Informa, the world’s largest exhibitions group, has revealed that profits fell by 81% to £71m in the six months ended 30 June.
The recent figures were down from £378m the previous year, but were better than what analysts had predicted.
The company, which has been forced to cancel over 160 events, has generated revenue from subscriptions to its digital publications and business information services.
Informa shares have fallen 55% this year to close at 380.6p on Friday.
Following this report, the group has warned that full-year revenue forecasts may be lower as the “Covid-19 pandemic continues to have a more volatile and far-reaching impact around the world than initially predicted”.
Stephen Carter, group chief executive of Informa, said: “Despite the first-half disruption to physical Events businesses caused by the pandemic, we are seeing strong demand and resilience in our specialist Subscriptions, Data and Content, reflecting the power of our brands and depth of geographic reach and customer relationships.
“Encouragingly, we have also seen our physical Events business recover in Mainland China, whilst our increasing participation in virtual events is maintaining our brands, developing our digital services and enhancing our data capabilities. We have extended our COVID-19 Action Plan to deliver further business stability and security through to the end of 2021.”
He added: “This package of measures extends our Postponement Programme to mid/late Spring 2021, further lowers costs, reduces cash expenditures and strengthens our balance sheet, underpinning full year revenues of c.£1.7bn/£1.7bn-, which will also serve as our baseline for 2021.
“The combination of our resilient Subscriptions-led businesses and the actions we are taking position Informa securely through to the end of 2021. We remain confident that Informa will emerge from the pandemic with Stability and Security, delivering long-term sustainable growth and shareholder value.”