, elections, and elections, and indeed one recently completed here and just across the channel in France. On the right-hand side, as it relates more directly to us, what are we seeing? I was having a conversation with one shareholder earlier and who reminded me that he hadn't seen me in person since July 2020. And so it was easy for me to say, well, in July 2024, I'm generally cheerier than I was in July 2020. Because if you're in the live experience business, July 20 was probably in Nadia. quite relevant actually to how we've ended up in a position to be able to make an offer for the essential company because some of you may remember that in the end of 2021 we made the slightly counterintuitive decision to sell three of our data businesses and to recycle that capital into building our position in B2B markets. and expanding internationally and at more scale. A decision that looks sensible in July 2024 but was maybe not quite so obvious back then. What have we seen? We've seen that whilst there's been a significant increase in digitization and a rapid acceleration in AI capability and perhaps an even more rapid acceleration in AI promise, the value of live experiences, if you have the right live experience, has gone up, both in demand and in value, and therefore an ability to price. And then as a backdrop, we've seen a significant increase in R&D investment, particularly weighted towards AI. And we'll come back to both of those things. As you know, we see ourselves as a knowledge and information business. We operate now very clearly in two markets. We service advanced education, the desire of people, both for themselves and for the next generation, to be educated not just at a school level or at a first degree level, but at a specialist subject level. We've seen significant expansion in the number of subject areas that are available for study or for specialization. We operate in the B2B market, not B2C, B2B, whereby we've seen a significant increase in the number of specialist professional markets that have their own supply chain, their own market, their own distribution, their own ambition. And our mission statement as a company to champion a specialist applies equally to both of those markets. Over the last decade or so, we have seen significant expansion in the available market. We've seen significant expansion in our own portfolio in both areas, by subject, by category, by market. And you're seeing that in our performance. I think today is our seventh consecutive upgrade in performance on revenue, on margin, on earnings, on cash, on dividends. The underlying truth of the knowledge and information economy that we have been seeing for some time is there is real value in specialism if you choose the right markets and you go deep rather than wide. You see this in our half-year results. Strong growth. It's the first time, certainly, that I've had the privilege in this company of reporting double-digit growth at the reported level, at the underlying level, like-for-like sales, at the operating profit level, and significant growth at the free cash flow level. Our margins are ticking back up. We're rebuilding our margins from the low point back to our ambition, which is to get them back to circa 30%. We're growing our earnings per share. And as a consequence of all that, we've increased our full-year guidance from above the top-end range, which at the profit level was $9.50, I think, to $9.70. And we're now targeting to get to nearly a billion. In the individual businesses at the group level, we are now today, as a consequence of the offer for the essential company, we're essentially completing the capital recycling program that we started back in 2021. And I'll come back and unpack that a little more in a second. In Informa Markets, which is our single largest business, we're seeing really strong growth, increasing demand for high-quality, large-scale, B2B transaction-led experiences. In Informa Connect, which is a business that's growing at scale, which is where we house most of our more experienced content-rich brands, similarly, we're seeing significant growth and margin improvement. And in Taylor & Francis, a business that for some time has been seen as a lower growth business, we're slowly rebuilding the core of that business back to 3%, 3.5%, 4% growth. And at the same time, we found partners as a consequence of the AI technology development who are interested in using, in the first instance, some of our data feeds in order to train some of these large language models in a way that allows them to be more specialist than generalist and as a consequence allowing us to deepen our partnership so that we can improve our own deployment and indeed increase our own deployment of AI and machine learning capability inside that business. Our partnership with TechTarget, which will lead to a new company at the end of this year once their shareholders have voted on it, continues apace. We are trying here to create a B2B growth accelerator solely focused on the technology industry. The component parts of that we believed we had and TechTarget had. The combination of those two, the whole is greater than the sum of the parts. In process terms, we're in the middle of that process. We've made our