Organiser UBM has reported a six per cent rise revenue growth for its events, despite an overall drop in revenue and adjusted operating profit.
Annual revenue for events was reported as £429.2m for the year ending 31 December 2014, due to a strong performance from business in emerging markets, said the firm.
Overall revenue was down six per cent from £793.9m in 2013 to £746.3m last year.
Adjusted operating profit also declined 3.5 per cent to £179.8m, however statutory operating profit was up 29.6 per cent to £169.6m.
UBM said the results were “in line with management expectations”, and proved a “good underlying performance in a year of significant strategic progress”. The firm attributed the fall in revenue to “a currency headwind, a rationalisation of its other marketing services and lower biennial revenues”.
Robert Gray, acting CEO said: “These results represent a good performance in a year of significant strategic progress. Although the reported results reflect currency headwinds, the group delivered good underlying revenue growth in both events and the PR Newswire service, and solid operating margins in each of our three segments.
“The acquisition of Advanstar accelerates our Events First strategy. This clear and well-defined strategy has been embraced by the business and we have already made good progress during the first two months of 2015. The Advanstar integration is on track and trading in the first couple of months of the year has started well.”
Last year saw the appointment of Tim Cobbold as CEO in May, and UBM’s acquisition of Advanstar in December.
The firm also announced its new Events First strategy last November, which will see the business actively grow its B2B events positioning in the marketplace.
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