Informa ensures to be cash positive

Gwen Kaufmann - Wednesday, November 18, 2020    


Informa has provided a further update on its COVID-19 Action Plan, confirming the completion of its programme of financing activities, following the issue of a follow-on £150m Bond and the cancellation of its short-term Surplus Credit Facility and US Private Placement loan notes. The COVID-19 Financing Action Plan is complete, the company states, providing the group with long-term stability and security in relation to its balance sheet, with no debt maturities until 2023, no financial covenants and available liquidity of more than £1bn. This follows a series of financing activities over the last nine months in response to the COVID-19 pandemic. Stephen Carter, group chief executive, Informa PLC, said: "Informa continues to build Stability and Security through 2021 and beyond, reflecting the combination of continuing strength in digital subscriptions, the progressive re-opening of physical events in Mainland China and other parts of Asia, and growth across our virtual events and media brands, alongside our ongoing cost and cash management programmes." He added: "Following a nine-month programme of activity, we have now concluded the restructuring, refinancing and rescheduling of our debt. Combined with the continued delivery of our COVID-19 Action Plan, this ensures Informa is on track to deliver positive free cash flow from early 2021,with over £1 billion of available liquidity." The completion of the financing action plan, combined with the ongoing cost management programme will ensure the group is cash positive from January 2021, even assuming no physical events activity other than shows within Mainland China and outdoor events, Informa states. (kf)     informa.com/covid-19-action-plan-update

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