UBM 2011 results

February 28, 2012 — Fusion DigiNet

UBM plc has reported 2011 results.

Highlights

  • Revenues up 9.3% to £972.3m – underlying revenue(a) growth of 7.9%
  • Adjusted operating profit up 17.5% at £201.9m
  • Margin up to 20.8% from 19.3%
  • Fully diluted adjusted EPS up to a record of 56.8p, 6.6p (13.1%) up on 2010
  • Full year dividend up to a record of 26.3p, (2010: 25.0p)
  • Cash generation from operating activities up 31.7% to £203.7m (100.7% cash conversion)
  • Events profits up 44.6% to £135.2m, 62.5% of total excluding corporate costs
  • Emerging Markets revenues up 24.4% to £207.1m
  • Emerging Markets operating profit up 33.4% to £65.6m representing 30.4% of total
  • £71.2m invested in eight acquisitions
  • Debt profile improved with maturities extended, net debt of 2.4x EBITDA

David Levin, UBM’s Chief Executive Officer, commented:  “2011 has been a strong year for UBM, with EPS up over 13% to a record 56.8p.  An outstanding performance from our Q4 biennial events capped off a year of consistent delivery in which all our businesses met or exceeded their targets for the year. On the back of these results, the Board has declared a final dividend of 20p, up 1p over 2010, resulting in a record dividend for the year.”

“These results are the fruit of our consistent strategy to focus on providing marketing, communications and data services, in winning formats, to thriving business communities.  Our Emerging Markets revenues grew by more than 24% during 2011 and contributed just under a third of our overall profits: in 2011 we generated more revenue in China than in Europe for the first time. Our Events business performed particularly well and 1.7 million people attended UBM events in 2011, up from 1.3 million in 2010 with profits growing by 45%. The solid performance of Data Services and PR Newswire in 2011 reflects the initial benefits of our continuing investment in these businesses. Our Marketing Services businesses also continue to develop well, with the combined effects of continuing strong digital growth and print disposals likely to result in online revenues outstripping print revenues in 2012.”

“2012 trading has started well. We anticipate continued underlying growth and a positive performance across the business whilst recognising the continuing uncertainties of the global economy.”

Business performance

Full Year 2011

Full Year 2010

Change %

Change at CC

%

Underlying Change %
Revenue

£972.3m

£889.2m

9.3

11.3

7.9
Adjusted operating profit

£201.9m

£171.8m

17.5

19.8

2.3
Adjusted operating profit margin

20.8%

19.3%

1.5%pts

 

 
EBITDA

£218.7m

£188.2m

16.2

 

Adjusted PBT

£177.4m

£156.4m

13.4

 

 
Adjusted EPS

Fully diluted adjusted EPS

57.8p

56.8p

51.0p

50.2p

13.3

13.1

 

 
Dividend per share

26.3p

25.0p

5.2

 

 
Cash generated from Operations

£203.7m

£154.7m

31.7

 

 

 

 
IFRS Statutory results (£m)

Full Year
2011

Full Year
2010

Change
%
Revenue

972.3

889.2

9.3
Operating profit

155.4

132.3

17.5
Profit after tax

86.1

99.4

(13.4)
EPS (p)

31.1

37.3

(16.6)
Net Debt

526.4

484.6

 

 

 

  

Operational Highlights

Segmental results

 

Full Year

Full Year

Change

Change at CC

Underlying Change
£m

2011

2010

%

%

%
Revenue

Events

396.9

310.0

28.0

30.8

14.6
PR Newswire

187.8

181.2

3.6

6.6

4.2
Data Services

187.0

184.7

1.2

2.3

3.0
Marketing Services – Online

88.5

69.2

27.9

31.7

16.4
Marketing Services – Print

112.1

144.1

(22.2)

(22.0)

(4.6)
Total Revenue

972.3

889.2

9.3

11.3

7.9
 

 

 

 
Adjusted Operating Profit

 

 

 
Events

135.2

93.5

44.6

47.9

 
PR Newswire

41.0

42.1

(2.6)

0.2

 
Data Services

30.3

34.1

(11.1)

(11.1)

 
Marketing Services – Online

3.6

1.3

176.9

200.0

 
Marketing Services – Print

6.1

10.0

(39.0)

(40.2)

 
Net corporate costs

(14.3)

(9.2)

(55.4)

(55.4)

 
Total Adjusted Operating Profit

201.9

171.8

17.5

19.8

 
 

 

 

 

 

 
Adjusted Operating Profit Margin          
Events

34.1%

30.2%

3.9%pts

  
PR Newswire

21.8%

23.2%

(1.4)%pts

  
Data Services

16.2%

18.5%

(2.3)%pts

  
Marketing Services – Online

4.1%

1.9%

2.2%pts

  
Marketing Services – Print

5.4%

6.9%

(1.5)%pts

  
Total Adjusted Operating Profit Margin      

20.8%

19.3%

1.5%pts

 

 

Read the full announcement

UK, London

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