6 January 2021 | 12:00pm
StockMarketWire.com - Hopes that a Democrat trifecta of control of the White House, Senate and House of Representatives will lead to a more generous US stimulus package was driving share prices higher on Wednesday.
By midday the FTSE 100 was up 2.5% to 6,778.56, its highest level since February 2020, amid projections that Democrats could secure the balance of power in the Senate based on two run-off elections in Georgia.
US futures were mixed with technology stocks under pressure on fears a freer hand for the Biden administration could leave the big tech names vulnerable to anti-trust measures and higher taxation.
Publishing and events company Informa is forecasting a huge drop in annual revenues and profits following the cancellation of many exhibitions worldwide due to the coronavirus.
The group expects 2020 revenues will range from £1.65billion to £1.68billion compared to £2.89billion in 2019 while adjusted operating profit is expected to fall by over 70 per cent to between £250million and £270million.
Its three main events-led businesses were all badly hurt by the disruption, especially in the United States market, which was responsible for about 40 per cent of Informa s events revenue in 2019.
Informa runs the Game Developers Conference, a massive professional game industry event
Major conventions it operates that were called off or postponed last year included MegaCon, a major Florida-hosted speculative fiction exhibition, the Game Developers Conference, and the Monaco Yacht Show.
Informa trading update predicts gradual return of physical events rather than ‘full rebound’
The world’s largest exhibitions group Informa plc, in a 6 January update on trading ahead of its 2020 full-year results on 22 April 2021, has forecast a 70% drop in profit and is scheduling 90% of its physical events outside mainland China to run only from June 2021. The group acknowledged minimal major physical events activity had returned in 2020 outside of China.
The group’s revenue return for 2020 was expected to be in the range of £1.65bn (US$2.25bn)-£1.68bn and group adjusted operating profit in the range of £250bn-£270bn, according to the 6 June update.
6 January 2021 | 09:00am
StockMarketWire.com - The FTSE 100 made moderate gains this morning, continuing its strong start to 2021 as the UK undertakes its massive Covid-19 vaccine rollout.
Markets also reacted to news that the Democrats were close to full control of the levers of government in the US after Senate run-off elections in the US.
High-street bakery chain Greggs estimated annual losses of up to £15 million and forecast that profit would not return to pre-COVID levels until 2022 at the earliest owing to the ongoing impact of the Covid-19 pandemic.
Over the fourth quarter, sales fell to £293 million from £344 million year-on-year and company-managed shop like-for-like sales averaged 81.1% of the 2019 level, the company said.
Vaccines give Informa confidence that events will return in 2021
Chief executive Stephen Carter said Informa will focus more on digital technology going forward (Informa/PA)
Informa has said it has continued confidence that physical events will return through 2021 in North America and Europe.
The events organiser said that the rollout of the Covid-19 vaccines was one of the things which made bosses think that people could start meeting up again for conferences.
The physical events sector has continued to recover in mainland China – the area where it was worst hit at the very beginning of the Covid-19 pandemic.
The virus was first discovered in China, and in April Informa said that it had no events at all scheduled in the country.