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Stronger pound weighs on exhibitions organiser UBM's revenue
August 1, 2014 / 6:27 AM / 3 years ago

Stronger pound weighs on exhibitions organiser UBM's revenue

Aug 1 (Reuters) - Exhibitions organiser UBM Plc on Friday reported a 7.9 percent fall in first-half revenue due to a strong pound, but said it remained on track to meet expectations for the full year.

The British company, which earns more than 85 percent of its revenue in currencies other than pound, said revenue fell to 361 million pounds ($609 million) for the six months ended June 30 from 391.8 million pounds a year earlier.

However, underlying revenue grew by 2 percent, helped by improved performance at two of its three divisions - namely its events and PR Newswire businesses.

One-time non-recurring gains boosted adjusted operating profit, which rose 8.7 percent to 87.4 million pounds, said the company that organises exhibitions, trade shows and conferences. ($1 = 0.5925 British Pounds) (Reporting by Noor Zainab Hussain and Esha Vaish in Bangalore; Editing by Gopakumar Warrier)

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