UBM Revenues Up 9 Percent, Profits up 11 Percent
U.K.-based B2B media group, UBM plc, released its results for the six months ended June 30, showing headline revenue growth of 9.1 percent, from £434 million last year to £474 million. Adjusted group operating profit grew 10.5 percent from £83 million to £92 million.
Revenues from UBM’s exhibition business grew 27.1 percent in the first half to £177 million and adjusted operating profit was up 41.8 percent to £58 million – which the company attributed in part to the acquisition of Canon events last year. Underlying annual revenues are up 13.6 percent in emerging markets, with particular success in India and China, the latter posting a 17.4 percent increase in underlying revenues. Emerging markets in total accounted for 30.2 percent of annual events revenues in the first half of 2011.
CEO of UBM, David Levin, said, “We’re pleased with the 6.4 percent underlying revenue growth, and particularly the 16 percent headline growth in Emerging Markets where we now generate almost 20 percent of our total operating profit. These positive revenue trends have driven healthy 10.5 percent growth in adjusted operating profit, an increase in our Group margin to 19.4 percent and were accompanied by strong cash generation.”
UBM completed four acquisitions during the first half for maximum consideration of £21.2 million. UBM also recently concluded the acquisition of U.K.-based organiser of Ecobuild for a cash consideration of £31.2 million and up to an additional £20.0 million of earn out.