first filing for the new entity to the SEC. You can see our growth plans for that business which seek to establish a business which in three to five years will double in size through a combination of organic and targeted inorganic growth. We think the underlying fundamentals of that business speak to an increasing demand for both specialist information to allow enterprise vendors to be able to identify their customers more accurately and more effectively. The timeline on that has not changed. We're targeting the end of the year to enable us to move into 2025 with that independent company standing on its own with a US listing, but with Informa as the largest and the majority controlling shareholder. To step back a little to go forward, I thought if you don't mind I might use this to talk a little bit about how did we get here. And for those of you who have the misfortune to listen to me a bit, you'll know that I like a bit of amateur history, so here's a bit of amateur exhibition history. Given that the Olympics opens this week, expositions were really invented by the French. And the first large-scale exhibition happened in Paris in 1844, a fabulous event which showcased the finest in French design and manufacturing and technology capability. At the time, there was a bit of competition between the French and the English. It's good to see that some things don't change. And so the English at the time looked over the channel and thought, well, if they can do that, we can do that better. And in 1851, we ended up with a great exhibition here in Hyde Park. Sponsored, interestingly, by Prince Albert. It was a combination of the monarchs of the time's spouse and a very senior civil servant, a gentleman called Henry Cole, who was a remarkable individual, for those of you who are interested in English history, and responsible for many things, including inventing the gift of sending Christmas cards. Anyway, the combination of sovereign sponsorship, a little bit of competitive tension across the channel, and a far-sighted policy, commercially orientated public servant, created the idea of the Great Exhibition. Funded by a combination of levy on industry and government support and sovereign support, commissioned a fabulous architect to build the Crystal Palace, Caxton, and then showcased actually not just British things, but international things. It was an international exhibition. It was a trade show. Actually, if you look at the performance of that trade show, in real terms, it made a profit of 33 million pounds, which, on the basis of our offer for Essential today, would make it very valuable if it existed today. And from that genesis of the power of exhibitions, if you fast forward to 1998, was born a little company called Informa. Now in those days, Informa was a mixture of two things, conferences and business publishing and scholarly publishing, the TNF business. In fact, originally when the company was born, it was called TNF Informa. The TNF dropped down because TNF was a separately listed company. I joined this company as a non-executive director at about 2008-9. And at the time, we were primarily an academic business and a conference business. Through acquisition, we owned about 10 or 13 trade shows. 10 or 13 trade shows. Today, we operate over 600. So between 2013 and now, we spotted a market and thought, how do we become a major player in this market, and where's the value? And that takes us back to the point around specialism and specialist markets. To do that, we actually navigated ourselves out of the volume conference market and in at scale to the trade show market. And to do that, we've been creating, building, and buying. We actually started in the buying stages by buying a business that some of you may remember called Hanleywood. It was the first business we bought at scale. And then over the period of time, after Hanley Wood, we added Penton, then we added YPI, then we added UBM, and then we added Tiles Systems. Today, we made an offer to the essential shareholders. These numbers are the price we paid in multiple terms after synergies for each of those businesses. Back then, we were growing at 0.5%. Today, we're publishing 11% growth. And alongside that, we've also created brands. We've geo-cloned brands. We've moved brands internationally. We've opened geographies. We've moved into other markets. We've created, we've built, we've bought, and we've put together, I think, a business that has a sense of itself. But it's a business that's been created through that process over that period of time, but with an underlying belief that there is a power in serving specialist markets with distinctive, creative B2B product around which you can provide other services and have other benefits. The market's gone from great state-sponsored exhibitions to experiences, experience-led products. And no one actually showcases experience-led products better than the essential company. Canline and Money 2020 are marquee examples of world-class brands servicing their end markets in a way that is distinctive. I actually started in short trousers. The first trade show I ever went to was Cannes Lion in the mid-1980s. You go to Cannes Lion in the mid-1980s and you turn up in 2024, it's unrecognizably