April 24, 2013 / 6:34 AM / 5 years ago

Weak events business drags on UBM profit

April 24 (Reuters) - Media and marketing services company UBM Plc reported a 24 percent fall in first-quarter earnings, hurt by a weak performance at its core events business.

Adjusted operating profit was 35 million pounds ($53.5 million) for the three months ended March 31, down from 46 million pounds a year earlier.

Revenue from continuing operations declined 8 percent to 194.7 million pounds.

UBM’s events division, which organises large industry exhibitions, trade shows and conferences, recorded an adjusted operating profit of 30 million pounds in the first quarter, down about 29 percent from a year earlier.

“Forward bookings are tracking in line with our expectations and we continue to expect strong growth through the balance of the year, particularly in our emerging markets events which are weighted to the second half,” Chief Executive David Levin said.

UBM’s press release distribution business PR Newswire reported an adjusted operating profit of 10.8 million pounds, an increase of 9 percent.

Shares in the company, a FTSE-250 component, closed at 686 pence on Tuesday on the London Stock Exchange.

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