22 Jul 2020 07:00
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 combined¹, is expected to be largely offset by the Group's insurance cover. There will, however, be accelerated recognition of approximately £3m 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 £1.3bn.
Notes
1 DMGT's financial year runs to 30 September. Consequently, an ADIPEC exhibition will not be held during FY 2021.