The challenging advertising market continues, according to the first half financial results statement from United Business Media (UBM) released this morning. The group’s chief executive, Clive Hollick, said that there has been “no let-up in the difficult market conditions”.
Accordingly, pre-tax profit fell by 43.2% to £40.7 million for the six months to 30 June 2002. Operating profit, whilst up 71.4% on H2 2001, was down 38.8% year on year at £36.4 million. The results are pretty much in line with expectations.
UBM has taken substantial further action to offset the impact of the tough trading conditions on earnings by setting in place cost-reduction procedures. This should save an additional £55 million, the group announced today.
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