According to UBM:
Overview
* Results were in line with Board expectations and the full year outlook is unchanged
* Events in China in H1 performed well and forward indicators for H2 are good
* Good progress on ‘Events First’ strategy, especially on portfolio rationalisation and targeted acquisitions
* Good Advanstar performance with integration on track and synergies ahead of plan
* Group reported revenue rose 26.3% to £456.0m (H1 2014: £361.0m) reflecting the inclusion of Advanstar and foreign exchange (FX) tailwind
* Group revenue, on an underlying basis, was down 4.1% reflecting the slower growth profile of our H1 events, strategic progress with the rationalisation of Events and Other Marketing Services (OMS) and event phasing. Adjusting for rationalisation and phasing, underlying revenue growth was 0.6%
- Events revenue, on an underlying basis and after adjusting for rationalisation and phasing, grew 3.3%
- OMS revenue, on an underlying basis and after adjusting for rationalisation, declined 8.0%
- PR Newswire revenue, on an underlying basis, declined 0.3% with robust performances in US Distribution, EMEA and Asia more than offset by a softer performance at Vintage, in particular
* Adjusted operating profit rose 13.0% to £98.8m (H1 2014: £87.4m) with the benefits of Advanstar and currency partially offset by £4.6m of strategic opex and the absence of £11.0m non-recurring central gains
Tim Cobbold, Chief Executive Officer, commented: “I am pleased with UBM’s performance in the first half. We had good reported growth reflecting the consolidation of Advanstar and a foreign exchange tailwind. Advanstar performed well, ahead of the acquisition case, with the integration on track and synergy realisation running ahead of plan. I am also pleased with the progress made, in the first half, on the implementation of the ‘Events First’ strategy.
“Forward indicators for the second half events, including MAGIC, those in China and our large biennials, are good. The Board is confident in the outlook for the year.”
