PR Newswire's 2014 revenue declined three percent to $302.1M, mostly due to currency effects, as underlying growth actually ticked up 3%.
Adjusted operating profit for the year at PRN dipped slightly to top $69M, down from $70.4M a year earlier.
PRN's parent, UBM, said US distribution increased 4.1% on an underlying basis on continued growth in the text press release market and cross-selling of multimedia features. The company said it has made gains in pushing customers to long-term contracts, now representing about 31% of North American distribution and $51.7M in the US alone.
Earnings releases continued to decline, PRN noted, slipped to just 4.2% of revenue from 4.6% in 2013.
Abroad, PRN's European revenue slipped 1% to about $32M, pushed negative by currency changes, while its Canadian operations dipped 10% to $42.1M, a 1.1% decline on an underlying basis. Asia and Latin America saw a 5.6% increase to $17.4M.
London-based UBM overall saw 2014 revenue fall 6% to around $1.2B across its events (-2.6%, $695.1M), PRN and OMS (other marketing services, -22.7% to $154.3M).
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