United News & Media released a trading update today, and although the group has made good progress throughout the year, the overall results are slightly below expectations.
The ITC’s offer of licence renewal applications proved to be a bit of a turn-off for United, who are accepting the new terms for HTV and Meridian, but plan to reapply for Anglia within the next two years.
Weaker advertising in the housing market of its publishing sector has increased distribution costs and reduced margins, and the group referred to a ‘degree of uncertainty in the major economies.’
United News & Media concluded rather gallantly about next year: “We hope to make solid progress although the weakness that we have already seen in some of our markets is expected to remain a feature of 1999.”
United News & Media year-end results will be announced on Friday, 5 March 1999.
United News & Media: 0171 921 5031
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