Strong first half - guidance confirmed
Results for the six months ended 30 June 2012
- Revenues up 7.3% to £508.7m - underlying revenue growth of 6.8%
- Adjusted operating profit up 12.5% to £103.4m
- Fully diluted adjusted EPS up 13.9% to 28.6p
- Cash generation from operating activities up to £113.9m (112% conversion)
- Events operating profit up 29.6% to £74.8m, 66.5% of group total (excluding corporate costs)
- Forward bookings for top 20 events up 12.7%
- Emerging Markets revenues up 20.9% to £93.1m, representing 18.3% of total
- Seven acquisitions completed in H1 for expected consideration of £26.6m
- Initiated strategic review of Data Services businesses
David Levin, UBM's Chief Executive Officer, commented:
"We have had a good first half of the year with underlying revenue growth of 6.8% and margins up almost a percentage point to 20.3%. Our strategy is yielding positive results as we continue to improve the quality of the business. We have decided to explore strategic options for the Data Services businesses to confirm we are allocating capital appropriately between the growing number of opportunities now available to us.
Our events portfolio performed very well with good attendee-led technology events in the US, an above-plan performance at Ecobuild in its first edition under UBM ownership, and strong results from our events in Emerging Markets,
particularly in China. PR Newswire generated GDP-plus revenue growth and improved its margins while also launching new products. Data Services results reflect specific challenges in two verticals but overall the business made good progress. Marketing Services - Online grew well, led by our community-focused products, while the Print component declined more rapidly than anticipated.
We remain on track to meet our expectations for the full year. We now expect improved underlying growth for Events of 12%-14%. PR Newswire remains on track. We maintain full year guidance for Data Services where we expect an improved performance notably from UBM TechInsights in the second half. However,
we now expect Marketing Services - Online and Print to deliver growth of between 0%-2%. While our business is trending positively, we are retaining our consolidated guidance as we are mindful of the uncertain external environment."
