24th Apr 2015 06:42
LONDON (Alliance News) - PR Newswire-owner and events firm UBM PLC Friday reiterated its expectations for the full year, as it said it had performed in line with expectations in the first quarter of 2015.
The company said growth in its Events business in the quarter to end-March had been as anticipated, with its largest events continuing to drive its performance.
Other Marketing Services also performed as expected, and its PR Newswire business performed "satisfactorily", UBM said. Its integration of Advanstar, which it acquired for USD972 million last December, is progressing well with synergies in line with its expectations.
Over the quarter it has sold a number of its smaller, less profitable or loss making events under its so-called 'Events First' strategy, and discontinued some non-core technology activities in the US and India.
The company has previously guided that this strategy will help it to grow revenue ahead of global gross domestic product in its events business, and provide a basis for medium-term margin expansion.
Wednesday the company signed a new GBP400 million five year revolving credit facility with its core relationship banks, replacing an existing GBP300 million facility and paying down the USD100 million bridge facility it put in place to acquire Advanstar.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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