LONDON, July 23 — European information group Relx said today its revenue fell 10 per cent in the first half of 2020 as the coronavirus pandemic forced countries to halt public events and gatherings, hitting the London-listed company's exhibitions arm.
The company, which has transformed from being a traditional media publisher to one focusing on data and analytics in recent years, had scrapped its forecast in April over uncertainty due to the global health crisis.
Formerly known as Reed Elsevier, Relx is the world's second biggest facilitator of events. Though this unit is the company's smallest, it has been a dependable performer, and accounted for 16 per cent of the company's revenue and 13 per cent of its adjusted operating profit in 2019.
However, the division swung to an adjusted operating loss of £117 million (RM632.4 million) in the six months ended June 30 from a profit of £231 million a year earlier, as the unit's revenue slumped 71 per cent.
The virus has infected more than 15 million people and has brought global economies to their heels. Many major world events, from the Tokyo Olympics to the Mobile World Congress have been cancelled while organisers have had to opt for the virtual route.
Revenue fell to £3.50 billion from £3.89 billion a year earlier.
“We have announced an unchanged interim dividend of 13.6p reflecting the resilience of our three largest business areas and our strong financial position and cash flow,” Chairman Anthony Habgood said. — Reuters
