UBM trading in line, on track for full year

Trade publication and events group UBM has performed in line with management expectations and its outlook for the full year is unchanged.

In a trading update for the current financial year to date, the company said its performance at the spring fashion events was mixed, as expected, with good growth in Sourcing and a successful launch of IFF Magic in Japan offsetting some of the challenges in the other US fashion segments.

Meanwhile, MD&M West, Enterprise Connect and Seatrade Cruise delivered good growth, the Game Developers Conference was solid and both phases of Hotelex & FineFood in Shanghai grew strongly, UBM said. It added that the Allworld integration is progressing well and performance is in line with the business case.

Elsewhere, FHI in Jakarta showed strong growth while the sales excellence roll-out in EMEA is nearing conclusion and the rollout in Asia has begun.

"The pipeline of bolt-on acquisitions continues to be good," UBM said, adding that it acquired a small Turkish event in the lighting segment "at an attractive multiple".

"UBM's focus remains on accelerating organic growth and driving further margin improvement in line with the Events First strategy."

At 0802 BST, the shares were down 0.4% to 714p.