United Business Media (UBM) has seen its pre tax profits fall 48% year on year to £71.7m. The group announced its interim results this morning which also revealed revenues down 4.3% at £489.4m.
Chief executive Clive Hollick commented: “Trading conditions in the first six months of the year have been extremely tough with weakness in the technology market exacerbated by a deteriorating business environment in the US…Current market conditions remain very challenging and our planning assumption is that there will be upturn in the US this year.”
The market had received word that these results would be disappointing in a profits warning released in June. By 10:30am today shares in UBM had dropped 22½p from yesterday’s closing price of £5.88½, a fall of over 3.8%.
United Business Media: 020 7921 5000
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