“Challenging market conditions, particularly in the UK construction sector, meant we had a tough first quarter. A good second quarter substantially offset the quarter one performance, thanks in large part to healthy growth at our shows in China. With continued strong forward booking trends for our H2 Emerging Markets events, we feel confident about the second half,” said David Levin, CEO, UBM.
- Revenues from continuing operations (1) of £391.1m – organic revenue growth of 0.2 percent
- Events Q2 organic revenue growth of 6.5 percent – PR Newswire Q2 organic revenue growth of 3.9%
- Forward bookings for Top 20 shows up 11.7 percent
- Emerging Markets revenues up 10.4 percent to £89.5m with operating profit of £19.6m
- Adjusted operating profit from continuing operations of £80.7m (H1 2012: £88.7m) – decline largely reflecting tough Q1, lower biennial contribution and continuing investments in our events portfolio
- Continuing operating cash flow generation increased to £98.8m (H1 2012: £95.9m), with cash conversion of 110.9 percent
- Continuing fully diluted adjusted EPS of 21.6p (H1 2012: 22.7p)
- Restructuring of Marketing Services progressing – £9.6m of exceptional reorganization and restructuring cost – expect restructuring to be substantially complete by the end of the year – £16.2m of revenues under Strategic Review
- Receipt of £99.7m of cash proceeds upon completion of Delta disposal, applied to reduce debt
The full report can be read here.