RELX’s Exhibition Revenues Up 6% in 2018
The RELX Group (formerly Reed Elsevier) released its financial results for the year ended 31st December 2018. Total revenues were £7.5 billion (US$9.5 billion), representing an underlying increase of 4%. Adjusted operating profit increased by 6% to £2.3 billion (US$3.0 billion).
Its exhibitions business generated revenues of £1.2 billion (US$1.5 billion), representing underlying revenue growth of 6%. Adjusted operating profit in the exhibitions division increased by 10% reaching £313 million (US$397 million).
According to the company, it launched 44 new events and it also rolled out several data analytics initiatives during the year. Reed completed two small acquisitions and made two minor disposals. Growth in Japan and China were strong for Reed Exhibitions, while its European portfolio performed as expected. Its U.S. growth rate varied by industry sector and Brazil recorded more modest growth.
Management noted that the company expects constrained venue capacity over the next 18 months due to the Tokyo Olympic Games which will force two key venues to close for several months. That will reduce its overall revenue growth rate by about 1% over the next two years. However, that reduction may be offset by stronger growth in Japan after the venues return to normal operations.