Robust trading update Informa today has released a robust Q1 trading update – management confirm further strong growth in Q1 across both live events and academic markets, with the group up 7.6% in total (even with declines expected in TechTarget in H1). Management note their strong forward visibility, with >£2.5bn revenue traded, booked or committed, representing 61% of expected FY revenues. Within events, the company highlight that 55 of their top 100 trade in H1, and these underpin the FY target for 7%+ growth in that division. Guidance re-iterated Overall, the company re-affirm FY guidance for underlying growth of >5%, with a £4.1bn +/- revenue target and expected double digit earnings growth – this is based on a 2025 average £/$ of 1.27, below the current rate, suggesting some modest mechanical downward pressure on consensus should this be maintained. Resilience under-appreciated We upgraded to Buy in our January sector note (here) given our belief in the resilience of business – with exhibitions regionally focused and a key way to find new buyers / suppliers – we believe this is under-estimated by many, reflected in the fact the stock is now trading at <12x FY26E PE, less than half the level of RELX at 27x. Informa remains a key sector pick.