United Business Media (UBM) has this morning reported half-yearly results ahead of expectations, predicting further growth in the second half of the year and standing optimistic in the face of a “tough market” for print titles.
The company, which sold its 35.4% shareholding in Five for £247.6 million earlier this month, saw profits rise by just over 30% year on year to £81.3 million (see
RTL Seizes Full Control Of Five)
Rumours of a possible sale by UBM first surfaced in March, with speculative reports claiming that the company would offload its stake in Five before the departure of then chief executive Lord Hollick(see United Business Media Announces New Chief Executive).
The company’s sales were seen to increase by nearly 20% in the same period, rising to £336.6 million from £281.1 million last year, pushing earnings per share up to 21.1p from 14.1p in 2004.
UBM’s operating profit now stands at £0.3 million, while profit before tax is now £1.1 million. The company stated that its acquisitions were performing ahead of expectations, giving a welcome return on the company’s £67 million investment in acquisitions for 2005. Growth in product lines was also demonstrated, with 38 new initiatives outweighing the 20 underperforming products which have been closed.
Speaking at the release of the results, David Levin, chief executive of UBM, said: “UBM delivered a strong overall performance in the first half of 2005, including the first time impact of the mid 2004 acquisition of CMPMedica.
“UBM is a great business with many strong market positions in specific verticals. We are steadily working at making those positions even stronger. I have been directly engaging with many of our major customers. I have been encouraged both by the strength of the existing relationships and also by the evident potential UBM has to add more value.”
Related Links
