H1 results ahead of Covid-impacted expectations Informa reported H1 group revenues of GBP814m, down 26% organically and adjusted operating profit of GBP119m, down 54% but beating Covid-impacted expectations. Within the mix, Informa Markets'' revenues fell by 45%, Connect by 43% and Tech by 7%, whilst Business Intelligence (+1.8%) and Taylor and Francis (-0.7%) resisted relatively well. Outlook - GBP1.7bn revs for 2020 with recovery underpinned by China Informa narrowed its revenue guidance to cGBP1.7bn for the FY, in line with consensus, although we were above this level. The guidance is underpinned by a return of physical events in China, virtual events and digital services revenue contribution and continued resistance of Intelligence and Academic. Informa also announced GBP100m in incremental cost savings, suggesting it will now save GBP600m on a FY basis. For 2021, it suggests GBP1.7bn as the new revenue baseline under the assumption of the Postponement Programme that key 2021 events will be moved to a later date in the year. The group also expects its indirect cost saving target to be applied to 2021. Cash generative from Jan 2021 onwards The combination of better cost savings and effective cash management suggests the group will achieve a positive monthly cash flow position by January 2021, even if it only runs Mainland China physical events until then. Informa also proposed the issuance of GBP500m of debt, extending maturities up to 2023 and giving the option to repay the US PP notes if needed. We cut estimates but reiterate Outperform We cut our Events estimates significantly, across Markets, Connect and Tech. Our Academic and Intelligence expectations remain broadly unchanged. Despite the estimate cuts (50% in 2021), we reiterate our Outperform which is underpinned by the sustained appeal of face-to-face. The share price performance has reflected the continuing estimate cuts but we believe Informa is well positioned to drive the...