United Business Media (UBM) this morning released a trading update, informing investors that, while the company continued to meet expectations, growth within the print sector is becoming “challenged”.
The company stated that its difficulties were in line with the industry, however, explaining that other sectors such as exhibitions, online and news distribution have seen profitable underlying revenue growth.
UBM also pledged to continue its strategy to increase online activities and exhibition business in particular, seeking acquisitions, disposals and organic initiatives. Acquisitions made in 2004 and 2005 continue to achieve their targeted returns, the company said.
World-wide, UBM’s PRN and CMP Asia continue to achieve good growth. CMP Medica is performing in line with its business case, while CMP Information’s exhibitions are strong, despite “revenue pressure” within its print business. CMP Media is performing in line with expectations overall, offsetting the declines in print.
In addition to its trading update, UBM announced the departure of Stephen Warshaw as CEO of CMPMedica, standing down from the post next April to pursue new career opportunities but remaining a part of the firm in a consultancy capacity. The company has appointed Egon Zehnder to search for a new CEO for CMPMedica.
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