different. And Phil and the team at Essential are singularly responsible for that transformation. You can take these franchises, you can expand them, you can develop them, and you can innovate them. And from that, you can create real growth. And our ambition if the shareholders of Essential say yes to this deal, is to continue that over the next five to 10 years. Experiences, to go back to my point about the power of digitization, is it's put a double premium on the power of face-to-face. You might do it less, but when you do it, it has to have more value. It has to have more richness. It has to be more unique. It has to be more immersive. It has to have a higher value content. It has to allow you to create connections that you couldn't otherwise do more efficiently digitally or virtually. We know that. We know that because we do that. We have brands that do that already inside our portfolio. Super Return for the private capital market does that. The Monaco Yacht Show for the luxury market does that. Arab Health for the health care market does that. Our Fan Expo portfolio for the fan market does that. Game Developer for the gaming market does that. And Black Hat for the cybersecurity market does that. And it's undoubtedly true that Money 2020 for the fintech market and Canline for the marketing and marketing technology market does that. These are world-class brands with a power and a market position that is unique. They're not an event. They're the events. And the events have long-term value. And that is what led us to recommending the offer to Essential today. Someone asked me, when did your conversations with Essentials start? I said, well, I actually can't answer that question because I have a chaperone in the room from Morgan Stanley, a very nice young man called Josh, and we're very constrained by what we can say when these specific conversations start. But I can tell you when my first conversation started, 11 years ago. We have spent a long time getting to the point whereby we think we've earned the right to be able to own and operate these brands and grow them and develop them to the next stage of growth and performance. I think the rationale is very clear. These are brands that need nurturing and growing. They are in markets that we know. We're in the fintech market. We have a fintech portfolio. We're in the marketing market. We have a marketing portfolio. We're in the technology market. We have a technology portfolio. We have a global operating platform. And we have a unique set of first-party data and an ability to deploy it and to use it. It'll take some time. There's information that needs to be published. Shareholders have to make a decision. A vote has to be held. A process has to be conducted. And in and amongst that, Phil and his colleagues at Essential need to run the business on a day-to-day basis. And that's hard to do when there's the winds of change. But at the other side of it, in Q4 2024, if the Essential shareholders approve this deal. If there's anyone on the live stream from Essential who's watching, please rest assured that we are buying this business or seeking to buy this business for growth and ambition and expansion and development, not for cost and synergies. Will there be some synergies? They will, but they are relatively nominal. They help the deal financially, but it is not the driving purpose behind the acquisition. The capital recycling program that I alluded to earlier, when we made that decision in December 2021, we then sold our three businesses, 200 million in revenue, plus or minus. We sold those businesses at 28 times on average. We realized two and a half billion of proceeds. And then we said to the market, we're going to recycle that capital, which we've done. Today's announcement or offer to Essential completes that program. We've essentially reinvested those proceeds. We've acquired just north of $600 million of revenue at very comparable margins at around 11 times on average, including the price paid for beanstalk. And at the same time, the growth rate in these B2B markets is allowing us to generate cash that's enabled us over that period to redistribute nearly 1.85 billion of money to shareholders in buybacks and dividends. Building, buying, creating and growing a world-leading business in B2B markets is what the program was designed to underpin. If we get there, and if the shareholders of Essentials say yes, what will the group look like? As we go into 2025, this will be the shape of the Informa group. Informa markets, which everybody knows, are large-scale industrial trade shows uniquely positioned to service transaction-orientated buyers and sellers in 30 geographical markets around the world in about 17 sectors. Informa Connect, an experience-led portfolio rich in content, professional accreditation, networking, knowledge, immersive experiences, a business that next year will be over a billion in revenue, unique brands operating in six subsectors, and similarly spanning about 15 to 20 geographies. If the Essential process completes, we believe there is a subset of brands that exist in Informa Markets, in Informa Connect, and inside Essential, which we would call Informa Festivals. Unique, immersive, distinctive, high-value brands. which