UBM report a decline in profits for the first six months

August 5, 2013 — Fusion DigiNet

UBM have reported a decline in profits for the first six months to 30th June 2013, largely reflecting a tough first quarter, lower biennial contribution and continuing investments in their events portfolio.

Highlights

  • Revenues from continuing operations of £391.1m (H1 2012: £397.2m)
  • Adjusted operating profit from continuing operations of £80.7m (H1 2012: £88.7m) – decline largely reflecting tough Q1, lower biennial contribution and continuing investments in the events portfolio
  • Continuing operating cash flow generation increased to £98.8m (H1 2012: £95.9m), with cash conversion of 110.9%
  • Continuing fully diluted adjusted EPS of 21.6p (H1 2012: 22.7p)
  • Events Q2 organic revenue growth of 6.5% – PR Newswire Q2 organic revenue growth of 3.9%
  • Forward bookings for Top 20 shows up 11.7%
  • Emerging Markets revenues up 10.4% to £89.5m with operating profit of £19.6m
  • Restructuring of Marketing Services progressing – £9.6m of exceptional reorganisation and restructuring cost – expect restructuring to be substantially complete by the end of the year – £16.2m of revenues under Strategic Review
  • Receipt of £99.7m of cash proceeds upon completion of Delta disposal, applied to reduce debt

David Levin, UBM’s Chief Executive Officer, commented:

“As highlighted at the IMS in April, challenging market conditions, particularly in the UK construction sector, meant we had a tough first quarter. A good second quarter substantially offset the Q1 performance, thanks in large part to healthy growth at our shows in China. With continued strong forward booking trends for our H2 Emerging Markets events we feel confident about the second half.

“During the first half we completed the Delta disposal and accelerated the restructuring of Marketing Services. We are aligning Marketing Services more closely with our events and focusing it on more profitable, community-based business models which take advantage of our strengths in high quality content and audience reach. We’re already seeing improved profitability, albeit on lower revenues. We expect this restructuring programme to be substantially complete by the end of the year.

“These steps underline our determination to focus UBM’s business on delivering faster growth and higher quality of earnings, as evidenced by our strong cash flow performance in the first half. We look forward, with confidence, to the second half of the year and beyond as UBM continues to develop as an events-led marketing services and communications business. ”

UBM 6 mths to Jun13

UK, London

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Tarsus Group – record first half

July 31, 2013 — Fusion DigiNet

TarsusTarsus Group plc, the international business-to-business media group, has announced records results for the six months ended 30 June 2013.

Douglas Emslie, Group Managing Director, said, “Tarsus has delivered record results for the first six months of the year with good like-for-like revenue growth. We are focused on delivering our “Quickening the Pace” strategy and we have got off to a fast start. We continue to add value to our portfolio of market leading events by replicating these brands both domestically and internationally. The pace of brand replications has quickened during the period.

We have good visibility for the full year, especially from our two largest events – the Dubai Airshow and Labelexpo Europe – and we are confident of a positive full year outcome”.

Highlights

  • Record results for first half of year
  • Like-for-like revenue up 8% on 2012 as adjusted for biennials and acquisitions
  • Strong underlying revenue growth driving profitability
  • Adjusted profit and EPS up significantly
  • Operating cash inflow of £8.9m in period
  • Interim dividend up 5% to 2.3p (2012: 2.2p)
  • Very strong performance from Emerging Markets with 13% like-for-like revenue growth
    • Turkey like-for-like revenues +13%
    • China like-for-like revenues +20%
    • Dubai like-for-like revenues +6%
  • Acquisition of 51% of PT Infrastructure Asia completed, providing an important base in Indonesia

Click on the financial highlights table for a larger view

Tarsus HY 2013

Outlook

  • Forward bookings currently 12% ahead of 2012
  • Labelexpo Europe and the Dubai Airshow both tracking well ahead of previous events

UK, London & Indonesia, Jakarta

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Informa plc – Half year results

July 30, 2013 — Fusion DigiNet
informa2Informa plc has announced half year results for the six months ended 30 June 2013.

