Informa TechTarget, a leading growth accelerator for the B2B technology sector, has confirmed its revenue range for 2024 and provided an outlook for 2025. The reported revenues for 2024 are expected to be in the range of $285 million to $295 million, with pro forma revenues expected to be in the range of $490 million to $500 million. This implies broadly flat underlying revenues for the year, reflecting subdued market conditions impacted by geopolitical tensions and macro-economic uncertainty.
The balance sheet at the end of 2024 shows the company holding approximately $354 million in cash, cash equivalents, and short-term investments, with approximately $416 million of outstanding convertible senior notes. In early 2025, the company made an offer to repurchase all of the 2025 and 2026 convertible senior notes for cash, with all but $7,000 aggregate principal amount of the 2026 notes tendered for repurchase by note holders. This repurchase is expected to have no material impact on net debt after completion but will remove convertible debt from the balance sheet, reducing potential dilution and simplifying the capital structure.
Looking ahead to 2025, the company expects broadly flat revenue across the year, with an increase expected in adjusted EBITDA. The guidance reflects a subdued environment, recent financial market volatility, and anticipation of a low to mid-single digit year-on-year decline in revenues across the first half of the year. However, the company is targeting an improved growth trajectory through the second half of the year, driven by an expanded customer and go-to-market strategy.
The combination program for 2025 is well underway, with all executive and senior leadership appointments completed, and reporting lines and responsibilities confirmed. The company is currently tracking well ahead of the year 1 operating cost synergy target of $5 million, with a high degree of confidence in the expectation to meet or beat the $45 million overall run rate synergies targeted by year 3.
The company filed a notification of late filing on Form 12b-25 on March 31, 2025, indicating that the filing of its annual report on Form 10-K for the fiscal year ended December 31, 2024, would be delayed. The company expects to file the annual report by April 29, subject to finalizing the evaluation of certain internal controls, fully aligning US GAAP and UK IFRS accounting, and completing the remaining technical accounting issues relating to non-cash items.
Informa TechTarget is headquartered in Boston, MA, and has offices in 19 global locations.
Following these announcements, the company's shares moved -2.9%, and are now trading at a price of $8.16. Check out the company's full 8-K submission here.
