Reed Exhibitions has posted a 70 per cent slump in total revenue through the first nine months of 2020 compared to 2019 following the global pandemic.
Parent company RELX said it expected that the exhibitions group will finish the year with revenue of £330 million to £360 million ($650m), while total costs for the year are expected to be £530 million to £540 million ($975m), excluding one-off costs related to restructuring and cancellations.
“The business has been significantly impacted by COVID-19 since March, with government restrictions preventing most events from taking place in Europe and the Americas before the end of the year,” RELX stated.
“We have continued to develop and launch a range of new digital initiatives in support of our customers and event brands and have made good progress on both hybrid and digital-only events.”
Exhibitions are beginning to restart in China, Japan and a few other countries including Australia, with the ICC Sydney set to host two Reed trade shows early next year after getting the greenlight from health authorities.