Reed Exhibitions, a subdivision of Reed Elsevier, posted a 21 per cent revenue loss in 2009, and a loss of 28 per cent in adjusted operating profit. Both figures are for change at constant prices.
The company attributes the changes to customers cutting back on promotional spending, lower sales of exhibition space and a decline in paying delegates at shows charging for attendance, among other factors.
“In the near term, some of our customer markets remain under pressure but longer term our prospects are encouraging,” says CEO of Reed Elsevier, Erik Engstrom.
Revenues dropped 14 per cent lower in the US, 13 per cent in Japan and 17 per cent in Europe.