Spring fashion issues, but UBM financials remain en vogue

Pure-play B2B events organiser UBM said in a trading update, 17 May, that it is “on track” with its latest trading results. A trade statement for the financial year to date said UBM had “performed in line with management expectations and the outlook for the full year is unchanged”. The company admitted its spring fashion events had been “mixed”, but point to good growth in Sourcing and a successful launch of IFF Magic in Japan offsetting challenges in the US fashion segments. Elsewhere in the portfolio, MD&M West, Enterprise Connect and Seatrade Cruise delivered good growth, the Game Developers Conference was described as “solid” and both phases of Hotelex & FineFood in Shanghai grew strongly. UBM said its integration of Allworld was progressing well and performance in line with the business case. Other highlights were FHI showing growth in Jakarta and the sales excellence roll-out in EMEA nearing conclusion with its roll-out in Asia now underway. The pipeline of bolt-on acquisitions continues and the period under review saw the acquisition of a small Turkish event in the lighting segment at an attractive multiple. UBM said its focus remained on accelerating organic growth and driving further margin improvement in line with the Events First strategy.