Informa cuts 700 jobs as its clients cancel event bookings

By Rupert Neate, City Reporter (Media) Published: 6:12PM GMT 02 March 2010

Informa

Peter Rigby, arch executive, pronounced the association cancelled a entertain of the events in 2009 to save money after bookings for not as big events and exhibitions nose-dived.

However, Mr Rigby pronounced direct for incomparable traffic exhibitions, that comment for majority of Informa profits, has remained "resilient". The association pronounced the brazen bookings for large events is "slightly ahead" of last year.

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Informa, that not long ago bent to shareholder vigour and pulled out of talks to buy Germany"s Springer Science and Business Media, reported an 11pc tumble in 2009 full-year increase to �96.5m pre-tax, on sales down 4pc to �1.2bn. Net debt fell 35pc to �872.6m.

Mr Rigby pronounced the association was still in the marketplace for "small, bolt-on acquisitions", but was not formulation any vital M&A deals.

He pronounced Informa"s argumentative preference to immigrate to Switerzland to equivocate UK house taxation would concede the association to save about 6pc of the annual taxation bill. Mr Rigby, who now commutes to Zug, pronounced he will move out to Switzerland full-time inside of the subsequent integrate of weeks. "For a taxation dwelling to work properly, you have to be formed there," he said.

A 7.85p last division on might 19, takes the sum on by 36pc to 11.45p. Informa had formerly cut pay-outs in the arise of a rights issue to safety money last year. The shares sealed down 0.4 at 350p.