London, 28th July: Today, UBM plc released its interim results for the first half of 2017. Revenues from continuing operations were up 18% to £448.4 million (US$591 million). Adjusted operating profits grew by 20% to £111.7 million (US$147 million).
Revenues generated from the events business increased by 2.7% reaching £380.4 million (US$501 million). Of that figure, £350.8 million (US$462 million) were from annual events, up 2.7% year-on-year; while £29.6 million (US$39 million) were from biennial events. According to UBM, its newly acquired Allworld business performed ahead of expectations and the integration process was on track in the first half of the year.
Strong growth was recorded in its ‘Food, Hospitality & Leisure’ business, up 20% primarily due to the two editions of Hotelex and Fine Food. The ‘Pharma & BioPharm’ business grew 13% on the back of the launch of CPhI North America and strong performances at Pharmapack, P-MEC and CPhI China.
The ‘Lifestyle & Brands’ business increased by 7% - due to the strong performance of the Malaysian International Furniture Fair. Meanwhile, some sectors posted notable declines: the ‘Jewellery’ business was down 7% and ‘Life Sciences & Healthcare’ dropped by 11%. Overall UBM’s management expects all sectors to post growth in full year results.
Tim Cobbold, CEO of UBM, stated, “In the first half of the year the focused implementation of the Events First strategy has delivered an acceleration in organic growth and an improved operating margin. The business is well positioned for stronger organic growth and further margin progression in the second half when we run many of our fastest-growing ‘major’ annual events. We saw strong revenue growth in China, India and South East Asia underlining the logic of the Allworld acquisition, where excellent progress is being made with the integration.”
Source: UBM announcement