Financial highlights

  • Group organic revenue growth (continuing) of 1.2% to £566.7m (H1 2012: £562.6m)
  • Adjusted operating profit (continuing) up 2.7% to £162.0m (H1 2012: £157.7m)
  • Improvement in H1 adjusted operating margin (continuing) to 28.6% (H1 2012: 28.0%)
  • Adjusted diluted EPS growth (continuing) of 5.0% to 18.9p (H1 2012: 18.0p)
  • Dividend increased – interim dividend raised 6.7% to 6.4p (H1 2012: 6.0p)
  • Corporate Training disclosed as asset held for sale and results classified as discontinued
  • Statutory loss for the period of £56.3m (H1 2012: £41.9m loss), reflecting loss from discontinued operations of £115.7m
  • Strong cash flow – cash conversion rate (continuing) of 70% (H1 2012: 74%)
  • Net debt/EBITDA ratio of 2.4 times (H1 2012: 2.3 times)

 Operational highlights

  • Events division (continuing) organic profit growth of 18.6%
  • 147 large events run in H1, delivering double-digit organic revenue growth
  • 20% of Group revenue (continuing) from emerging markets in the last 12 months (H1 2012: 18%)
  • Deferred income growth of 7% at constant currency
  • Incremental cost reduction programme implemented at PCI
  • Agreed disposal of Corporate Training businesses for up to USD 180m
  • Exit from small conference businesses in Spain and Italy
  • Appointment of Director of Open Access within Academic Information
  • Chief Executive succession plan announced

 

Peter Rigby, Chief Executive, said:

“It has been a very busy six months for Informa that has resulted in another strong financial performance and further improvement to the underlying quality of earnings. The sale of our non-core Corporate Training businesses will leave us leaner and more resilient, with a sharper focus on higher growth assets offering an attractive return on capital. This is illustrated by the positive organic growth across our continuing operations in H1, the highlight of which was almost 19% organic profit growth in Events.

The outlook for the second half is good and after adjusting for modest dilution from the Corporate Training transaction, underlying expectations for the full year are unchanged. Encouragingly, there are some tentative signs of improvement in areas that have proved particularly tough in recent years, providing grounds for cautious optimism.

Our strong performance has led to another increase in the interim dividend, up 6.7% to 6.4p and our leverage remains comfortably within our target range at the end of June, before receiving the cash proceeds for Corporate Training.

I recently announced my intention to retire as Chief Executive at the end of the year. I have been with the Group for 30 years and feel now is the right time to hand over the reins, with Informa in great shape financially, operationally and culturally. Stephen A. Carter will take over as CEO from 1st January 2014, following a thorough handover process.”

Click here for the full announcement.

UK, London

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Progressive Digital Media Group – first 6 months results

July 30, 2013 — Fusion DigiNet

progressiveBusiness information group Progressive Digital Media Group has announced its unaudited interim report for the six months ended 30 June 2013. Business Information, which includes Business Intelligence and Events and Marketing, now accounts for almost 98% of Group revenues and earnings. Business Information revenues grew by 11.3% in the first half (over the corresponding period in 2012), while Events and Marketing revenues fell. They were adversely impacted by the rephasing of a number of events from the first half of last year to the second half of this year.

Highlights

Strong first half results, a robust balance sheet and continued investment provide the foundation for further growth.

  • Group revenue increased by 10.3% to £28.6m (2012: £25.9m)
  • EBITDA increased by 33.9% to £4.8m (2012: £3.6m)
  •  Adjusted EBITDA increased by 23.5% to £5.4m (2012: £4.3m)
  • Adjusted EBITDA Margin increased to 18.8% (2012: 16.8%)
  • Reported profit before tax grew by 77.2% to £3.5m (2012: £2.0m)

 

Mike Danson, Chairman of Progressive Digital Media Group Plc, commented:

“Our first half results reflect good performances across multiple channels. We are increasingly confident that our focus on building premium Consumer and Technology Business Information services will provide the basis for continued long-term profitable growth. With this in mind, we are accelerating our investment in our sales force, product offering, content and delivery platforms in the near to medium-term.”

