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)


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