Well, good morning, welcome to the Informa half-year results for 2021. Good morning, welcome to those people who are joining us here in 240 Blackfriars in London. Hello to everyone who has logged in online and who's joining us from a wide variety of places around the world. Gareth and I are going to talk about really three things today, not just the half-year results for 2021. We're going to give a bit of a sense of our outlook through to the end of the year. We're also going to touch a little on our forward plans for 2021 through to 2024, what we're calling our Growth Acceleration Plan. A term of description or art that will be familiar to some, which we have used before, and we'll get into that as we go through the presentation. As I say, thanks again for joining, and if you bear with me. On the next slide, this should be familiar to all, the disclaimer. It stands as normal. Hopefully, this slide will be as familiar to some as well. We at Informa see ourselves very firmly as a business that trades in and around the knowledge and information economy. We operate in three markets, the market for advanced learning, peer-reviewed original research, and reference specialist learning through our Taylor & Francis business. In the business information market or the information services market, as it is often referred to in the United States, where we specialize in three areas, increasingly in pharma, in maritime, and in the financial services market. In the B2B events market, where we operate through three different businesses, which we will talk about, but essentially providing a range of event-led services and increasingly more to our B2B customers. All three of those markets are really part of what you could broadly call the knowledge and information economy. I do not think it is appropriate to describe anyone as a beneficiary of the COVID circumstance, but if there is an industry or an economy that has come to the fore through the COVID circumstance, it has definitely been the knowledge and information economy. All of us have spent much of the last 20 months living either attached to, or altogether too connected to, a computer screen and a complete provision of knowledge and information through connectivity, either within a business, around a business, in a market or around a market. You see that in some of the statistics and some of the realities outlined on this slide. We've seen some of that in our subscription-led businesses, which as you'll see today, are performing increasingly strongly. We've also seen some of it in and around our B2B events business, where the move to virtual, the move to attendant digital services, has both accelerated and compressed work that we were engaged in pre-COVID-19, but the COVID-19 circumstances forced us to up our game. Again, we'll touch on that later. Our strategy in that market is a simple one, which is we focus on specialists. We take the view that the world of the gifted generalist is certainly not a world for us. We focus on specialist expertise in key markets in all three of our businesses, we build franchises, brands, content, data, information, service offerings around those specialist markets. In the layering and the deepening of that specialist expertise, we increase both our relevance to our customers and also our competitive strength. We started this really back in 2014 when we launched our first growth acceleration plan. Back then, for those of you with longer memories or longer investment positions, you will recall that the Informa company at the time was dominated really by the Taylor & Francis business, then secondarily by a very large-scale international volume-based unit conference business. We took the view then that the three markets that we were in were attractive, our way of going to market needed renovation and some degree of investment and expansion. We scaled down our position in the conference market, or certainly in what was called the spot conference market, scaled up our business in the exhibition and trade show business. We invested moderately but purposefully in product and technology in both our Taylor & Francis business, but also importantly in our markets that we chose to play in in information services to build what we now know as Informa Intelligence. Up until the point that COVID came along in early 2020, we were at a point whereby we were ready to further diversify and expand in that business. Of course, for the last 20 months, because of the scale of our position in the B2B events business, we have been very focused on stabilizing and securing the business through a combination of cost reduction, cost management, refinancing, and effective continuous engagement with our customers to maintain the accuracy and relevance of our data. The good news that we, I think, are communicating clearly today is that we see ourselves shifting out of that period of stability and security and focusing on what does growth look like for this company over the next three-four years. Where will this business be by 2024, a decade on from 2014? We'll touch on that at the end of my presentation. To come to today rather than to tomorrow, where are we halfway through 2021? Well, many will have seen the release that we issued this morning. At a headline level, we're making it very clear that we're seeing our revenues, our cash flows, returning and increasing. We're issuing profit guidance for the first time in a while. Never did I think that profit guidance would be something I look forward to issuing. Our full year revenues were stepping up to GBP 1.8 billion as a function of the return of physical events in North America, alongside Mainland China and the Middle East. We're indicating the strength of the continuing strength actually, of the performance of our subscription-led businesses, in particular, Taylor & Francis and Informa Intelligence. Our cash flows, which Gareth will set you through in some detail, have remained positive through the entirety of the first half, and we feel positive about our forward picture on cash, and the net consequence of all of the above improves or lowers at least, our net debt position. To look at the businesses in a little bit more detail, start with Informa Intelligence. I talked a little earlier about where this business was, or more accurately, wasn't. Back in 2014, it was a very disparate business. We'd never really invested in it. We were not sure that actually we had a portfolio that was competitive. It was a very sales-led business. It was very content-driven in what you might call the old-fashioned view of that word. The revenues were in terminal or certainly double-digit decline. We took a view to invest in that business, to focus the portfolio, which we're pretty much completed on now. You'll notice as a small side point, but an important one, in our release today, we've confirmed the disposal of one of our asset intelligence businesses, Barbour EHS. We have two other businesses remaining in that portfolio, which are under review. By the end of this year, as this business moves into 2021, we will have a firm and strong position in the three markets where we see growth, and that growth is consistently delivering. It now looks like the sort of business we always wanted it to be. It's a 90+% subscription business. It has a high speed and velocity of product development and product delivery in its markets. Our forward annual contract values are growing steadily. Our forward new business pipelines are strong, and our brands are strong within those individual markets. We also confirmed today the launch of a new brand, Curinos, which is the combination of our retail banking data business with the Novantas retail banking business, which we'll be taking to market in August. We're delighted to see that combination coming together and coming to market formally. A full-year underlying growth upgrade on revenue guidance to 4.5% and a continuingly strong performance. Taylor & Francis, which has always been an enormous part of the company and continues to be so. Similarly, back in 2014, was really a much more robust business than our now intelligence portfolio was in its market. Candidly, was very focused solely on the library market, the institutional market, and really had, well, next to no presence in the open access or what we now know as open research or open science business. It also was a business much like our Intelligence business that was in need of some digital renovation, some improvement in its product. Our T&F Online proposition is now unrecognizable to where it was then, as well as continuing the investment in content expansion, speed to market, volume, and flexibility of usage. This business is continuing to improve in its performance, and similarly, you see an upgrade in revenue guidance here to 2% for the year. To come to the subject that has understandably dominated commentary and questioning around our company for the last 18 months, what's happening in the major markets in which we are a B2B events operator? Well, the first point to make, given that I am conducting this presentation from London, England, as people are fond of saying, our major markets are not really here. Geographically, our business has footprint around the world. We built that or bought that over the years. Our major markets are Mainland China and Asia, North America, and the Middle East. We do have a business in parts of Continental Europe and South America, but the major footprint is in those three markets. At a macro level, what's happening in those three markets? That's kind of relevant to us. The first, of course, is that travel restrictions are still a feature of those markets. You will be following this as much as we are, but as you can see, there still remain travel restrictions, particularly on international travel, but also on some intra-regional travel. Vaccines and vaccination, which of course is largely being done differently and with different vaccines in different countries, which may speak to some of the remaining travel frictions, are also vaccination rates on a per percentage of the population are growing at pace and rate in those three locations. As a consequence, that is producing an increase in human activity and in human commercial activity, and you see that most easily through the lens of traffic volume, seat sales, passenger activity in the aviation industry. We have an aviation data business inside our Informa Markets portfolio, CAPA, and we've provided you with a handy link in our release. For those of you who are sufficiently captivated by it, please feel free to become a subscriber. That gives you a very interesting insight into trend data in the aviation industry in the major markets of the world. What it shows you is in these three markets, where we have a major B2B events footprint, actually, business traffic volumes are returning domestically. In the major domestic markets of Mainland China and North America, that is very advantageous for our returning trade show business. We have seen that probably most vividly in Mainland China, which has been on that path now for nearly 12 months. In many ways, looks very like our business there looked before COVID, absent international participation. That is obviously having some effect on margin, some effect on overall revenues, but reassuringly, actually, the forward pacing and the forward tracking rate into 2022 is looking really