According to UBM plc:
* Reported revenue of £361.0m (H1 2013: £391.8m), down 7.9% reflecting a strong currency headwind; broadly flat at constant currency (0.3%), with solid underlying growth of 2.0%
* Adjusted operating profit up 8.7% to £87.4m (H1 2013: £80.4m), margins up by 3.7%pts, driven largely by non-recurring gains of £11.0m
* Events underlying revenue growth of 4.8%(2), led by Emerging Markets with operating margins up 0.4%pts to 28.8% (H1 2013: 28.4%)
* Other Marketing Services adjusted operating profit up to £4.4m (H1 2013: £3.6m) on reduced revenue of £48.5m (H1 2013: £66.4m)
* PR Newswire revenue up 2.6% (underlying) at £98.3m (H1 2013: £105.0m) at an operating margin of 22.8% (H1 2013: 22.4%)
* Adjusted diluted EPS up 12.1% to 24.0p (H1 2013: 21.4p)
* Interim dividend of 6.8p (H1 2013: 6.7p) up 1.5%, in line with policy
* Net Debt up at £452.1m (2013: £443.4m); Net Debt/EBITDA steady at 2.2x (2013: 2.2x)
Tim Cobbold, Chief Executive Officer, commented: “UBM has had a solid first half and remains on track to meet expectations for the full year.”
“Although the reported performance was adversely impacted by currency headwinds, the Group performed well with good underlying revenue growth in both the Events and PR Newswire businesses and with higher operating margins in each of the three businesses.”
“During my first three months as UBM’s CEO I completed the first stage of my review of the business. We will host a Capital Markets Day late in the year to present the plan for UBM’s future development.”
