16th March 2010
Informa has cut up to 700 jobs after clients cancelled bookings for upcoming conferences, it has been revealed.
Peter Rigby, chief executive of the event organisers, told the Daily Telegraph that the firm was forced to slash the jobs after having to cancel a quarter of its 2009 bookings when attendance and interest in smaller events dropped off and firms backed out.
He maintained that demand for larger conferences remained "resilient" and said this was positive news considering the event organiser relies on these exhibitions for the majority of its revenue.
Mr Rigby also told the newspaper that the company's decision to relocate to Switzerland would save six per cent on its average yearly tax bill, despite meeting objection from several sources.
Recently, event organisers UBM posted a 1.5 per cent decline in revenues in 2009 but described the performance as "resilient" considering the economic climate which the company was operating in throughout the last 12 months.