Global Sources’ Revenues Down 4.6 Percent, CEO to Retire

March 22, 2016

Global Sources released its financial results for the year ended Dec. 31, 2015. Revenues from continuing operations in 2015 were US$171.0 million, down 4.6 percent, compared with the US$179.3 million recorded in 2014.

Adjusted EBITDA fell to US$30.5 million from US$37.3 million in 2014. Net profits slipped to US$18.8 million in 2015 – down from US$22.5 million in the previous year. IFRS net profit, however, jumped 63 percent year-on-year to US$29.9 million from US$18.3 million in 2014.

More than half of the revenues were generated from the company’s exhibitions business – amounting to US$92 million.

That represents an increase of 3.3 percent, compared with the previous year. Global Sources’ online business generated about 38 percent of total revenues (US$64 million) – representing a 15 percent year-on-year decrease.

The revenues were generated from the company’s print business which recorded an 11 percent decrease – down to US$5.8 million.

Another US$8.9 million was categorised as “miscellaneous”.

Global Sources’ guidance for the first half of 2016 expects revenues from continuing operations to be between US$78 million to US$80 million. That is down compared with the 2015 first half result of US$85.9 million.

Earlier this week, Global Sources announced the planned retirement of its CEO, Spenser Au, who will remain as CEO until the end of the year and assist the company in transitioning to a successor.

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MGM Resorts is committed to fostering an inclusive and diverse culture, not just among employees and guests but also within its supply chain. The company prioritizes procuring goods and services from businesses owned by minorities, women, veterans, people with disabilities, LGBTQ individuals and those facing economic disadvantages. This commitment is integral to MGM Resorts' global procurement strategy.    Through its voluntary supplier diversity program, MGM Resorts actively identifies and connects certified diverse-owned suppliers to opportunities within its supply chain. The company is on track to spend at least 15% of its biddable procurement with diverse-owned businesses by 2025, demonstrating that supplier diversity is not only a social responsibility but also a strategic business imperative.    Supplier diversity isn’t just the right thing to do – it’s good for business. A diverse supply chain allows access to a broader range of perspectives and experience, helping to drive innovation, entrepreneurship and resilience, while strengthening communities. At MGM Resorts, engaging diverse suppliers ensures best-in-class experiences for guests and clients. Supplier diversity ensures a more resilient supply chain while supporting economic development in the communities in which it operates.   The impact of MGM Resorts' supplier diversity initiatives is significant. In 2023, these efforts supported over 3,500 jobs across more than 30 states, contributed over $214 million in income for diverse-owned businesses and generated more than $62 million in tax revenue. The story extends beyond the numbers – it reflects the tangible benefits brought to small and diverse-owned businesses, fostering economic empowerment in their communities.    MGM Resorts also supports the development and business skills of diverse-owned businesses through investment, mentorship and education. Through the MGM Resorts Supplier Diversity Mentorship Program, the company identifies, mentors and develops diverse-owned businesses to fill its future pipeline, while providing businesses with tools and resources to empower and uplift. Since 2017, the program has successfully graduated 105 diverse-owned businesses and is on track to achieve its goal of 150 graduates by 2025.     MGM Resorts’ commitment to supplier diversity not only enhances its business operations but also plays a crucial role in uplifting communities and fostering economic development. This approach reinforces the idea that diversity is a powerful driver of innovation and resilience, benefiting both the company and the wider community.