22nd Oct 2014 06:42
LONDON (Alliance News) - UBM PLC said Wednesday it is on track to meet its guidance for the full year as it performed in line with expectations in its third quarter to end-September, although it warned that the strength of sterling will continue to hit its reported results.
The events marketing and communications services business said its constant currency performance remains on track, with all three of its business segments expected to deliver in line with the guidance it gave at its interim results in August.
Its Events business saw good underlying growth, driven by five shows that ran during the third quarter, including Black Hat in the US and the Children Baby Maternity Expo in China. During the third quarter it invested GBP7.4 million in the business, it said, acquiring Seatrade Communications Ltd, and the remaining 30% stake in Catersource it didn't already own.
At the time of its interim results, UBM had said it expected Events to see full-year underlying revenue growth in line with 2013, with an operating profit margin in the range of 30%.
During its third quarter it continued to focus on online and print marketing services in its Other Marketing Services business; it is guiding revenue of between GBP90 million and GBP100 million for the full year.
PR Newswire saw solid underlying growth and good margins, UBM said. PR Newswire is expected to see growth in line with 2013 for the full year.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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