5 August 2020
Highlights
- Revenues €2,294 million, up 3% in constant currencies and up 3% organically.
- Excluding revenues associated with the PPP[1], organic growth would have been 2%.
- Recurring revenues up 4% organically (81% of total revenues); non-recurring impacted by COVID-19.
- Digital & services revenues up 5% organically (93% of total); print down 18% organically.
- Adjusted operating profit €577 million, up 14% in constant currencies.
- Adjusted operating profit margin benefitted from temporary cost reductions and other factors.
- Diluted adjusted EPS €1.59, up 18% in constant currencies.
- Adjusted free cash flow €336 million, up 10% in constant currencies.
- Balance sheet and liquidity remain strong.
- Net-debt-to-EBITDA 1.5x; recent refinancing improves liquidity and extends maturity profile.
- Interim dividend: €0.47 per share, set at 40% of prior year total dividend.
- Share buyback: €175 million of 2020 buyback of up to €350 million completed to date.
- Outlook 2020: specific guidance remains suspended.
- Recurring revenues from digital information, software and service subscriptions holding up well.
- Print and non-recurring revenue streams expected to be weak in the remainder of the year.