Informa extends share buyback after strong performance

Shares in Informa (LSE: INF) rose 5.6% on Tuesday after it extended its share buyback programme following strong revenue growth in the first 10 months of 2023.

Informa said it will repurchase an additional £150 million of shares between now and its full-year results on 7 March 2024. This brings the total buyback programme to £1.15 billion after £1.00 billion already repurchased.

The company has returned £650 million to shareholders through buybacks and dividends so far this year. It raised its 2023 revenue guidance to £3.15 billion, representing 32% growth versus 2022. Adjusted operating profit guidance was increased to £840 million.

Informa noted it already has £1 billion in secured revenue for 2024 through subscriptions and advance event bookings. However, it cautioned that ongoing conflicts and economic challenges globally are creating market uncertainty.

Informa shares have risen 17.8% year-to-date and 26% over the past 12 months. The share buyback extension announcement boosted the stock in early trading on Tuesday.