UK - Underlying revenues from exhibition organiser DMG Events contributed £26m (US$42.6m) to its parent's half-year revenues, according to an interim statement from media company Daily Mail and General Trust (DMGT).
The reported underlying revenue to 2 July 2011 represents a 17 per cent increase year-on-year. In contrast, reported revenue for DMG Events fell 12 per cent due to the absence of the biennial Global Petroleum Show and the impact of exchange rates.
Total underlying revenues for DMGT were £495m (US$811m), up two per cent year-on-year. This means events now account for just over five per cent of the group’s total revenue.
The company also reported that bookings for its August New York International Gift Fair are currently higher than last year.
"Trading in the third quarter was mixed. There was continuing strength in B2B from our international portfolio of market-leading businesses with all divisions performing in line with our expectations,” said DMGT chief executive Martin Morgan. “In contrast, conditions within our consumer businesses have been tough with advertising revenue weak over the quarter. We still expect to achieve some growth in earnings per share for the full financial year, driven by the continued strength of our B2B operations which reflects the benefits of DMGT's diversification strategy, despite the volatile and uncertain market conditions faced by the UK consumer businesses."
The company earlier this year confirmed its intentions to sell George Little Management, a USA-based B2B events business.
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