quite attractive. America, which we did trade a little bit in, particularly in the Florida region in the early part of 2021, but in the main started to come back in scale product in June, July, is beginning to pick up pace, and we see very encouraging forward signs of both participation, forward bookings, and importantly, customer satisfaction post-event as a result of participation. We also see it in the forward cash collection number, which indicates a return to trading not just for the back half of 2021, but importantly for 2022. We see similar indications and activities in the Middle East, where, in particular Dubai, where we have a major footprint, is a kind of regional hub. In that area, we have run two or three very successful events. What does the remainder of 2021 look like? Well, it looks like a build. In round numbers, if you look at that build of events by category, and in those major geographies, based on what we can see today, and of course, absent a major reversal, either for healthcare reasons or public policy reasons, we would anticipate that we would do probably about twice the revenues in the second half in our events businesses that we did in the first half. That will build nicely into 2022. As I said, the rebookings and the cash numbers are key metrics that we follow, as you would expect us to, and we've given an indication here as to how they are operating. Two, or maybe 2.5 warning shots. The first is that a significant proportion of our events that are running in 2021, for reasons that you will understand, are, in the jargon of the industry, off cycle. They are in a slot, but not in the slot for the industry that they would naturally be in. We've had to make point decisions in many places at many times as to whether it's worth running an off-cycle event in order to reengage with the industry, or should we hold and return in normal cycle in 2022. We have decided almost always in consultation with our industry partners, our key customers, trade associations, advisors, and the location, that there is value in having an off-cycle event, but by definition, that off-cycle event ends up being a more small but perfectly formed version of what we would have done in 2019. We don't always make that decision. Candidly, as we move through the back end of 2021, I think we'll be more inclined, when faced with that decision, to hold and focus on 2022, so you don't end up with another fully distorted year in 2022. China is probably the exception to that because China has been back for longer. We reopened in China in June of last year, so we've had more time to get that calendar cycle back into something that you would describe as normality. What about the power of face-to-face? How many of you have said or read or thought or felt that during COVID, post-COVID, or after COVID, we would never meet again, we would never leave our house, our bedroom, our attic, our garden shed, or wherever we've worked our way through COVID, and that the world is going to remain a digitally connected, highly efficient, non-moving entity? That is not our belief, but then we would say that here, wouldn't we? It's also not our discovery. We have done much customer research in many markets amongst many customer groups in many geographies, and the conclusions are consistent and clear. The first is that for the small to medium-sized enterprise customer, which is 70%-75% of our customer base, the value of participating in a trade show or a commercial B2B event as a route to market is essential. Unlike large corporates, they do not have the scale or the ability to be able to build their own distribution, their own market access, or their own efficient route to their customers. Secondly, that business development, particularly for small to medium-sized enterprises, but also for corporates, is extremely hard to do virtually. You can nurture a customer you know online. It's very hard to build a customer relationship of scale virtually. Business development is an activity that requires face-to-face physical contact. Thirdly, we have discovered, this candidly has been news to us, that hybrid works. Actually, much as we're demonstrating here today, you can have 50 or 60 people in a room, and you can have another 400 people connected online. The ability to do both requires both technology, which we'll talk about, and a different product, which we'll talk about. If you do that, you get the best of the face-to-face, and you get an extension of your audience, and you improve your addressable market. Fourthly, if you're launching a product, if you're bringing a product to market, particularly in an industrial market, physicality matters. It's very hard to launch a scale industrial product absent physical participation, physical access, or physical engagement. Finally, for industries and localities, the trade show is a perfect vehicle for rebirthing an industry or a locality. If you want to reopen a city or a state or a country to business tourism, a large-scale industrial trade show that brings high-value business tourism to a location is very valuable and very attractive. If you are in an industry which is facing challenges either on supply chain or supply chain access, or supply chain refilling, or supply chain facilitation, a large-scale industrial trade show is a very effective way of re-energizing an industry that has been traumatized or ravaged by the COVID-19 circumstance. For those reasons and many others, we step back into trading in our trade show business and our events business with confidence. Equally, we don't step back in any longer as a monoline business, because one of the consequences of COVID is that it's taught us the business that previously we left on the table because frankly, we didn't need it, actually, we can both deliver and we can deliver well. Over the last year to 18 months, we've seen the increasing value of providing further services, further access, further capability to our customers and to our markets. That could be as simple as deep product discovery directories. It could be as simple as deep customer analytics. It could be as simple as more efficient meeting management. It could be as simple as more informed, more effective lead qualification and quantification. One of the things that we will talk about under the banner of GAP 2 is that by the time we get to 2024, this will not be a business, if we do our job properly, that will be described as the world's leading events business. It will be described for what it is doing, which is providing a range of products and services to B2B markets with deep specialism, deep expertise, and a multi-product service offering of which face-to-face trade shows or events, conferences or confex will be a very large part, but they will not be the only part. For now, let me hand over to Gareth, who will take us through the specific outcomes in the first half and the forward trajectory into 2022. Gareth. Cheers. Thank you, Stephen. Good morning, everyone. Thank you for joining us here today in 240 Blackfriars or on the webinar. As Stephen said, I'm going to talk a bit to the half year 2021 results and talk also a little bit to the full year outlook that we're seeing now. That should give you a sense of the returning confidence we have in the business, and as a result, the improving revenues, improving profits, and improving cash flows. If we start off with the headlines, the group has generated GBP 689 million of revenue in the first half and converted that into operating profit of GBP 69 million. This results our three key dynamics and improving and strong performance from our subscription revenues, a progressive recovery in the face-to-face events revenues as events reopen, and a solid performance from the non-face-to-face events revenues in our events-led businesses. A real highlight of the first half of the year has been the strong performance of the subscription-led businesses with both Taylor & Francis and Informa Intelligence delivering strong underlying revenue growth performances, enabling us to upgrade the full year guidance for revenue growth in both of those business. The progressive recovery of face to face has continued in our major markets. Mainland China has traded well through H1, although in reality, Q1 is quite quiet in that business because of the Chinese New Year, but Q2 has been strong. In June, we saw the first reopenings of events in our very important U.S. and Middle Eastern markets, which gives us confidence around continuing recovery into the second half of 2021. Free cash flow is well ahead of the cash flow neutral, cash flow positive guidance that we gave for the year. This was really underpinned by the fact that in the end of 2020, we reset the cost base for the levels of revenues that we felt confident about delivering in 2021, and then we've maintained strict cost controls around the cost base going through the first half of the year. That means our liquidity position has increased in the first half of the year from GBP 1.35 billion at the 1st of January to more like GBP 1.45 billion at the 30th of June, and that gives us a robust financial position from which we can continue to recover. Looking to the outlook, what that first half performance has enabled us to do is to increase the revenue guidance for the full year from GBP 1.7 billion at the start of the year to now GBP 1.8 billion ±. Off the back of that, we've been able to instigate OP guidance, which we're starting off at GBP 375 million ± for the full year. If you look at the specifics of the half year income statement, you can see there the group has generated GBP 689 million worth of revenue in the first six months compared to GBP 814 million in the first six months of last year. There are a few moving parts in there. I'm going to come back to a revenue bridge of that in a minute and explain that in some more detail. The interest costs reduce year on year because of the lower level of average debt in the business following the equity raise in the first half of 2020, but also because of a mixed benefit in the cheaper EMTN borrowings that we have now compared to the US PP borrowings we had in the first half of 2020. The effective tax rate is 17% in the first half of the year. This is lower than our pre-COVID-19 medium term expected tax rate around about 19%, which is a result of the lower profitability in the business, particularly the events business, but also the fact that some of our tax deductions are quite fixed in nature and therefore have more of an effect when we have a lower overall level of profitability. That tax rate is above the 13% tax rate that we reported this time last year, and that's really been a factor of the increasing profitability of the U.S. business and the China business, which operate in higher tax jurisdictions and therefore have more of an overall effect on the rate when they're a larger part of the mix. The final point I'd comment on is the non-controlling interests. These were a loss last year because primarily the JVs in China weren't trading. As China's come back into trading in the first half of this year, those have turned profitable overall in the mix. Moving on to the next slide, we'll start to talk about some of the divisions in a bit more detail and kind of unpick some of the divisional factors. As I said on the headline slide, one of the real highlights of the first half of the year has been the strong