For the full announcement and notes on the accounts figures, click here

UK, London

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Pearson half-year results: FT Group’s Mergermarket business put up for sale

July 30, 2013 — Fusion DigiNet

Pearson2Pearson has published its half year results, at the same time  announcing that it is exploring the possibility of selling financial intelligence business Mergermarket. John Fallon, chief executive, said that while Mergermarket is a growing business, it does not fit with Pearson’s goal to be a market-leading education company.

Highlights

  • Pearson is exploring the possible sale of Mergermarket, the financial intelligence, data and analysis business. Pearson has appointed J.P. Morgan Cazenove to advise on the process.
  • John Fallon, the chief executive of Pearson, stressed that the paper was not for sale.
  • Pearson revenues up 5% to £2,243M
  • FT Group Revenues flat – £217M in 2013, £216M in 2012
  • FT Group Operating Profit up to £26M from £21M in 2012
  • Penguin Random House merger completed on 1 July 2013; strong growth at Penguin (up 14%) in the first half.
  • Adjusted operating profit £50m lower at £137m, including £37m of gross restructuring charges and, in addition, investments to support new product launches in the second half.
  • Adjusted earnings per share down 4.9p to 9.9p including restructuring charges.
  • Interim dividend up 7% to 16p.

Click on the Financial Highlights table below to enlarge the view

Pearson Half-Year Results 2013

John Fallon, chief executive, said: “In trading terms, 2013 has begun much as we expected. In general, good growth in our digital, services and developing-market businesses continues to offset tough conditions for traditional publishing. Our strategy is to transform Pearson into a single operating company that is sharply focussed on the biggest needs in global education and on measurable learning outcomes. With our restructuring programme on track and the reorganisation of the company under way, we are making significant progress towards that goal.”

Read the full announcement here.

UK, London

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Euromoney Institutional Investor – interim management statement to July 24, 2013

July 26, 2013 — Fusion DigiNet

Euromoney Institutional Investor PLC , the international publishing, events and electronic information group, has issued its Interim Management Statement for the period from April 1 to July 24, 2013.

Trading

Since reporting its interim results on May 16, 2013, trading has continued in line with the board’s expectations as set out in the interim results announcement.

Headline revenues for the quarter to June 30, 2013 increased by 2% to £113.5 million.  The group generates nearly two thirds of its revenues in US dollars and after adjusting for an average sterling-dollar rate for the third quarter of $1.53, against $1.60 a year ago, revenues at constant currency were unchanged.  The increase in revenues from the three small acquisitions completed earlier in the year was largely offset by timing differences on certain subscription accounts.

Subscription revenues increased by 4%, and by 1% at constant currency.  The rate of growth at constant currency was less than the 3% achieved in the second quarter due to delays in the receipt of a few subscription accounts which are recognised on a cash basis.  This timing difference is expected to reverse in the final quarter.  The 11% decline in advertising revenues was consistent with the trend seen over the previous 18 months with advertising from global financial institutions particularly weak.

The third quarter is the most important of the year for the event businesses with many of the group’s largest events held during this period.  Despite the challenging markets, revenues from the group’s bigger events remained robust and the positive first half event revenue trends continued.  Sponsorship revenues increased by 6% at constant currency, partly due to the acquisition in April of CIE, the Australian provider of investment forums for the asset management industry.  Delegate revenues were unchanged.

The following table summarises the year-on-year revenue changes for the third quarter at both headline rates and at constant exchange rates:

Eurononey intrim Jul13

 

Click on the table for a larger view

Financial Position

Net debt at June 30 was £34.4 million against £38.1 million at March 31. The group’s strong operating cash flows for the quarter were offset by acquisition payments of £12.7 million, including the £9.9 million purchase of CIE, an interim dividend of £8.8 million, and other non-operating cash outflows of £6.4 million.  Movements in the US dollar exchange rate had no significant effect on net debt levels.

