Financial Performance

Revenue Highlights: Continuing Operations

Group revenue
excluding the impact on Event revenue, revenue grew by 7%

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

Invoiced forward revenue
increased by 9% to £92.7m (31 December 2019: £85.1m) 

Adjusted EBITDA(1)
increased by 14% to £56.7m (2019: £49.8m)

 Adjusted EBITDA margin(1)  of 32% (2019: 28%)

 Cash from operations
of £59.8m (2019: £52.8m)

Final Dividend of 11.6 pence per share (2019: 10.0 pence per share)

Statutory profit before tax
of £28.6m (2019: £8.0m), which is inclusive of non-cash charges of £10.7m from amortisation of acquired intangibles and £4.2m share based payments charge

 Net debt(2)
of £58.1m (31 December 2019: £55.3m)

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

Note 2: Net debt: Short and long-term borrowings (excluding lease liabilities) less cash and cash equivalents.