Highlights - Results in line with management expectations - `Events First' strategy announced in November - $972m Advanstar acquisition completed in December, financed by £564.6m rights issue, transforming UBM into the leading events organiser in the US - Reported revenue of £746.3m (2013: £793.9m), down 6.0% principally reflecting currency headwind, OMS rationalisation and lower biennial revenues in an `even' year; constant currency was down -0.8% with good underlying growth of 3.6% - Adjusted operating profit declined 3.5% to £179.8m (2013: £186.3m) given the currency headwind, while adjusted operating margin rose by 60bps to 24.1%, benefitting from £11.0m non-recurring gains - Events underlying revenue growth of 6.0%, led by strong Emerging Markets, with adjusted operating margin of 31.2% (2013: 32.2%) - Other Marketing Services (OMS) adjusted operating profit was broadly flat at £11.0m (2013: £10.2m) on reduced revenue of £100.0m (2013: £129.4m) - PR Newswire revenue up 3.0% (underlying) at £195.8m (2013: £201.8m) at an adjusted operating margin of 22.9% (2013: 22.6%) - Adjusted diluted EPS down 8.2% to 38.2p (2013: 41.6p(2)) - Final dividend of 16.0p to bring full year dividend to 21.3p up 1.0% (2013: 21.1p(2)) Robert Gray, Acting Chief Executive Officer, commented: "These results represent a good performance in a year of significant strategic progress. UBM had a strong H2 and although the reported results reflect currency headwinds, the Group delivered good underlying revenue growth in both Events and PR Newswire, and solid operating margins in each of our three segments. "The acquisition of Advanstar accelerates our `Events First' strategy, which we announced in November. 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."