at an operating level, we will probably run as a distinct operating unit inside our two operating divisions. The plumbing of that is to be determined. The wiring of that is to be determined. But the value of that, I think, is clear for everybody to see. TechTarget will be a standalone business at that point. The tech events franchise returns back to Informa Connect. We will develop a world-leading business in lead gen, in demand generation, in B2B content, and in servicing the enterprise technology market. And our scholarly publishing business goes from strength to strength in open, in open research and open science. We are partnering in AI to further enhance the service offering to authors and institutions. And underpinning that is our IRS first party database. That business combined going into 2025 will be north of a four billion in revenue business with an ambition to target circa 30% margins. As a consequence of that, it's time for us to tidy up our remaining stub investments that are, if you like, a byproduct of our capital recycling program, and we've announced that today in our half-year results, that we're going to review what's the most sensible way to hold or retain or extract value from those investments. So that's where we are today. That's the half year results. That's the thinking behind the offer to essential shareholders. A little bit of history just to give you context about why did we end up as the company that we are today. And on that note, I will hand over to Gareth to take you through the specifics of the financial performance. Gareth.

Cheers. Thank you, Stephen. Good morning, everyone. Welcome to those in the room and those on the live feed. Thank you for joining us today for these half-year results. And these are undoubtedly a very strong set of results for the first half of 2024. Growth in revenues, profits and earnings, growth in cash flows and dividends, which together with our forward visibility into the second half of the year, gives us the confidence to upgrade the guidance and the way that Stephen has outlined in the first half of this presentation. And I think that first half performance and the upgrade in the full year guidance both point to momentum and growth in the Informa story. So I'm going to unpick some of the detail on the first half results to start with. As I say, this is really a story of accelerating growth for the business. Reported revenue growth is approaching 12% to deliver revenue of almost $1.7 billion in the first half of the year. Underlying revenue growth at 11% reflects the strong growth in the B2B markets business underpinned by acceleration in the Taylor & Francis revenue story. Adjusted OP increases 13% to 467 million, approaching 500 million pounds of OP. And that drives an improvement in the operating profit margin for the business up to 27.5%. Earnings are up 6%, driven by that trading, driven by the 13% increase in OP, but assisted by the share buyback program that has run through the first half of the year. We delivered a strong cash performance, good cash conversion, and around 80% of our OP into operating cash flow in the first half of the year, in which is our seasonally weaker half of the year due to the subscription income that we received the cash for in the second half of the year. So 80% in the first half of this year compares to about 65% in the first half of last year. And we've delivered on our progressive dividend commitment, increasing the dividend for the first half of the year by about 10% year on year. So by any measure, I think these are a strong set of results. I'm now going to unpick them and talk you through some more of the detail behind them. If you look at the income statement and turn to the reported results there, we've delivered a 13% increase in OP to deliver about 467 million pounds worth of OP in the first half of the year. And that's on a margin of 27.5%, which is a 30 basis points expansion on the first half of last year. And I'll talk about that increase in the margin in a bit more detail on a following slide. In terms of the financing cost, the half year 23 finance cost was effectively zero, because we started the year with zero leverage, and then during the first half of the year, the larger cash balances we had earned a higher interest rate, the interest rate we were paying on our borrowings, and therefore we ended up with a small financing income in the first half of last year. This year we've returned to more normal levels of leverage and borrowings. And with lower levels of cash in the business, we therefore have an interest charge of about 26 million pound, which is pretty consistent with what you'd expect from our business and our balance sheet without the cash balances. Tax, this time last year I flagged that the ETR would be 21% for FY24. We're actually now forecasting 50 basis points lower than that because some of the actions that we've taken in the business. The year-on-year increase from 19 to 20 and a half is for the reasons that we've spoken about previously. It's the increase in profits, which have more of an effect against the fixed tax planning structures that we have in place. It's the impact of the full year of the UK corporation tax rate at 25%. And it's an impact from