UBM event revenues down 6% in Q1 results

UBM has announced its revenues from events for the first quarter of 2014 were down 6% on the same period last year, a 4% decline when adjusted for product discontinuations.

UBM's chief financial officer Robert Gray
UBM's chief financial officer Robert Gray

The results come as the company said its overall financial performance was "in line with expectations". Adjusted operating profit was £29.4m, down from £35.4m in the previous year.

UBM said the results may be due to adverse phasing, as the movement of events that ran in 2013 took place later this year. The company also mentioned forward bookings for 2013’s top 20 events over the next 12 months were up 22.2% from last year.

Robert Gray, chief financial officer at UBM, said: "UBM’s results for the first quarter were in line with our expectations. First quarter revenue reflects adverse currency movements, the phasing impact of events that ran in Q1 2013 running later in the year, and restructured marketing services.

"Events forward bookings remain robust, and we expect good growth in the emerging markets and large US shows running through the balance of 2014. We’re getting traction in our reshaped marketing services offering, resulting in improved profitability."

UBM has published its financial figures ahead of Tim Cobbold taking up the position of chief executive on 6 May.

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