UBM full year up slightly; sees 2017 boost from FX
Events company UBM said full year pre-tax profits rose slightly to £120.1m from £119.6m.
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The former owner of the Daily Express booked a £45.5m charge for one-off items booked as it refocused on becoming an events business. Profits excluding the charge were up to £163.7m from £132.6m a year earlier.
Revenues were up to £863m from £769.9m boosted by a currency tailwind as a result of the pound's collapse after the Brexit vote last June.
A final dividend of 16.6p a share was declared, making a total 2016 ordinary dividend of 22p a share.
“While remaining conscious of the global macro and geopolitical uncertainties, in 2017 the board expects to see higher underlying revenue growth (excluding the impact of portfolio rationalisation), enhanced by the consolidation of Allworld for the first time and the positive impact of odd-year biennials,” the company said.
“This growth coupled with Events First initiatives will drive further improvement in the margin and continued strong cash generation. Assuming current forex rates prevail, the performance will also benefit from a continued forex tailwind.”