Large events drive UBM plc financial performance

A trading update from global events-led marketing services and communications company UBM plc, for the current financial year to date, said the company’s largest events were the ones driving performance. Results for the year were, the statement said, “in line with management expectations and the outlook for the full year is unchanged”. The company listed notable events driving performance as: Game Developers Conference, MAGICVegas, Enterprise Connect, MD&M West and Hotelex/FineFoods. UBM said Ecobuild revenue had declined owing to challenges facing the UK solar industry and some smaller shows, particularly in the jewellery sector, were seeing weakness. Other Marketing Services had performed in line with expectations and the Advanstar business was performing ahead of its acquisition case, the financial statement noted. Further progress has been made with the first events transitioning onto the new Customer Relationship Management (CRM) platform and procurement savings coming in on target. PR Newswire performed in line with expectations during the period. UBM had noted on 12 May that Innodata Inc has agreed to acquire the assets and rights to PR Newswire’s Agility business. The sale is contingent on completion of the sale of PR Newswire to Cision, which remains subject to Hart-Scott-Rodino anti-trust clearance in the US and the satisfaction of other customary closing conditions. During the period UBM paid £17.5m (US$25.57m) to Axio Data Group Holdings to settle the warranty claim in relation to the sale of the Delta businesses in 2013.