Shares in events-led marketing services and communications company UBM (LSE: UBM) were up 1.5% today, after it reported that its Q3 performance was in line with 2014 targets.
All three business segments were on track to fulfil their underlying growth guidance as advised in the half-year results, but management warned that results will continue to be impacted by currency movements.
The Events business, which accounted for 59% of UBM’s revenue and 73% of profit in 2013, performed strongly due to five of their ‘Top 20 shows’ being held successfully in the quarter.
An investment of £7.4m further bolstered the company’s events portfolio, funding the acquisition of Seatrade Communications, a global shipping news publisher that holds a number of cruise and general shipping events.
UBM also acquired the remaining 30% stake in Catersource, giving it whole ownership of Catersource Magazine and the US catering industry’s leading trade show. The Events department expected full-year operating margins to increase to 30%.
PR Newswire also contributed solid margins and underlying growth, while the Other Marketing Services department continued to focus on aligning sustainable online and print marketing services more closely with the Events business.
