UBM's First Half Events Profit up 30 Percent
London-based, UBM plc has reported its interim results for the six months ended 30th June 30. Revenues were up 7.3 percent from £474 million last year to £508.7 million in the first half this year. Adjusted group operating profit rose 12.5 percent from £91.9 million to £103.4 million.
Online and print revenue combined dropped 16 percent from £101.5 million to £85.6 million. Overall revenues from business in emerging markets jumped 21 percent to £93.1 million, equivalent to 18 percent of total. On the company’s events business, operating profit was up 30 percent to £74.8 million, contributing 67 percent of the group total. UBM also reported emerging markets accounted for 31% of total event revenue in H1 2012 – of which 72 percent was from China and 17 percent from South East Asia. Forward bookings for the company’s top 20 events were up 13 percent.
David Levin, CEO of UBM, said, “We have had a good first half of the year with underlying revenue growth of 6.8 percent and margins up almost a percentage point to 20.3 percent. Our events portfolio performed very well with good attendee-led technology events in the U.S., an above-plan performance at Ecobuild in its first edition under UBM ownership, and strong results from our events in Emerging Markets, particularly in China. We remain on track to meet our expectations for the full year. We now expect improved underlying growth for Events of 12 percent to 14 percent.”
In total, UBM reported the completion of seven acquisitions in H1 for an expected consideration of £26.6 million, of which, five acquisitions were related to events and contributed £4.7 million to H1 revenues.