Financial Performance

Revenue Highlights: Continuing Operations

Group revenue
excluding the impact on Event revenue, revenue grew by 5%

Subscription revenue
grew by 7% (FY 2019: 10%)

Deferred revenue
increased by 4% to £80.6m (30 June 2019: £77.2m)

Adjusted EBITDA(1)
increased by 12% to £27.2m (30 June 2019: £24.2m)

 Adjusted EBITDA margin(1)
of 31% (30 June 2019: 27%)

 Cash from operations
of £41.1m (30 June 2019: £34.7m)

Interim Dividend
of 5.4 pence per share (30 June 2019: 5.0 pence per share)

Statutory profit before tax
of £9.3m (30 June 2019: £5.2m), which is inclusive of non-cash charges of £6.9m from amortisation of acquired intangibles, £1.5m share based payments charge and £1.0m of unrealised operating foreign exchange losses

 Net debt(2)
of £41.2m (31 December 2019: £55.3m)

Note 1: Adjusted EBITDA: Earnings before interest, tax, depreciation and amortisation, unrealised operating exchange rate movements, impairment, share based payments, adjusted for costs associated with derivatives, acquisitions and restructuring of the Group. Adjusted EBITDA margin is defined as: Adjusted EBITDA as a percentage of revenue.

Note 2: Net Debt: Short and long-term borrowings less cash and cash equivalents.