Events Boost UBM’s First Quarter Profit 25.8 Percent
Key contributors include Ecobuild conference acquired last summer.
UBM plc reports a 25.8 percent increase in operating profit for the first quarter 2012 and an 11.1 percent increase in total revenue, according to unaudited results released today.
Total Q1 revenue is up to $425.7million, while operating profit is at $90.4 million.
Much of this growth is led by events, which saw a 46.4 percent increase in revenue, from $135.5 million in Q1 2011 to $198.3 million, year-over-year, and a 53 percent jump in operating profit, up from $44.6 million to $68.3 million.
Key contributors to the events business growth were the Game Developers Conference, Sign China, Enterprise Connect and the first Ecobuild sustainable construction conference under UBM ownership since the company acquired it last summer.
The company’s press release distribution service, PR Newswire, experienced slower growth, with a 4.5 percent revenue increase to $78.9 million. Online marketing services revenue, at $35.2 million, eclipsed that of print for the first time within a full reporting period, with total revenue at $31.5 million—down 37.5 percent compared to Q1 2011. Data Services revenue fell 9 percent to $81.5 million, reflecting “phasing factors” the company expects will “unwind through the year,” according to CEO David Levin.