Informa, the world’s largest exhibitions group, is expecting the Monaco Yacht Show to take place this September and said in a newsletter published on April 16 that it will probably be one of the first occasions in the year for bringing together players in the luxury yachting industry. The Monaco Yacht Show represents one of Informa’s biggest annual events.
The company said that in order to protect the health of participants at the MYS, it will implement directives issued by the government of Monaco and the World Health Organisation that reflect how the coronavirus pandemic has evolved by September 2020.
“Like everyone else, the MYS is keeping a close eye on how the pandemic is evolving, with the hope of a healthier and more stable situation around the globe in coming months,” Informa said, adding: “The organisers are fully aware of the strategic importance of the MYS to the companies that participate each year – for growing their business, sales and marketing.”
Informa relies on events for 65 percent of its turnover, and also owns the Lloyd’s List shipping news service, other digital media and academic publisher Taylor & Francis.
Faced with the challenges of the coronavirus outbreak, the company has announced a cost-cutting exercise as it battles “material disruption” to its events division with about half the global population under lockdown and has issued a one billion pounds cash call to shareholders.
According to a report in The Times on Thursday, Informa has suspended its dividend, axed discretionary spending and postponed salary reviews for staff across the group. The plan will reduce its debt from £2.36 billion to about £1.4 billion. CEO Lord Carter, 56, and his chief financial officer are taking 33 percent salary cuts and senior managers and non-executive board members will have their pay reduced by 25 percent.
“Since the beginning of 2020 the impact of the Covid-19 pandemic has become progressively deeper and more far-reaching than initially predicted,” Lord Carter, said.
He added that the company was “facing material disruption in our events-related businesses, with expectations for a gradual and phased recovery”. The cash call and cost-cutting measures would give the company stability and strength, he added.
PHOTO: A yacht at the Monaco Yacht Show viewed from the Monaco Yacht Club Ian Brodie