the OECD minimum tax rules, which took effect on the 1st of January 2024. I expect the 2025 effective tax rate to be in the region of 21% to 22%. So again, a little bit of a tick up from where we are this year. The non-controlling interests increase year on year, which is simply the growth in the profitability of various businesses in our group, principally the joint ventures that we operate in trade shows in China, the trade show partnership in Saudi Arabia, Tahlalof, and the Kuranos financial services business in the United States. But notwithstanding the increases in interest, tax and non-controlling interests, earnings have increased 6% year on year in the first half of 2024. So taking that P&L performance and then looking at it on a division-by-division basis, in informal markets, our transaction-led B2B live events continue to deliver a very strong performance globally. And the outlook for the remainder of 2024 and into 2025 looks really positive. Our underlying revenue growth of 13% is driven by strong performance in Asia and North America, but coming below that level, actually all the markets and all the businesses are showing strong growth year on year. We're also delivering consistent volume growth, both at existing events and through the launch of new ones. our international network here is a key advantage. And we talked about the Tahalef business, the partnership in Saudi Arabia earlier in the year and today, and that's grown from nothing three years ago to a scale business operating 10 events in 2024. And that combination of volume and value growth is what is delivering 13% growth at the half year and expected to deliver double digit underlying revenue growth in 2024 as a whole. And as Stephen touched on earlier, we've got more than 100 of the brands in that business, the major brands, the scale brands on track to grow by more than 15% this year. In Informa Connect, we benefit there from the increasing value being placed on face-to-face experiences that convene industries and professional communities and high-value content and connections in that business. Within the dynamic, we're also seeing an increasing trend towards festivalization, as Stephen talked about earlier, with a premium paid for unique experiences that you can only get through attending events face-to-face, live, and in person. Underlying revenue growth from InformaConnect was 6.5% in the first half of the year, driven by a strong performance, particularly in Fan Expo, food services, and in the finance events in that portfolio. And the addition of Tarsus and Winsight has also created scale in that business, so reported revenue growth of 18% year-on-year, being assisted by those acquisitions. In Informatech, trading in the first half of the year is really strong, with underlying revenue growth of 15.5%. This is driven largely by the events portfolio, and within that, particularly the Leap franchise in Saudi Arabia. But it's also underpinned by our subscription-led specialist tech businesses, such as Omdia and Canalis, which saw good growth in the first half of the year. Taylor & Francis delivered accelerating growth with underlying revenue growth of 7.5% in the year with continuing growth in our open research and robust performance in the pay-to-read business. Obviously, boosted by the AI partnerships that we've announced partially in our trading update earlier in the first half and with a second announcement today of further growth. The OP margin is up year on year. driven by that higher margin revenue mix from the LLM deals, but supported by the underlying business trading at a consistent 35% margin with where you'd expect it to be on a full year basis. So looking at our financial delivery, we delivered strong underlying revenue growth of 11% in revenue terms and almost 19% in profit terms in the first half. Turning to our reported growth, if you kind of bridge across, there's a phasing headwind in the business because 2024 is a biennial down year, 2023 being a biennial up year, and our biennials are larger, higher margin OP events than the average of the rest of the portfolio. So when you take out those biennials, the reported results suffer a little bit of a headwind and a bit more in profits than in revenue terms because of those high margins. Our portfolio expansion has benefited the reported results to the tune of 6.7% in revenue and a bit less in profit. The reality is that M&A benefit is a reflection of the full year value of 2023 deals rather than or more so than value from deals we've completed in 2024. And finally, currency is a bit weaker in the reported results because of the year-on-year strengthening of sterling in the first half of the year, which is strengthened versus all our major currencies, the dollar, the euro, and the renminbi, and therefore acts as a bit of a headwind on the reported results compared to the underlying results. But it adds up to strong growth in reported revenue of 11.5% and almost 13% in terms of reported OP. We've delivered a small increase in the margin to 27.5% in the first half of 2024. In terms of the bridge, performance is the global trading benefit, so really delivered by informal markets and Taylor & Francis in principle, where their strong revenue growth