Events revenue stumbles at UBM

Global events company UBM yesterday reported a 13.5 per cent fall in first-quarter revenue (to £163m) and a 16.9 per cent decline in first-quarter operating profit to £29.4m, in line with expectations. Finance chief Robert Gray said the results were due to unfavourable foreign exchange, restructuring activities, and phasing impacts of event schedules. UBM said forward bookings are solid, up 22 per cent.