Advertisement

UBM confident of growth despite Q1 dip

Despite a three per cent fall in underlying first-half sales, events and marketing group UBM is confident its emerging markets strength will deliver 'strong growth' for the full year.

Despite a three per cent fall in underlying first-half sales, events and marketing group UBM is confident its emerging markets strength will deliver 'strong growth' for the full year.

UBM, which sold its Delta loss-making data services division in a £160m deal announced in February, saw adjusted operating profit collapse 24% from £46m to £35m in the three months to March 31st, as the dominant events arm suffered contractions in sales and profits.

Advertisement - Article continues below

First-quarter revenues slid 7.9% to £194.7m, although allowing for exceptional events the underlying fall was less than half that.

Chief Executive Officer David Levin said the tough first quarter had been anticipated and was due to declines in UK shows, but that events revenues in its emerging markets such as China and India were strongly weighted to the second half.

He said that there was no change to the group's full year guidance, which is for revenue growth of between 3.0 and 7.0 per cent for 2013.

"Our portfolio of events in the US and Emerging Markets performed well. Forward bookings are tracking in line with our expectations and we continue to expect strong growth through the balance of the year, particularly in our Emerging Markets events which are weighted to the second half."

"PR Newswire has made a good start to the year. In Marketing Services, we have begun to restructure the UBM Tech business to create a more sustainable and profitable model supporting our strong technology events franchise."

The balance sheet was bolstered by the receipt of net £92m cash proceeds from the Delta disposal, with a further closing of balance expected in due course.

OH

Advertisement
Advertisement

Recommended

Visit/investments/investment-strategy/601044/broker-safety-your-questions-answered
Investment strategy

Broker safety – your questions answered

Cris Sholto Heaton answers more of your questions about the safety of stockbroker accounts
25 Mar 2020
Visit/investments/investment-strategy/600861/how-demographics-affects-stock-valuations
Investment strategy

How demographics affects stock valuations

New research suggests that stock and bond valuations are driven by the age of the population – at least in the US.
24 Feb 2020
Visit/investments/stocks-and-shares/600863/sirius-minerals-anglo-american-takeover
Stocks and shares

Do you own shares in Sirius Minerals? Here’s what you need to do now

Mining giant Anglo American has proposed a cash takeover of Yorkshire-based minnow Sirius Minerals. Unhappy shareholders must decide whether to accept…
20 Feb 2020
Visit/investments/stockmarkets/600634/why-investors-should-be-cautiously-bullish-for-2020
Stockmarkets

Why investors should be “cautiously bullish” for 2020

Analysts have been out in force making rosy predictions for stockmarkets in 2020, but while there is certainly a case for optimism, investors should r…
17 Jan 2020

Most Popular

Visit/economy/eu-economy/601422/heres-why-investors-should-care-about-the-eus-plan-to-tackle-covid-19
EU Economy

Here’s why investors should care about the EU’s plan to tackle Covid-19

The EU's €750bn rescue package makes a break-up of the eurozone much less likely. John Stepek explains why the scheme is such a big deal, and what it …
28 May 2020
Visit/investments/stockmarkets/601423/as-full-lockdown-ends-what-are-the-risks-for-investors
Stockmarkets

As full lockdown ends, what are the risks for investors?

In the UK and elsewhere, people are gradually being let off the leash as the lockdown begins to end. John Stepek looks at what risks remain for invest…
29 May 2020
Visit/economy/global-economy/601420/james-ferguson-the-virus-the-lockdown-and-what-comes-next
Global Economy

The MoneyWeek Podcast: James Ferguson on the virus, the lockdown, and what comes next

Merryn talks to MoneyWeek regular James Ferguson of Macrostrategy Partnership about what's happened so far with the virus; whether the lockdown was th…
28 May 2020