United Business Media (UBM) has announced that profits in its US-based high tech magazines division, CMP, will fall below expectations. In a statement today ahead of pre-closed period meetings with analysts, the company said that the expected slowing of market decline during May had not occurred and that despite “robust actions” results for the division would be at the bottom of the range of market forecasts.
The group has stated that other areas of activity continue to trade “satisfactorily”. Advertising revenue from the group’s hi-tech publications contributed 30% of its operating profits last year, although at the start of 2001 concerns were already being expressed about the uncertainty facing the US market (see UBM Shares Surge On Strong Profit).
By the end of yesterday’s trading shares in UBM were down 20p at £6.35. By lunchtime today they had slumped a further 20˝p to £6.14˝.
United Business Media: 020 7921 5000
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