performance of the subscription-led businesses. Informa Intelligence has delivered excellent results in the first half of the year, with 7.9% underlying revenue growth. Subscriptions have been really good. We're seeing good ACV growth across all parts of the business, and we're seeing a good forward sales pipeline for the second half of the year underpinning our confidence. We're also continuing to focus Informa Intelligence on the specialist markets that we think it's best positioned to deliver long-term outperformance in. To that end, today, we've announced the sale of the Barbour EHS business for around GBP 35 million consideration and about a 14x multiple, really demonstrating the value in these subscription businesses. We're reviewing the two other asset intelligence businesses, and we'll reach a conclusion on those reviews before the end of the year. The operating profit margin Intelligence is 2.8 percentage points lower than it was last year. About half a percentage point of that is from the weaker U.S. dollar, with the balance because of a change in the trading mix in the portfolio. Looking forward, we're tracking to 4.5+% growth for the full year, which is an acceleration on our 2020 performance. It's a bit behind the H1 2021 performance because of a phasing effect of revenues in the year. Turning to Taylor & Francis, again, subscription revenues remain really strong in that business. It's also supported by good performance in the open research part of the business, the forward pipeline of submissions in that bit of the business gives us confidence going into H2. Also, e-books have been a strong feature of the mix in that business in the first half of the year. The operating profit margin is 2.8 percentage points lower year on year, 2.7 percentage points of that is because of the FX effect of the weaker U.S. dollar in a business where we have strong U.S. dollar revenues, a GBP cost base. Looking forward, we're tracking to 2% plus underlying revenue growth for the full year, which is a step up from where we were at the time when we announced the full-year results. Turning our attention to the event-led businesses where we're seeing returning confidence in the product. As I said at the time of the year-end results, I think it's going to be two sort of key dynamics in the year this year. Firstly, we see 2021 as the transition year. The activity levels will be very much dependent on the pace and scale of the reopening of events in local markets, that obviously depends on the variability of local markets and what's happening in the end markets the exhibitions serve. Secondly, we remain very confident in the product. We remain very confident in the model and confident in the belief that face-to-face is coming back. Stephen has touched on some of the sort of commercial and customer feedback points in his power of the face-to-face slide. To touch on a couple of the finance specific points, I get confidence from the very low level of refunds that we're seeing from customers requesting their money back, which enables us to retain a lot of the deferred income in the balance sheet. You get confidence from the forward bookings that we're receiving for H2 2021 and into 2022 now from customers. In terms of how we see this playing out, events in mainland China have traded strongly as the largely domestic attendance has not been impacted by international travel restrictions. Where we've brought our brands back to market in the Middle East and in North America, we're seeing good participation levels broadly as expected. The number of exhibitors round about 50% of 2019 levels and participation round about 40% of 2019 levels. We continue to collect cash for H2 2021 and into 2022, which gives us this confidence around the progressive forward recovery of the business. I said I'd come back to the revenue bridge in a second, and here it is on this slide here. The starting point of the bridge is that in Q1 2020, as you can see there, we traded around about GBP 280 million worth of revenue before COVID-19 began to disrupt the face-to-face events business. Our H1 2021 revenue is around 60% of the prior year figure, as it's been really restricted to mainland China in Q2 and then the Middle East and the U.S. in June. B2B digital services have grown in the period, and that's not simply a substitutional effect around virtual events. That's an increase in the overall level of digital product we've been bringing to market. The performance, although not huge in the mix at this point, is one of the things that gives us confidence around the future strategy that Stephen is going to talk to you more in the second piece of his presentation. I've already commented on the subscriptions-led growth in the first half, which has been great. Finally, there's been a currency headwind from the U.S. dollar being weaker when compared to 2020. That's all added up to give us revenue of GBP 689 million in the first half of the year. Taking that into operating profit, and the revenue has generated GBP 69 million worth of operating profit in H1. We get the benefits of the savings delivered in 2020, which we've maintained through strong cost controls in 2021. You see obviously a benefit of the cost management program coming through in the bridge. The COVID-19 impact is really the revenue impact that I outlined on the previous slide. Finally, again, there's the currency impact from the weakening U.S. dollar in the mix overall. The cash flow story has been a really good one from the first half of 2021. You know, we targeted positive free cash flow or neutral free cash flow in the year, and we've come in well ahead of that with free cash flow of GBP 134 million. In terms of the bridge, the EBITDA impact is what you'd expect from the previous slide on OP. The working capital performance has been really strong, with around about GBP 80 million working capital inflow in the first half of the year, largely driven from the inflow of revenues in terms of events in H2 2021 and 2022. We explode that out a little bit in the top left-hand corner of the chart so you can see that movement as an individual dynamic. Interest is favorable year-over-year. There are the reasons I mentioned in terms of the P&L around the MTN debt, but also the MTN debt is phased in terms of its payments much more to the second half of the year than the first half of the year, which increases the cash flow benefit in that bridge. The net one-off COVID-related costs are COVID cash outflows from the first half of 2020 that we didn't have to repeat, obviously, in the first half of 2021. Around three quarters of that relates to onerous costs and the costs of not being able to run events, and about a quarter of it relates to our financing response to COVID from the first half of 2020. Our refinancing work in 2020 has given us real sense of strength and flexibility in our balance sheet. We have substantial liquidity of GBP 1.45 billion at the year-end. At the half year, our RCF is fully undrawn, has remained fully undrawn for the last six months. On top of that, we have about GBP 400 million worth of cash in the balance sheet. We're maintaining above normal levels of cash in the balance sheet to increase that and enhance that liquidity. We have no borrowing maturities until July 2023, and based on our current forecast and our current liquidity, we could pay off that July 2023 debt out of our existing liquidity without going back to the debt markets. In summary, we have substantial liquidity at GBP 1.45 billion. We're increasing that liquidity because we're maintaining our cash flow positive generation and dynamic in the business. We have no maturities until July 2023, we have no financial covenants on any of our group-level debt, which say all in the mix, gives us a real sense of strength and flexibility around our financial position. Pulling it all together in terms of the key financial messages, our returning confidence in terms of the face-to-face events revenue performance enables us to increase our revenue guidance from GBP 1.7 billion-GBP 1.8 billion ± now at the half year. That enables us in turn to set a OP expectation for the year at GBP 375 million ±. The improving growth and performance in Taylor & Francis and Informa Intelligence enables us to upgrade the revenue expectations in both of those businesses to 2%+ and 4.5%+ respectively. We'll continue to drive our cash flow in the business and to monitor that and manage that very closely in the second half of the year, as we have done in the first half of the year, which will continue to deliver a cash flow positive result for the group, which will increase our available liquidity above GBP 1.45 billion we currently have, giving us real balance sheet strength. At that point, I'm going to hand you back to Stephen for the second part of his presentation. Thanks, Gareth. One of the many advantages of the last 20 months has been that it's allowed us time to look back and reflect on what happened before the extraordinary circumstance of COVID-19 and what does it mean for our business going forward. Like many businesses, I hope we've used this time to think about how things that we did before might be done differently. That's in part what led us to our thinking around how do we frame our growth and acceleration plans for the next three years. To go back before we go forward, when we set out as a company on our growth and acceleration program back in 2014, in our minds, we set out to do three or four things. We set out to diversify and extend our Taylor & Francis business, materially move it into open access and open research, and frankly, begin the path of giving it some much-needed investment in technology and product. We set out to become a business that knew how to run a business in the information services market, and similarly, build product technology and sales and customer management capability. We set out to take advantage of a market opportunity that we saw in large-scale events and focus our remaining conference business, now known as Informa Connect, more around high-quality branded, rich content connection events. What actually happened at the other end of it, I mean, commercially, the results were certainly pleasing, but the summary of it was we became the world's leading events company. Actually, underneath that, there were` many other things going on within the group. As we think about growth acceleration from 2021- 2024, what is the broad ambition of the company? At the headline, the broad ambition is that our stated strategy of market specialization, identifying markets, subject matter specialisms, category markets, industry sectors, and then deepening our specialization and our digital service capability around those markets will be where the company is single-mindedly focused. We want to grow. We believe that value is correlated to growth. We had all of our businesses in growth, but actually, we'd like to up that growth potential. As a statement of probably the obvious, there will be a reinflation of growth in the physical events business progressively as physical events return. It isn't just absolute growth, it's the quality of that growth, the mix, the type of the revenue, the resilience of that revenue, the proportion of that revenue that is predictable, and your ability to deepen that relationship with your customer by expanding your revenue relationships through other products and