has delivered operating leverage. The currency impact is from the weaker dollar-euro combination, as I touched on, and phasing is the biennial effect that I mentioned on the previous page, with the biennial up years being a higher margin benefit for the group. We're targeting a further improvement in the OP margin from the 27.5% in terms of the full year growth, which you'll see from the guides today, we're expecting to be somewhere around about 28% for the full year. Looking at our capital allocation policy, this is a kind of reprise of the slide that we presented at the year end. The policy is unchanged, but I thought it would be worth just talking across the slide and showing how we've implemented and adopted that policy in the first half of the year. Organic investment, we talked about consistent capex of 3% to 4% over the medium term. In the first half of the year, it's a bit less than that, around 2.5%. But as Stephen said in his presentation, we're really looking at upping the R&D research, particularly around our platforms and processes in the second half of the year, and reinvesting some of the Taylor & Francis LLM profits in that business to drive further incremental growth in the future. We've got a progressive dividend policy. The half year dividend for 2024 is up 10% year on year and our cash flows from dividends to shareholders in 2024 as a whole will be around 250 million pounds. Inorganic investment continues. Stephen's touched on the reinvestment of the GAP2 proceeds into new assets, which are around about £2.5 billion worth of disposal proceeds have now been redeployed. And today's announcement, the combination with Essential, is the latest step in that inorganic investment. And then finally, share buybacks, which are flexed with the inorganic investment for the level of capacity we have. We've completed around about £420 million worth of share buybacks in the first half of 2024. And that means we've now redeployed over £1.45 billion worth of share buybacks since the GAP2 strategy started. So overall, what we think is a balanced and disciplined approach to capital allocation, designed to balance growth and deliver returns, but also flexible for opportunities for shareholder value creation. In the mix on the capital allocation policy, the rating agencies have looked at that and all three agencies have upgraded us over the course of the last couple of months. So we're now two notches above investment grade status at either BBB or BAA, depending on which agency you're talking at. And they have all upgraded us to an outlook stable position. These three upgrades, I think, are delivered by the core financial strength of the business, but they also reflect, I think, our relationship that we've built with the rating agencies through the pandemic, where times were obviously a bit more tough, and as we've recovered from that through consistent communication, execution, and delivery of our financial strategy. So now we have, with those three ratings, the strongest set of credit ratings we've had since we first took a public rating in 2018. Continuing on the cash flow theme, as I said, we've delivered strong cash delivery in the first half of 2024 with free cash flow up 27% year-on-year to £286 million. We've delivered good cash conversion, operating cash conversion of OP into operating cash flow has been 79% compared to 65% in the first half of last year. There's always a working capital outflow in the first half of the year for us, so you would expect that to structurally reverse in the second half of the year when we'd be more like 100% cash conversion. And our full year guidance has ticked up to 740 million pounds plus, consistent with the increase you've seen in the OP guidance today. In terms of the bridge, there was no dividend outflow in the first half of the year as the final dividend for 23 goes out in July. And as I say, buybacks of almost $340 million were completed in the first half of 24. And then finally, M&A increases the bridge by about 0.1 of a turn, clearly immaterial in the overall scheme of the business, resulting in closing leverage at the half year of 1.6 times. This leaves us with good balance sheet flexibility, the quality of 1.2 billion at the half year ahead of the essential combination, but no borrowing maturities until October 2025, no group level financial covenants, and borrowings almost entirely on a fixed interest rate at the moment, which in the current interest rate environment has served us well. And then finally, on an IS-19 basis, we're running a pension surplus of almost or just over £50 million at the half year. Turning to the market guidance, as I said on the first slide, the half year results today underpin our strong year-to-date performance with strong underlying revenue growth of 11%, an OP growth of 19%, and a year-on-year expansion in the margin. If you take that year to date performance together with our full year visibility through the second half of the year, that gives us or it's given us the confidence to upgrade the guidance. And now we're reflecting full year double digit underlying revenue growth, delivering revenue of over three and a half billion pounds and adjusted OP of up to a billion pounds. A small, another further