UBM sees events business growing faster, PR slowing
(Reuters) - Media and marketing services company UBM Plc (UBM.L) reported a 26 percent rise in operating profit for the first quarter helped by growth at its core events organising business.
The company, which organises exhibitions, trade shows and conferences and provides marketing and data services, reiterated its fiscal 2012 outlook.
UBM said in February that it expected underlying revenue growth of 4 percent to 5 percent this year.
The company said it expected underlying growth for events organising business to be in the range of 10 percent to 12 percent, slightly higher than it previously anticipated.
Growth in its PR Newswire and Marketing Services units was expected to come in at the low end of its outlook ranges.
The company had expected underlying growth for PR Newswire to be in the range of 3 percent to 5 percent and marketing services to be in the range of 2 percent to 4 percent.
Adjusted operating profit for January-March rose to 56.1 million pounds from 44.6 million pounds a year ago.
Total revenue grew 11 percent to 264.2 million pounds.
Revenue from events during the period rose 46 percent to 123.1 million pounds, while that of data services fell 9 percent.
Shares of the company, which have risen about 15 percent since the start of the year, were up about 1 percent at 579.5 pence at 09:00 a.m. British time on Wednesday on the London Stock Exchange.
(Reporting by Karen Rebelo in Bangalore; Editing by Don Sebastian)
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