services. Clearly, we want to maximize the return that we are going to see and we are seeing in physical events. We need to use that physical return in order to return to engagement with our customers, not just with the same old product, but with a better product, both a smarter event product, but also some additional products and services around those events. That will require us to deepen our digital service offering, and that is demanding a material change inside our own company around skills, around capabilities, and frankly, around operating discipline in what previously has been a more fragmented business. Underneath all of that is requiring us to step up and manage our data platforms, both for ourselves and our customers, in a more industrial way, I will talk about that. Underpinning all of that, importantly, by the time we get to 2024, what in the jargon is talked about as ESG, what inside our company we talk about as Faster Forward, what in the real world people talk about as climate change, the responsibilities around sustainability will be center stage and mainstream. We, as a business, need to ensure that our products and our services are best in class in sustainability, whether that is the simple everyday realities of ensuring that we are a carbon neutral business, that we're using clean and renewable energy, that we're minimizing waste, that we're maximizing reusability and recyclability where we can. Critically, in our events business, we are prosecuting the truth of that product, which it is the most effective, efficient consolidator of carbon efficient business travel that you can find because it removes the need for multiple bilateral single-point meetings. I'll return to that in a second. It will be relevant to all of our businesses, market specialization, whether it's our Advanced Learning business or our Intelligence business or our B2B business. In our Advanced Learning business, increasingly, under the leadership of Annie Callanan and her team, the intention is to move this business from being a product business to being a services business, to move this business from being a single-point business to being a multi-point business, and to improve the service offering, not just to our institutional customers that will remain important, but also really to those people who create the knowledge, the authors, the researchers, and ensure that you get that balance right of prioritization in the customer relationship. That, we believe, will allow us to continue to improve our relevance, continue to improve our reach, and continue to extend our ability to access funding for original research that goes beyond the institutional library. In our Intelligence business, we believe that the demand in businesses and in the three markets that we're in, for increasing specialist information in real time to make for better business decisions will increase. That if we can keep our products and our services relevant, that mix of proprietary data, original content, insight, wrapped with real-time analytics, becomes increasingly valuable, and we feel very comfortable about the three markets that we have chosen as forward runway for us for continued growth. We long ago set ourselves the target of being a 5%+ compound growth business with a 90% subscription. It now seems a very achievable and realizable ambition. In our B2B events business, how will that digital acceleration represent itself? One of the questions I get asked often is, after COVID, aren't travel patterns going to be materially different? The answer is, I frankly don't know any more than anyone else knows. I follow the data, and I follow the commentators. I have opinions on it, and we have opinions on it, and we research this regularly. We take the view that the internal meetings market probably will change. Internal company meetings. I look at our own board as a corporation. Will we physically meet 10x a year like we did pre-COVID? Discuss. I look at internal management meetings. Will they happen with the same requirement for constant international travel? Discuss. Multilateral meetings, industry meetings, customer meetings, engagement meetings, there is nothing that is more compelling for an industry than to be able to operate in a neutrally convened space where you can meet every customer, every wholesaler, every distributor, every competitor, every advisor, every player in the industry in the space of five days. The efficiency and the power of that proposition will, I suspect, end up being enhanced by those changing travel patterns, not reduced. Because the less other travel that people do, the higher the value of the travel that people will do. If you can get that proposition right and surround it by other digital products and services that extend the life cycle of that contact, then you have the ability to really be able to add value to your customer. To add value to your customer relationship, the key thing is you need to know who your customer is. That, for us, has been one of the key lines that we've crossed during the last 18 months, is that whilst we have deep relationships inside our franchises, our collection and collation of that customer information, either at the profile level, my name is Stephen Carter, my job is Chief Executive of Informa, my budget authority is discuss, my responsibilities are discuss. That profile data we have. What about the behavioral data? What do I do when I engage with the Informa product? Who do I meet? What am I interested in? What things do I track? What areas do I have interest in? That behavioral and attitudinal data, if you combine those two and you compound that over time, that gives you a level of knowledge about your customer and what they're doing, which enables you to increase your relevance. That led us to the conclusion that we needed more operating discipline in the businesses, in Charlie's Markets business, in Andy's Connect business, in Gary's Tech business, so that we could collect and collate our millions of customer profiles in a manner that would allow us to be able to develop and market products better. This will not happen overnight. IIRIS, our base level's internal data warehouse, is now more than in flight. When we meet in the fourth quarter at the Capital Markets Day, we will give a full, unexpedited explanation of what that capability will provide us with. Underneath that, is work ongoing on how we develop additional services. We've begun to talk about it inside our own company in this way, the way in which you can think about how you can expand your relationship with your customers. At the base level, you've got, what do we do for our markets? When we talk about market specialization, what do we mean? How deeply do we know our communities? What market-specific content, programming, data, events, B2B media platforms do we have to enable us to build, develop, produce, launch products and services that bring the audience? When you bring the audience, how do you allow them to engage? Of course, you want them to engage physically, you want them to turn up in person when there's an in-person event. Alongside that, you also want other people to be able to engage on a hybrid platform, and that requires you to build a technology capability that allows for simultaneous hybrid product, which is as useful and as valuable as a physical product. That has required us to contract and build with inside and outside parties, service capability on everything from registration to participation, to meeting management, to product discovery, to search. That activity is well progressed inside all of our event-led businesses. What you need to do is collect and collate the data that comes from that, which I've just talked about, which is IIRIS, to give you profiles which are consent-driven, are detailed, are accessible, and which derives information and behavioral signals from which you can then develop new products. What could those new products be? Well, that takes you to the fourth level. Those could be products around audience monetization, lead qualification, more accurate advertising targeting, or just at a simple level, more accurate discovery. You need to do all of that with discipline. You need to do all of that with clear registered and consent-driven data protocols, and we are doing that. If you do that purposefully, you do that well, and you do that over time, you build a very powerful engine to drive your day-to-day business. You also build a very powerful capability to develop a new business. We will get into more of this when we meet in December, for those of you who feel that by December you can meet in person. We would hope that number will increase. Not that we're not pleased to see everybody on the webinar today, where we will have presentations from all five of the businesses as to what the detail of our plans and ambitions are from now through to 2024. By then, we'll have a very clear sense of where we're landing at the end of 2021 and what our forward trajectory into 2022 is. In summary, where are we as we meet here in July 2021? At a headline level, I think we feel, in a way that we didn't in July 2020, that we're looking up and looking out. We are moving the company out from stability and security, which was needed and well-earned and hard-worked by many colleagues across the company, for which I put certainly my thanks on the record. Our revenues are returning in our physical events business at different paces and rates in different geographies, but the trend lines are clear and are consistent. We're alive to the fact that there could be exogenous obstacles or bumps on the path. There may even be occasional reversals. We've seen that in Australia, we've seen that in Brazil. We believe the forward trend lines are consistent. We're seeing really outstanding performances in our subscription and content-led businesses, and that's largely a function, frankly, of much of the work that was done in the GAP program back in 2014, 2015, 2016, and 2017, that is reaping benefits, combined with excellent management, leadership, and focus on product and customers. We will bring that product focus to our customers as we see our physical events returning. Our cash position is much more robust, and we're beginning to see that cash engine that is the driver of our company and has been part of the investment thesis for many shareholders returning. That improves our balance sheet, gives us strength and confidence in the strength of our balance sheet, and has resulted in us ticking up our guidance for 2021. More importantly, I think looking out with positive interest and excitement to 2022, 2023, and 2024. That's enough from me, and we'll very happily take questions. I think we'll start with questions in the room. I think I've been guided to do that. I have. Richard's telling me what to do. Are there any questions in the room? We have two questions here, please. Good morning. Annick Mass, BNP Paribas. My first question is, you've highlighted that your forward booking and your rebate rates are quite strong. I'm interested to hear how the deposits have changed that you request exhibitors now versus pre-pandemic. Secondly, in terms of Informa Markets operating profit, I would be keen to hear what that looked like if you isolate China. Finally, if you could just, I guess now you have a better idea which shows are coming back post-pandemic, so if you could give us an