WORLD – UBM has seen a decline in operating profits from continuing operations of £8m (US$12.1m) to £80.7m. The figure is slightly skewed by the timing of some biennial events.
The first quarter was difficult for the events and publishing company because of the need to invest some UK construction events. However, Q2 showed much improved results because of better returns from investments in Chinese and Asian markets.
UBM Chief Executive David Levin has said the group’s geographic mix of events will continue to shift towards the emerging markets and is expecting further growth in the second half of the year.
“Our events portfolio is quite heavily weighted towards China where a good second quarter substantially offset the Q1 performance, thanks in large part to healthy growth at our shows in China,” said Levin.
UBM reported first half revenues declined 1.1 per cent to £220.4m, compared to £222.8m in 2012. “We were completely aware that it would be a tough first quarter, and it really was,” said Levin.
“We planned and hoped the year would improve and now we’re half-way through, we’re reasonably happy we’re on level-ground now.”
The sale of Delta, a variety of data services offerings, brought the rest of the group into sharper focus. “During the first half we completed the Delta disposal and accelerated the restructuring of Marketing Services,” said Levin. The group is aligning Marketing Services more closely with its events and focusing it on more profitable, community-based business models. It cost £9.6m for the reorganisation and is expected to be complete by the end of the year.
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