increase in the margin and uptick in the free cash flow to 740 million pounds for the year. Two points to note, this guidance has swallowed a small change in the average FX rate from 125 to 126, with the dollar principally weakening. And this at the moment excludes the tech target and essential combinations, which would be further upside to these numbers. But increasing market guidance, I think, reflects the strong underlying performance in the business and our increasing confidence looking through the second half of the year. So in summary, that's what I think is a good set of half-year results with strong underlying growth across all the divisions and a strengthened outlook driving the increase in the guidance. I'm going to pass you back to Stephen, who will talk you through the balance of the presentation.

Thanks, Gareth. Right, a couple of quick things and then we'll get to questions. I just thought it might be useful to highlight. The first, just if you look behind Gareth's revenue numbers there, what's the nature of the revenue? And I think two of the things that we're most pleased with is to see the consistent increase and improvement in what we would call recurring and repeatable revenues, absolute amount, and the sectors and the category areas in which we are deriving those revenues. And as we said in relation to the essential offer, FinTech and marketing and MarTech or technology are sectors that we're already in or adjacent to or next to. So they're markets in which we are pursuing further depth as well as increasing predictability. Talking of predictability, this gives you a bit of a sense of what we can see. To the year end, we can see a lot, both in subscription and in our live and on-demand bookings. But actually, even into 2025, this is a cut of our marquee brands, I think. It gives you a real sense of our visibility into the following year that is 25. And it's one of the increasing values of premier brands is that You have forward visibility and commitments 12 months in advance, which allows you to plan and develop the business accordingly. The other interesting way to look at the business is through the revenue lens. I mean, we are clearly a British company. We're headquartered here. We're listed here. I don't actually know off the top of my head. I'm going to look at Sally. What is the UK headcount? Just under 4,000. The company as a whole is 13,000 and change in full time. And then we have actually a significant relationship with many thousands of contractors who often you can't tell the difference between the contractors and the colleagues. But nevertheless, the UK is a very important market for us. But actually, it's not really an important market for us in revenue terms. Internationally, if you're looking at it on a flag basis, we're an American company, or an America's company, Canada, North America, Brazil, and Mexico. We are increasingly an IMEA business, India, the Middle East, and Africa. We have built a powerhouse business in those markets, which is growing at significant pace rates. Gareth referred to the development of our business in the Kingdom of Saudi Arabia, but the same is true in Dubai, in Egypt, in Turkey, and in India. Europe, we have a good and growing position in large brands, in scale brands, CPHI, Vita Foods, the Monaco Yacht Show, Super Return, Empower. But we're also adding with ambition through the offer brands that also operate in Europe. ASEAN is another gem inside the portfolio geographically, and we're seeing really strong and significant growth. And many of those economies are not only coming back as economies, Thailand, Vietnam, Indonesia, they're also, as it relates to our B2B business, making the necessary investments in infrastructure, both airports and convention centers, building capacity and therefore ambition for future volume. Hong Kong is returning. to international trade and that's very important to us because we host our international trade brands in that market for reasons that are obvious and then mainland China which is not growing at the same rate as the rest of the business. It's below the group average. Group average as you can see is around 10 to 12 but China is still in 4% to 5% growth and I'm not so old that I don't remember when 4% to 5% growth was regarded as strong growth. So that's the way in which the revenues shape up if you're looking at it through a geographical lens. Then I just wanted to talk about brands. It's the kind of peculiarity of working in the B2B market. Because you're a specialist business, you don't do that one to millions or one to many millions. And therefore, you don't have the same level of profile. But in the markets in which we serve, for the markets that we serve at a professional level, the B2B brand is a material event. It's a material circumstance. It's a material commercial circumstance. And in many ways, is a calendar date point around which other activities in the industry pivot. We now have a range of significant what we call marquee brands or power brands. And the growth rates in those larger brands are again running above the average. And that definitely is a trend that we've seen, that the market is moving to major brands in major markets. And one of the things that's allowed