Total revenue for the first three quarters of 2012 was up 4 percent to $1.2 billion, while events earnings increased 21.7 percent to almost $550 million. Those gains represented an 11-percent jump in profits overall ($228 million) and a 22.9-percent rise in event profits ($170 million).
“Events growth continues as expected with good growth in our large Q3 events, particularly in China,” says UBM CEO David Levin in a statement. “We continue to invest to strengthen our global events business.”
Levin’s comments on continued investment in global events dovetailed with UBM’s simultaneous announcement of the acquisition of EFEM, a leading tradeshow organizer for the baby products market in Turkey. UBM purchased a controlling equity stake in the company and formed a joint venture called UBM ICC. Forty percent of UBM’s event revenues in 2011 were generated in so-called emerging markets, like Turkey.
Meanwhile, four of UBM’s top 20 shows held in the third quarter showed “good double-digit growth,” according to the report. Growth at September’s Hong Kong Jewelry Show slowed, “as expected,” due to venue space constraints that will continue through 2013.
UBM also announced that forward bookings across the top 20 annual events are up 15 percent over 2011.
The PR Newswire service was the company’s second-largest revenue generator, bringing in $240 million. UBM’s marketing services revenues were down 17 percent overall, while poor performance by its data services wing has prompted the company to continue its review of strategy in that division.