Pure play B2B events organiser UBM has posted events revenue growth of 2.7% for the first six months of the year, on an adjusted underlying basis. Overall companies revenues were ahead 18% at £448.4m for the period, a figure that equates to a more modest 8.3% rise when currency fluctuations are taken into consideration.
Group adjusted operating profit was up 19.6% to £111.7m.
CEO Tim Cobbold (pictured), commenting on the half-yearly results, said: “In the first half of the year the focused implementation of the Events First strategy has delivered an acceleration in organic growth and an improved operating margin.
“The business is well positioned for stronger organic growth and further margin progression in the second half when we run many of our fastest-growing ‘major’ annual events.
“We saw strong revenue growth in China, India and South East Asia underlining the logic of the Allworld acquisition, where excellent progress is being made with the integration.
“While conscious of global macro-economic and geopolitical uncertainties, we are confident in the quality of our portfolio and the outlook for the year is therefore unchanged.
“As a result of continuing operational improvement and strong cash flow generation, the full year dividend is likely to grow at a faster rate than in recent years. Ahead of the full year results the Board will review the dividend policy for future years.”
As of 21 July, 2017, the FT said the consensus forecast among 21 polled investment analysts covering UBM plc advises investors to hold their position in the company. This has been the consensus forecast since the sentiment of investment analysts deteriorated on 25 October, 2016. The previous consensus forecast advised that UBM would outperform the market.