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UBM posts strong final set of results before sale to Informa
UBM posted a strong rise in annual profit in what is expected to be the events group's last set of results before the events company is taken over by rival Informa.
Adjusted operating profit for the year to the end of December rose 25.3% to £294.2m as acquisitions boosted revenues from Asia and business increased in Europe.
Annual events revenue rose 3.6% on an underlying basis to £866.4m driven by strong growth in China where revenue rose 8.2% to £227.9m. Emerging markets revenue rose 5.4% to £112.3m, supported by the acquisition of Allworld in January 2017. Events revenue in Continental Europe increased 6.3% to £64.3m.
Growth in Asia and Europe made up for a 1.2% fall in underlying events revenue in North America, where fashion events suffered, and flat performance in the UK.
The results are likely to be UBM's last set of figures before its acquisition by Informa, its rival in the events industry. UBM accepted a £3.9bn offer from Informa in January and the deal is expected to complete in the second quarter of 2018.
The company said: "UBM's financial performance reflects the attractive characteristics of the events industry with good organic growth, supported by acquisitions, high margins and strong cash generation. In 2017 the improvement in performance reflected good progress against our strategic objectives."
Informa also posted strong results for 2017 on Wednesday. Adjusted operating profit rose 31.3% to £545.5m and statutory operating profit increased to £345.3m from £198.6m.