United Business Media’s (UBM) chief executive, Clive Hollick, this morning said that ‘2001 was one of the toughest trading periods’ that the company has experienced, with the slump in technology advertising halving the group’s profits.
UBM posted a pre-tax loss of £541.2 million, compared to a £2.1 billion profit the previous year. Operating profit fell by 49.8% to £81.1 million. The results are pretty much in line with lowered expectations released by the group in December.
On the positive side, Hollick said that UBM has grown its market shares and instigated substantial cost base savings for 2002 of £110 million.
Shares in United Business Media fell heavily in the morning’s trading following the release of these figures and were down 41˝p (6.9%) at 558˝p by 11.00am.
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