idea of what your exhibition portfolio looked pre-pandemic, and how many of those are not coming back respectively have been merged. Thank you. What was your last comment, Annick? Have been? Have been merged. I guess some have. I mean. Yes, exactly. Yeah. Okay. Why don't I start with your last question, try and dodge your second question, and hand the first question to Gareth on forward bookings. I don't think we know is the answer to your third question. What will our portfolio look like post-pandemic? Let's maybe work through the businesses. In Informa Tech, I think the events dimension of the Informa Tech portfolio will look virtually the same, largely because we had gone through a very significant pruning exercise in that business anyway pre-pandemic to focus on brands that had footprint scale, original content that were very blended with our media brands and our research product in that sector. I think off the top of my head, I think we have between 45%- 50% event brands in that market, and I suspect we'll have 45%- 50% there or thereabouts, post the pandemic. The first of those at scale is actually happening this weekend, Black Hat, which is happening as a hybrid event in Vegas, with, I think at the moment we're tracking to about 4,000 physical attendees and about 8,000, 9,000 virtual attendees. Last time we ran it physically, we had about 15,000 physical attendees and no virtual attendees, if you get my point. We will see the rest of that portfolio return. In Connect, I think similarly, Andy's here, he can nod or shake his head if I get it wrong. I think there we, again, Andy had led that business to be much more focused around the larger brands, what we used to call the millionaire club, the bigger brands. I think that focus will continue. Similarly, the market specialization in that portfolio very much revolves around pharma or biotech, life sciences and finance. I think that will continue. I don't think you'll see a material change. There are a couple of smaller portfolios where we might prune at the edges, but not materially. Markets, I think is a different picture, because there it was a much bigger portfolio anyway pre of events because it was much more of an events-only business then. I think there will be some of that portfolio that simply will not return. In our sort of mental maths, we've kind of assumed that somewhere around 80%-85% of the business will return over time naturally, and then we might warehouse some and judge the market. Here's a perversity of the pandemic, is that the natural inclination is to conclude that large is better, but it may not necessarily be the case. Actually, what is better is do you have a defensible event that's providing a mixture of content and access that you can't get elsewhere? Hybrid, of course, creates a scenario where you could have a smaller physical event and a much larger attendant hybrid event. Initially, we thought that pruning exercise might be larger, but it may not actually play out like that. It's a bit of a mixed picture. Will we isolate the profit on China? We do, but we won't publish that. It's a good question. As a general rule, as you know very well, the business in Asia generally, or in ASEAN and mainland China, is a lower margin business historically than in North America for probably 2.5 reasons. Real estate prices historically have been higher in that part of the world. Secondly, it's a much more distributed community, so we're covering many more geographies. That might be a geography where we do prune a bit, because I think we will probably focus on our major markets, mainland China, Hong Kong, Malaysia, India, Singapore, Japan, Indonesia, I think, Thailand. I think that will be our focus. It's a very profitable market, and we think it will continue to be so. On forward booking and deposits, do you want to speak to that, Gareth? On events numbers, just to go back to that, we've done quite a lot of work on that internally. What we're finding is reality, event numbers and the profile of the recovery is actually not that informative around revenue recovery because there's so many other variables around international travel, domestic travel recovery, off cycle, on cycle, and all those factors matter as much in the mix of the overall revenue number as does actually the number of events we're operating. A bit of a caveat on event numbers as a KPI. In terms of payment terms, what we're seeing overall is that the cash flow benefits of the events business, particularly in Markets business, remain intact. You do get a lot of the money in well before operating the event, and generally all of it in terms of people attending before the event. That remains a dynamic. It's worth pointing out that within the business, there is actually a bit of a dynamic between China and the rest of the world. The rest of the world's always had earlier cash flow payments. China's always been a bit later. In terms of the Chinese events that we're operating, we're seeing no change in the payment characteristics there, but that's a bit later. Elsewhere, I think over time, which at the moment in places like the U.S. is a bit behind where it would normally be, but we're kind of riding that because we want to get customers back engaged with the product, and we don't want to be really forcing them up front to hand all the money over. We'd much rather they come with us and pay on payment cycles and come to the show. Just the final dynamic I mentioned is, as you saw on that cash flow blow-out side, we've got about GBP 400 million of events revenue already in the balance sheet. Actually quite a lot of the events we're going to run in the second half of the year will be utilizing that deferred income rather than receiving new cash in. Tom, would you mind if we went to the webinar? Fine. I know it seems harsh, but shall we take a question from the webinar? Thank you. I think we do have a question now from Nick Dempsey from Barclays. Please go ahead. Good morning, guys. I've got three questions, please. First of all, GAP 1, I believe if I remember rightly, it involved about GBP 100 million of investment over three years. Can you give us any indication of what GAP 2 might cost and how much we might see in 2022? Second question, you're pointing to forward booking suggesting World of Concrete and Arab Health might run at 60% of 2019 and 2022. How much have you factored in that those might get much later bookings than normal into that 60%? You've run a few other shows now in the U.S., I believe. Are the forward bookings that you're seeing there showing that same kind of trend? Third question, I just wonder if you can give me some examples of how you can generate revenues from digital offerings around events, so how that business model might work and how comfortable you can be that it won't just become like a hygiene factor that every big event provider provides digital services, and it's just part of the exhibitor fee. You don't really get incremental spend. Okay. Thanks, Nick. On the back half of your second and the beginning of your third question, here you went into sort of rapid time echo. We had you in sort of triplicate, which is an experience. If we misheard your question, then correct me. If I heard your questions correctly, I might get Gareth to come back on the first and the second, but I'll have a go, so have a think on that. You're correct in your memory. I think in GAP 1 our CapEx investment over the period was around GBP 100 million. We have not yet fully costed how we'll approach GAP 2, but I don't think you're a million miles away. We're not talking about a material uptick. It'll be focused around product and technology and some service and skills capability. Much like GAP 1, the intention will be to do that in a manner where there is a very direct return in either revenue growth or margin. On bookings, it's such a mixed picture. I'm sort of looking at Charlie as I speak. You're absolutely correct that there is some lateness in the bookings that varies from category to category. My own personal view is that as the world progressively returns, forward confidence progressively increases. As forward confidence progressively increases, I suspect we'll find the pace rate of forward bookings will also progressively increase. The only place we've got to evidence that is in China, because that's really the only place that's now a full year on from restarting post-COVID-19. It's early days in America, so it's really very hard to draw a conclusion from what have we run, Charlie? Eight, Nine events in America so far of scale? Getting there. Yeah, getting there. I'm not sure I would draw a direct conclusion from that. At the moment, there is a little bit of wait for understandable customer reasons. I'll wait until the latest possible point before I completely commit. The more events that come back, the more activity that you see, the more it becomes renormalized behavior. Then there's a not unimportant point, which is, this is not true of all companies, but it's true of probably the vast majority. They operate to calendar years, so budgets tend to work to the calendar. In many instances, budgets were just not made available because the budget that we're all living in, which is the 2021 budget, was by and large set by people like Gareth in November of 2020. People like Gareth in November 2020, well, they were a little bit bearish on what was going to happen in 2021. People like Gareth in November 2021, even they are going to be slightly more bullish about what's going to happen in 2022, I would surmise. I think you will find that budget provision and budget allocation for business development, customer meetings, product launches, industry engagement, they're all going to start to tick up. Therefore, there'll be available budgets internally for customers to turn to. That I think will have an effect on forward bookings once we start getting into 2022, because most companies by and large operate around a business discipline. On your new business model, I think you make a very powerful point, Nick Dempsey, if I understood it correctly. I think the truth is that there will be aspects of what we have introduced through COVID-19 that will absolutely become business as usual. Digital registration is probably a good example of that. Digital registration doesn't just happen, but it requires a degree of technology and service capability and accuracy and operating discipline. By and large, I suspect that's going to become standard operating practice. I think that might be also true on what you might call base level product directories in some industries. You're correct, we're going to have to work very hard to ensure that the other services that we are offering in and around our events, either before, during, or after, add value on that. That takes you all the way back to the more you know about your audience, the better engaged you are with that audience, then the easier it is to devise and design products that allow you to market services to them that are genuinely valuable to their specific need. The circle becomes continuous, but there will definitely be an upping of requirement. My own personal view, again, is I think that speaks very well to businesses like ours, because the customer expectation is just going to go up. You need a certain level of size to be able to amortize the cost of doing that, to be able to provide the kind of base level