Daily Mail & General Trust PLC ADIPEC exhibition rescheduled for November 2021 (6841T)
July 22 2020 - 2:00AM
UK Regulatory
TIDMDMGT
RNS Number : 6841T
Daily Mail & General Trust PLC
22 July 2020
22 July 2020
Daily Mail and General Trust plc (DMGT)
ADIPEC exhibition rescheduled for November 2021
DMGT announces that ADIPEC, the world's largest oil and gas
event, which was scheduled to be held in Abu Dhabi in November
2020, will now not be held until November 2021. This is despite
strong bookings for the event and is in compliance with a directive
from Abu Dhabi's Department of Culture and Tourism that extends a
ban on all events in the emirate.
It is in the best interests of all parties that dmg events runs
well-attended shows. The ADIPEC exhibition usually hosts thousands
of exhibitors from around the world, featuring over 40,000 products
and services, and is of a scale that makes it impossible to
successfully virtualise. The business has been working closely with
the event's key stakeholders in reaching the decision to reschedule
the exhibition to November 2021. ADIPEC also usually features
awards and conference programmes and it has been decided that these
will still occur in November 2020 but will now be held online. They
are not expected to generate significant revenues.
The adverse impact of the rescheduling on total operating
profit, over FY 2020 and FY 2021 combined(1), is expected to be
largely offset by the Group's insurance cover. There will, however,
be accelerated recognition of approximately GBP3m of costs in the
current financial year.
An update on dmg events and the rest of the Group will be
provided in DMGT's nine month trading update on 23 July 2020.
Enquiries
Investors:
Tim Collier, Group CFO +44 20 3615 2902
Adam Webster, Head of Investor Relations +44 20 3615 2903
Media:
Doug Campbell, Teneo +44 7753 136628
Jesse Matthews, Teneo +44 7912 783513
About DMGT
DMGT manages a portfolio of companies that provide businesses
and consumers with compelling information, analysis, insight,
events, news and entertainment. The Group takes a long-term
approach to investment and has market-leading positions in consumer
media, insurance risk, property information, education technology
and events & exhibitions. In total, DMGT generates revenues of
around GBP1.3bn.
Notes
1 DMGT's financial year runs to 30 September. Consequently, an
ADIPEC exhibition will not be held during FY 2021.
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contact rns@lseg.com or visit www.rns.com.
END
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