UBM trading update, PR Newswire final sale figure revealed
UBM plc has published the following trading update for the current financial year to date. As highlighted at the preliminary results, UBM announces it is seeing good momentum in the business as the Events First strategy continues to translate into performance. The business has performed in line with management expectations during the period.
The Game Developers’ Conference, Enterprise Connect and Hotel Plus grew strongly and CPhI North America, MD&M West, Hotelex & FineFood and Seatrade Cruise Global delivered good growth. The US spring fashion events performed in line with our expectations though, as previously indicated, the Fashion sector remains challenging.
The Allworld integration is progressing well with performance in line with the business case. Allworld’s largest event, the biennial ‘Food and Hospitality Asia’ (FHA), delivered strong growth.
To date four bolt-on events businesses have been acquired for a combined consideration of £20.2m.
In addition to the two acquisitions announced at the full year results, MetalTech in Malaysia was acquired from ITE and three food, hospitality and retail events in Hong Kong were acquired from Diversified Communications. The pipeline remains strong. As part of the business as usual review of the portfolio, Medtech Europe and a number of small US fashion and UK construction media assets were disposed of.
At the end of March 2018, final proceeds of $43.4m relating to the sale of PR Newswire were received bringing the total proceeds from the disposal to $853.4m.
On 30 January 2018, the Board of UBM recommended an offer from Informa PLC to acquire the entire issued and to be issued share capital of UBM. UBM and Informa shareholders approved this transaction on 17 April 2018 and the combination remains on track for completion by the end of the second quarter of 2018.