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Audited annual results ending 31 December 2012

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Top Right Group delivers a strong performance in a transformational year

London, 26 June 2013: Top Right Group, the global business-to-business multiplatform media group, today announced its financial results for 2012, reporting overall revenue of £251.7 million, with an organic, constant currency growth rate of 7.4%. Top Right Group’s businesses comprise three segments: Events, 4C Group and EMAP.

 Highlights:

 

FY 2011

FY 2012

Revenue

£249.4m

£251.7m

Adjusted revenue (excluding CAP Motor Research)

£230.2m

£244.0m

EBITDA

£86.0m

£70.3m

Adjusted EBITDA (excluding CAP Motor Research)

£73.0m

£65.3m

Adjusted, constant currency, revenue growth

 

7.4%

  •  2012 saw the transformation of Top Right Group into a portfolio of agile, independent businesses each with their own operating models and investment plans
  • £36 million was invested in the businesses during 2012, the largest investment in the business in more than six years
  • Global footprint increased with regional hub offices established in Shanghai and Sao Paulo to build a solid presence in the world’s fastest growing economies
  • Acquired the coil winding (CWIEME) portfolio of exhibitions, addressing a $50bn global industry, to significantly extend reach into new territories and markets
  • Sold CAP Motor Research for £170m
  • Reduced net debt by 29%
  • EBITDA reduction reflecting sales and marketing investment in the business
  • Shareholders remain confident in the growth strategy of the business.

Duncan Painter, Chief Executive, Top Right Group, said: “2012 was a transformational year for the company. We now have independent operating companies with experienced management teams, clear strategies, great people and leading products to best serve their customers. We have invested in the areas our customers tell us are the most important for them, particularly content, the ease of use of our products and making it simpler for them to do business with us.  We have established an office and expanded our teams in both Brazil and China as key new markets.  We believe we are now well positioned to achieve continued growth into 2013.”

Tom Hall, Partner Apax and Chairman Top Right Group, said: "Throughout a year of great change the underlying strength of Top Right Group’s products and services enabled them to outperform their respective markets. We saw exceptional growth rates in our Lions Festivals business and in GroundSure. EMAP, the content, subscription and networking business also returned to growth, delivering a 4% uplift on a like for like basis, outperforming the market."

Andrew Miller, Chief Executive, Guardian Media Group, said: “Top Right Group delivered year on year growth in every month of 2012. This strong performance was enabled by the £36m investment programme in the growth strategies of the businesses and key brands.”      

Looking at each segment of the Top Right Group business:

Events

The Events segment generated revenues of £101.7m (2011: £93.1m).

i2i Events Group is the leading exhibition organiser in the UK and owns 30+ leading trade events, including Spring Fair International, Autumn Fair International, Bett and Resource Efficiency and Waste Management.

It brings together over 250,000 customers from 129 countries every year to trade and network at some of the world’s leading business exhibitions and conference events. Already serving the learning technology, waste management, fashion, health, energy, broadcasting and architecture markets, during the year, i2i Events acquired the Coil Winding Insulations and Electrical Manufacturing Exhibition portfolio.

With an established portfolio of specialist exhibitions in Europe, the US, India and China, the Coil Winding exhibitions significantly expanded the company’s footprint in new territories. In addition, two new events in the jewellery and renewable energy sectors were launched during the year, both spun out of existing large exhibitions. The business performed strongly in the year in a challenging UK market environment with the majority of events achieving year on year revenue growth, with particularly strong growth in the retail, education and waste sectors. 

Lions Festivals organises and brings together the world’s greatest creative communicators from around the globe. The flagship, Cannes Lions has been inspiring and celebrating creativity for the last 60 years and has grown to become the world’s biggest celebration of creativity in communications and marketing. Eurobest, Dubai Lynx, Spikes Asia, Digital Asia Festival and the Festival of Asian Marketing Effectiveness provide opportunities to network, learn and celebrate great creative work on a regional and local level. Lions Festivals revenue increased during 2012 from a strong 2011, witnessing strong growth in both entries and delegates.

