UBM PLC Press Releases

Date Title
22-Feb-2017 UBM Plc Results for the year ended 31 December 2016

Results for the year ended 31 December 2016

Significant strategic progress and performance ahead of expectations

•    PR Newswire (PRN) disposal completed - £490m net cash proceeds - £243.7m special dividend 
•    Allworld Exhibitions (Allworld) acquired for $485m (£392.9m)
•    Excellent progress implementing the Events First strategy:
     •    £82.7m invested in bolt-on acquisitions 
     •    Disposal of the Electronics Media business, Light Reading and Ecobuild
     •    Exit run rate of £11.5m of savings p.a. from operational initiatives

•    Continuing revenue up 12.1% at £863.0m (0.1% at constant currency) 
     •    Events revenue growth of 3.1% on an adjusted underlying basis*
•    Continuing adjusted operating profit* up 19.2% to £234.8m  
•    Continuing adjusted operating profit margin* up 1.6%pts to 27.2% (+1.0%pts excl. pension gain)
•    Continuing adjusted attributable profit up 23.4% to £166.3m
•    Continuing diluted adjusted EPS* up 31.0% to 39.7p (tax rate of 14.0%)
•    Free cash flow* of £159.6m and cash conversion* of 96%
•    Year-end net debt* at 2.4 times continuing EBITDA* 
•    Final dividend declared of 16.6p per share – total 2016 ordinary dividend of 22.0p per share

*See page 3 and page 27 for definition of non-IFRS metrics  

Tim Cobbold, CEO of UBM plc said:

“During 2016 we made significant strategic progress and delivered performance ahead of expectations."

“We took further steps to focus UBM on the attractive B2B events sector by completing the PRN disposal and, in December, acquiring Allworld.  At the same time, we made excellent progress implementing the Events First strategy at an operational level and delivered a strong financial performance ahead of market expectations.  In a favourable FX environment, reported revenues grew 12.1%, the operating margin was 1.6% points higher at 27.2% and earnings per share increased by 31.0%."

“While remaining conscious of the global macro-economic and geopolitical uncertainties, in 2017 the Board expects to see higher underlying revenue growth (excluding the impact of further portfolio rationalisation), enhanced by the consolidation of Allworld and the positive impact of odd-year biennials.  This growth coupled with Events First initiatives will drive further improvement in the margin and continued strong cash generation.” 
 

Key financial information

  Revenue Adjusted operating profit*
 

2016
£m

Underlying* change %

Adjusted underlying*
change 

2016
£m

Margin%

Margin
change %pt

Continuing operations

 

 

 

 

 

 

Annual

683.5

1.0%

3.1%

220.8

32.3%

+0.9%pts

- of which majors

589.3

3.9%

3.9%

 

 

 

Biennial

28.1

19.5%**

19.5%**

8.3

29.3%

 

Events

711.6

1.0%

3.1%

229.1

32.2%

+0.1%pts

 

 

 

 

 

 

 

Online

88.2

(4.2)%

(2.0)%

13.4

15.2%

+5.6%pts

Print  

 63.2  (6.4)%  (2.6)%   10.7 16.9% +0.0%pts

OMS    

151.4 (5.1)%  (2.3)%      24.1 16.0%  +3.3%pts

Corporate costs      

                       (18.4)    

Group   

 863.0 (0.1)%  2.1%      234.8  27.2% +1.6%pts

 

Adjusted EPS*    

FY 2016 FY 2015  Change %

Continuing – Diluted1  

 39.7p  30.3p  31.0%

Continuing – Diluted, post share consolidation basis2           

 41.9p    

Total – Diluted1    

45.9p 40.5p  13.3%

 

         *      See page 3 and page 27 for definition of non-IFRS metrics  
         **     Compared to 2014
        1)    Uses weighted average number of shares over the period of 419.2m (2015: 445.5m)
        2)    Uses post consolidation number of shares of 397.4m for 2016 

 

Group IFRS results

 

2016
£m
2015
£m
 Change %

Continuing operations            
Revenue   

863.0  769.9 12.1%

Operating profit  
% margin

152.7
17.7%
144.7
18.8%
5.5%
     

Profit after tax   

    97.3     92.3     5.4%

Diluted EPS 
Diluted weighted average no. of shares

20.1p
419.2m
18.2p
445.5m
10.4%
    

Total Group            
Profit after tax 

    504.5 107.7 -

Diluted EPS 
Diluted weighted average no. of shares    

117.3p
419.2m
 21.7p
445.5m
-

 

Notes to business and financial review

Unless otherwise stated:
•    Underlying revenue growth measures are adjusted for the effects of acquisitions, disposals, foreign exchange movements and peripatetic and biennial events 
•    Adjusted underlying growth measures additionally remove the impact of portfolio rationalisation
•    ‘Major’ events refer to annual events generating more than £1m revenue 
•    Biennial events occur once every two years    
•    Adjusted operating profit excludes amortisation of intangible assets arising on acquisitions, exceptional items and share of taxation on joint ventures and associates
•    Strategic opex relates to Events First strategy implementation  

See page 27 for explanation of non-IFRS items.
 

