Business-to-business publisher Informa recorded a year-on-year fall in operating profits of 21 per cent as it cut costs to deal with the downturn.
Financial results published today reveal the publisher, which counts Mobile Communications International and Cable and Satellite Europe amongst its publications, recorded an operating profit fall from £77.7m in the first half of 2008 to £61.1m in the same period this year.
Adjusted operating profit was up five per cent year on year to £146.6m while total group revenue was up marginally, by one per cent to £636.3m in the first six months of the year compared to the £627.6m it made in the same period in 2008.
The company said it achieved its incremental cost savings, which accounts to £20m annually, and that organic growth across publishing divisions offset by decline in events and training.
Derek Mapp, Informa chairman, said the company had delivered a good set of results in difficult circumstances but that trading conditions for the rest of the year will remain difficult and the economic outlook for 2010 was uncertain.
He said: ‘Fixed costs have been reduced by approximately six per cent over the past twelve months as we drive efficiencies through our back office and shared service operations as well as realigning the overhead structure to reflect reduced revenue demand. We have been careful not to cut too deeply.”