us to do is to become a little bit more sophisticated about how do you extract value from the intellectual property that you've created or you've built or you've bought. And I've just chosen five here. CPHI, which I believe some of you in the room and maybe some of you on the livestream have attended. targeted at the farmer market, but all ends of the farmer supply chain. Cityscape, which is focused at commercial real estate, high value commercial real estate, Black Hat, cyber security, super return private capital, and the healthcare market. We're actually in the process of rebirthing the brands in that market because there we own about six or seven different brands and actually we're going to go to a single brand. We've taken those brands and we've syndicated them to over 40 geographic markets. Those five brands alone are doing nearly half a billion in revenue. So the ability to use your intellectual property both geographically and the data and the customer relationships and the market access is one of the values of having a portfolio business. And we think that's another underpinning of our confidence in the ambition to add the essential brands to our portfolio. There isn't a business today, there isn't a person today, there isn't a community today that's not alive to climate change. And ESG, as it's inaccurately called, captures the activity in and around our environmental responsibilities. We've put a lot of time and effort and work into this over many years now, eight or nine years we've been focused on this, both on the rankings and perhaps more materially on what we're doing inside the company. How do we deal with carbon neutrality? How do we deal with sustainability, particularly in our event business where there is construction work and destruction work before, during, and after an event? How do we deal with the impending science-based target obligations? How do we use our events and our research to actually pursue sustainability knowledge? And how do we have a multiplier effect in the markets in which we operate? I'm pleased to say that we are seeing significant progress in our rankings, our ratings, our performance, and our delivery of our targets in this area. It's part of our senior team top 100 executive compensation plan. We're very focused on it. We take it seriously. It's a commercial activity. It's not a nice to have. And we're seeing a similar level of progress in this area as we're seeing in our commercial and financial performance. There is no chief executive who gives a presentation in 2024 who doesn't use the words AI, so it would be remiss of me not to refer to this for no other reason than we use a lot of what might broadly be badged AI technology inside our business today, whether it be on content assimilation or validation or authentication, whether it is the simple level of vendor management, chat bots or invoicing, or whether it be in service applications in some of our event products and in our scholarly publishing business. The quantum of R&D investment in this area is significant and it's concentrating. We have partnered with two players, one of whom we've named, one of whom we haven't, who are investing significant amounts of money. From that, they are hoping to be able to improve the quality and speed and veracity of what they are producing, and we are hoping to be able to learn on the sidelines in partnership about what more we could do in our business. We've said today that we're going to reinvest up to a third of the profits from those partnerships into accelerating our own product development in machine learning and AI capability. It's a sensible investment for future service distinction. Allow us to embed AI capability more into our workflows in areas where it's sensible. And it will also, at a practical level, particularly in our scholarly publishing business, allow us to accelerate the speed of discovery and the pace of research disclosure and open access. And all of those things are both good things and good for our business. So that's where we are. This is the group that we will be if what we are saying is going to happen between now and December or we're hoping is going to happen between now and December comes to pass. We will go into 2025 in a strong position with very good forward visibility, with a real sense of customer demand, with geographic reach. with diversity of the group in scholarly publishing, business information, and a leadership position in B2B events. We'll have a strong balance sheet. If we complete the acquisition of Essential, it'll take us up to the top end of our capital allocation policy two and a half times, two and a half and change, but the business will deliver very quickly through 2025. We're very disciplined on our cash flow, and we're seeing our margins increasing, and we reign committed to our progressive dividend policy. The company is in good shape, and I'd be very happy to take questions either in the room or on the live stream. So should we go to the room first? We have, I think, two people with mics, Sophia and Helena, so why don't we start on this side of the room, and I will leave Helena to choose who she gives the mic to, so I'm not displaying any favoritism. name rank and serial number if possible.