of service delivery that customers are going to demand from those sort of services. Gareth, do you want to come in on funding for GAP 2? Have you got any views on that? I think in terms of quantum, as you say, we're still working up our plans and specific numbers around it. We've really kind of announced GAP 2 today, rather than being in a position to go through all the details. By the time we get to the Capital Markets Day in December, I'd expect to have much more specificity around that. At the moment, sort of GBP 100 million over three years is probably a good way to think about it in terms of the overall investment. In terms of funding, we're obviously looking quite carefully at the capital allocation in the business over the period. We've got various things we want to fund in terms of organic investment, but also inorganic investment to help deliver some of the skills and capabilities that we feel will benefit the increase in the digital services that we want to deliver in the business. There's a mix of considerations we're putting into the mix for the CMD. Thanks, Gareth. Tom. Thank you. Actually, we're going to take a question from the room, actually, if you don't mind. Perfect. Yeah, Tom from Citi. Three questions. First one, very simple. Talk about the off-cycle impact. Should that work through by 2023? Is that the sort of effective timeline for when that should work through? Second question on the guidance. Effectively, the new guidance is suggesting the possibility of GBP 100 million more revenue and GBP 100 million more profit. You've got the GBP 60 million of follow-through from the sort of permanent cost savings from last year, which suggests a 40% drop through on incremental revenue. Is that the sort of new normal? On the way down, obviously, it was slightly worse, wasn't it? It was sort of 60% or 70% drop through. I'm just trying to work out whether there's additional investment going in as we recover. Then the final question, sort of slightly anticipating the CMD. Are you essentially hinting that everything's going to look a little bit more like Informa Tech going forward, i.e., we're going to have a collapsing of the sort of specialist subjects, if that's the way? Are we going to have Informa Pharma, Informa Retail Banking, and Informa Maritime? Great questions, Tom. Let me start with the last one, touch on the second, Gareth might want to expand, then I'll take your cycle question. On the last one. Yes, but not organizationally. It is definitely the case that we will increasingly focus on markets, we will identify, and in fact, Charlie already has a kind of candidate list of 67 markets within his portfolio, where we could build that level of specialization. In some of those, we already do have either media products or data products or other products that we could put alongside it. We showcased one in our release today, aviation. We have a great events portfolio in aviation. We have a B2B media platform in aviation. We have a data and research product in aviation. Market specialization will increasingly be the case. Andy is already doing it in the Connect business in biotech life sciences and in finance, and in some others. Increasingly, surrounding markets which have the features and the needs and the customer appetite for an increasing range of B2B services is where we think we can see growth. That's sort of what I meant when I was talking about more quality of growth. We are not in the market for building more scale in the trade show or events business unless it serves our market specialization. My comment on the 40% drop-through would be, yes, your math is correct, I think, but I would describe it as the now norm, not the new norm. In other words, that's what's happened in 2021. It is not what we're positing is going to be the drop-through in 2022 or 2023. Gareth might want to expand on that in a second. On the cycle, yeah, I think you're probably right. There are two aspects to the cycle that are worth registering. One is, it's just off-cycle. If you imagine yourself a citizen of an industry, let's take a live example. You're in the U.S. construction industry in January. You're used to going to World of Concrete in January for practical reasons. It's the beginning of the year. It probably is a time when many of the players in the industry aren't out actually deploying construction activity or laying concrete or building. Therefore, it's an appropriate and convenient time for that industry to take time out, meet its customers, meet its suppliers, meet its wholesalers. When you conduct that event in June, there are a lot of better things you could be doing. You're also halfway through a year, so it has that off-cycle effect. The other side is. If we then run World of Concrete in January 2022, which we will do, and actually it's pacing well, you've only got a six-month sales cycle for the 2022 event. You've got the off-cycle reality for the industry. You've also got a shortened sales cycle for the team who are working with the industry to build the next product. The combination of those two things will probably take until 2023 to fully wash through. It's more than just the date. It's what it means in terms of your time to market and your ability to be able to work with your customers and your partners and your suppliers. Do you want to expand on the drop-through point, Gareth? Yeah, I think we're kind of just slightly mixing two things up, which is one is the kind of year-on-year change in the numbers for the full year, and then the other thing is the movement on the guidance. What we've announced today is a GBP 100 million increase in the revenue guidance. We hadn't put any OP guidance out before, so actually we're not moving the OP guidance. To go to your drop-through point, I think that's very easy to work off last year's number, which I think was about GBP 268 of OP. If you then put on the GBP 60 million extra indirect cost savings, which you remember from year-end, we said weren't crystallized in 2020, that gets you up to a certain point. You have the revenue increase at about, say, 50% drop-through in terms of this year's numbers, and then you have the FX headwind on it, and that gets you to about GBP 375 overall in terms of the movements. All right, Tom. I'm gonna take one from the webinar, if I may, sir, and then come to you. Can we take a question from the webinar, please? Certainly. Our next question comes from Matthew Walker from Credit Suisse. Please go ahead. Thanks a lot. Good morning, everybody. Good morning, Stephen. Morning, Gareth. First of all, Stephen, I don't mean to do yourself out of a job, but have you had any private equity interest in any of your assets or the whole company? Or do you expect to do so? Because, you know, with the growth coming in Intelligence and T&F going up, it looks like quite an attractive proposition. That's the first question. The second thing is on travel budgets. Obviously, we hear a lot about how travel budgets are not going to be fully restored. When you look at the SME base, is that a different discussion? I can see why people might be fighting with a large corporate to get their travel budget for anything, even including exhibitions restored. If 75% of the customer base is SMEs, and they're kind of their own boss, can they just basically decide what their travel budget is? Are we over-worrying about travel budgets as it pertains to exhibitors and attendees? That's the second question. The last question is, we just heard from RELX talking about, you know, analytics growth in different divisions. What's the potential of analytics, as you would define it, in your STM business, Taylor & Francis? Sorry, Matthew, I didn't catch the last bit of your last question. I apologize. It was just a question about analytics as opposed to journals and open access and books. What's the proportion or percentage of analytics revenue in Taylor & Francis? Well, thanks for your questions. Look, I think I'll try and answer these ones. Come in if you want to, Gareth. First of all, I'm glad that someone else is concerned about my job security, Matthew, so thank you for that. I agree with you that we have a very attractive portfolio of businesses, and we remain very confident in their future growth value. I mean, all joking aside, we're a public company. We clearly pay attention to any declaration of interest, and will continue to do so. Right now, we're focused on what we're laying out today, and we feel very confident about the future growth potential of the individual businesses in the portfolio. The only businesses that we're actively engaged in discussions about disposal are the three businesses in Informa Intelligence, in our asset intelligence portfolio, and we intend to go into 2022 with a very focused portfolio in Informa Intelligence, and we think there is real value there, but more importantly, we think there is real opportunity for further growth and even greater value on a going-forward basis, and we believe the same is true in advanced learning and in the B2B events market, both physically and digitally. On travel budgets, I 100% agree with both of your comments. I think there is an entire difference between how you view travel if you are running an SME or indeed if you own an SME, or indeed if you're running one, than if you're in a corporate. I mean, A, it's your money, often, and B, as we tried to indicate earlier on, the value of trade show participation is directly correlated to your customer retention scores, your revenue growth, and your ability to expand distribution and market access. The efficacy of that participation way outweighs the travel or participation costs. We've talked about this pre-COVID many times. Matthew, as you know, I mean, for customers in that category, they're making a 10x, 20x, 30x, 40x return on their investment in participation in a trade show. If you've had the pleasure that I've had over the many years now of wandering around trade shows, speaking to those customers, if you're ever feeling depressed, that's a very enjoyable experience. We are very confident that for the SME community, they have a completely different view on corporates. I think therefore, corporate travel will be slower to return. That, I think, requires us to be a little bit adept and flexible about how you encourage corporates to participate, maybe in a different form. It could be less physically and more digitally, and that might lead to bundled offers, which we're already trialing in some markets. It might mean that they have a lower physical presence, but a higher digital presence. That doesn't necessarily change the revenue mix. It doesn't change the revenue outcome for us, but it might change the revenue mix for us. I think there are different ways in which you can address what might be a slightly greater degree of caution in 2022 for corporates than for SMEs. On the analytics question, I've been buying myself time to try and think and talk at the same time. I just don't know the answer to that question because, and I'm not asking you to tell me, I don't know what RELX meant by that reference or that categorization. At one level, every single thing we do in our academic publishing business, in some way, shape, or form, requires a level of analytics because you have the process of screening for accuracy or plagiarism or sourcing or links, or uses data analytics and platform services to read the