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Informa swung to an annual loss following an pandemic-led hit to its events business, and said it expected 2021 to be a transition year.
'We are treating 2021 as the transition year, with activity levels dependent upon the pace and scale of re-opening of physical events, which understandably is varying by region and customer market,' the company said.
For the year ended 31 March 2021, pre-tax losses were £1.14 billion compared with a profit of £318.7 million year-on-year.
The Covid-19 disruption to physical B2B events businesses weighed on performance, and resulted in an impairment of £592.9 million. Looking ahead, the company said its minimum commitment through the 2021 transition year is to deliver baseline revenues of £1.7 billion and remain cashflow positive throughout.
This is a similar revenue outcome to 2020, albeit 2020 had the benefit of 2-to-3 months of full trading in our B2B Events businesses prior to COVID lockdown, contributing c.£275m of the 2020 revenue outcome.
At 8:23am: (LON:INF) Informa PLC share price was 0p at 561.2p