PRN posted a healthy 22.6% profit margin as operating profit climbed to £45.6M ($71.5M).
Slide from UBM’s earnings presentation estimates the size of the U.S. press release market at $375M, including PR Newswire, Business Wire, Marketwired and Globe Newswire.
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.