United Business Media (UBM) has reported an almost 70 per cent rise in profits from events in the first quarter of 2011.
This change, with adjusted operating profits for the three months ended 31 March 2011 rising from £28m to £68m, is mitigated by an 80 per cent decline in profit from print media and a 31 per cent decline in profit from online marketing services. This is due to the company’s disposal of print titles in France, the UK and the USA, and the activity of newly-acquired events business UBM Canon.
UBM Canon’s 2011 events have outperformed their 2010 editions. On the other hand, the company reported weaker performance at its Building Schools Exhibition and Conference (BSEC), which ran at Excel London from 23 to 24 February.
Group revenue for the quarter was up 14 per cent to £238m.
“We are pleased with the performance of the business in the first quarter where we have seen good underlying revenue growth of 7.5 per cent and we remain on track to meet our expectations for the full year,” said UBM CEO David Levin. “As we said at the full year we expect the improved quality and shape of the business to result in sustained underlying revenue growth during 2011 broadly in line with the 5.6 per cent growth enjoyed in 2010.
“Overall we anticipate continued growth in profit largely driven by a full year of contribution from our acquisitions and continued momentum in our events business tempered by targeted investment in data services, TD&M and Online.”
Forward bookings for UBM’s top 10 events from 2010 running in the next 12 months are up 21 per cent.
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