United Business Media (UBM) has said that it is on target to match second half revenue expectations as a result of “generally robust trading” in its UK, European and Asian businesses.
The company did reveal that profits at PR Newswire were down as a result of lower US message volumes and yields. However, revenues at CMP Media in the US have been stable in the second half and are predicted to be in line with the previous estimate of around 45% below the levels achieved in 2000. This reflects the ongoing weakness of technology advertising which hit profits in the first half of the year but CMP is expected to move into the black in the fourth quarter.
UBM said that additional savings on top of the £165 million previously announced would benefit 2003. The company intends to pay a final dividend of 4p, making a total of 7p for the year.
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