WORLD - Events and marketing group UBM is confident its emerging markets strength will deliver 'strong growth' for the full year despite a decline in its UK built environment portfolio in its first-quarter results.
UBM, which sold its Delta data services division in a £160m deal in February, saw overall adjusted operating profit drop 24 per cent from £46m to £35m in the three months to 31 March, as its events arm suffered contractions in sales and profits.
Overall first-quarter revenues slid 7.9 per cent to £194.7m, although allowing for exceptional events the underlying fall was less than half that.
The company said that event revenues were down 9.7 per cent to £109.4m, with the company's portfolio of shows, affected by the “biennial headwind” and the movement of events between quarters.
“UBM had the tough first quarter we anticipated, with events revenuesreflecting declines in our UK Built Environment shows,” said UBM chief executive officer David Levin.
Although the adjusted operating profit for the events portfolio was £30m for Q1, down from £42m a year earlier, the organiser said its portfolio of events in the US and emerging markets performed well.
“Forward bookings are tracking in line with our expectations and we continue to expect strong growth through the balance of the year, particularly in our emerging markets events which are weighted to the second half,” added Levin.
Last month UBM said its results showed major growth in emerging markets.
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