PR Newswire 2013 Revenue Tops $300M

UBM reported today PR Newswire's 2013 revenue climbed 1.9% to £201.8M, or about $316.2M by the average 2013 exchange rate.

PRN posted a healthy 22.6% profit margin as operating profit climbed to £45.6M ($71.5M).

UBM expects slow growth in the U.S. premium news release market – underlying growth in the U.S. was only .3% for the year -- to be offset by increasing PRN's share of multimedia releases and through new product. PRN is also making a run at the so-called "non-premium" wire market ruled by Vocus' PR Web operation. PRN's iReach is selling release services in the $150-$250 range to compete on that front.

Earnings releases continue to decline in importance, representing only 4.6% of PRN's total revenue, down from 4.8% a year earlier. The company also took a hit in China as Chinese companies de-listed from U.S. stock exchanges in the first half of 2013.

Revenue at parent company UBM climbed 3.7% for the year to £793.9M ($1.3B) on the strength of PR Newswire and its events (£462.7M, +6.3%) business.

Profit slipped 15.1% to £98.6M. UBM debt is £522.7M or £443.4M excluding cash and investments.