22nd Oct 2020 09:52
(Alliance News) - RELX PLC on Thursday reported a 70% year-to-date revenue fall for its Exhibitions business due to event cancellations due to the Covid-19 pandemic, but said that exhibitions are now running again in China, Japan and a few other countries.
The Exhibitions business accounted for 16% of group revenue and 13% of adjusted operating profit in 2019.
For 2020, RELX expects the Exhibitions division to record revenue between GBP330 million and GBP360 million. Total costs at the division are predicted between GBP530 million and GBP540 million, excluding one-off costs related to restructuring and cancellations.
"Our three largest business areas, STM, Risk and Legal, which together accounted for 84% of revenue and 87% of adjusted operating profit in 2019, have continued to see a gradual improvement in underlying revenue growth rates since the end of the first half," the provider of information-based analytics and decision tools said.
Year-to-date, the company's Scientific, Technical & Medical saw underlying revenue growth of 2%, Risk & Business Analytics posted 3% rise, and Legal recorded 1% growth.
"The full-year outlook for our three largest business areas, STM, Risk and Legal, remains unchanged, and we now have greater visibility on the impact of Covid-19 on Exhibitions in 2020," the company said.
Shares in FTSE 100-listed RELX were down 1.0% at 1,636.50 pence each in London on Thursday morning.
By Tapan Panchal; [email protected]
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