UBM's Events First strategy shows "pleasing progress"

UBM's Events First strategy has already shown signs of progress in the first half of 2015 according to the company's latest financial results.

Tim Cobbold, UBM's chief executive
Tim Cobbold, UBM's chief executive
The initiative was implemented at the end of last year in a bid to grow UBM's B2B events positioning in the marketplace, and has already seen the acquisition of three major events for a total consideration of £39.9m.

Events revenue grew 3.3% in the six-month period ending 30 June, however overall group revenue was down 4.1% reflecting the slower growth profile of its first half events, strategic progress with the rationalisation of Events and Other Marketing Services (OMS) and event phasing.

The company said the results were in line with board expectations and the full year outlook remains unchanged.

Tim Cobbold, chief executive of UBM, said: "I am pleased with UBM’s performance in the first half. We had good reported growth reflecting the consolidation of Advanstar and a foreign exchange tailwind. Advanstar performed well, ahead of the acquisition case, with the integration on track and synergy realisation running ahead of plan.

"I am also pleased with the progress made, in the first half, on the implementation of the ‘Events First’ strategy. Forward indicators for the second half events, including MAGIC, those in China and our large biennials, are good. The Board is confident in the outlook for the year," he added.

As part of the Events First strategy a new standardised system for events performance management has been developed and will be rolled out, on a show-by-show basis, over the coming months.

More: UBM reports 6% rise in events despite revenue drop

UBM appoints chief financial officer from TomTom

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