UBM's Events Revenue up 2.7% in Q3
London-based B2B media group UBM plc released its interim results for the nine months ended 30th September 2013. The company posted revenues of £580.5million (US$940 million) in the period, a slight increase of 0.6% from last year. Adjusted operating profit in the first nine months of 2013 was £117.9million (US$191 million), a year-on-year 4.3% decrease.
Revenues from its events business in the first nine months of the year were £331.3million (US$536 million), up 2.7% over 2012. However, adjusted operating profit from events dropped 9.7% to £92.8million (US$150 million) in the period.According to UBM, five of its top 20 events were held in the quarter, where the company reported strong double digit growth of its Children-Baby-Maternity-Expo. Forward booking for UBM’s 2012 top 20 annual events are up 8.5% compared to last year.
David Levin, CEO of UBM, commented, “Our performance in Q3 continued the positive momentum we have seen develop through the year. Large events, notably our shows in China, have performed well, and we continue to expect good growth in Q4 boosted by strong biennial revenues. We have seen softer conditions in certain markets, mainly in Brazil and India, and have slightly reduced the number of new launch events originally scheduled for Q4.”
The uncertainties highlighted by the company’s management have seen the expected full year underlying revenue growth reduced to 3%-5%.