Relx scraps guidance on hit to exhibitions business

LONDON (Reuters) - European information group Relx REL.L said it could not provide full-year guidance for the group due to the significant impact the coronavirus pandemic was having on its exhibitions arm.

The group said its remaining business units, covering science, risk and legal, had only seen a limited impact from COVID-19 in the first quarter although they could be affected by changes in the customer market.

The Exhibitions business, which accounted for 16% of revenue and 13% of adjusted operating profit in 2019, is being impacted significantly by COVID-19, it said, making its outlook highly uncertain.

“As a result, we are unable to provide full year guidance for the group as a whole,” it said.

It added that it had a strong balance sheet and ample liquidity.

Reporting by Kate Holton; editing by Sarah Young