documents, read the manuscripts, to do reviews. There's an embedded level of machine learning activity in that business anyway. For every institutional customer relationship of scale, we're providing significant analytics services to those institutions on usage levels, by subject, by category, by author, by date, time, by search. I find it quite difficult to put a number around that, but I'm sort of in the room looking at Richard and visually throwing that question to him to come back to you with a deeper answer at another time. Should we take a question in the room? Thank you. It's Fiona Orford-Williams from Edison. First of all, can you give us some more color on the pricing environment and the subscription growth, a little bit of whether there's volume or pricing in there, and what sort of resistance levels there are to pricing in the market? The second is on costs. What's your experience at the moment in terms of both the venue pricing situation and more generally across the group in terms of people costs, particularly if you're expanding your capabilities in data and analytics? The third was on hybrid. Just as things progress and the balance shifts towards more people in the room and fewer people attending virtually, how do you ensure that you still deliver good value for those people who are not physically with you? That's a great last question. I'll come to it last. Let me touch briefly on the volume, not price, or volume and price. Gareth, you might want to come back to that, and I'll touch on cost, go back to hybrid. My understanding is that in the main, our performance in all of our markets is largely volume. I'm not saying there's no price, but it's largely volume. As a general rule, and we've touched on this historically, we tend to be modest on price in all of our markets, for a whole variety of reasons, which we can get into. Generally speaking, in all of our businesses, if you think about our business model, whether it's in the events business or in the academic publishing business or in the information services business, we are part of a market. Certainly, I've always taken the view that you never want to be on the wrong side of over-earning your position in your market. Some of our industries are more alive to that, of which probably the advanced learning market, for understandable reasons, is probably the most. Ironically, the deeper you get into a market, the more secure your position is, but you just don't want to abuse it. That's kind of where our dial is set. It doesn't mean that we don't ever increase prices. We do, but we are very sensitive to how we do that. When we do, we try to do it alongside new products, additional services, more value. That seems to have served us well over time, and I see no reason, I don't see anything about the COVID circumstance that changes that. On costs, venues is a mixed picture. I think generally speaking, Charlie and Andy are in the room, I think we would say that the venues, by and large, around the world have been responsible. I think they've been very responsible partners, flexible, in many instances, way beyond our contract entitlement on timing, on payment method, on volume. I would put on record that we have deep and meaningful relationships with many venues around the world, and they have served us well, and I think that has served the industry as well. On a going-forward basis, I think things will change. They run businesses, we run businesses. I think there will be more of a commercial engagement over the next year to two years about how do you maintain the same level of commercial flexibility on a pay-as-you-use or pay-as-you-don't-use basis, or don't pay as you don't use basis, and who takes the hit for the on cost for some of the hygiene and security costs of keeping. I think we feel that we have been very open with our partners, and by and large, they've been responsive, and we would hope that that would continue. On hybrid, well, look, I think the analogy is, I'm sure you know this yourself from running meetings, if you run a meeting and everybody's in the room, you all talk to each other. If you run a meeting and no one's in the room, then everyone is in the same place. It's when it gets to be hybrid that it gets more different. That's no different if you're dealing with a meeting of 20 people or you're dealing with an event of 20,000. It just requires a lot more technology if you're dealing with an event of 20,000. That's kind of what I meant on my layer chart where I was talking about layer two, what we call, in jargon, the technology service stack. You have to have a capability to enable you to allow a non-physical participant to be having an experience that doesn't feel like they're a sort of awkward, unwanted participant in a happy event that they're not really enjoying. That speaks to access. It speaks to the ability to be able to go offline and online simultaneously, to be able to move across meetings, to be able to dip in and dip out of meeting rooms, to be able to listen and participate in real time without bad linkage and poor access. It speaks to how you provide information in advance of the event and after the event, and all of that requires a lot of differing capability at different levels of the product offering, and there are many people in the room who've been burning the midnight oil on building that. I think our product has got better and better. Initially, I think we would describe our activities in that area broadly as a very enthusiastically organized scramble to stage 500 virtual hybrid events in real time immediately from a standing start. A year on, we've become quite a sophisticated operator of how to do it, and in some instances, I would say best in class. I think there was a brief window where everyone thought this was a secret sauce that no one else could do. I think we now feel very confident we know exactly how to do that. On costs on people, yes, you're correct. Look, our people, some of whom are in the room, like many people in many businesses that have been affected by COVID-19, have been living on thinner rations than would ordinarily be the case, and you can't continue in that position forever, or else you'll wake up one day and you'll be a smaller company for the wrong reasons. We need to adjust for that. In data and analytics, you're correct. That's a market that's very hot for talent and prices are high. I think there is some cost pressure. The challenge for us is how do we manage our cost profile and our revenue return and our expansion? We're confident that our subscription and data businesses are now in something resembling permanent growth mode, that gives us some lift. We're pretty confident that maybe with some bumps on the road, our physical events business is now in reinflation. We could debate pace and rate. That gives us some return. We're increasingly confident that we can see revenue in attendant digital services, that probably requires cost before revenue, and that speaks to, I think it was Nick Dempsey's question online, about how much investment might be needed in GAP 2 to accelerate that by 2023 and 2024. I think we know how to do that. I think we know how to do that. Should we take a question online from the webinar, please? Thank you. We move on to Patrick Wellington from Morgan Stanley for our next question. Please go ahead. Morning, everybody. I've got some mundane questions about some of the remarks that you've made. Stephen, you said at the beginning that Exhibitions would see two times the revenue that we did in the first half in the second half. Which revenue number are you referring to? If you add up the three events divisions, that's revenue of GBP 281 million. There was also a number of GBP 150 million for physical events. Which number should we be seeing twice the amount of in the second half? While you're thinking about that one, the second question relates to your choice of shows and their performance in 2022. As Nick was pointing out earlier, World of Concrete and Arab Health Medlab you think will run about 60% of 2019 in 2022, and the Chinese showed 100%. Working roughly on the basis that Asia's 40%, the U.S. is 40%, and Europe's 20%, are we basically saying that 60% of the business is going to run at 60% of the 2019 level, 40% is going to work at 100, and the whole thing is going to come out at about 80% and knock a bit off because Europe will do a bit worse, so we're looking at 75%, 80% as an index for 2019. Is that the subliminal message that you're trying to send us there? The third question goes back to the GBP 1.7 billion before it became the GBP 1.8 billion. If you remember the slide when that was originally announced, GBP 840 million of that was coming from the subscription businesses, GBP 250 million from events mainly in China, and GBP 550 million from a mix of virtual events and digital services. If we were to recreate that slide now for the GBP 1.8 billion, how would those three components look? Do you want to take the second one? Patrick, thank you very much for your question. That's a shining example of how you can have powerful contribution during a hybrid event. Let me try and get some of these half right, then Gareth will polish them a bit for me. What I was referring to in my 2x number was I just was carrying in my head what the total revenue was for all three of our events-led businesses in the first half, and what I think it'll end up being in the second half. It wasn't a specific comment on exhibition. In round numbers, in my head, our event-led businesses did around GBP 300 million of revenue in the first half. That's about right, isn't it? I think we'll probably end up doing about GBP 600 million in the second half. That's what that number was referring to. Clearly underneath that revenue of GBP 900 million, it is not all face-to-face events. It's a mixture of other products and services, because as we exchanged, we have some data revenues, we have some research revenues, we have some media revenues. It was an aggregate number, not a specific number. I hope that's clear. I'm looking at Richard and Gareth, but I think my answer to your teaser number two is broadly yes. I think that's roughly about right, and whether we get there through the route that you're describing, I don't think we yet quite know. I would share your view that I think China will continue to be strong, possibly even stronger, Mainland China. It's an open question about Hong Kong at the moment, but I'm marginally more optimistic about Hong Kong through 2022 than I have been in 2021. I think you're correct that in North America, we know what some of the pace rates are in North America already for 2022. It's early, and if confidence continues to compound, there might be some upside there. Based on what we know today, I think your math is broadly correct, and probably the googly in that is what happens in continental Europe, and whether continental Europe returns in the second half, which we believe it will, of 2021, and how that then leads into 2022. I think as a planning assumption, I think around 75%-80% is rational to me. Would you agree with that, Gareth? I think very in the mix, as you say, by geography, or as Patrick outlined, it will vary by geography. I think in terms of number of events, we're going to be operating a few more events next year. In terms of how it comes back overall in the recovery, maybe sort of 65%-70% of 2019 levels