UBM reports 46% rise in event revenue for first quarter

UBM has reported that strong growth from its first edition of Ecobuild and its Game Developers Conference, Sign China and Enterprise Connect events has helped boost profits in the first quarter of the year.
 
Unaudited results for the three months ended 31 March 2012 showed that events revenue rose 46 per cent to £123.1m compared to the same period in 2011, while adjusted operating profit rose 53 per cent to £42.4m.
 
The company said it expected underlying growth for its events organising business to be between 10 to 12 per cent.
 
Overall operating profit rose 26 per cent to £56.1m while total revenue grew 11 percent to £264.2m.
 
“Although conditions in a number of our markets remain challenging, and year-on-year comparisons will get tougher as the year progresses, the business is perming well, and we maintain our consolidated guidance for 2012,” said UBM’s Chief Executive officer David Levin.
 
UBM’s consolidated net debt stood at £502.0m as at 31 March, down from £526.4m at the end of 2011.
 
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