Outlook

The broad trading background has not changed significantly since the interim results.  The outlook for US markets, and in particular the profitability of US financial institutions, has continued to improve.  However, European institutions remain focussed on tight cost control and compliance with a tougher regulatory environment while uncertainties persist over some emerging markets, particularly China, and the commodities sector.

July and August are the quietest trading months of the year and while the fourth quarter is the least significant for the group’s event businesses, recent advertising sales trends have been encouraging.  However, as usual at this time of the year, revenue visibility for September, which traditionally accounts for at least 20% of the group’s full year profit, is limited.

The group will continue to invest in technology, marketing and new products to achieve organic growth and focus on revenue synergies from its recent acquisitions.  Overall, trading remains in line with the board’s expectations.

UK, London

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Informa disposes of its five corporate training businesses

July 19, 2013 — Fusion DigiNet

informa2Informa plc is selling its five Corporate Training businesses to Providence Equity Partners for a total consideration of up to $180m. The deal is expected to complete in the third quarter of 2013.

The initial consideration of $165m, consists of $100m in cash (net of indebtedness and working capital adjustments on completion) and a $65m vendor loan. The vendor loan is for a maximum term of 6.5 years and attracts a PIK interest rate of 1% in the first two years, rising to 10% in the third year with a further 1% per annum increase thereafter.

providenceequityThe cash element of the consideration will initially be used to reduce Group net debt. A further cash payment of up to $15m will be received by Informa in 2014 dependent upon the businesses achieving a certain level of revenue in 2013.

In the year ended 31 December 2012, the contribution attributable to the Corporate Training businesses was revenue of approximately $194m (£122m) and adjusted EBITA of $23.5m (£14.8m). As at 31 December 2012 the business had gross assets of $358.8m (£225.7m).

Peter Rigby, Chief Executive, said, “The disposal of our Corporate Training businesses creates a more focused, higher growth, higher margin Events division with more visible and predictable revenue streams, enhancing the underlying quality of Group earnings.

I would like to take this opportunity to thank all of our colleagues within Corporate Training who have worked so diligently and intelligently to develop the businesses through a highly challenging economic period. I believe Providence, with a significant investment already in the education sector, will be an excellent home for the businesses.”

UK, London

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ITE Group plc – Interim Management Statement for the period April to July 2013

July 16, 2013 — Fusion DigiNet

ITEITE Group plc today published its Interim Management Statement for the period from 1 April 2013 to 15 July 2013, incorporating the Group’s third quarter trading period from 1 April 2013 to 30 June 2013.

The statement follows:

Trading Performance

Good trading conditions continue in our core markets and the Group is trading in-line with management expectations. Revenues in the three month period to 30 June 2013 were £95m (2012: £76m). This year’s result includes a contribution from the biennial Moscow International Oil & Gas exhibition along with a first time contribution from Metaltech in Kuala Lumpur, Mayalsia, which the Group acquired in January 2013. On a like-for-like basis revenues for the third quarter were 8% higher than the previous year.

The principal trading highlights in the third quarter were:

·    Mosbuild, the Group’s principal Moscow construction event continued to prove its resilience in the face of continuing competition and grew volumes by 4% to 68,500 sqm.

·    Moscow International Oil & Gas exhibition, performed strongly with volumes up (since the 2011 event) by over 5% to 24,000 sqm (2011: 22,800 sqm).

·    Turkeybuild is the leading construction event in Turkey. The event, which is space constrained, delivered a small increase in volumes selling 36,200sqm (2012: 36,100sqm). Plans are now in place to add capacity at the venue which will provide an opportunity for the event to grow strongly from 2015 onwards.

Business development

The Group continues to execute its strategy of expanding its operations to new markets with potential for further growth. On 11 April 2013, ITE acquired 50% of ECMI based in Kuala Lumpur, Malaysia for an initial consideration of MYR 8.1m (£1.7m) and a deferred consideration of approximately MYR 4.1m (£0.9m) due in April 2014. In addition the Group holds put and call options to acquire the additional equity in 2017 and 2019. ECMI runs a number of small annual exhibitions in the Beauty and Lab technology sector in Malaysia, Vietnam and Indonesia.

