25th Feb 2016 07:59
LONDON (Alliance News) - UBM PLC said Thursday it expects continued good growth in 2016 following a "transformational" 2015, as it focuses on its 'Events First' strategy, investing in new events and rationalising its portfolio.
The events focused marketing and communications company reported a pretax profit from continuing operations of GBP119.6 million, up from GBP101.6 million a year before, on revenue of GBP769.9 million, up from GBP550.5 million.
UBM said it has taken "significant steps" to transform in 2015, integrating its acquisition Advanstar and agreeing the sale of its PR Newswire business for USD841 million. This disposal got shareholder approval in January and is expected to complete at the end of the first quarter of 2016, although it is still subject to anti-trust clearance in the US.
It expects to pay a special dividend and undertake a share consolidation following the completion of this disposal.
UBM proposed a final dividend of 16.3 pence, taking its total dividend for the year to 21.6 pence, up from 21.3 pence a year before.
"The board expects continued good growth (excluding the impact of biennials and ongoing portfolio rationalisation) although it remains conscious of the global macroeconomic uncertainty. It also expects further margin progress although this will be offset by the even-year biennial effect," Chief Executive Officer Tim Cobbold said in a statement.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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