Events were down 6% and 13.2% on an underlying basis in revenue and operating profit respectively.
Underlying growth rates adjust for currency movements, pro forma revenues from acquisitions and biennial events. Underlying change is not adjusted for phasing
However, Robert Gray, Chief Financial Officer, UBM plc 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. PR Newswire has made a good start on delivery for the year, and trends in the US are encouraging. Our guidance for 2014 is unchanged.”
The RNS also stated: Reported revenue decline also reflects foreign exchange headwind and adverse phasing – the movement of events that ran in Q1 2013 running later in 2014 which had an adverse impact of £10.7m in Q1 2014. Robust growth from our US shows (led by Game Developer Conference and MD&M West), and very strong performance in Emerging Market shows (particularly Sign China and Turkey Jewellery) more than offset the expected decline in the UK, notably at Ecobuild.
£/$ exchange rate was +7.8% in Q1 whilst £/€ was +3.4% in Q1
For the full RNS click UBM