Contacts

Kate Postans         

Head of Investor Relations & Corporate communications

investorrelations@ubm.com
communications@ubm.com

+44(0) 20 7921 5023

Jon Coles
Craig Breheny    

Brunswick Group ubm@brunswickgroup.com +44(0) 20 7404 5959

 

UBM will host a presentation today at 10.30am at Lincoln Centre, 18 Lincoln's Inn Fields, London, WC2A 3ED.  A live webcast of the results presentation will be made available via UBM’s website.  To access the webcast please go to www.ubm.com/investor/results-and-reports.  A recording of the webcast will also be available on-demand from UBM’s website after 4pm.

Notes to Editors

UBM plc is the largest pure-play B2B Events organiser in the world.

In an increasingly digital world, the value of connecting on a meaningful, human level has never been more important.  At UBM, our deep knowledge and passion for the industry sectors we serve allow us to create valuable experiences where people can succeed. At our events people build relationships, close deals and grow their businesses. 

Our 3,750+ people, based in more than 20 countries, serve more than 50 different industry sectors – from fashion to pharmaceutical ingredients.  These global networks, skilled, passionate people and market-leading events provide exciting opportunities for business people to achieve their ambitions.   

For more information, go to www.ubm.com; for UBM corporate news, follow us on Twitter at @UBM.


Forward Looking Statements

This announcement may contain certain statements, statistics and projections that are or may be forward-looking. The accuracy and completeness of all such statements, including, without limitation, statements regarding the future financial position, strategy, projected costs, plans and objectives for the management of future operations of UBM plc ("UBM") and its subsidiaries (the "Group") are not warranted or guaranteed. By their nature, forward-looking statements involve risk and uncertainty because they relate to events and depend on circumstances that may occur in the future. Although UBM believes that the expectations reflected in such statements are reasonable, no assurance can be given that such expectations will prove to be correct. There are a number of factors, many of which are beyond the control of the Group, which could cause actual results and developments to differ materially from those expressed or implied by such forward-looking statements. These factors include, but are not limited to, factors such as: future revenues being lower than expected; increasing competitive pressures in the industry; and/or general economic conditions or conditions affecting the relevant industry, both domestically and internationally, being less favourable than expected. We do not intend to publicly update or revise these projections or other forward-looking statements to reflect events or circumstances after the date hereof, and we do not assume any responsibility for doing so.

This announcement contains inside information for the purpose of Article 7 of Regulation (EU) No 596/2014.

-END-

UBM 2016 Results Press release
14-Feb-2017 UBM launches its exciting brand refresh

UBM today launched a brand refresh across its global offices.

The refreshed brand identity highlights the company’s belief in the value of connecting on a meaningful, human level. By creating rich experiences that bring people together, UBM enables its customers to succeed – to build relationships, close deals and grow their businesses.

“UBM is all about the magic that comes from human connection. Incredible things happen when people come together – both at our events and in our workplaces. Today UBM-ers are gathering at our offices around the world to celebrate the power of events and the value we bring to our customers” said Pamela Moore, Head of Internal Communications.

The updated visual identity is warm and playful. The company conveys the personal element of its new narrative through the use of a hand-written font and a rich photographic element. Various filter treatments are applied to the photos which will enable the company to include more user-generated images in the future.

Kate Postans, Head of Investor Relations & Corporate Communications, explained the decision to refresh the brand: “Over the last 10 years UBM has undergone significant changes – a broad media conglomerate with a distinct print publishing bias, then a global B2B marketing services and comms company. Now, following the disposal of PR Newswire last year and the recent acquisition of Allworld Exhibitions, UBM is considered a pure-play Events company. It is time to have an updated brand identity that conveys the magic of what we do.”

The refreshed brand has been rolled out on the company’s website www.UBM.com and through its social media channels.

Click here to view the new UBM video.

About UBM plc

UBM plc is the largest pure-play B2B Events organiser in the world.

In an increasingly digital world, the value of connecting on a meaningful, human level has never been more important. At UBM, our deep knowledge and passion for the industry sectors we serve allow us to create valuable experiences where people can succeed. At our events people build relationships, close deals and grow their businesses.

Our 3,750+ people, based in more than 20 countries, serve more than 50 different industry sectors – from fashion to pharmaceutical ingredients. These global networks, skilled, passionate people and market-leading events provide exciting opportunities for business people to achieve their ambitions.

For more information, go to www.ubm.com;
For UBM corporate news, follow us on Twitter at @UBM.

Notes to editors

The company worked with Radley Yeldar to craft the new narrative and develop the refreshed visual identity.

The new ubm.com website was built by Investis.

UBM launches its exciting brand refresh