StockMarketWire.com - Publisher and events group Informa said it would extend delays of events into mid-to-late spring next year to soften the impact from the pandemic after swinging to a first-half loss on lower revenue.

The move would strengthen its balance sheet, underpinning full-year revenues of about £1.7bn, which would also serve as its baseline for 2021, the company said.

Informa unveiled the next stage of its cost cutting programme, targeting £600m-plus of savings to adjusted operating profit by year-end, including direct cost savings of around £400m and £200m of annualised indirect savings.

For the six months to 30 June, pre-tax losses were £801.2m, compared with a loss of £232.8m on-year, as revenue fell 42.1% to £814.4m.

The company did not declare an interim dividend.

Informa said its search for a new chairman following coronavirus-led disruptions had resumed and that it aimed to conclude the search by year-end.

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