UK’s Informa posts first-half loss after nearly 600 million pound COVID-19 hit – Reuters

(Reuters) – Britain’s Informa INF.L announced further cost-cuts, including layoffs and office closures, to ride out the pandemic that has kept the events industry in Europe and North America effectively closed and pushed it to a half-year loss. The world’s largest exhibitions group, with around 11,000 employees mostly in the United States, Britain and China,…

UK’s Informa posts first-half loss after nearly 600 million pound COVID-19 hit – Reuters

(Reuters) – Britain’s Informa INF.L announced further cost-cuts, including layoffs and office closures, to ride out the pandemic that has kept the events industry in Europe and North America effectively closed and pushed it to a half-year loss. The world’s largest exhibitions group, with around 11,000 employees mostly in the United States, Britain and China, reported an operating loss, including exceptional items, of 740 million pounds ($958.89 million) down from a profit of 248.3 million pounds last year, hit chiefly by COVID-19 impairments amounting to 592.9 million pounds.The London-based company, whose shares have sunk 45% since March, said a combination of lower costs and effective cash management would make it cashflow positive on a monthly basis by January next year.Revenue is seen at a
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