United Business Media (UBM) has announced that it has completed the sale of its Culverhouse Cross site to ITV for £18.7 million.
The deal is part of UBM’s on-going process of monitoring its non-core assets, with the sale including the television studio complex that – until the completion of the site’s sale – was being leased by ITV from UBM.
UBM recently reported year-on-year growth of 7.2% in full-year profit, with pre-tax profit for the year ended 31 December increasing to £152.1 million from £141.9 million in 2004. Revenue for the group also enjoyed a solid performance, rising by 21.3% year-on-year to £675.8 million (see UBM 7.2% Increase In Profits).
UBM’s figures are in line with previous expectations. The company continues to meet expectations, with growth within the print sector remaining challenging (see UBM Meets Expectations Despite Pressure In Print).
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