RELX struggles with weak exhibition business due to coronavirus

Gwen Kaufmann - Wednesday, July 29, 2020    


RELX has reported a revenue drop of -10% to £3,501m (compared with £3,888m) for the first half year of 2020. The adjusted operating profit is down -24% to £939m (compared with £1,240m). The three largest business areas reported a combined first-half adjusted operating profit of £1,056m (£1,009m), with all three delivering underlying growth, the company states. However, exhibitions moved into a loss of £117m (£231m profit) for the first half. The exhibitions business, which accounted for 16% of revenue and 13% of adjusted operating profit in full year 2019, was significantly impacted by COVID-19 in the first half of 2020, with revenue of £201m (£684m). Chief Executive Officer Erik Engstrom commented: "Our three largest business areas continued to perform well in the first half, delivering good growth in electronic revenues with product and service quality being maintained at high levels. Exhibitions has responded well to a challenging environment and remains focused on serving its customers throughout the COVID-19 pandemic and beyond. At the peak of the pandemic, nearly all of our offices were closed and 97% of our 33,000 employees in over 40 countries were working remotely. We have now opened nearly half of our offices, and around 50% of our employees have the option to come into the office on a regular basis." (kf)     relx.com/interim-results-2020

SHARE THIS ARTICLE

Related Articles

Ways to tackle change

The first Exhibitions Think Tank has launched its final report, which gathers the insights of more than 150 global industry professionals to set out recommendations for the future direction of the exhibition industry.

Read more
RAI Amsterdam reorganises

RAI Amsterdam has submitted a request for advice to the works council for reorganisation.

Read more
TCEB launches "New Norm Exhibition Support"

The Thailand Convention & Exhibition Bureau (TCEB) has joined forces with the Thai Exhibition Association (TEA) to promote the 'new normal' of exhibitions management and operations.

Read more

Most read articles

Industry reports deep cuts but remains optimistic

UFI Global Barometer reveals that for both April and May, 73% of exhibition companies worldwide declared "no activity".

Read more
Cosmopack and Cosmoprof Asia under one roof

Joint organisers BolognaFiere Group and Informa Markets have decided to upon strategies to collocated Cosmopack and Cosmoprof Asia 2020 under one roof at the Hong Kong Convention and Exhibition Centre (HKCEC).

Read more
Joint messaging for the meetings industry

The Joint Meetings Industry Council (JMIC) has brought together dozens of leading industry voices from around the world to shape a joint messaging.

Read more

Categories and Tags

Markets | Corona Virus | Advertorial | RELX | Reed Exhibitions | UK | Europe | global | revenue drop | COVID-19 | Erik Engstrom