Relx shares (LON: REL) dipped on Thursday’s opening after the group saw revenues from exhibitions fall 70%.
The FTSE 100 company released a nine-month trading update, which revealed major disruption to business from the pandemic.
Due to cancelled exhibitions across Europe and North America over the course of the year, the group expects a lower full-year revenue of between £330m‐£360m.
Total costs for the year due to one‐off restructuring and cancellations are expected to total £530m‐£540m.
Exhibitions are now running in China and Japan, however at a lower revenue.
A highlight for Relx is the STM, Risk and Legal business areas, which together accounted for 84% of revenue and 87% of adjusted operating profit in 2019. They have “continued to see a gradual improvement” in underlying revenue growth rates since the end of the first half.
Underlying revenue rose 2% at RELX’s scientific, technical and medical business, 3% at its risk and business-analytics unit and 1% at its legal division over the first nine months of the year.