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Reed Exhibitions reports stronger annual results
posted on: 17/2/2011 10:04:52
Improved exhibition performances in Europe and emerging markets have given Reed Exhibitions a 9 per cent increase in revenue to £693m in 2010.
According to its annual report, operating profit also rose from £158m in the year to 31 December 2010, up from £152m. The exhibition division represented 10 per cent of Reed Elsevier’s total operating profits.
Biennial show cycling lifted its top-line results by 11 per cent, with revenue growth across a broad range of events also propping up the second half of the calendar year. The company highlighted a 4 per cent increase in exhibitor attendance across its top 50 annual shows as another indicator of stronger market conditions.
Exhibitions of particular note last year were World Travel Market in London, InCosmetics in Milan and the Mapic retail real estate show in France. Reed pointed out underlying European revenues (excluding cycling) dropped by a more modest 4 per cent, compared with a 16 per cent decline in 2009.
Decline in US revenues was also slower and down 5 per cent compared with 15 per cent in the previous year. By contrast, standalone shows as well as joint ventures in China, Russia, the Middle East and Brazil grew strongly, Reed said.
Reed significantly stepped up its launch programme in 2010 with 35 new events including 14 in Asia and the PAX East games event in Boston. Forward bookings for 2011 were encouraging, it added.
“The outlook is encouraging, with momentum building in annual shows and significant launch activity continuing,” Reed said in its annual report. “However, the company pointed out the lack of several biennial shows in the first half could have an impact on results.”