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UBM reports being on track for the year

UBM, a global events-led marketing and communications service business, has published fiscal reports for the last six months, ending June 30.
“UBM has had a solid first half and remains on track to meet expectations for the full year,” said Tim Cobbold, CEO, UBM. “Although the reported performance was adversely impacted by currency headwinds, the group performed well with good underlying revenue growth in both the events and PR newswire businesses and with higher operating margins in each of the three businesses.”

Cobbold continued to announce that the company will host a Capital Markets Day late in the year to present the plan for future development.

Reported figures are as follows:
− Revenue of £361m (H1 2013: £391.8m), down 7.9 percent, reflecting a strong currency headwind; broadly flat at constant currency (0.3 percent), with solid underlying growth of 2 percent
− Adjusted operating profit up 8.7 percent to £87.4m (H1 2013: £80.4m), margins up by 3.7 percent pts, driven largely by non-recurring gains of £11m
− Events underlying revenue growth of 4.8 percent (2), led by emerging markets with operating margins up 0.4 percent pts to 28.8 percent (H1 2013: 28.4 percent)
− Other marketing services adjusted operating profit up to £4.4m (H1 2013: £3.6m) on reduced revenue of £48.5m (H1 2013: £66.4m)
− PR Newswire revenue up 2.6 percent (underlying) at £98.3m (H1 2013: £105.0m) at an operating margin of 22.8% (H1 2013: 22.4 percent)
− Adjusted diluted EPS up 12.1 percent to 24.0p (H1 2013: 21.4p)
− Interim dividend of 6.8p (H1 2013: 6.7p) up 1.5 percent, in line with policy
− Net debt up at £452.1m (2013: £443.4m); Net debt/EBITDA steady at 2.2x (2013: 2.2x)


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