RELX PLC (LON:REL) has said that the first quarter of 2020 has seen underlying revenue growth “slightly higher” than a year ago, however, it has warned that the outlook for its exhibition business is “highly uncertain” as a result of the coronavirus pandemic.
In a trading update, the FTSE 100 analytics and events group said its largest business areas, Scientific, Technical & Medical, Risk & Business Analytics, and Legal, have seen only “a limited impact” from coronavirus in the first quarter, although the full year outcome may be affected by the economic environment and activity levels in its customer markets.
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However, due to the uncertainty around its exhibitions business, which has been “impacted significantly” by the pandemic, RELX said it is unable to provide full year guidance for the group as a whole.
Despite the lack of outlook, the company said it had a “strong balance sheet position” and “ample liquidity” through its financing arrangements.
The company also said that its search for a new chairman to replace Anthony Habgood “may take longer than originally anticipated”, including extending the search into the next year.
“With the exception of exhibitions, and some minor challenges with physical delivery of print products, the business is operating with service delivery and product quality being maintained at high levels, and we remain focused on improving the services that we provide to our customers throughout and beyond the [coronavirus] pandemic”, the company said.