London-based, UBM plc reported its interim results for the six months ended 30th June 2014. Revenues in the first half were £361 million (US$618 million), down 7.9% from last year. UBM’s management attributed the drop to strong fluctuations in foreign currency exchange rates. However, adjusted operating profit grew by 8.7% to £87 million (US$150 million) during the period.
Revenues generated from the company’s events business were £214 million (US$367 million), down 2.8% year-on-year and contributed to 59% of the group’s total. Adjusted operating profit for the events business was down 1.8% to £62 million (US$105 million). Although foreign exchange adversely affected the company’s financial performance, UBM reported forward bookings of its top 20 events were up by 7.5%.
Source: Business Strategies Group Hong Kong – www.bsgasia.com –