News

UBM

19 Apr 2011

Positive Q1 – on track for the full year

Interim Management Statement for three months ended 31 March 2011

Highlights

Q1 revenue was up 13.7% to £237.7m (Q1 2010: £209.1m); underlying revenue growth of 7.5%.

Adjusted operating profit up by 18.6% to £44.6m (Q1 2010: £37.6m).

Operating profit margin rose to 18.8% (Q1 2010: 18.0%) driven by strong events margin.

Revenue patterns and margins reflect seasonal variations and our expectations remain in line with the outlook described in our 2010 results – for segmental detail see sections below.

We have continued to manage the portfolio actively during the period and have announced the acquisition of two Indian events businesses while disposing of print titles in France, the UK and the US.

David Levin, Chief Executive Officer, UBM said:
“We are pleased with the performance of the business in the first quarter where we have seen good underlying revenue growth of 7.5% and we remain on track to meet our expectations for the full year. As we said at the full year we expect the improved quality and shape of the business to result in sustained underlying revenue growth during 2011 broadly in line with the 5.6% growth enjoyed in 2010. Overall we anticipate continued growth in profit largely driven by a full year of contribution from our acquisitions and continued momentum in our Events business tempered by targeted investment in Data Services, TD&M and Online.”