Reed Exhibitions Revenues Down 4 Percent
Reed Elsevier recently reported its interim results for the six months ended June 30. The group’s exhibitions organising arm, Reed Exhibitions, reported revenues down 4 percent year-on-year at £368 million. Adjusted operating profits were £113 million, down 8 percent, compared with last year. Reed Business Information’s (RBI) revenues dropped 8 percent to £344 million, while RBI’s adjusted operating profits were up 33 percent to £53 million.
The company’s management reported that excluding the impact of biennial show cycling, underlying revenues for Reed Exhibitions were up 10 percent, compared with last year. Reed Exhibitions also has plans to launch more than 40 new events this year – and 18 of those were launched in the first half. Of the 35 new shows launched in 2010, management expects 25 will continue to run.
China, Brazil, Russia and the Middle East were highlighted by management as strong performers. In China, the company noted that the Sino Corrugated Shanghai packaging show has performed well.
Anthony Habgood, chairman of Reed Elsevier, said, “The first half has seen underlying revenue growth in each of our businesses (excluding the net cycling out of biennial exhibitions), good growth in operating margin, and a welcome return to growth in adjusted earnings per share (+5 percent) and in dividends. Reported earnings per share were strongly ahead (+20 percent) and no restructuring charges were taken as exceptional during the period. The sharp focus on value creation and operational execution should sustain a continued improvement in performance.”
Partner Voices
MGM Resorts is committed to fostering an inclusive and diverse culture, not just among employees and guests but also within its supply chain. The company prioritizes procuring goods and services from businesses owned by minorities, women, veterans, people with disabilities, LGBTQ individuals and those facing economic disadvantages. This commitment is integral to MGM Resorts' global procurement strategy.
Through its voluntary supplier diversity program, MGM Resorts actively identifies and connects certified diverse-owned suppliers to opportunities within its supply chain. The company is on track to spend at least 15% of its biddable procurement with diverse-owned businesses by 2025, demonstrating that supplier diversity is not only a social responsibility but also a strategic business imperative.
Supplier diversity isn’t just the right thing to do – it’s good for business. A diverse supply chain allows access to a broader range of perspectives and experience, helping to drive innovation, entrepreneurship and resilience, while strengthening communities. At MGM Resorts, engaging diverse suppliers ensures best-in-class experiences for guests and clients. Supplier diversity ensures a more resilient supply chain while supporting economic development in the communities in which it operates.
The impact of MGM Resorts' supplier diversity initiatives is significant. In 2023, these efforts supported over 3,500 jobs across more than 30 states, contributed over $214 million in income for diverse-owned businesses and generated more than $62 million in tax revenue. The story extends beyond the numbers – it reflects the tangible benefits brought to small and diverse-owned businesses, fostering economic empowerment in their communities.
MGM Resorts also supports the development and business skills of diverse-owned businesses through investment, mentorship and education. Through the MGM Resorts Supplier Diversity Mentorship Program, the company identifies, mentors and develops diverse-owned businesses to fill its future pipeline, while providing businesses with tools and resources to empower and uplift. Since 2017, the program has successfully graduated 105 diverse-owned businesses and is on track to achieve its goal of 150 graduates by 2025.
MGM Resorts’ commitment to supplier diversity not only enhances its business operations but also plays a crucial role in uplifting communities and fostering economic development. This approach reinforces the idea that diversity is a powerful driver of innovation and resilience, benefiting both the company and the wider community.
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