UBM sees lower full-year underlying revenue growth; profit on track

Reuters

(Reuters) - Media and marketing services company UBM Plc (LSE:UBM) said it expects full-year underlying revenue growth to be at or below 3 percent with fewer new launch events in the fourth quarter and weaker market conditions in Brazil and India.

However, UBM said it expects full-year profit to be on track and estimated adjusted operating margin at the upper end of the 22 to 23 percent range.

The company, which organises exhibitions, trade shows and conferences, estimates full-year adjusted earnings per share from continuing operations to be about 53 pence to 54 pence.

Underlying revenue in the nine months ended September 30 rose 2.3 percent to 580.5 million pounds on strong growth in its events business in the third quarter.

Underlying revenue in the events business, which accounts for nearly 60 percent of UBM's total revenue, rose 10.8 percent in the third quarter.

Adjusted operating profit fell to 117.9 million pounds so far this year from 123.2 million pounds a year earlier.

Chief Executive David Levin said last month he would stand down by the end of July 2014 after eight years, during which time he has rebuilt the group to focus on events and its PR Newswire unit.

Shares in the FTSE 250 component were trading down 3.8 percent at 716 pence at 0755 GMT on the London Stock Exchange.

(Reporting by Abhirup Roy in Bangalore; Editing by Supriya Kurane)

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