Friday, October 24, 2014

UBM signs long-term agreement with SNIEC, releases Q3 results

News this week: One of UBM Asia’s joint venture companies in China, Shanghai-based UBM Sinoexpo, has signed a ten-year strategic cooperation agreement with the Shanghai New International Expo Centre (SNIEC) effective from 2014 to 2023.

UBM reports UBM Sinoexpo’s operations have grown by an average of 10% annually – with exceptionally high growth rates of 23% and 38% recorded in 2007 and 2011 respectively. In 2014, UBM Sinoexpo rented a total of 880,000 m2 of exhibition venue space across China versus total net space sold of 433,451 m2 from trade fairs – for an average utilisation rate of 49.3% during the year.

Separately, UBM plc reported its third quarter interim results ended 30 September 2014. Management expects underlying performance to remain on track for the full year, and highlighted the strong performances of several Greater China-based trade shows. During the quarter, UBM invested US$11.9 million in its events business, which included the acquisition of U.K.-based Seatrade Communications earlier this year.

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