UBM shows improved profits for Q1 with adjusted operating profit up by 25.8% to £56.1m (Q1 2011: £44.6m)and adjusted operating profit margin up to 21.2% (Q1 2011: 18.8%). Q1 revenue was up 11.1% to £264.2m (Q1 2011: £237.7m); with underlying revenue growth of 6.9% There was strong performance from 2011 acquisitions, notably Ecobuild. David Levin, Chief Executive Officer, UBM said:"Overall we are on track for the full year. Based on trading conditions so far, we now expect that underlying growth for Events will be in the range of 10%-12%, but this will offset slower growth in PR volumes and advertising activity, particularly in print magazines.
"We now expect growth in both PR Newswire and Marketing Services to come in at the lower end of our guidance ranges. Although conditions in a number of our markets remain challenging, and year-on-year comparisons will get tougher as the year progresses, the business is performing well, and we maintain our consolidated guidance for 2012."
At 9:07am: (LON:UBM) United Business Media share price was +4.25p at 579.75p
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