UBM has continued to perform in line with management expectations. Major events such as CBME, BlackHat, CPhI and ICSE performed strongly. Furniture China’s performance was much improved, generating growth but some softness was seen in the third quarter fashion and jewellery events although customer sentiment at the shows was positive – highlighting their market-leading positions.
Both recent acquisitions (Content Marketing Institute and BJI) are performing in line with their business cases. The integration of certain BJI events into the September Coterie show in New York was very well received by customers and the synergies from the acquisition are coming through earlier than expected. At the end of October UBM completed the acquisition of the Battery Show for $13.8m.
Good progress continues to be made in implementing the Events First strategy at an operational level. Overall the trading outlook for the full year is unchanged, with a small incremental FX benefit expected given the recent movements in exchange rates.