UK-based exhibition giant Informa has posted a pre-tax loss of £739.9 ($1.3bn) with adjusted operating profit of £118.6 million on revenues of £814.4 million.
The company aims to stabilise the business, including extending the postponement programme to the first quarter of 2021 and expansion of the cost management programme to deliver more than £600 million ($1bn) of savings by the end of 2020.
“Despite the first-half disruption to physical events businesses caused by the pandemic, we are seeing strong demand and resilience in our specialist subscriptions, data and content,” said Stephen A. Carter, Informa’s group chief executive.
“Encouragingly, we have also seen our physical events business recover in Mainland China, whilst our increasing participation in virtual events is maintaining our brands, developing our digital services and enhancing our data capability.
“Our cost management programme, which has delivered £600 million to date, combined with today’s bond issue and the planned renegotiation or repayment of our US Private Placement Notes, will help secure positive monthly cash flows by January 2021 and provide long-term liquidity and financing flexibility.”