Global Sources’ Revenues Down 4.6 Percent, CEO to Retire
Global Sources released its financial results for the year ended Dec. 31, 2015. Revenues from continuing operations in 2015 were US$171.0 million, down 4.6 percent, compared with the US$179.3 million recorded in 2014.
Adjusted EBITDA fell to US$30.5 million from US$37.3 million in 2014. Net profits slipped to US$18.8 million in 2015 – down from US$22.5 million in the previous year. IFRS net profit, however, jumped 63 percent year-on-year to US$29.9 million from US$18.3 million in 2014.
More than half of the revenues were generated from the company’s exhibitions business – amounting to US$92 million.
That represents an increase of 3.3 percent, compared with the previous year. Global Sources’ online business generated about 38 percent of total revenues (US$64 million) – representing a 15 percent year-on-year decrease.
The revenues were generated from the company’s print business which recorded an 11 percent decrease – down to US$5.8 million.
Another US$8.9 million was categorised as “miscellaneous”.
Global Sources’ guidance for the first half of 2016 expects revenues from continuing operations to be between US$78 million to US$80 million. That is down compared with the 2015 first half result of US$85.9 million.
Earlier this week, Global Sources announced the planned retirement of its CEO, Spenser Au, who will remain as CEO until the end of the year and assist the company in transitioning to a successor.