LONDON (Alliance News) - UBM PLC said Tuesday it continues to perform in line with its expectations in 2018 to date after experiencing "good momentum" as its events-focused strategy begins to deliver and as its takeover by Informa PLC progresses.
The FTSE 250-listed business events firm said it was seeing "good momentum in the business as the Events First strategy continues to translate into performance".
"The Game Developers' Conference, Enterprise Connect and Hotel Plus grew strongly and CPhI North America, MD&M West, Hotelex & FineFood and Seatrade Cruise Global delivered good growth," UBM said in a statement. "The Allworld integration is progressing well with performance in line with the business case. Allworld's largest event, the biennial 'Food and Hospitality Asia' (FHA), delivered strong growth."
"The US spring fashion events performed in line with our expectations though, as previously indicated, the Fashion sector remains challenging," UBM cautioned.
UBM has also acquired four bolt-on events businesses during the period, for a total consideration of GBP20.2 million. These included Malaysia's MetalTech bought from ITE PLC and three food, hospitality and retail events in Hong Kong.
In January, UBM agreed to a GBP3.90 billion takeover by Informa PLC. Informa offered 1.083 Informa shares and 163.00 pence in cash for each UBM share. This valued each UBM share at the time at 971.00p, a 30% premium to its share price prior to the deal being announced.
Shareholders approved the Informa transaction in April and the combination remains "on track" for completion in the second half of 2018, UBM explained.
Shares in UBM were 0.1% lower at 988.50 pence on Tuesday.