Financial position

The Group had net cash of £17m as at 12 July 2013 (2012: net debt of £1.7m), after spending circa £26m on acquisitions and deferred consideration during this financial year.

Outlook

Year to date, the Group has delivered good organic growth supplemented by the continued investment in new businesses which extend the Group’s reach into new emerging markets. As at 12 July 2013, the Group had £184m of sales booked for the current financial year (this time last year: £164m), representing approximately 98% of the consensus revenue expectations for this financial year.

The Group continues to experience good trading conditions in its principal markets and the Board remains confident in the full year outcome.

UK, London

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Stephen Carter to replace Peter Rigby as Informa Group Chief Executive

July 11, 2013 — Fusion DigiNet

Stephen CarterInforma Plc, the international publishing, business information and events company, has announced that Stephen A. Carter will replace Peter Rigby as Group Chief Executive when Rigby retires at the end of 2013.

 

Forty nine years old Carter has been an Informa board director since 2010. He was formerly President/Managing Director EMEA and President/Managing Director Global Managed Services at Alcatel-Lucent, the telecommunications and technology group. Before joining Alcatel-Lucent, he worked in a number of senior roles in the media and communications sector, including serving a term as the Founding Chief Executive of Ofcom, the UK Communications Industry Regulator.

Peter Rigby (58) first joined Informa in 1983 and has served as Chief Executive or Executive Chairman since 1988.

Since joining Informa in 1983, the company has grown from a company valued at a few million pounds to a business with a market capitalisation exceeding £3 billion. In the process, the company has been transformed from the original print publishing business into a global digital data, information and events group. In 2012, almost 75% of Informa’s publishing revenue was digital. The company now employs more than 7,000 people across its Academic Publishing, Events and Business Information operations.

Informa Chairman Derek Mapp said, “Informa owes a huge debt of gratitude to Peter, who has devoted a large portion of his career to the group, guiding it from humble beginnings into the leading global media group it is today. His boundless energy, enthusiasm and passionate management style has touched many people during his tenure and reflected in the unique culture prevalent across the group. I am sure that all of Informa’s stakeholders, including employees, shareholders and customers, will join me in thanking him for his enormous contribution to the company.

I am delighted that Peter’s business legacy will be continued by an executive of Stephen Carter’s calibre. The Board was unanimous that Stephen’s UK and international experience, knowledge and strategic understanding of the digital and technology industries, combined with his empathy for Informa’s unique culture and commercial success, made him a natural choice as Peter’s successor.”

UK, London

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CloserStill acquires the Data Centre World event

July 4, 2013 — Fusion DigiNet

closerstill2B2B events and media business CloserStill has acquired Data Centre World. The terms of the deal were not disclosed. Also included in the deal were related internet and data assets and Data Centre Management magazine.

Data Centre World was launched in 2008 by Turret Group. It is a free-to-attend data centre event aimed at helping data centre dcw2014rebrandmanagers and professionals plan, implement and manage their existing and future data centre requirements. It was held in february this year at ExCel, London. This year’s event took place at ExCeL for the first time in February. It attracted 160 exhibitors and an attendance of 3,435.

Following the acquisition, CloserStill  announced the launch of Data Centre World Asia this November, running alongside their existing Cloud Asia event in Singapore).

According to Andy Center, Chief Executive of CloserStill,  Data Centre World is extremely well positioned for further substantial long-term growth: “ It`s hardly a secret that the data centre market is in commercial over-drive, powered by  the geometric growth in demand due to a whole series of irreversible factors including more powerful computers, more connections to the internet, an explosion of data, new cloud computing models, the mobile revolution and even regulatory issues requiring massive uplift in storage capacity.”

DCW joins CloserStill’s technology division which already includes Learning Technologies, Cloud Expo Europe and Cloud Expo Asia.

This is the second acquisition CloserStill has completed this year, along with six major launches in three countries, as the business continues to execute its rapid expansion plans through acquisitions.

Data Centre World 2014 runs from 26th to 27th February 2013 at Excel.

UK, London
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