Organiser UBM has released results for the six months ended 30 June 2017. Group’s revenue expanded 18% to £448.4m, up 8.3% at constant currency. Events revenue grew 2.7% on an adjusted underlying basis (H1 2016: +1.3%). The company has attributed the growth to its Events First strategy.
“In the first half of the year the focused implementation of the Events First strategy has delivered an acceleration in organic growth and an improved operating margin. The business is well positioned for stronger organic growth and further margin progression in the second half when we run many of our fastest-growing ‘major’ annual events,” UBM CEO Tim Cobbold, comments.
UBM says it has seen strong revenue growth in China, India and South East Asia underlining the logic of the Allworld acquisition.
Looking ahead, Cobbold comments: “While conscious of global macro-economic and geopolitical uncertainties, we are confident in the quality of our portfolio and the outlook for the year is therefore unchanged.”
Cobbold says that as a result of continuing operational improvement and strong cash flow generation, the full year dividend is likely to grow at a faster rate than in recent years.
Ahead of the full year results the Board will review the dividend policy for future years.
Key financial information