USA - Global Sources has highlighted its expanding online products portfolio and new trade show in India as key achievements during the first quarter of the year.
The listed B2B media and exhibition organiser company reported exhibition revenue of US$4.4m for the first three months to 31 March 2011, down slightly from US$4.5m year-on-year. Its print revenues were down further, dropping from $6.7m to $4.7m over the same period. Online revenue however, leapt 17 per cent to $27.2m, bringing total revenue to $37.5m compared with $35.5m in Q1, 2010.
Overall adjusted pre-tax profits reached $5.5m, compared with $5.9m last year.
"Since the beginning of the year, we made three particularly noteworthy announcements,” Global Sources' chairman and CEO Merle A. Hinrichs said in its financial statement. “Last month we launched the industry's first online sourcing fairs, which we expect to enhance the value and market position of our face-to-face shows. We also closed an acquisition extending our leadership position in Asia's electronics industry and announced a new trade show in India, which represents our entry into India's domestic B2B market."
Looking forward, Global Sources' CFO Connie Lai reiterated its first-half guidance figures and revenue growth of 9-10 per cent year-on-year up to $103.5m. Activity in the second quarter of 2011 is expected to generate healthy growth in online and trade show markets with exhibitions representing 33 per cent of overall revenue, she said.
In the fourth quarter of 2010, Global Sources reported an increase in exhibition business as a key revenue driver.
The company recently announced plans to launch 60 digital trade shows in China to complement its face-to-face events portfolio.
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