United Business Media has released interim results for the six months ending June 30, with PR Newswire operating profits up by 14.7%.
CMP Information’s first half revenues grew by 6.6% on an underlying basis, reflecting strong performances by the business’s events and its key print titles. However underlying profit in the half fell 8.3%, primarily because of an additional investment of £2 million in new product development.
David Levin, chief executive of United Business Media plc said: “United Business Media has achieved satisfactory results for the first half of 2007 despite a mixed performance across the business. We have delivered fully diluted adjusted EPS growth in excess of 10%, equating to 16% in constant currency terms.
“During the first half of the year our online revenues grew 10% and CMP Technology made further progress in improving its online profitability, with profit margins continuing to expand.
“We remain on track to achieve full year adjusted earnings per share growth in line with expectations. Bookings for our major events in the second half of the year are in line with plan and we continue to anticipate full year underlying revenue growth of more than 5%.”
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