According to UBM:
* Revenues from continuing operations up 3.2% to £793.9m; organic revenue growth of 3.7%
* Adjusted operating profit from continuing operations 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.”
