Results for the Full Year ended 31 December 2013
* Revenues from continuing operations(1) up 3.2% to £793.9m; organic revenue
growth of 3.7%
* Adjusted operating profit* from continuing operations(1) up 6.3% to £
186.3m; margin of 23.5%
* Continuing fully diluted adjusted EPS up 12.8% to 53.6p
* Total China revenues up 21% to £174.8m from £144.5m with strong annual and
biennial event performance
* Events organic revenue growth of 6.3%; operating profit, up to £148.9m,
margin of 32.2%
* Marketing Services restructured to align with Events and focus on key
communities
* PR Newswire 1.9% underlying growth and 22.6% margin
* £22.7m exceptional charges reflect Marketing Services restructuring and the
implementation of new UBM-wide finance and reporting system
* Final dividend of 20.5p proposed; total 2013 dividend of 27.2p (2012: 26.7p), up 1.9%
* Leverage improved to 2.2x Net Debt/ EBITDA (2012: 2.5x)
David Levin, UBM's Chief Executive Officer, commented:
"2013 was a year of strategic progress and operational achievement for UBM
against a difficult economic backdrop; the company can look forward to 2014
with confidence.
2013's good revenue and profit growth was bolstered by a strong performance
from our biennial events in the second half of the year. PR Newswire had a
solid year in its core business and maintained its strong profitability. We
disposed of our Data Services business and substantially restructured our
Marketing Services activities to focus on the professional communities our
events serve. We end the year with significantly higher quality earnings and
with the business better positioned for structural growth.
Our strategy to develop UBM as an events-led marketing services and
communications business is proving successful. The growing strength of our
Events business -- focused particularly on large events, and our strong
presence in China and other growth markets -- continues to affirm our strategic
choices and to demonstrate live media is an increasingly significant component
of business to business marketing programmes. PR Newswire has retained its
leading, premium position in the online news and content distribution market,
and is well placed to prosper in the emerging world of digital content
marketing.
As I step down after almost nine years as UBM's CEO, I would like to thank my
colleagues from across UBM -- and also past and present members of the Board -
for their kind support and wise advice as we have built the business together."
