UBM's First Half Events Profit up 30 Percent
London-based, UBM plc has reported its interim results for the six months ended 30th June 30. Revenues were up 7.3 percent from £474 million last year to £508.7 million in the first half this year. Adjusted group operating profit rose 12.5 percent from £91.9 million to £103.4 million.
Online and print revenue combined dropped 16 percent from £101.5 million to £85.6 million. Overall revenues from business in emerging markets jumped 21 percent to £93.1 million, equivalent to 18 percent of total. On the company’s events business, operating profit was up 30 percent to £74.8 million, contributing 67 percent of the group total. UBM also reported emerging markets accounted for 31% of total event revenue in H1 2012 – of which 72 percent was from China and 17 percent from South East Asia. Forward bookings for the company’s top 20 events were up 13 percent.
David Levin, CEO of UBM, said, “We have had a good first half of the year with underlying revenue growth of 6.8 percent and margins up almost a percentage point to 20.3 percent. Our events portfolio performed very well with good attendee-led technology events in the U.S., an above-plan performance at Ecobuild in its first edition under UBM ownership, and strong results from our events in Emerging Markets, particularly in China. We remain on track to meet our expectations for the full year. We now expect improved underlying growth for Events of 12 percent to 14 percent.”
In total, UBM reported the completion of seven acquisitions in H1 for an expected consideration of £26.6 million, of which, five acquisitions were related to events and contributed £4.7 million to H1 revenues.
Partner Voices
MGM Resorts is committed to fostering an inclusive and diverse culture, not just among employees and guests but also within its supply chain. The company prioritizes procuring goods and services from businesses owned by minorities, women, veterans, people with disabilities, LGBTQ individuals and those facing economic disadvantages. This commitment is integral to MGM Resorts' global procurement strategy.
Through its voluntary supplier diversity program, MGM Resorts actively identifies and connects certified diverse-owned suppliers to opportunities within its supply chain. The company is on track to spend at least 15% of its biddable procurement with diverse-owned businesses by 2025, demonstrating that supplier diversity is not only a social responsibility but also a strategic business imperative.
Supplier diversity isn’t just the right thing to do – it’s good for business. A diverse supply chain allows access to a broader range of perspectives and experience, helping to drive innovation, entrepreneurship and resilience, while strengthening communities. At MGM Resorts, engaging diverse suppliers ensures best-in-class experiences for guests and clients. Supplier diversity ensures a more resilient supply chain while supporting economic development in the communities in which it operates.
The impact of MGM Resorts' supplier diversity initiatives is significant. In 2023, these efforts supported over 3,500 jobs across more than 30 states, contributed over $214 million in income for diverse-owned businesses and generated more than $62 million in tax revenue. The story extends beyond the numbers – it reflects the tangible benefits brought to small and diverse-owned businesses, fostering economic empowerment in their communities.
MGM Resorts also supports the development and business skills of diverse-owned businesses through investment, mentorship and education. Through the MGM Resorts Supplier Diversity Mentorship Program, the company identifies, mentors and develops diverse-owned businesses to fill its future pipeline, while providing businesses with tools and resources to empower and uplift. Since 2017, the program has successfully graduated 105 diverse-owned businesses and is on track to achieve its goal of 150 graduates by 2025.
MGM Resorts’ commitment to supplier diversity not only enhances its business operations but also plays a crucial role in uplifting communities and fostering economic development. This approach reinforces the idea that diversity is a powerful driver of innovation and resilience, benefiting both the company and the wider community.
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