WORLD – NASDAQ-listed US organiser Global Sources, a specialist in Asian events, has seen first-quarter revenues climb despite a slowing in global exports.
First quarter revenue rose to US$38.9m from $37.5m year-on-year, with online revenue at $30.9 million (2011: $27.2m) and print revenue at $4.3m (2011: $4.7m).
However exhibitions revenue for the period halved from $4.4m to $2.2m, a result of the rescheduling of one of its trade shows from January 2012 to a month earlier, in December 2011.
Adjusted EBITDA was $5.4m, which was fairly flat compared to the same period last year ($5.5m).
“For the quarter, we achieved revenue of US$38.9m driven by growth in our online business,” said Global Sources’ executive chairman Merle A Hinrichs. “Looking forward, our customers are becoming more conservative with their marketing budgets due to the slowdown in exports and the continued softening of the global economy.”
The company acquired an 80 per cent interest in the China (Shenzhen) International Brand Clothing & Accessories Fair (SZIC), one of the largest fashion shows in Asia in March 2012 for a total cash consideration of up to $17.3m.
Its spring series of trade shows in Hong Kong featured 6,800 booths from 11 countries and regions, while total attendance exceeded 61,200 and included buyers from more than 167 countries and territories.
Global Sources chief financial officer Connie Lai said: “We expect the revenue mix for the first half to range between 58 per cent and 59 per cent for online, 30 per cent and 31 per cent for exhibitions, seven per cent and eight per cent for print, and approximately three per cent for miscellaneous.
“In comparison, the revenue mix for the first half of 2011 was approximately 55 per cent for online, 32 per cent for exhibitions, 10 per cent for print, and three per cent for miscellaneous.”
The company grew its revenue in the fourth quarter of last year by 17 per cent, a result driven by a 20 per cent rise in online business, and growth in exhibition revenue.
Any news? Contact exhibitionworld@mashmedia.net