come 2022. That sort of recovery feels about right. They're all broadly in the mix. The thing is geographic split, 40/40/20 is the Informa Markets geographic split, not all the businesses. That's probably the nuance. I don't know if you heard that offside contribution from Richard, which is your 40/40/20 split is an accurate split in round terms of Informa Markets. It's not so true of Connect and Tech, so there might be some nuance there. In essence, I think we're broadly agreeing, although it would appear that the CFO is slightly more cautious than the Chief Executive. On your third question, I have absolutely no idea. Richard, Gareth. In terms of the increase from GBP 1.7 -GBP 1.8, I think you've got a couple of different dynamics in there. What you've got in the subscription businesses, a bit ahead, as both Taylor & Francis and Informa Intelligence are proving to trade a bit better in the mix than we had. A bit of upside from there. Moving into events, Mainland China and outdoor is, as we said before, that's performing to plan, performing well. What we've got is a little bit of a shift between the face-to-face events revenues, which are obviously coming back more than we thought when we set the 1.7. Conversely, what we're seeing is some of the budget switching out of, say, some of the media or virtual products and switching back into face to face. What you've got is a bit of a kind of decline off the numbers that were in GBP 1.7 for media and virtual events and hybrid events, and then an offsetting increase in the mix, which more than offsets that to get you up to GBP 1.8 overall for the full year. I think those are the three dynamics, a bit better in subscriptions, a bit off in terms of virtual, but more than compensated by an increase in face to face. Thanks, Gareth. Patrick, you happy with that? I'm content. Thank you very much. I'll take that. We'll take a question in the room, if we may. Mine is much simpler. Kaustubh Joshi from Standard Chartered. You mentioned about IIRIS, right? Is the plan going forward, or is the vision going forward to have a multidivisional relationship with existing and new customers, what you referred to as bundling, and then probably having a subsidization of one division with the other? Is there potential within the existing portfolio of clients to do that, and is there an upside in the wider scale and the margin at the end of that? Is that how you look at it? It's a very fair question. The answer is, in short, that's not our thinking. It is our intention that IIRIS will be a multidivisional capability across our three event-led businesses. All of the data from Informa Connect, Informa Tech and Informa Markets will be part of our IIRIS platform. That will then be executed on a by market or by sub-market basis. If you like, the data engine will be multidivisional, but the go to market will be by division or by sector. Question on the webinar. Thank you. We move on to Sarah Simon from Berenberg for our question. Please go ahead. Yes. Morning. I've got a couple of more kind of conceptual questions about strategy rather than Patrick's very helpful numbers ones. First one was, I think if people look at Informa, there's been always a thought that in time you could potentially split the business apart or somebody might want to buy the company and split the business apart. First question would be on Taylor & Francis That sounds like it's probably relatively separate from the GAP program. Is the intelligence and events businesses? Is that fair that T&F is still going to be quite separate? The second part of that would be, you mentioned buying or scaling the businesses just for that, but more to the market specialization. Would you actually be interested in selling any of your events if they don't fit with existing data, or let's say, complementary data and intelligence assets that you have? Conversely, would you be interested in buying intelligence-related businesses that would fit with the events business as part of the closer integration strategy? Thanks. Thanks, Sarah. You'll forgive me, but for obvious reasons, I won't comment on the attractiveness or otherwise of individual businesses and who may or may not be interested in them. Your question prompted me to reflect earlier this week, we had a dinner to say thank you to our departed chairman, departed from the company, not departed from anywhere else, Derek Mapp, and that caused us to reflect on the Taylor & Francis business in particular because he came to the company through the Taylor & Francis acquisition, and it reminded us that when Taylor & Francis joined the group, it had, I think, revenues of GBP 30 million. I think we now have a business with revenues of GBP 550 million. Even in my time in the group, Sarah, which is now just over a decade, that business is pretty close to twice the size it was when I joined the group. We've always taken the view that we own these businesses because we are good operators of them, not for some conceptual reason. We think they hang together, but they also hang separately, and it's that combination of a shared culture, shared values, a high degree of commercial agility, and ability to service niche markets with a low cost but a high flexibility. That doesn't happen by accident. That happens by design and by daily execution. We've been doing that daily execution for nearly 20 years, and certainly in my case, for coming on for eight or nine years, and we spend a lot of time trying to be good at that. If other people felt that these businesses were more valuable in someone else's hands, then we're always open to that conversation in a way that we should be. Meanwhile, we see real value in our ownership of those businesses. In Taylor & Francis, yes, that will be part of the GAP 2 program. We do believe there's a case for investment in that business. We think the expansion of access to further funding sources in international research and development beyond libraries is a real market opportunity for that business. We think we can get the growth rate of that business up. We think we can diversify the product and service offering beyond just format-based product into other knowledge services. We do see that. On our events portfolio, again, I would never say absolutely not, but one of the advantages of our business is it didn't arrive the way it is by accident. We were really quite purposeful over the last period of those businesses that we acquired, and we did it in markets which we believed had the attractiveness for long-term value. Yes, we might be interested in adding, what you describe as intelligence-like assets around those businesses. Indeed, we've done that. The CAPA aviation data business, which sits in our aviation portfolio we acquired two years ago, before COVID-19, as part of our market specialization strategy to sit alongside our B2B Aviation Week brand and our MRO events portfolio. That operates as a market category. Pre-COVID-19, that was a GBP 100 million business, tracking very nicely in growth in all three products and services. We would be very interested in expanding our service offering around our events franchises. We believe that in the main, not necessarily 100%, Sarah, but in the main, the event brands we own, the franchises that we operate, and the industries that we serve are ones where we can round out the service offering either through organic skills and service capability or by spot acquisition and addition, and we're very open to that. I hope that helps answer your question. Have I addressed your question, Sarah? Yep, that's perfect. Thanks a lot. Thank you. Is there another question on the webinar? Thank you. We take a question from Adam Berlin from UBS. Please go ahead. Yeah. Hi, everyone. Thanks for taking just two quick questions from me. I enjoyed the conversation before about whether 2022 event revenues will be somewhere between 65%-80% of 2019 event revenues. Can you clarify exactly what the right number is to multiply that 65%-80% by? Obviously, since 2019, currency's moved. You talked about some backgrounds that won't come back or will only come back as hybrid events. There's some other issues with things moving in and out of Informa Tech. Just can you help us work out what the right 2019 rebase number is to think about? The second quick question is, when you then model that 2022 revenue, what kind of drop-through should we be assuming on EBIT into 2022 versus 2021? Thanks, Adam. I am going to hand both of those questions to Gareth. Thank you very much. In terms of 2022 revenues, yeah, 65%-80%, you said in the question. I think in terms of consensus of things, the numbers are broadly around that sort of level off of the 2019 levels. That's really because we're anticipating things like international travel restrictions, domestic recovery, off-cycle events, all those sort of things are why we're not seeing that come back greater than we did previously. We're not really set in stone in terms of the number of events we're going to operate, and also therefore, what events are going to come back versus what's not going to come back. I think the major events probably will all be operating in 2022, some sort of off-cycle, but more on cycle. In terms of the small events, they may be slower to come back, and they may be the events that we ultimately decide not to bring back at all. I think really at this stage, in terms of our planning assumptions around 2022, we haven't really firmly decided on the smaller brands exactly what we do want to bring back and what we don't want to bring back. I think overall, sort of consensus for 2022 revenues, around about GBP 2.3 billion for the group, based on that sort of shape of recovery from the events businesses. If you look at OP, I think you've got revenues to say, at about a third of the levels of 2019. It's 2019's reported levels I think we're talking to. You'll see some costs come back into the business. To the earlier question that Stephen mentioned, there are some costs that we will see come back into the business. That'll be a mix in the cost base of things like property and technology costs, which we'll be working hard to keep out of the cost base that we saved. Some of the things like some of the staff costs and some of the things like bonuses, we'd be delighted to pay bonuses again in 2022. Our colleagues definitely deserve that after everything they've been through in the last 18 months. There'll be a return of some costs coming back into the business of things, I think which will be an important part of the mix. In terms of a specific OP margin in 2022, I think that's something we'll come back to at the Capital Markets Day, when we've got a clearer idea of what we want to do in the Growth Acceleration Plan II. Is that helpful enough, Adam? I look forward to December. You and me both. Another question on the webinar? At the moment, we have no further questions on the webinar. Okay, great. Is there a further question in the room? No? On that note, I will thank you very much. Thank you to everyone who joined us on the webinar. Thank you very much to those people who came here today in person. Invitations for the Capital Markets Day will be open. Please do, if you can, come along, either in person, and I think we will run that also as a hybrid event as well. Certainly the main forum part of it. In the meantime, if you're having a summer, have a good one. Thank you very much.