4C Group

4C Group generated like for like revenues (excluding the effect of CAP Motor Research) of £71.0m (2011: £66.1m), showing a growth of 7.4% on a like for like basis. 

WGSN has built an enviable reputation for accurate trend forecasting in the fashion, apparel and interior trends markets over the last 15 years. Deeply knowledgeable specialists deliver specific market, brand and product direction to industry leading customers. 2012 was a year of significant investment, strengthening core capability and positioning the business for high growth in the future, as well as continuing investment in maintaining the quality and relevance of its intelligence and expanding its global reach. The US was a key focus in 2012 where, under new leadership, the North America business grew with an increased sales and marketing effort and greatly expanded country-specific content. The focus and investment across the WGSN brand in 2012 yielded positive results, particularly in customer volume growth and retention levels.

Planet Retail provides business-critical retail insight to retailers, suppliers and investors. Planet Retail’s intelligence gives businesses competitive advantage by informing their strategic decision-making and exposing opportunities for profitable growth. In 2012 Planet Retail developed two new product offerings; a module covering the global e-commerce market and a dedicated regional US service.  These complement Planet Retail’s strategy of expanding its vertical and geographical coverage.  Further expansion into geographies in Asia Pacific and the Americas is planned for 2013.

4C Group also houses a portfolio of specialist digital information services to businesses in a wide range of industries including the architecture, engineering, infrastructure, media, environment and political information sectors. Encompassing Glenigan, GroundSure, Infrastructure Journal, MEED Projects, BRAD and DeHavilland, its brands offer customers high quality, niche expertise and industry-specific data that enables businesses to make strategic commercial decisions.

EMAP

EMAP generated revenues of £71.3m (2011: £71.0m), growing 4% on a like for like basis. EMAP is a brand-led content, subscription and networking division. It owns industry leading brands that sit at the heart of the UK’s retail, health, construction, architecture, and fashion sectors and the segment includes MEED, MEED Insight and Media Business Insight.

Subscription revenues were flat year on year with volumes stabilising in the second half of the year, indicating growth returning to a volatile market. Marketing solutions revenues grew year-on-year across a range of products and services designed to meet customers’ business objectives. The Awards business continued the strong growth of prior years, driven by increased sponsorship and table sales. Recruitment revenues stabilised across the business, posting year on year growth driven by a strong increase from digital revenues.

Top Right Group is an international business, with 33% of its revenues in 2012 generated outside the UK. Top Right Group businesses, particularly i2i Events Group, WGSN and Planet Retail have long-established offices around the world to support their international business plans. New regional sales offices were established in China and Brazil during 2012 to enable better customer service, more localised products and services and a focus on strategic and organic wins.


Top Right Group is a business-to-business multiplatform media group, providing critical analysis and access to key industry decision makers that assist customers to improve their top line business performance. It owns i2i Events Group, a leading world-wide exhibitions and large scale events business; Lions Festivals, the organiser of International Festivals of Creativity globally; 4C Group, a portfolio of world class information services brands, including WGSN, the leading trend forecaster; EMAP, a progressive, brand-led media company delivering paid-for subscription content and live events; and Media Business Insights Limited, which manages the leading television, worldwide film and advertising brands Broadcast, Screen International and shots.  

Top Right Group companies operate across different geographies, sectors and platforms, to enable their customers to do business more effectively and generate greater revenues.

Whether through providing inclusive access to key decision makers, end users and prospects, market leading subscription content, must-attend trading events or celebratory awards ceremonies, success is a common thread across all the Group’s businesses.


For more financial news and information on any Top Right Group portfolio company please contact:

Malcolm Gough, Deputy CEO, Top Right Group on Malcolm.gough@topright-Group.com
Or
Jane Windsor, Director of Corporate Communications on Jane.Windsor@topright-group.com

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