UBM reported first quarter revenue at PR Newswire ticked up 2.6% on an underlying basis to about $77.5M as its US dissemination and public-filing business offset flat revenues in Europe and Canada.
Foreign exchanage rates pushed revenue down 5.1% during the quarter at PRN. Operating profit slipped 10.2% to £9.7M ($16.1M).
"PR newswire has made a good start on delivery for the year, and trends in the US are encouraging," said UBM chief financial officer Robert Gray.
Across UBM's operations, which include events and marketing services, Q1 revenue fell 13.5% to around $270.6M, a 5.2% underlying decline. Gray said the results were in line with expectations. Adverse currency movements, the phasing impact of events that ran in Q1 of 2013, and restructured marketing services had an adverse impact on the quarter.
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