Relx sees revenue from exhibitions business plunge 70 per cent
Relx (REL) today said annual revenue for its exhibitions business in the year-to-date had plunged 70 per cent as coronavirus restrictions prevented most events from taking place.
The FTSE 100 company said total revenue for its exhibitions business, which account for 16 per cent of revenue last year, was down 70 per cent year-to-date given the significant hit from coronavirus.
While exhibitions are now running in China and Japan, revenue is lower than from prior events, and events in Europe and the Americas have been completely halted.
The publishing and exhibitions company said it expects the division’s full year revenue to be in the region of £330m and £360m, while total costs for the year are expected to be between £530m and £540m.
However Relx said it continued to expect modest underlying revenue growth at its other businesses.
Its scientific, technical and medical (STM) division increased two per cent as its electronic revenues, which represent around 85 per cent of the divisional total, continued to grow.
Relx’s full year outlook for its legal business also remains unchanged as underlying revenues edge one per cent higher following a good growth in electronic revenues driven by the roll-out of legal analytics solutions.
The rate of its print revenue decline has moderated somewhat following the disruption earlier this year, but remains higher than historical rates.
The firm’s risk business enjoyed a three per cent rise in underlying revenues as subscription revenues, which account for 40 per cent of the total, remained resilient.
But Relx said the current underlying revenue growth run rate is slightly over half the rate seen in recent years, so the division’s full-year outlook is “dependent on the rate of improvement in business activity in the remainder of the year”.